N-CSRS 1 a05-9505_41ncsrs.htm N-CSRS

 

As filed with the SEC on July 1, 2005.

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-4556

 

TRANSAMERICA IDEX MUTUAL FUNDS

(Exact name of registrant as specified in charter)

 

570 Carillon Parkway, St. Petersburg, Florida

 

33716

(Address of principal executive offices)

 

(Zip code)

 

John K. Carter, Esq.  P.O. Box 5068, Clearwater, Florida  33758-5068

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(727) 299-1800

 

 

Date of fiscal year end:

October 31

 

 

Date of reporting period:

November 1, 2004 – April 30, 2005

 

 


 

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

 


Semi-Annual Report

April 30, 2005

www.transamericaidex.com

Investor Services 1-888-233-IDEX (4339)
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: AFSG Securities Corporation, Member NASD


Dear Fellow Shareholder,

On behalf of Transamerica IDEX Mutual Funds, I 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 it 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 in addition to 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 the contents of this report. In review of the past six months, the positive market environment experienced in the last two months of 2004 led by falling oil prices and the conclusion of the U.S. presidential election has transitioned to a more difficult period in the first four months of 2005. This period has been led by volatile oil prices and investor fears of rising inflation, which has muted investment returns, and in many cases, resulted in losses. While economic growth has remained positive, creating investment opportunities, 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 comprehensive picture of your current and future financial needs. In addition, 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,

Brian C. Scott
President
Transamerica IDEX Mutual Funds


TA IDEX American Century International

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,071.40       1.47 %   $ 7.55    
Hypothetical (b)     1,000.00       1,017.50       1.47       7.35    
Class B                                  
Actual     1,000.00       1,068.00       2.35       12.05    
Hypothetical (b)     1,000.00       1,013.14       2.35       11.73    
Class C                                  
Actual     1,000.00       1,066.80       2.35       12.04    
Hypothetical (b)     1,000.00       1,013.14       2.35       11.73    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At April 30, 2005

This chart shows the percentage breakdown by region of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX American Century International

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
CONVERTIBLE PREFERRED STOCKS (0.7%)                  
Switzerland (0.7%)                  
Compagnie Financiere Richemont AG–Class A     22,100     $ 663    
Total Convertible Preferred Stocks (cost: $570)             663    
COMMON STOCKS (94.5%)                  
Australia (5.1%)                  
Amcor, Ltd.     174,900       889    
BHP Billiton, Ltd.     103,324       1,309    
Commonwealth Bank of Australia     35,480       1,011    
Macquarie Infrastructure Group     255,670       730    
QBE Insurance Group, Ltd.     72,100       845    
Austria (0.9%)                  
Erste Bank der Oesterreichischen
Sparkassen AG		     18,032       878    
Belgium (1.0%)                  
KBC Groupe     12,090       960    
Canada (2.0%)                  
EnCana Corp.     7,291       468    
Shoppers Drug Mart Corp.     28,026       876    
Thomson Corp. (The)     17,240       572    
Denmark (0.7%)                  
Novo Nordisk A/S–Class B     12,540       636    
Finland (0.5%)                  
Stora Enso OYJ–Class R     37,650       501    
France (13.1%)                  
Accor SA     8,490       390    
AXA     36,068       904    
Cie Generale D'Optique Essilor
International SA		     8,830       633    
Credit Agricole SA     6,144       160    
Groupe Danone     10,520       989    
Lafarge SA     10,340       944    
Pernod-Ricard     4,950       753    
Pinault-Printemps-Redoute SA     4,520       447    
Sanofi-Aventis     6,070       539    
Schneider Electric SA     11,810       854    
Societe Generale–Class A     11,347       1,135    
Total SA     12,120       2,705    
Vinci SA     6,653       1,003    
Vivendi Universal SA (a)     30,830       926    
Germany (6.1%)                  
Adidas-Salomon AG     2,660       415    
BASF AG     11,830       778    
Continental AG     14,320       1,059    
Deutsche Telekom AG     48,270       915    
E.ON AG     8,230       700    

 

    Shares   Value  
Germany (continued)      
Fresenius Medical Care AG     9,618     $ 776    
Metro AG     9,370       496    
Puma AG Rudolf Dassler Sport     2,927       677    
Greece (1.9%)      
Alpha Bank A.E.     5,470       177    
National Bank of Greece SA     28,770       970    
OPAP SA     25,864       680    
Hong Kong (0.9%)      
CLP Holdings, Ltd.     142,500       808    
Ireland (2.5%)      
Anglo Irish Bank Corp. PLC     92,940       1,103    
Bank of Ireland     61,330       933    
Ryanair Holdings PLC–ADR (a)     9,230       371    
Italy (1.8%)      
ENI-Ente Nazionale Idrocarburi SpA     41,430       1,045    
Saipem SpA     52,770       663    
Japan (20.0%)      
Ajinomoto Co., Inc.     58,000       696    
Astellas Pharma, Inc.     28,900       1,046    
Bank of Yokohama, Ltd. (The)     190,000       1,086    
Daikin Industries, Ltd.     32,600       814    
Denso Corp.     13,900       329    
East Japan Railway Co.     170       884    
Eisai Co., Ltd.     20,800       693    
Fuji Photo Film Co., Ltd.     27,100       894    
Honda Motor Co., Ltd.     14,600       702    
Hoya Corp.     4,864       508    
Kao Corp.     17,000       393    
KDDI Corp.     110       507    
Komatsu, Ltd.     72,000       507    
Matsushita Electric Industrial Co., Ltd.     66,000       965    
Mitsubishi Tokyo Financial Group, Inc.     50       432    
Omron Corp.     37,800       826    
ORIX Corp.     7,000       950    
Osaka Gas Co., Ltd.     289,000       909    
Seven-Eleven Japan Co., Ltd.     15,400       434    
Shin-Etsu Chemical Co., Ltd.     15,200       560    
Shiseido Co., Ltd.     14,000       178    
Sumitomo Metal Mining Co., Ltd.     37,000       260    
Sumitomo Mitsui Financial Group, Inc.     60       387    
Taisei Corp.     192,000       671    
Takefuji Corp.     12,600       798    
Toray Industries, Inc.     173,000       771    
Toto, Ltd.     35,000       298    
Toyota Motor Corp.     15,600       566    
Yamada Denki Co., Ltd.     18,400       879    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX American Century International

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Luxembourg (0.3%)                  
Arcelor     15,140     $ 308    
Mexico (0.6%)                  
America Movil SA de CV–Class L–ADR (b)     12,267       609    
Netherlands (2.4%)                  
ING Groep NV     39,634       1,096    
Royal Numico NV (a)(b)     27,170       1,128    
Norway (1.4%)                  
DnB Nor ASA     72,450       693    
Telenor ASA     72,260       605    
Spain (2.3%)                  
Cintra Concesiones de Infraestructuras de
Transporte SA (a)		     44,351       478    
Grupo Ferrovial SA     13,669       781    
Telefonica SA     53,127       906    
Sweden (0.7%)                  
Volvo AB–Class B (b)     15,595       633    
Switzerland (6.1%)                  
Nestle SA     5,140       1,358    
Novartis AG     45,340       2,216    
Roche Holding AG–Genusschein     9,137       1,110    
UBS AG     13,526       1,086    
United Kingdom (23.2%)                  
AstraZeneca PLC     31,190       1,367    
BAA PLC     85,130       946    
BG Group PLC     83,780       651    
BP PLC     256,211       2,615    
Diageo PLC     99,230       1,473    
GlaxoSmithKline PLC     105,010       2,657    
HSBC Holdings PLC     12,340       198    
Legal & General Group PLC     310,590       622    
Man Group PLC     23,570       550    
Next PLC     30,740       872    
O2 PLC (a)     64,709       145    
Reckitt Benckiser PLC     48,353       1,573    
Reed Elsevier PLC     97,530       957    
Royal Bank of Scotland Group PLC     45,168       1,366    
Smith & Nephew PLC     96,615       997    
Tesco PLC     252,710       1,494    
Unilever PLC     56,540       539    
Vodafone Group PLC     900,330       2,357    
Wolseley PLC     30,830       621    
United States (1.0%)                  
iShares MSCI EAFE Index Fund     3,000       469    
Synthes, Inc.     3,870       440    
Total Common Stocks (cost: $84,003)             89,482    

 

    Principal   Value  
SECURITY LENDING COLLATERAL (2.2%)                  
Debt (1.9%)                  
Bank Notes (0.3%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 65     $ 65    
2.80%, due 06/09/2005 (c)     16       16    
2.77%, due 07/18/2005 (c)     65       65    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     65       65    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     16
16		       16
16		    
Euro Dollar Overnight (0.3%)                  
Bank of Montreal
2.94%, due 05/04/2005		     49       49    
BNP Paribas
2.80%, due 05/05/2005		     67       67    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     59
33		       59
33		    
Dexia Group
2.80%, due 05/05/2005		     29       29    
Royal Bank of Canada
2.80%, due 05/04/2005		     67       67    
Svenska Handlesbanken
2.80%, due 05/06/2005		     11       11    
Euro Dollar Terms (0.8%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     33
91		       33
91		    
Barclays
3.02%, due 06/27/2005		     58       58    
BNP Paribas
2.93%, due 06/07/2005		     52       52    
Branch Banker & Trust
2.94%, due 06/06/2005		     14       14    
Calyon
2.93%, due 06/03/2005		     54       54    
Citigroup
2.87%, due 06/06/2005		     68       68    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     67       67    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     33       33    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     63
35		       63
35		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX American Century International

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Terms (continued)      
Societe Generale
2.80%, due 05/03/2005		   $ 62     $ 62    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     49
18		       49
18		    
UBS AG
2.81%, due 05/03/2005		     33       33    
Promissory Notes (0.2%)      
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     68
114		       68
114		    
Repurchase Agreements (0.3%) (d)      
Goldman Sachs Group, Inc. (The)
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $147 on
05/02/2005		     147       147    
Merrill Lynch & Co., Inc.
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $176 on
05/02/2005		     176       176    

 

    Shares   Value  
Investment Companies (0.3%)      
Money Market Funds (0.3%)      
American Beacon Funds
1-day yield of 2.84%		     25,873     $ 26    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     153,208       153    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     34,477       34    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     63,057       63    
Total Security Lending Collateral (cost: $2,069)             2,069    
Total Investment Securities (cost: $86,642)           $ 92,214    
SUMMARY:      
Investments, at value     97.4 %   $ 92,214    
Other Assets and Liabilities     2.6 %     2,455    
Net assets     100.0 %   $ 94,669    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $1,973.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $328 that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX American Century International

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Percentage of
Net Assets		   Value  
INVESTMENTS BY INDUSTRY:                  
Commercial Banks     13.3 %   $ 12,576    
Pharmaceuticals     10.8 %     10,264    
Telecommunications     6.4 %     6,044    
Petroleum Refining     5.6 %     5,320    
Food & Kindred Products     4.4 %     4,171    
Chemicals & Allied Products     3.7 %     3,482    
Oil & Gas Extraction     3.0 %     2,827    
Beer, Wine & Distilled Beverages     2.4 %     2,226    
Medical Instruments & Supplies     2.3 %     2,213    
Industrial Machinery & Equipment     2.3 %     2,175    
Rubber & Misc. Plastic Products     2.3 %     2,151    
Instruments & Related Products     2.1 %     2,034    
Life Insurance     2.1 %     2,000    
Food Stores     2.0 %     1,928    
Automotive     2.0 %     1,901    
Construction     1.9 %     1,784    
Engineering & Management Services     1.7 %     1,617    
Metal Mining     1.7 %     1,569    
Electric Services     1.7 %     1,508    
Insurance     1.6 %     1,467    
Communications Equipment     1.0 %     965    
Printing & Publishing     1.0 %     957    
Business Credit Institutions     1.0 %     950    
Stone, Clay & Glass Products     1.0 %     944    
Department Stores     1.0 %     943    
Radio & Television Broadcasting     1.0 %     926    
Gas Production & Distribution     1.0 %     909    
Metal Cans & Shipping Containers     0.9 %     889    
Railroads     0.9 %     884    
Radio, Television & Computer Stores     0.9 %     879    
Drug Stores & Proprietary Stores     0.9 %     876    
Shoe Stores     0.9 %     872    
Electronic Components & Accessories     0.9 %     826    
Personal Credit Institutions     0.8 %     798    
Textile Mill Products     0.8 %     771    
Security & Commodity Brokers     0.8 %     730    
Amusement & Recreation Services     0.7 %     680    
Retail Trade     0.7 %     663    
Wholesale Trade Durable Goods     0.7 %     621    
Computer & Data Processing Services     0.6 %     572    
Holding & Other Investment Offices     0.6 %     550    
Wholesale Trade Nondurable Goods     0.6 %     539    
Paper & Paper Products     0.5 %     501    
Public Administration     0.5 %     478    
Investment Companies     0.5 %     469    
Hotels & Other Lodging Places     0.4 %     390    

 

    Percentage of
Net Assets		   Value  
INVESTMENTS BY INDUSTRY (continued)                  
Air Transportation     0.4 %   $ 371    
Motor Vehicles, Parts & Supplies     0.3 %     329    
Primary Metal Industries     0.3 %     308    
Furniture & Fixtures     0.3 %     298    
Investments, at value     95.2 %     90,145    
Short-term investments     2.2 %     2,069    
Other assets and liabilities     2.6 %     2,455    
Net assets     100.0 %   $ 94,669    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX American Century International

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $86,642)
(including securities loaned of $1,973)		   $ 92,214    
Cash     3,558    
Receivables:          
Investment securities sold     1,426    
Shares of beneficial interest sold     39    
Interest     7    
Dividends     410    
Dividend reclaims receivable     234    
Other     8    
      97,896    
Liabilities:      
Investment securities purchased     810    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     79    
Management and advisory fees     98    
Distribution and service fees     45    
Transfer agent fees     48    
Foreign cash overdraft (proceeds $12)     13    
Payable for collateral for securities on loan     2,069    
Other     65    
      3,227    
Net Assets   $ 94,669    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 72,465    
Accumulated net investment income (loss)     (965 )  
Undistributed net realized gain (loss) from investment
securities and foreign currency transactions		     17,588    
Net unrealized appreciation (depreciation) on:
Investment securities		     5,570    
Translation of assets and liabilities denominated in
foreign currencies		     11    
Net Assets   $ 94,669    
Net Assets by Class:      
Class A   $ 64,025    
Class B     21,343    
Class C     9,301    
Shares Outstanding:      
Class A     6,823    
Class B     2,377    
Class C     1,043    
Net Asset Value Per Share:      
Class A   $ 9.38    
Class B     8.98    
Class C     8.91    
Maximum Offering Price Per Share (a):      
Class A   $ 9.93    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 33    
Dividends     1,765    
Income from loaned securities–net     5    
Less withholding taxes on foreign dividends     (91 )  
      1,712    
Expenses:      
Management and advisory fees     897    
Transfer agent fees:          
Class A     30    
Class B     27    
Class C     14    
Printing and shareholder reports     17    
Custody fees     98    
Administration fees     18    
Legal fees     7    
Audit fees     14    
Trustees fees     6    
Registration fees:          
Class A     16    
Class B     4    
Class C     13    
Other     2    
Distribution and service fees:          
Class A     291    
Class B     107    
Class C     48    
Total expenses     1,609    
Less:          
Reimbursement of class expenses:          
Class B     (6 )  
Class C     (17 )  
Net expenses     1,586    
Net Investment Income (Loss)     126    
Net Realized Gain (Loss) from:      
Investment securities     38,207    
Foreign currency transactions     (1,034 )  
      37,173    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     (16,075 )  
Translation of assets and liabilities denominated in
foreign currencies		     (2 )  
      (16,077 )  
Net Gain (Loss) on Investments and 
Foreign Currency Transactions		     21,096    
Net Increase (Decrease) in Net Assets Resulting 
from Operations		   $ 21,222    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX American Century International

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 126     $ (76 )  
Net realized gain (loss) from
investment securities and
foreign currency transactions		     37,173       16,156    
Net unrealized appreciation
(depreciation) on investment
securities and foreign currency
translation		     (16,077 )     4,506    
      21,222       20,586    
Distributions to Shareholders:      
From net investment income:                  
Class A     (1,265 )     (410 )  
Class B     (4 )     (47 )  
Class C     (51 )     (2 )  
Class C2     –       (12 )  
Class M     –       (7 )  
      (1,320 )     (478 )  
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     5,749       43,204    
Class B     2,431       2,535    
Class C     1,356       920    
Class C2     –       476    
Class M     –       358    
      9,536       47,493    
Dividends and distributions
reinvested:		                  
Class A     1,263       409    
Class B     4       44    
Class C     49       2    
Class C2     –       11    
Class M     –       7    
      1,316       473    
Cost of shares redeemed:                  
Class A     (148,592 )     (25,540 )  
Class B     (2,581 )     (5,662 )  
Class C     (1,839 )     (842 )  
Class C2     –       (1,501 )  
Class M     –       (879 )  
      (153,012 )     (34,424 )  
Class level exchanges:                  
Class C     –       8,249    
Class C2     –       (5,368 )  
Class M     –       (2,881 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 8     $ 9    
Class B     (8 )     (9 )  
      –       –    
      (142,160 )     13,542    
Net increase (decrease) in net assets     (122,258 )     33,650    
Net Assets:      
Beginning of period     216,927       183,277    
End of period   $ 94,669     $ 216,927    
Accumulated Net Investment Income
(Loss)		   $ (965 )   $ 229    
Share Activity:      
Shares issued:                  
Class A     600       5,293    
Class B     265       308    
Class C     149       112    
Class C2     –       58    
Class M     –       43    
      1,014       5,814    
Shares issued–reinvested from
distributions:		                  
Class A     134       47    
Class B     –       5    
Class C     5       –    
Class C2     –       1    
Class M     –       1    
      139       54    
Shares redeemed:                  
Class A     (15,199 )     (2,998 )  
Class B     (283 )     (698 )  
Class C     (203 )     (103 )  
Class C2     –       (183 )  
Class M     –       (105 )  
      (15,685 )     (4,087 )  
Class level exchanges:                  
      Class C       1,009    
      Class C2       (654 )  
      Class M       (353 )  
              2    
Automatic conversions:                  
Class A     1       1    
Class B     (1 )     (1 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (14,464 )     2,343    
Class B     (19 )     (386 )  
Class C     (49 )     1,018    
Class C2     –       (778 )  
Class M     –       (414 )  
      (14,532 )     1,783    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX American Century International

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 8.81     $ 0.01     $ 0.62     $ 0.63     $ (0.06 )   $ –     $ (0.06 )   $ 9.38    
    10/31/2004     8.03       –       0.80       0.80       (0.02 )     –       (0.02 )     8.81    
    10/31/2003     7.00       0.02       1.01       1.03       –       –       –       8.03    
    10/31/2002     8.38       0.01       (1.39 )     (1.38 )     –       –       –       7.00    
    10/31/2001     12.76       0.05       (3.05 )     (3.00 )     –       (1.38 )     (1.38 )     8.38    
    10/31/2000     12.85       0.05       0.35       0.40       –       (0.49 )     (0.49 )     12.76    
Class B   4/30/2005     8.41       (0.01 )     0.58       0.57       – (h)     –       –       8.98    
    10/31/2004     7.70       (0.04 )     0.77       0.73       (0.02 )     –       (0.02 )     8.41    
    10/31/2003     6.76       (0.03 )     0.97       0.94       –       –       –       7.70    
    10/31/2002     8.15       (0.04 )     (1.35 )     (1.39 )     –       –       –       6.76    
    10/31/2001     12.53       (0.02 )     (2.98 )     (3.00 )     –       (1.38 )     (1.38 )     8.15    
    10/31/2000     12.70       (0.03 )     0.35       0.32       –       (0.49 )     (0.49 )     12.53    
Class C   4/30/2005     8.40       (0.01 )     0.57       0.56       (0.05 )     –       (0.05 )     8.91    
    10/31/2004     7.70       (0.09 )     0.81       0.72       (0.02 )     –       (0.02 )     8.40    
    10/31/2003     6.73       (0.03 )     1.00       0.97       –       –       –       7.70    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     7.14 %   $ 64,025       1.47 %     1.47 %     0.20 %     44 %  
    10/31/2004     9.95       187,608       1.59       1.59       (0.05 )     159    
    10/31/2003     14.71       152,086       1.78       2.39       0.23       220    
    10/31/2002     (16.49 )     14,921       1.87       3.68       0.22       241    
    10/31/2001     (26.43 )     5,209       1.55       2.77       0.47       129    
    10/31/2000     2.74       6,977       1.62       3.56       0.09       108    
Class B   4/30/2005     6.80       21,343       2.35       2.41       (0.27 )     44    
    10/31/2004     9.46       20,153       2.09       2.09       (0.46 )     159    
    10/31/2003     13.91       21,421       2.44       3.05       (0.42 )     220    
    10/31/2002     (17.09 )     5,328       2.52       4.33       (0.43 )     241    
    10/31/2001     (26.96 )     5,003       2.20       3.42       (0.18 )     129    
    10/31/2000     2.09       4,407       2.27       4.21       (0.56 )     108    
Class C   4/30/2005     6.68       9,301       2.35       2.71       (0.28 )     44    
    10/31/2004     9.33       9,166       2.40       2.49       (1.07 )     159    
    10/31/2003     14.41       568       2.44       3.04       (0.42 )     220    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less that one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 04/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  The inception date for the Fund's offering of share Class C was November 11, 2002.

(h)  Distributions from net investment income is less than $0.01 per share.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX American Century International ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1997.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $3 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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.

At April 30, 2005, there were no outstanding forward foreign currency contracts.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than a $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i. e.: through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Growth Portfolio		   $ 25,273       26.69 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     19,803       20.92 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     5,259       5.56 %  
Total   $ 50,335       53.17 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004:

1.00% of the first $50 million of ANA
0.95% of the next $100 million of ANA
0.90% of the next $350 million of ANA
0.85% of the next $500 million of ANA
0.80% of ANA over $1 billion

From January 1, 2005 on:

0.925% of the first $250 million of ANA
0.90% of the next $250 million of ANA
0.85% of the next $500 million of ANA
0.80% of ANA over $1 billion

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

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

From November 1, 2004 to December 31, 2004:

1.40% Expense Limit

From January 1, 2005 on:

1.325% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

    Advisory Fee
Waived		   Available for
Recapture Through		  
Fiscal Year 2003   $ 473       10/31/2006    

 

If total class 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 that adviser a portion or all of the reimbursed class expenses.

Reimbursement
Fiscal Year 2004		   Available for
of Class Expenses		   Recapture Through  
Class C   $ 3       10/31/2007    

 

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 246    
Retained by Underwriter     4    
Contingent Deferred Sales Charge     50    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $107 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $8. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the six months ended April 30, 2005, were $7.

NOTE 3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 83,289    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     226,594    
U.S. Government     –    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4. FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 86,874    
Unrealized Appreciation   $ 7,305    
Unrealized (Depreciation)     (1,965 )  
Net Unrealized Appreciation (Depreciation)   $ 5,340    

 

NOTE 5. REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX American Century International

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX American Century International (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and American Century Global Investment Management, Inc. (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the SubAdviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based on information provided by Lipper Analytics, that the Fund's investment performance was acceptable, although the Board noted that the Fund had underperformed comparable investment companies, as represented by Lipper Analytics. As a consequence, the Board decided to carefully monitor the Fund's investment performance, and requested that Sub-Advisory personnel attend an upcoming meeting to review the Fund's performance with the Board. However, on the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the estimated overall expense ratio of the Fund were consistent with industry averages, and that the Fund's advisory fees had been lowered in the recent past, which will likely lower overall expenses for the benefit of shareholders.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and that the Sub-Adviser engaged in "soft dollar" arrangements consistent with applicable law and "best execution" requirements.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX American Century International

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX American Century International

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  22,024,150.125       51,471.679       1,702,502.104    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX American Century International.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      22,040,265.032       69,468.893       1,668,389.983    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      22,036,970.076       72,763.849       1,668,389.983    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      22,034,446.384       75,287.541       1,668,389.983    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      22,038,027.609       71,706.316       1,668,389.983    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      22,040,743.033       68,990.892       1,668,389.983    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      22,029,145.864       80,588.061       1,668,389.983    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      22,038,505.286       71,228.639       1,668,389.983    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      22,033,209.394       76,524.531       1,668,389.983    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX American Century Large Company Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,053.20       1.25 %   $ 6.36    
Hypothetical (b)     1,000.00       1,018.60       1.25       6.26    
Class B                                  
Actual     1,000.00       1,048.70       2.22       11.28    
Hypothetical (b)     1,000.00       1,013.79       2.22       11.08    
Class C                                  
Actual     1,000.00       1,047.30       2.47       12.54    
Hypothetical (b)     1,000.00       1,012.55       2.47       12.33    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX American Century Large Company Value

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (96.1%)                  
Aerospace (0.5%)                  
Northrop Grumman Corp.     39,500     $ 2,166    
Apparel & Accessory Stores (0.6%)                  
Gap (The), Inc.     117,100       2,500    
Apparel Products (1.3%)                  
Liz Claiborne, Inc.     72,700       2,576    
V.F. Corp.     51,400       2,909    
Automotive (1.8%)                  
General Motors Corp. (a)     81,400       2,172    
Lear Corp. (a)     59,400       2,013    
Toyota Motor Corp., ADR     44,900       3,265    
Automotive Dealers & Service Stations (0.6%)                  
Advance Auto Parts, Inc. (b)     50,800       2,710    
Beverages (2.4%)                  
Coca-Cola Co. (The)     95,100       4,131    
Molson Coors Brewing Co.–Class B (a)     41,500       2,563    
Pepsi Bottling Group, Inc.     112,600       3,228    
Business Credit Institutions (3.4%)                  
Freddie Mac     233,900       14,390    
Chemicals & Allied Products (1.2%)                  
PPG Industries, Inc.     72,800       4,918    
Commercial Banks (17.8%)                  
Bank of America Corp.     316,800       14,269    
Bank of New York Co., Inc. (The)     120,800       3,375    
Citigroup, Inc.     427,800       20,090    
JPMorgan Chase & Co.     255,000       9,050    
National City Corp.     65,500       2,224    
PNC Financial Services Group, Inc.     91,800       4,887    
US Bancorp     199,700       5,572    
Wachovia Corp.     127,200       6,510    
Wells Fargo & Co.     150,900       9,045    
Computer & Data Processing Services (3.2%)                  
Computer Sciences Corp. (b)     77,400       3,365    
Fiserv, Inc. (a)(b)     71,300       3,016    
Microsoft Corp.     278,400       7,044    
Computer & Office Equipment (3.0%)                  
Hewlett-Packard Co.     384,300       7,867    
International Business Machines Corp.     59,700       4,560    
Department Stores (1.2%)                  
May Department Stores Co. (The)     141,400       4,960    
Drug Stores & Proprietary Stores (0.7%)                  
CVS Corp.     58,500       3,017    

 

    Shares   Value  
Electric Services (1.2%)      
PPL Corp.     90,900     $ 4,932    
Electric, Gas & Sanitary Services (2.2%)      
Exelon Corp.     133,400       6,603    
NiSource, Inc.     116,500       2,707    
Electronic & Other Electric Equipment (1.8%)      
General Electric Co.     145,700       5,274    
Whirlpool Corp. (a)     38,500       2,389    
Electronic Components & Accessories (1.7%)      
Intel Corp.     126,600       2,978    
Tyco International, Ltd.     137,400       4,302    
Environmental Services (0.7%)      
Waste Management, Inc.     102,200       2,912    
Fabricated Metal Products (0.7%)      
Parker Hannifin Corp.     46,300       2,775    
Finance (0.6%)      
SPDR Trust Series 1 (a)     21,700       2,513    
Food & Kindred Products (3.9%)      
Altria Group, Inc.     97,600       6,343    
HJ Heinz Co.     98,200       3,619    
Sara Lee Corp.     128,900       2,757    
Unilever NV-NY Shares     59,900       3,859    
Food Stores (0.8%)      
Kroger Co. (a)(b)     222,400       3,507    
Health Services (0.7%)      
HCA, Inc.     54,500       3,043    
Industrial Machinery & Equipment (2.1%)      
Deere & Co.     35,900       2,245    
Dover Corp.     80,500       2,927    
Ingersoll-Rand Co.–Class A     48,100       3,697    
Instruments & Related Products (0.5%)      
Xerox Corp. (b)     160,600       2,128    
Insurance (5.1%)      
Allstate Corp. (The) (a)     114,600       6,436    
American International Group, Inc.     93,300       4,744    
Cigna Corp.     31,900       2,934    
Loews Corp.     69,100       4,898    
MGIC Investment Corp.     39,600       2,336    
Insurance Agents, Brokers & Service (1.7%)      
Hartford Financial Services
Group, Inc. (The) (a)		     73,200       5,298    
Marsh & McLennan Cos., Inc.     67,900       1,903    
Life Insurance (0.8%)      
Torchmark Corp.     60,700       3,243    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX American Century Large Company Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Lumber & Wood Products (1.4%)                  
Weyerhaeuser Co.     87,500     $ 6,003    
Medical Instruments & Supplies (1.0%)                  
Baxter International, Inc.     107,300       3,981    
Motion Pictures (1.6%)                  
Time Warner, Inc. (b)     409,100       6,877    
Petroleum Refining (10.1%)                  
ChevronTexaco Corp.     144,300       7,504    
ConocoPhillips     66,900       7,015    
Exxon Mobil Corp.     305,000       17,394    
Royal Dutch Petroleum Co.–NY Shares     182,400       10,625    
Pharmaceuticals (4.5%)                  
Abbott Laboratories     109,400       5,378    
Bristol-Myers Squibb Co.     121,100       3,149    
Johnson & Johnson     76,100       5,223    
Merck & Co., Inc.     59,600       2,020    
Wyeth     67,300       3,025    
Primary Metal Industries (1.1%)                  
Alcoa, Inc.     115,000       3,337    
Nucor Corp.     25,500       1,303    
Printing & Publishing (1.9%)                  
Gannett Co., Inc.     65,500       5,044    
RR Donnelley & Sons Co.     87,700       2,886    
Restaurants (1.3%)                  
McDonald's Corp.     192,100       5,630    
Rubber & Misc. Plastic Products (1.2%)                  
Newell Rubbermaid, Inc. (a)     133,100       2,892    
Reebok International, Ltd. (a)     56,200       2,282    
Savings Institutions (1.4%)                  
Washington Mutual, Inc.     146,700       6,062    
Security & Commodity Brokers (2.8%)                  
Merrill Lynch & Co., Inc.     109,100       5,884    
Morgan Stanley     108,700       5,720    
Telecommunications (5.0%)                  
ALLTEL Corp. (a)     60,500       3,446    
AT&T Corp.     55,200       1,056    
BellSouth Corp.     178,700       4,734    
SBC Communications, Inc.     232,100       5,524    
Sprint Corp. (FON Group) (a)     150,100       3,341    
Verizon Communications, Inc.     75,500       2,703    
Variety Stores (0.6%)                  
Dollar General Corp.     122,700       2,497    
Total Common Stocks (cost: $398,192)             404,229    

 

    Principal   Value  
SECURITY LENDING COLLATERAL (7.3%)      
Debt (6.3%)      
Bank Notes (0.9%)      
Bank of America
                  
2.82%, due 05/16/2005   $ 966     $ 966    
2.80%, due 06/09/2005 (c)     242       242    
2.77%, due 07/18/2005 (c)     966       966    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     966       966    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     242
242		       242
242		    
Euro Dollar Overnight (1.1%)      
Bank of Montreal
2.94%, due 05/04/2005		     725       725    
BNP Paribas
2.80%, due 05/05/2005		     1,000       1,000    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     870
483		       870
483		    
Dexia Group
2.80%, due 05/05/2005		     427       427    
Royal Bank of Canada
2.80%, due 05/04/2005		     992       992    
Svenska Handlesbanken
2.80%, due 05/06/2005		     159       159    
Euro Dollar Terms (2.6%)      
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     483
1,351		       483
1,351		    
Barclays
3.02%, due 06/27/2005		     861       861    
BNP Paribas
2.93%, due 06/07/2005		     773       773    
Branch Banker & Trust
2.94%, due 06/06/2005		     207       207    
Calyon
2.93%, due 06/03/2005		     798       798    
Citigroup
2.87%, due 06/06/2005		     1,003       1,003    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     990       990    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     483       483    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     939
521		       939
521		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX American Century Large Company Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Terms (continued)                  
Societe Generale
2.80%, due 05/03/2005		   $ 924     $ 924    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     725
268		       725
268		    
UBS AG
2.81%, due 05/03/2005		     483       483    
Promissory Notes (0.6%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     1,015
1,691		       1,015
1,691		    
Repurchase Agreements (1.1%) (d)                  
Goldman Sachs Group, Inc. (The)
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $2,174
on 05/02/2005		     2,174       2,174    
Merrill Lynch & Co., Inc.
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $2,609
on 05/02/2005		     2,609       2,609    

 

    Shares   Value  
Investment Companies (1.0%)                  
Money Market Funds (1.0%)                  
American Beacon Funds
1-day yield of 2.84%		     383,732     $ 384    
BGI Institutional
Money Market Fund
1-day yield of 2.93%		     2,272,290       2,272    
Merrill Lynch Premier
Institutional Fund
1-day yield of 2.65%		     511,337       511    
Merrimac Cash Fund,
Premium Class
1-day yield of 2.74% (e)		     935,228       935    
Total Security Lending Collateral (cost: $30,680)             30,680    
Total Investment Securities (cost: $428,872)           $ 434,909    
SUMMARY:                  
Investments, at value     103.4 %   $ 434,909    
Liabilities in excess of other assets     (3.4 )%     (14,241 )  
Net assets     100.0 %   $ 420,668    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $29,438.

(b)  No dividends were paid during the preceding twelve months.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $4,867, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX American Century Large Company Value

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:          
Investment securities, at value (cost: $428,872)
(including securities loaned of $29,438)		   $ 434,909    
Cash     16,294    
Receivables:          
Shares of beneficial interest sold     52    
Interest     34    
Dividends     873    
Dividend reclaims receivable     11    
Other     24    
      452,197    
Liabilities:          
Investment securities purchased     377    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     10    
Management and advisory fees     291    
Distribution and service fees     135    
Transfer agent fees     24    
Payable for collateral for securities on loan     30,680    
Other     12    
      31,529    
Net Assets   $ 420,668    
Net Assets Consist of:          
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 410,297    
Undistributed net investment income (loss)     1,687    
Undistributed net realized gain (loss) from
investment securities		     2,647    
Net unrealized appreciation (depreciation) on
investment securities		     6,037    
Net Assets   $ 420,668    
Net Assets by Class:          
Class A   $ 394,517    
Class B     18,448    
Class C     7,703    
Shares Outstanding:          
Class A     36,880    
Class B     1,781    
Class C     746    
Net Asset Value Per Share:          
Class A   $ 10.70    
Class B     10.36    
Class C     10.33    
Maximum Offering Price Per Share (a):          
Class A   $ 11.32    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 151    
Dividends     4,881    
Income from loaned securities–net     18    
Less withholding taxes on foreign dividends     (58 )  
      4,992    
Expenses:      
Management and advisory fees     1,583    
Transfer agent fees:          
Class A     19    
Class B     24    
Class C     10    
Printing and shareholder reports     11    
Custody fees     24    
Administration fees     35    
Legal fees     7    
Audit fees     5    
Trustees fees     5    
Registration fees:          
Class A     17    
Class B     7    
Class C     14    
Distribution and service fees:          
Class A     616    
Class B     95    
Class C     39    
Total expenses     2,511    
Less:          
Reimbursement of class expenses:          
Class C     (1 )  
Net expenses     2,510    
Net Investment Income (Loss)     2,482    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment securities     5,661    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     1,249    
Net Gain (Loss) on Investments     6,910    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 9,392    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX American Century Large Company Value

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) in Net Assets From:      
Operations:      
Net investment income (loss)   $ 2,482     $ 604    
Net realized gain (loss) from
investment securities and
futures contracts		     5,661       4,617    
Net unrealized appreciation
(depreciation) on investment
securities and futures contracts		     1,249       2,671    
      9,392       7,892    
Distributions to Shareholders:      
From net investment income:                  
Class A     (1,333 )     (39 )  
Class B     –       (27 )  
Class C     (1 )     (2 )  
Class C2     –       (8 )  
Class M     –       (3 )  
      (1,334 )     (79 )  
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     264,891       147,090    
Class B     1,332       3,766    
Class C     715       1,077    
Class C2     –       427    
Class M     –       269    
      266,938       152,629    
Dividends and distributions
reinvested:		                  
Class A     1,332       38    
Class B     –       25    
Class C     1       1    
Class C2     –       7    
Class M     –       3    
      1,333       74    
Cost of shares redeemed:                  
Class A     (35,635 )     (3,949 )  
Class B     (2,368 )     (4,402 )  
Class C     (959 )     (2,320 )  
Class C2     –       (1,018 )  
Class M     –       (674 )  
      (38,962 )     (12,363 )  
Class level exchanges:                  
Class C     –       7,377    
Class C2     –       (5,388 )  
Class M     –       (1,989 )  
      –       –    
Automatic conversions:                  
Class A     47       10    
Class B     (47 )     (10 )  
      –       –    
      229,309       140,340    
Net increase (decrease) in net assets     237,367       148,153    
Net Assets:      
Beginning of period     183,301       35,148    
End of period   $ 420,668     $ 183,301    
Undistributed Net Investment
Income (Loss)		   $ 1,687     $ 539    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:                  
Shares issued:                  
Class A     24,637       14,819    
Class B     127       396    
Class C     69       112    
Class C2     –       45    
Class M     –       28    
      24,833       15,400    
Shares issued–reinvested from
distributions:		                  
Class A     123       4    
Class B     –       3    
Class C     –       –    
Class C2     –       1    
Class M     –       –    
      123       8    
Shares redeemed:                  
Class A     (3,294 )     (403 )  
Class B     (226 )     (459 )  
Class C     (92 )     (243 )  
Class C2     –       (109 )  
Class M     –       (71 )  
      (3,612 )     (1,285 )  
Class level exchanges:                  
Class C     –       761    
Class C2     –       (557 )  
Class M     –       (203 )  
      –       1    
Automatic conversions:                  
Class A     4       1    
Class B     (4 )     (1 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     21,470       14,421    
Class B     (103 )     (61 )  
Class C     (23 )     630    
Class C2     –       (620 )  
Class M     –       (246 )  
      21,344       14,124    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX American Century Large Company Value

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.20     $ 0.07     $ 0.47     $ 0.54     $ (0.04 )   $ –     $ (0.04 )   $ 10.70    
    10/31/2004     9.09       0.11       1.01       1.12       (0.01 )     –       (0.01 )     10.20    
    10/31/2003     7.55       0.04       1.50       1.54       –       –       –       9.09    
    10/31/2002     8.79       0.01       (1.25 )     (1.24 )     –       –       –       7.55    
    10/31/2001     10.83       (0.03 )     (2.01 )     (2.04 )     –       –       –       8.79    
    10/31/2000     10.00       –       0.83       0.83       –       –       –       10.83    
Class B   4/30/2005     9.88       0.03       0.45       0.48       –       –       –       10.36    
    10/31/2004     8.87       0.02       1.00       1.02       (0.01 )     –       (0.01 )     9.88    
    10/31/2003     7.41       (0.01 )     1.47       1.46       –       –       –       8.87    
    10/31/2002     8.69       (0.05 )     (1.23 )     (1.28 )     –       –       –       7.41    
    10/31/2001     10.79       (0.10 )     (2.00 )     (2.10 )     –       –       –       8.69    
    10/31/2000     10.00       (0.04 )     0.83       0.79       –       –       –       10.79    
Class C   4/30/2005     9.86       0.02       0.45       0.47       (0.00 ) (h)     –       (0.00 )     10.33    
    10/31/2004     8.87       –       1.00       1.00       (0.01 )     –       (0.01 )     9.86    
    10/31/2003     7.32       (0.01 )     1.56       1.55       –       –       –       8.87    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     5.32 %   $ 394,517       1.25 %     1.25 %     1.37 %     17 %  
    10/31/2004     12.38       157,103       1.54       1.54       1.11       61    
    10/31/2003     20.40       8,988       1.85       2.56       0.53       76    
    10/31/2002     (14.15 )     7,908       1.80       2.43       0.09       161    
    10/31/2001     (18.80 )     5,183       1.55       2.49       (0.28 )     113    
    10/31/2000     8.30       2,974       1.55       6.85       (0.42 )     111    
Class B   4/30/2005     4.87       18,448       2.22       2.22       0.59       17    
    10/31/2004     11.54       18,612       2.32       2.32       0.20       61    
    10/31/2003     19.70       17,245       2.50       3.21       (0.12 )     76    
    10/31/2002     (14.76 )     14,446       2.45       3.08       (0.56 )     161    
    10/31/2001     (19.41 )     11,623       2.20       3.14       (0.93 )     113    
    10/31/2000     7.86       3,635       2.20       7.50       (1.07 )     111    
Class C   4/30/2005     4.73       7,703       2.47       2.50       0.34       17    
    10/31/2004     11.38       7,586       2.50       2.54       0.04       61    
    10/31/2003     21.17       1,230       2.50       3.21       (0.12 )     76    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004, and 4/30/2005

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX American Century Large Company Value ("the Fund") commenced operations on March 1, 2000. The inception date for the Fund's offering of share Class C was November 11, 2002.

(h)  Distributions from net investment income is less than $0.01 per share. 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX American Century Large Company Value ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2000.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $9 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills,

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/ Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (ie: through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation – 
Conservative Portfolio		   $ 24,970       5.94 %  
TA IDEX Asset Allocation – 
Growth Portfolio		     84,868       20.17 %  
TA IDEX Asset Allocation – 
Moderate Growth Portfolio		     189,432       45.03 %  
TA IDEX Asset Allocation – 
Moderate Portfolio		     84,189       20.01 %  
Total   $ 383,459       91.15 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004

0.90% of the first $100 million of ANA
0.85% of the next $150 million of ANA
0.80% of ANA over $250 million

From January 1, 2005 on:

0.85% of the first $250 million of ANA

0.80% of the next $250million of ANA

0.775% of the next $250 million of ANA

0.70% of ANA over $750 million

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

From November 1, 2004 to December 31, 2004

1.50% Expense Limit

From January 1, 2005 on:

1.45% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

    Advisory Fee
Waived		   Available for
Recapture Through		  
Fiscal Year 2003   $ 207       10/31/2006    

 

If total class 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 that adviser a portion or all of the reimbursed class expenses.

    Reimbursement
of Class
Expenses		   Available for
Recapture Through		  
Fiscal Year 2004                  
Class C     1       10/31/2007    

 

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 60    
Retained by Underwriter     4    
Contingent Deferred Sales Charge     22    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $65 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 283,226    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     61,084    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the period listed:

Capital Loss
Carryforward		   Available through  
$ 2,425     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 429,832    
Unrealized Appreciation   $ 18,500    
Unrealized (Depreciation)     (13,423 )  
Net Unrealized Appreciation (Depreciation)   $ 5,077    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX American Century Large Company Value

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX American Century Large Company Value (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and American Century Investment Management, Inc. (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's competitive investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over trailing one-, two- and three-year periods and to the Fund's benchmark index over the past year, but nevertheless decided to monitor the Fund's long-term performance on a regular basis. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, the Board noted that TFAI lowered the level of advisory fees, which will likely lower overall expenses for the benefit of shareholders.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and that the Sub-Adviser engaged in "soft dollar" arrangements consistent with applicable law and "best execution" requirements.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX American Century Large Company Value

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX American Century Large Company Value

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  17,791,042.543       32,752.872       1,164,534.578    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX American Century Large Company Value.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      17,819,865.501       39,033.493       1,129,430.999    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      17,819,865.501       39,033.493       1,129,430.999    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      17,819,865.501       39,033.493       1,129,430.999    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      17,819,865.501       39,033.493       1,129,430.999    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      17,819,865.501       39,033.493       1,129,430.999    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      17,819,683.732       39,215.262       1,129,430.999    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      17,819,865.501       39,033.493       1,129,430.999    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      17,819,096.343       39,802.651       1,129,430.999    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Asset Allocation–Conservative Portfolio

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,014.10       0.26 %   $ 1.30    
Hypothetical (b)     1,000.00       1,023.51       0.26       1.30    
Class B                                  
Actual     1,000.00       1,011.30       0.91       4.54    
Hypothetical (b)     1,000.00       1,020.28       0.91       4.56    
Class C                                  
Actual     1,000.00       1,010.90       0.89       4.44    
Hypothetical (b)     1,000.00       1,020.38       0.89       4.46    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At April 30, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities. Asset type is calculated based on the aggregate portfolio holdings in the underlying funds in which the Fund invests. The security lending collateral in the underlying funds is excluded from this calculation.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Asset Allocation–Conservative Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
INVESTMENT COMPANIES (100.0%) (b)                  
Aggressive Equity (10.3%)                  
TA IDEX J.P. Morgan Mid Cap Value (a)     981,530     $ 9,305    
TA IDEX T. Rowe Price Health Sciences     1,360,460       14,911    
TA IDEX T. Rowe Price Small Cap (a)     165,997       1,843    
TA IDEX Transamerica Growth
Opportunities (a)		     917,764       5,975    
TA IDEX Transamerica Small/Mid Cap Value     705,816       10,361    
Capital Preservation (5.1%)                  
TA IDEX Transamerica Money Market     20,840,249       20,840    
Fixed-Income (54.9%)                  
TA IDEX PIMCO Real Return TIPS     4,005,936       42,142    
TA IDEX PIMCO Total Return     2,473,975       25,630    
TA IDEX Short Term Bond     3,931,306       38,802    
TA IDEX Transamerica Conservative
High-Yield Bond		     7,176,790       64,878    
TA IDEX Transamerica Convertible Securities     3,096,064       33,097    
TA IDEX Transamerica Flexible Income     2,294,542       21,660    
Growth Equity (15.6%)                  
TA IDEX American Century Large
Company Value		     2,333,609       24,970    
TA IDEX Great Companies–TechnologySM (a)     826,074       2,908    
TA IDEX Janus Growth (a)     315,570       7,084    

 

    Shares   Value  
Growth Equity (continued)                  
TA IDEX Salomon All Cap     751     $ 11    
TA IDEX Salomon Investors Value     591,341       7,883    
TA IDEX T. Rowe Price Tax-Efficient
Growth (a)		     396,771       3,960    
TA IDEX Transamerica Equity     1,060,185       7,973    
TA IDEX UBS Large Cap Value (a)     923,069       9,452    
Specialty–Real Estate (2.6%)                  
TA IDEX Clarion Real Estate Securities     731,807       10,831    
World Equity (11.5%)                  
TA IDEX Evergreen International
Small Cap (a)		     786,568       8,660    
TA IDEX Marsico International Growth (a)     296,773       2,944    
TA IDEX Templeton Great Companies
Global (a)		     1,164,129       27,392    
TA IDEX Van Kampen Emerging Markets Debt     809,003       8,090    
Total Investment Companies (cost: $397,101)             411,602    
Total Investment Securities (cost: $397,101)           $ 411,602    
SUMMARY:                  
Investments, at value     100.0 %   $ 411,602    
Other assets in excess of liabilities     0.0 %     193    
Net assets     100.0 %   $ 411,795    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  The Fund invests its assets in Class A shares of the underlying TA IDEX Mutual Funds, which are affiliates of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Asset Allocation–Conservative Portfolio

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment in affiliated mutual funds, at value
(cost: $397,101)		   $ 411,602    
Receivables:          
Shares of beneficial interest sold     1,631    
Dividends     65    
Other     12    
      413,310    
Liabilities:      
Investment securities purchased     390    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     835    
Management and advisory fees     34    
Distribution and service fees     159    
Transfer agent fees     38    
Dividends to shareholders     3    
Other     56    
      1,515    
Net Assets   $ 411,795    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 386,532    
Accumulated net investment income (loss)     (2,651 )  
Undistributed net realized gain (loss) from
investment in affiliated mutual funds		     13,415    
Net unrealized appreciation (depreciation) on
investment in affiliated mutual funds		     14,499    
Net Assets   $ 411,795    
Net Assets by Class:      
Class A   $ 112,250    
Class B     105,498    
Class C     194,047    
Shares Outstanding:      
Class A     10,325    
Class B     9,717    
Class C     17,872    
Net Asset Value Per Share:      
Class A   $ 10.87    
Class B     10.86    
Class C     10.86    
Maximum Offering Price Per Share (a):      
Class A   $ 11.50    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Dividends from affiliated mutual funds   $ 3,967    
Expenses:      
Management and advisory fees     201    
Transfer agent fees:          
Class A     52    
Class B     55    
Class C     75    
Custody fees     15    
Administration fees     37    
Legal fees     11    
Audit fees     12    
Trustees fees     10    
Registration fees:          
Class A     15    
Class B     8    
Class C     19    
Other     1    
Distribution and service fees:          
Class B     345    
Class C     609    
Total expenses     1,465    
Net Investment Income (Loss)     2,502    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment in affiliated
mutual funds		     9,789    
Realized gain distributions from investment in
affiliated mutual funds		     3,735    
Increase (decrease) in unrealized appreciation
(depreciation) on investment in affiliated
mutual funds		     (11,678 )  
Net Gain (Loss) on Investment in Affiliated
Mutual Funds		     1,846    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 4,348    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Asset Allocation–Conservative Portfolio

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) in Net Assets From:                  
Operations:                  
Net investment income (loss)   $ 2,502     $ 3,509    
Net realized gain (loss) from
investment in affiliated mutual
funds		     13,524       16,522    
Net unrealized appreciation
(depreciation) on investment
in affiliated mutual funds		     (11,678 )     4,037    
      4,348       24,068    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (1,656 )     (3,504 )  
Class B     (1,267 )     (3,870 )  
Class C     (2,230 )     (5,152 )  
Class C2     –       (672 )  
Class M     –       (306 )  
      (5,153 )     (13,504 )  
From net realized gains:                  
Class A     (1,841 )     (137 )  
Class B     (1,833 )     (216 )  
Class C     (3,177 )     (232 )  
Class C2     –       (39 )  
Class M     –       (18 )  
      (6,851 )     (642 )  
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     33,418       65,052    
Class B     10,878       35,549    
Class C     36,830       106,542    
Class C2     –       5,538    
Class M     –       1,592    
      81,126       214,273    
Dividends and distributions
reinvested:		                  
Class A     2,964       3,046    
Class B     2,559       3,317    
Class C     3,757       3,961    
Class C2     –       184    
Class M     –       288    
      9,280       10,796    
Cost of shares redeemed:                  
Class A     (21,851 )     (30,060 )  
Class B     (12,550 )     (20,630 )  
Class C     (25,080 )     (40,681 )  
Class C2     –       (3,918 )  
Class M     –       (2,031 )  
      (59,481 )     (97,320 )  
Redemption fees:                  
Class B     2       –    
      2       –    
Class level exchanges:                  
Class C     –       25,151    
Class C2     –       (17,719 )  
Class M     –       (7,432 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 101     $ 128    
Class B     (101 )     (128 )  
      –       –    
      30,927       127,749    
Net increase (decrease) in net assets     23,271       137,671    
Net Assets:      
Beginning of period     388,524       250,853    
End of period   $ 411,795     $ 388,524    
Accumulated Net Investment Income
(Loss)		   $ (2,653 )   $ –    
Share Activity:      
Shares issued:                  
Class A     2,999       5,924    
Class B     981       3,244    
Class C     3,313       9,685    
Class C2     –       501    
Class M     –       146    
      7,293       19,500    
Shares issued–reinvested from
distributions:		                  
Class A     265       283    
Class B     229       309    
Class C     336       369    
Class C2     –       17    
Class M     –       27    
      830       1,005    
Shares redeemed:                  
Class A     (1,965 )     (2,753 )  
Class B     (1,127 )     (1,882 )  
Class C     (2,251 )     (3,715 )  
Class C2     –       (354 )  
Class M     –       (186 )  
      (5,343 )     (8,890 )  
Class level exchanges:                  
Class C     –       2,336    
Class C2     –       (1,654 )  
Class M     –       (682 )  
      –       –    
Automatic conversions:                  
Class A     9       12    
Class B     (9 )     (12 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     1,308       3,466    
Class B     74       1,659    
Class C     1,398       8,675    
Class C2     –       (1,490 )  
Class M     –       (695 )  
      2,780       11,615    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Asset Allocation–Conservative Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 11.07     $ 0.09     $ 0.07     $ 0.16     $ (0.17 )   $ (0.19 )   $ (0.36 )   $ 10.87    
    10/31/2004     10.67       0.17       0.77       0.94       (0.51 )     (0.03 )     (0.54 )     11.07    
    10/31/2003     9.22       0.18       1.47       1.65       (0.20 )     –       (0.20 )     10.67    
    10/31/2002     10.00       0.07       (0.85 )     (0.78 )     –       –       –       9.22    
Class B   4/30/2005     11.05       0.06       0.07       0.13       (0.13 )     (0.19 )     (0.32 )     10.86    
    10/31/2004     10.66       0.10       0.76       0.86       (0.44 )     (0.03 )     (0.47 )     11.05    
    10/31/2003     9.18       0.11       1.47       1.58       (0.10 )     –       (0.10 )     10.66    
    10/31/2002     10.00       0.03       (0.85 )     (0.82 )     –       –       –       9.18    
Class C   4/30/2005     11.05       0.06       0.07       0.13       (0.13 )     (0.19 )     (0.32 )     10.86    
    10/31/2004     10.66       0.10       0.76       0.86       (0.44 )     (0.03 )     (0.47 )     11.05    
    10/31/2003     9.19       0.11       1.46       1.57       (0.10 )     –       (0.10 )     10.66    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     1.41 %   $ 112,250       0.26 %     0.26 %     1.71 %     29 %  
    10/31/2004     8.97       99,811       0.29       0.28       1.55       11    
    10/31/2003     18.18       59,250       0.41       0.41       1.80       22    
    10/31/2002     (7.80 )     9,482       0.45       1.21       1.27       8    
Class B   4/30/2005     1.13       105,498       0.91       0.91       1.05       29    
    10/31/2004     8.21       106,601       0.92       0.91       0.93       11    
    10/31/2003     17.38       85,134       1.06       1.06       1.15       22    
    10/31/2002     (8.20 )     23,229       1.10       1.86       0.62       8    
Class C   4/30/2005     1.09       194,047       0.89       0.89       1.08       29    
    10/31/2004     8.26       182,112       0.93       0.92       0.89       11    
    10/31/2003     17.25       83,165       1.06       1.06       1.15       22    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any, and includes the recapture of previously waived expenses (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers, reimbursements by the investment adviser and recapture of previously waived expenses.

(g)  TA IDEX Asset Allocation – Conservative Portfolio ("the Fund") commenced operations on March 1, 2002. The inception date for the Fund's offering of share Class C is November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Asset Allocation – Conservative Portfolio ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: The Fund's investments are valued at the net asset values of the underlying portfolios of Transamerica IDEX Mutual Funds. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date. Dividend income is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Fund are from investments in shares of affiliated investment companies.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to
A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no account maintenance fees.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

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

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

TFAI has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. TFAI compensates Morningstar Associates, LLC as described in the Prospectus.

Transamerica Investment Management, LLC and Great Companies, LLC are affiliates of the Fund and are sub-advisers to other funds within Transamerica IDEX Mutual Funds.

Investment advisory fees: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following rate:

0.10% of ANA

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

0.45% Expense Limit

If total fund expenses fall below the annual expense limitations 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 waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     N/A    
Class B     0.65 %  
Class C     0.65 %  

 

In addition, the underlying funds' Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of the 12b-1 fees, each class of fund shares of the Fund has reduced the 12b-1 fees by the amount of the underlying funds' Class A 12b-1 fees.

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commission relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 3,225    
Retained by Underwriter     238    
Contingent Deferred Sales Charge     269    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $185 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $12. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 142,601    
U.S. Government     –    
Proceeds from maturities and sales of securities      
Long-Term excluding U.S. Government     117,270    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. 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, and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 397,188    
Unrealized Appreciation   $ 16,248    
Unrealized (Depreciation)     (1,834 )  
Net Unrealized Appreciation (Depreciation)   $ 14,414    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Asset Allocation–Conservative Portfolio

INVESTMENT ADVISORY AND ASSET ALLOCATION MANAGEMENT AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Asset Allocation – Conservative Portfolio (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI"). Additionally, at a meeting held on March 22, 2005, the Board considered and approved for a two-year period the Asset Allocation Management Agreement of the Fund between TFAI and Morningstar Associates, LLC (the "Portfolio Construction Manager"). In approving these agreements, the Board concluded that the Investment Advisory and Asset Allocation Management Agreement enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Portfolio Construction Manager to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Portfolio Construction Manager are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Portfolio Construction Manager's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Portfolio Construction Manager would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Portfolio Construction Manager's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one- and two-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Portfolio Construction Manager, the Trustees concluded that TFAI and the Portfolio Construction Manager were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Portfolio Construction Manager for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Portfolio Construction Manager, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Portfolio Construction Manager's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Portfolio Construction Manager. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. Although the investment advisory fees do not reduce should Fund assets grow meaningfully, the Board concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Portfolio Construction Manager in light of such economies of scale (including whether it would be appropriate to have advisory fee breakpoints in the future).

Benefits (such as soft dollars) to TFAI or the Portfolio Construction Manager from its relationship with the Fund. The Board concluded that other benefits derived by TFAI (including any benefits derived from investment advisory fees payable to TFAI with respect to the underlying funds in which the Fund invests) or the Portfolio Construction Manager from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI or the Portfolio Construction Manager do not realize "soft dollar" benefits from their relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders. The Board also noted the significant growth in the Fund's assets in the past year.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Asset Allocation–Conservative Portfolio

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Asset Allocation – Conservative Portfolio

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  11,940,196.863       328,005.560       5,516,962.908    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Asset Allocation – Conservative Portfolio.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      12,462,462.839       375,434.443       4,947,268.049    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      12,411,694.456       426,202.826       4,947,268.049    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      12,438,896.069       399,001.213       4,947,268.049    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      12,454,147.528       383,749.754       4,947,268.049    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      12,453,890.243       384,007.039       4,947,268.049    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      12,391,415.472       446,481.810       4,947,268.049    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      12,456,356.040       381,541.242       4,947,268.049    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      12,429,148.728       408,748.554       4,947,268.049    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Asset Allocation–Growth Portfolio

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,026.40       0.33 %   $ 1.66    
Hypothetical (b)     1,000.00       1,023.16       0.33       1.66    
Class B                                  
Actual     1,000.00       1,021.30       0.98       4.91    
Hypothetical (b)     1,000.00       1,019.93       0.98       4.91    
Class C                                  
Actual     1,000.00       1,023.80       0.92       4.62    
Hypothetical (b)     1,000.00       1,020.23       0.92       4.61    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At April 30, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities. Asset type is calculated based on the aggregate portfolio holdings in the underlying funds in which the Fund invests. The security lending collateral in the underlying funds is excluded from this calculation.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Asset Allocation–Growth Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
INVESTMENT COMPANIES (99.8%) (b)      
Aggressive Equity (28.5%)      
TA IDEX J.P. Morgan Mid Cap Value (a)     4,543,851     $ 43,076    
TA IDEX T. Rowe Price Health Sciences     3,670,767       40,232    
TA IDEX Transamerica Growth
Opportunities (a)		     7,336,464       47,760    
TA IDEX Transamerica
Small/Mid Cap Value		     6,429,037       94,378    
TA IDEX Van Kampen Small Company
Growth (a)		     1,574,851       15,670    
Growth Equity (50.7%)      
TA IDEX American Century Large
Company Value		     7,931,584       84,868    
TA IDEX Great
Companies–TechnologySM (a)		     3,861,605       13,593    
TA IDEX Janus Growth (a)     1,695,193       38,057    
TA IDEX Jennison Growth (a)     3,613,957       34,585    
TA IDEX Mercury Large Cap Value (a)     13,893,998       129,353    
TA IDEX Salomon All Cap     2,438,982       36,341    
TA IDEX Salomon Investors Value     2,702,614       36,026    
TA IDEX Transamerica Equity     7,588,605       57,066    

 

    Shares   Value  
Specialty–Real Estate (1.2%)      
TA IDEX Clarion Real Estate Securities     699,786     $ 10,357    
World Equity (19.4%)      
TA IDEX American Century International     2,694,308       25,273    
TA IDEX Evergreen International
Small Cap (a)		     2,521,150       27,758    
TA IDEX Marsico International Growth (a)     2,796,971       27,746    
TA IDEX Templeton Great Companies
Global (a)		     3,067,337       72,174    
TA IDEX Van Kampen Emerging
Markets Debt		     1,189,072       11,891    
Total Investment Companies (cost: $817,816)             846,204    
Total Investment Securities (cost: $817,816)           $ 846,204    
SUMMARY:      
Investments, at value     99.8 %   $ 846,204    
Other assets in excess of liabilities     0.2 %     1,340    
Net assets     100.0 %   $ 847,544    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  The Fund invests its assets in Class A shares of the underlying TA IDEX Mutual Funds, which are affiliates of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Asset Allocation–Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:

Investment in affliated mutual funds, at value
(cost: $817,816)		   $ 846,204    
Receivables:          
Shares of beneficial interest sold     4,389    
Dividends     21    
Other     141    
      850,755    
Liabilities:      
Investment securities purchased     358    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     1,950    
Management and advisory fees     165    
Distribution and service fees     331    
Transfer agent fees     70    
Other     337    
      3,211    
Net Assets   $ 847,544    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 789,803    
Accumulated net investment income (loss)     (3,820 )  
Undistributed net realized gain (loss) from
investment in affiliated mutual funds		     33,176    
Net unrealized appreciation (depreciation) on
investment in affiliated mutual funds		     28,385    
Net Assets   $ 847,544    
Net Assets by Class:      
Class A   $ 228,498    
Class B     184,496    
Class C     434,550    
Shares Outstanding:      
Class A     21,061    
Class B     17,270    
Class C     40,670    
Net Asset Value Per Share:      
Class A   $ 10.85    
Class B     10.68    
Class C     10.68    
Maximum Offering Price Per Share (a):      
Class A   $ 11.48    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Dividends from affiliated mutual funds   $ 1,806    
Expenses:      
Management and advisory fees     397    
Transfer agent fees:          
Class A     172    
Class B     152    
Class C     239    
Printing and shareholder reports     15    
Custody fees     19    
Administration fees     73    
Legal fees     20    
Audit fees     12    
Trustees fees     18    
Registration fees:          
Class A     23    
Class B     13    
Class C     22    
Distribution and service fees:          
Class B     579    
Class C     1,329    
Total expenses     3,083    
Net Investment Income (Loss)     (1,277 )  
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment in affiliated
mutual funds		     27,876    
Realized gain distribution from investment
in affiliated mutual funds		     6,110    
Increase (decrease) in unrealized appreciation
(depreciation) on investment in affiliated
mutual funds		     (20,773 )  
Net Gain (Loss) on Investment in Affiliated
Mutual Funds		     13,213    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 11,936    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Asset Allocation–Growth Portfolio

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) in Net Assets From:                  
Operations:                  
Net investment income (loss)   $ (1,277 )   $ (3,397 )  
Net realized gain (loss) from
investment in affiliated mutual funds		     33,986       11,217    
Net unrealized appreciation
(depreciation) on investment in
affiliated mutual funds		     (20,773 )     23,549    
      11,936       31,369    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (2,140 )     –    
Class B     (1,002 )     –    
Class C     (2,478 )     –    
      (5,620 )     –    
From net realized gains:                  
Class A     (1,161 )     –    
Class B     (1,060 )     –    
Class C     (2,385 )     –    
      (4,606 )     –    
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     73,574       132,291    
Class B     32,773       84,889    
Class C     107,781       228,642    
Class C2     –       6,081    
Class M     –       2,709    
      214,128       454,612    
Dividends and distributions
reinvested:		                  
Class A     2,790       –    
Class B     1,725       –    
Class C     3,362       –    
      7,877       –    
Cost of shares redeemed:                  
Class A     (19,331 )     (23,172 )  
Class B     (11,874 )     (14,563 )  
Class C     (34,179 )     (28,450 )  
Class C2     –       (3,211 )  
Class M     –       (1,183 )  
      (65,384 )     (70,579 )  
Redemption fees:                  
Class A     3       –    
      3       –    
Class level exchanges:                  
Class C     –       25,301    
Class C2     –       (15,616 )  
Class M     –       (9,685 )  
      –       –    
Automatic conversions:                  
Class A     87       69    
Class B     (87 )     (69 )  
      –       –    
      156,624       384,033    
Net increase (decrease) in net assets     158,334       415,402    
Net Assets:                  
Beginning of period     689,210       273,808    
End of period   $ 847,544     $ 689,210    
Accumulated Net Investment Income
(Loss)		   $ (3,822 )   $ 3,077    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:      
Shares issued:                  
Class A     6,559       12,550    
Class B     2,962       8,165    
Class C     9,738       22,002    
Class C2     –       585    
Class M     –       261    
      19,259       43,563    
Shares issued–reinvested from
distributions:		                  
Class A     246       –    
Class B     154       –    
Class C     301       –    
      701       –    
Shares redeemed:                  
Class A     (1,723 )     (2,207 )  
Class B     (1,070 )     (1,402 )  
Class C     (3,092 )     (2,738 )  
Class C2     –       (305 )  
Class M     –       (114 )  
      (5,885 )     (6,766 )  
Class level exchanges:                  
Class C     –       2,417    
Class C2     –       (1,487 )  
Class M     –       (928 )  
      –       2    
Automatic conversions:                  
Class A     8       6    
Class B     (8 )     (6 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     5,090       10,349    
Class B     2,038       6,757    
Class C     6,947       21,681    
Class C2     –       (1,207 )  
Class M     –       (781 )  
      14,075       36,799    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Asset Allocation–Growth Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.75     $ 0.01     $ 0.28     $ 0.29     $ (0.12 )   $ (0.07 )   $ (0.19 )   $ 10.85    
    10/31/2004     9.82       (0.02 )     0.95       0.93       –       –       –       10.75    
    10/31/2003     7.95       (0.03 )     1.90       1.87       –       –       –       9.82    
    10/31/2002     10.00       (0.02 )     (2.03 )     (2.05 )     –       –       –       7.95    
Class B   4/30/2005     10.57       (0.03 )     0.27       0.24       (0.06 )     (0.07 )     (0.13 )     10.68    
    10/31/2004     9.71       (0.09 )     0.95       0.86       –       –       –       10.57    
    10/31/2003     7.91       (0.08 )     1.88       1.80       –       –       –       9.71    
    10/31/2002     10.00       (0.06 )     (2.03 )     (2.09 )     –       –       –       7.91    
Class C   4/30/2005     10.57       (0.03 )     0.28       0.25       (0.07 )     (0.07 )     (0.14 )     10.68    
    10/31/2004     9.71       (0.08 )     0.94       0.86       –       –       –       10.57    
    10/31/2003     7.86       (0.08 )     1.93       1.85       –       –       –       9.71    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     2.64 %   $ 228,498       0.33 %     0.33 %     0.12 %     39 %  
    10/31/2004     9.47       171,708       0.43       0.38       (0.22 )     5    
    10/31/2003     23.52       55,209       0.45       0.60       (0.30 )     25    
    10/31/2002     (20.50 )     8,368       0.45       1.65       (0.44 )     31    
Class B   4/30/2005     2.13       184,496       0.98       0.98       (0.52 )     39    
    10/31/2004     8.96       160,959       1.05       1.00       (0.82 )     5    
    10/31/2003     22.76       82,318       1.10       1.25       (0.95 )     25    
    10/31/2002     (20.90 )     10,452       1.10       2.30       (1.09 )     31    
Class C   4/30/2005     2.38       434,550       0.92       0.92       (0.46 )     39    
    10/31/2004     8.86       356,543       0.99       0.94       (0.78 )     5    
    10/31/2003     23.54       116,956       1.10       1.25       (0.95 )     25    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on the average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and includes the recapture of previously waived expenses (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers, reimbursements by the investment adviser and recapture of previously waived expenses.

(g)  TA IDEX Asset Allocation-Growth Portfolio ("the Fund") commenced operations on March 1, 2002. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Asset Allocation–Growth Portfolio ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: The Fund's investments are valued at the net asset values of the underlying portfolios of Transamerica IDEX Mutual Funds. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

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 is recorded on the ex-dividend date. Dividend and net realized gain (loss) from investment securities for the Fund are from investment of affiliated investment companies.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no account maintenance fees.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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.

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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

TFAI has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. TFAI compensates Morningstar Associates, LLC as described in the Prospectus.

Transamerica Investment Management, LLC and Great Companies, LLC are affiliates of the Fund and are sub-advisers to other funds within Transamerica IDEX Mutual Funds.

Investment advisory fees: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following rate:

0.10% of ANA

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

0.45% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     N/A    
Class B     0.65 %  
Class C     0.65 %  

 

In addition, the underlying funds' Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of the 12b-1 fees, each class of fund shares of the Fund has reduced the 12b-1 fees by the amount of the underlying funds' Class A 12b-1 fees.

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 9,407    
Retained by Underwriter     524    
Contingent Deferred Sales Charge     389    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $553 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $13. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX Asset Allocation–Growth Portfolio  7


TA IDEX Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 460,701    
U.S. Government     –    
Proceeds from maturities and sales of securities      
Long-Term excluding U.S. Government     308,496    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 818,736    
Unrealized Appreciation   $ 39,873    
Unrealized (Depreciation)     (12,405 )  
Net Unrealized Appreciation (Depreciation)   $ 27,468    

 

NOTE 5. REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Asset Allocation–Growth Portfolio

INVESTMENT ADVISORY AND ASSET ALLOCATION MANAGEMENT AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Asset Allocation-Growth Portfolio (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI"). Additionally, at a meeting held on March 22, 2005, the Board considered and approved for a two-year period the Asset Allocation Management Agreement of the Fund between TFAI and Morningstar Associates, LLC (the "Portfolio Construction Manager"). In approving these agreements, the Board concluded that the Investment Advisory Agreement and the Asset Allocation Management Agreement enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Portfolio Construction Manager to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Portfolio Construction Manager are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Portfolio Construction Manager's portfolio management team. The Board also concluded that TFAI and the Portfolio Construction Manager would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Portfolio Construction Manager's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one- and two-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Portfolio Construction Manager, the Trustees concluded that TFAI and the Portfolio Construction Manager were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Portfolio Construction Manager for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Portfolio Construction Manager, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Portfolio Construction Manager's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Portfolio Construction Manager. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. Although the investment advisory fees do not reduce should Fund assets grow meaningfully, the Board concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Portfolio Construction Manager in the future.

Benefits (such as soft dollars) to TFAI or the Portfolio Construction Manager from its relationship with the Fund. The Board concluded that other benefits derived by TFAI (including any benefits derived from investment advisory fees payable to TFAI with respect to the underlying funds in which the Fund invests) or the Portfolio Construction Manager from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI or the Portfolio Construction Manager do not realize "soft dollar" benefits from their relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders. The Board also noted the significant growth in the Fund's assets in the past year.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Asset Allocation–Growth Portfolio

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Asset Allocation-Growth Portfolio

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  22,244,822.527       493,021.605       10,334,910.404    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Asset Allocation-Growth Portfolio.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      22,458,567.436       827,500.961       9,786,686.139    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      22,430,872.771       855,195.626       9,786,686.139    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      22,453,030.875       833,037.522       9,786,686.139    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      22,439,218.601       846,849.796       9,786,686.139    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      22,452,300.280       833,768.117       9,786,686.139    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      22,414,483.290       871,585.107       9,786,686.139    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      22,452,158.252       833,910.145       9,786,686.139    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      22,424,284.486       861,783.911       9,786,686.139    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Asset Allocation–Moderate Portfolio

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,020.90       0.25 %   $ 1.25    
Hypothetical (b)     1,000.00       1,023.55       0.25       1.25    
Class B                                  
Actual     1,000.00       1,017.20       0.92       4.60    
Hypothetical (b)     1,000.00       1,020.23       0.92       4.61    
Class C                                  
Actual     1,000.00       1,017.70       0.88       4.40    
Hypothetical (b)     1,000.00       1,020.43       0.88       4.41    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At April 30, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities. Asset type is calculated based on the aggregate portfolio holdings in the underlying funds in which the Fund invests. The security lending collateral in the underlying funds is excluded from this calculation.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Asset Allocation–Moderate Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
INVESTMENT COMPANIES (99.8%) (b)                  
Aggressive Equity (16.1%)                  
TA IDEX J.P. Morgan Mid Cap Value (a)     1,408,132     $ 13,349    
TA IDEX T. Rowe Price Health Sciences     4,252,015       46,602    
TA IDEX T. Rowe Price Small Cap (a)     2,022,102       22,445    
TA IDEX Transamerica Growth
Opportunities (a)		     5,146,268       33,502    
TA IDEX Transamerica Small/Mid Cap Value     4,733,562       69,489    
Capital Preservation (2.9%)                  
TA IDEX Transamerica Money Market     33,116,744       33,117    
Fixed-Income (42.3%)                  
TA IDEX PIMCO Real Return TIPS     12,107,070       127,366    
TA IDEX PIMCO Total Return     4,713,241       48,829    
TA IDEX Short Term Bond     4,900,331       48,366    
TA IDEX Transamerica Conservative
High-Yield Bond		     15,089,049       136,405    
TA IDEX Transamerica Convertible
Securities		     7,516,852       80,355    
TA IDEX Transamerica Flexible Income     4,868,243       45,956    
Growth Equity (25.1%)                  
TA IDEX American Century Large
Company Value		     7,868,156       84,189    
TA IDEX Great Companies–TechnologySM (a)     3,019,616       10,629    
TA IDEX Janus Growth (a)     985,461       22,124    
TA IDEX Marsico Growth (a)     1,972,239       18,874    

 

    Shares   Value  
Growth Equity (continued)                  
TA IDEX Salomon All Cap     1,582,044     $ 23,573    
TA IDEX Salomon Investors Value     3,535,372       47,127    
TA IDEX Transamerica Equity     4,072,598       30,626    
TA IDEX UBS Large Cap Value (a)     5,139,919       52,633    
Specialty–Real Estate (3.9%)                  
TA IDEX Clarion Real Estate Securities     3,028,360       44,820    
World Equity (9.5%)                  
TA IDEX American Century International     560,630       5,259    
TA IDEX Evergreen International
Small Cap (a)		     1,445,778       15,918    
TA IDEX Marsico International Growth (a)     2,383,072       23,640    
TA IDEX Templeton Great Companies
Global (a)		     2,027,965       47,718    
TA IDEX Van Kampen Emerging Markets Debt     1,775,673       17,757    
Total Investment Companies (cost: $1,089,534)             1,150,668    
Total Investment Securities (cost: $1,089,534)           $ 1,150,668    
SUMMARY:                  
Investments, at value     99.8 %   $ 1,150,668    
Other assets in excess of liabilities     0.2 %     1,957    
Net assets     100.0 %   $ 1,152,625    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  The Fund invests its assets in Class A shares of the underlying TA IDEX Mutual Funds, which are affiliates of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Asset Allocation–Moderate Portfolio

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment in affiliated mutual funds, at value
(cost: $1,089,534)		   $ 1,150,668    
Receivables:          
Shares of beneficial interest sold     6,629    
Dividends     99    
Other     30    
      1,157,426    
Liabilities:      
Investment securities purchased     2,187    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     1,795    
Management and advisory fees     94    
Distribution and service fees     465    
Transfer agent fees     77    
Dividends to shareholders     1    
Other     182    
      4,801    
Net Assets   $ 1,152,625    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 1,061,443    
Accumulated net investment income (loss)     (3,562 )  
Undistributed net realized gain (loss) from
investment in affiliated mutual funds		     33,618    
Net unrealized appreciation (depreciation) on
investment in affiliated mutual funds		     61,126    
Net Assets   $ 1,152,625    
Net Assets by Class:      
Class A   $ 280,996    
Class B     276,845    
Class C     594,784    
Shares Outstanding:      
Class A     25,362    
Class B     25,080    
Class C     53,893    
Net Asset Value Per Share:      
Class A   $ 11.08    
Class B     11.04    
Class C     11.04    
Maximum Offering Price Per Share (a):      
Class A   $ 11.72    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Dividends from affiliated mutual funds   $ 8,907    
Expenses:      
Management and advisory fees     550    
Transfer agent fees:          
Class A     129    
Class B     163    
Class C     239    
Printing and shareholder reports     8    
Custody fees     23    
Administration fees     102    
Legal fees     38    
Audit fees     14    
Trustees fees     31    
Registration fees:          
Class A     24    
Class B     15    
Class C     29    
Distribution and service fees:          
Class B     893    
Class C     1,845    
Total expenses     4,103    
Net Investment Income (Loss)     4,804    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment in affiliated
mutual funds		     23,869    
Realized gain distributions from investment in
affiliated mutual funds		     9,918    
Increase (decrease) in unrealized appreciation
(depreciation) on investment in affiliated
mutual funds		     (22,266 )  
Net Gain (Loss) on Investment in Affiliated
Mutual Funds		     11,521    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 16,325    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Asset Allocation–Moderate Portfolio

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 4,804     $ 5,358    
Net realized gain (loss) from
investment in affiliated mutual
funds		     33,787       24,191    
Net unrealized appreciation
(depreciation) on investment
in affiliated mutual funds		     (22,266 )     31,585    
      16,325       61,134    
Distributions to Shareholders:      
From net investment income:                  
Class A     (7,272 )     (1,929 )  
Class B     (6,250 )     (1,796 )  
Class C     (13,126 )     (2,222 )  
Class C2     –       (412 )  
Class M     –       (167 )  
      (26,648 )     (6,526 )  
From net realized gains:                  
Class A     (1,417 )     –    
Class B     (1,533 )     –    
Class C     (3,103 )     –    
      (6,053 )     –    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     76,890       136,942    
Class B     33,171       93,601    
Class C     119,127       277,155    
Class C2     –       8,303    
Class M     –       3,239    
      229,188       519,240    
Dividends and distributions
reinvested:		                  
Class A     7,496       1,710    
Class B     6,500       1,484    
Class C     11,210       1,515    
Class C2     –       324    
Class M     –       152    
      25,206       5,185    
Cost of shares redeemed:                  
Class A     (31,806 )     (34,420 )  
Class B     (21,019 )     (32,173 )  
Class C     (45,615 )     (52,508 )  
Class C2     –       (5,376 )  
Class M     –       (3,146 )  
      (98,440 )     (127,623 )  
Class level exchanges:                  
Class C     –       67,248    
Class C2     –       (49,594 )  
Class M     –       (17,654 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 180     $ 95    
Class B     (180 )     (95 )  
      –       –    
      155,954       396,802    
Net increase (decrease) in net assets     139,578       451,410    
Net Assets:                  
Beginning of period     1,013,047       561,637    
End of period   $ 1,152,625     $ 1,013,047    
Accumulated Net Investment
Income (Loss)		   $ (3,567 )   $ 18,282    
Share Activity:                  
Shares issued:                  
Class A     6,770       12,569    
Class B     2,930       8,625    
Class C     10,516       25,497    
Class C2     –       768    
Class M     –       299    
      20,216       47,758    
Shares issued–reinvested from
distributions:		                  
Class A     658       162    
Class B     571       140    
Class C     986       143    
Class C2     –       31    
Class M     –       14    
      2,215       490    
Shares redeemed:                  
Class A     (2,806 )     (3,153 )  
Class B     (1,857 )     (2,959 )  
Class C     (4,040 )     (4,828 )  
Class C2     –       (496 )  
Class M     –       (289 )  
      (8,703 )     (11,725 )  
Class level exchanges:                  
Class C     –       6,171    
Class C2     –       (4,566 )  
Class M     –       (1,603 )  
      –       2    
Automatic conversions:                  
Class A     16       9    
Class B     (16 )     (9 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     4,638       9,587    
Class B     1,628       5,797    
Class C     7,462       26,983    
Class C2     –       (4,263 )  
Class M     –       (1,579 )  
      13,728       36,525    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Asset Allocation–Moderate Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 11.23     $ 0.08     $ 0.16     $ 0.24     $ (0.33 )   $ (0.06 )   $ (0.39 )   $ 11.08    
    10/31/2004     10.42       0.12       0.84       0.96       (0.15 )     –       (0.15 )     11.23    
    10/31/2003     8.76       0.12       1.62       1.74       (0.08 )     –       (0.08 )     10.42    
    10/31/2002     10.00       0.04       (1.28 )     (1.24 )     –       –       –       8.76    
Class B   4/30/2005     11.16       0.04       0.16       0.20       (0.26 )     (0.06 )     (0.32 )     11.04    
    10/31/2004     10.37       0.05       0.83       0.88       (0.09 )     –       (0.09 )     11.16    
    10/31/2003     8.71       0.05       1.63       1.68       (0.02 )     –       (0.02 )     10.37    
    10/31/2002     10.00       0.01       (1.30 )     (1.29 )     –       –       –       8.71    
Class C   4/30/2005     11.17       0.04       0.16       0.20       (0.27 )     (0.06 )     (0.33 )     11.04    
    10/31/2004     10.37       0.05       0.84       0.89       (0.09 )     –       (0.09 )     11.17    
    10/31/2003     8.71       0.05       1.63       1.68       (0.02 )     –       (0.02 )     10.37    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     2.09 %   $ 280,996       0.25 %     0.25 %     1.36 %     19 %  
    10/31/2004     9.32       232,748       0.28       0.28       1.13       1    
    10/31/2003     19.98       116,102       0.37       0.37       1.22       18    
    10/31/2002     (12.40 )     17,517       0.45       0.78       0.83       12    
Class B   4/30/2005     1.72       276,845       0.92       0.92       0.69       19    
    10/31/2004     8.62       261,772       0.93       0.93       0.48       1    
    10/31/2003     19.39       183,148       1.02       1.02       0.57       18    
    10/31/2002     (12.90 )     38,969       1.10       1.43       0.18       12    
Class C   4/30/2005     1.77       594,784       0.88       0.88       0.73       19    
    10/31/2004     8.67       518,527       0.89       0.89       0.50       1    
    10/31/2003     19.39       201,774       1.02       1.02       0.57       18    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Asset Allocation–Moderate Portfolio ("the Fund") commenced operations on March 1, 2002. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Asset Allocation–Moderate Portfolio ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: The Fund's investments are valued at the net asset values of the underlying portfolios of Transamerica IDEX Mutual Funds. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date. Dividend income is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Fund are from investments in shares of affiliated investment companies.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no account maintenance fees.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

For the six months ended April 30, 2005, the Fund received $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

TFAI has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. TFAI compensates Morningstar Associates, LLC as described in the Prospectus.

Transamerica Investment Management, LLC and Great Companies, LLC are affiliates of the Fund and are sub-advisers to other funds within Transamerica IDEX Mutual Funds.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following rate:

0.10% of ANA

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

0.45% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     N/A    
Class B     0.65 %  
Class C     0.65 %  

 

In addition, the underlying funds' Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of the 12b-1 fees, each class of fund shares of the Fund has reduced the 12b-1 fees by the amount of the underlying funds' Class A 12b-1 fees.

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 9,892    
Retained by Underwriter     570    
Contingent Deferred Sales Charge     537    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $537 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $31. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 3.  INVESTMENT TRANSACTIONS

April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 353,771    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     215,158    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 1,089,355    
Unrealized Appreciation   $ 65,768    
Unrealized (Depreciation)     (4,455 )  
Net Unrealized Appreciation (Depreciation)   $ 61,313    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Asset Allocation–Moderate Portfolio

INVESTMENT ADVISORY AND ASSET ALLOCATION MANAGEMENT AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Asset Allocation - Moderate Portfolio (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI"). Additionally, at a meeting held on March 22, 2005, the Board considered and approved for a two-year period the Asset Allocation Management Agreement of the Fund between TFAI and Morningstar Associates, LLC (the "Portfolio Construction Manager"). In approving these agreements, the Board concluded that the Investment Advisory and Asset Allocation Management Agreement enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Portfolio Construction Manager to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Portfolio Construction Manager are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Portfolio Construction Manager's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Portfolio Construction Manager would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Portfolio Construction Manager's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one- and two-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Portfolio Construction Manager, the Trustees concluded that TFAI and the Portfolio Construction Manager were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Portfolio Construction Manager for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Portfolio Construction Manager, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Portfolio Construction Manager's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Portfolio Construction Manager. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. Although the investment advisory fees do not reduce should Fund assets grow meaningfully, the Board concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Portfolio Construction Manager in light of such economies of scale (including whether it would be appropriate to have advisory fee breakpoints in the future).

Benefits (such as soft dollars) to TFAI or the Portfolio Construction Manager from its relationship with the Fund. The Board concluded that other benefits derived by TFAI (including any benefits derived from investment advisory fees payable to TFAI with respect to the underlying funds in which the Fund invests) or the Portfolio Construction Manager from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI or the Portfolio Construction Manager do not realize "soft dollar" benefits from their relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders. The Board also noted the significant growth in the Fund's assets in the past year.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Asset Allocation–Moderate Portfolio

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Asset Allocation – Moderate Portfolio

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  32,925,327.826       687,620.250       14,764,030.261    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Asset Allocation – Moderate Portfolio.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      33,860,919.285       809,508.898       13,706,550.154    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      33,779,516.111       890,912.072       13,706,550.154    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      33,817,316.753       849,524.430       13,710,137.154    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      33,829,220.410       841,207.774       13,706,550.153    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      33,819,021.085       851,407.098       13,706,550.154    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      33,791,218.673       879,209.510       13,706,550.154    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      33,804,341.930       866,086.253       13,706,550.154    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      33,782,095.419       888,332.764       13,706,550.154    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Asset Allocation–Moderate Growth Portfolio

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,023.90       0.27 %   $ 1.35    
Hypothetical (b)     1,000.00       1,023.46       0.27 %     1.35    
Class B      
Actual     1,000.00       1,020.30       0.94 %     4.71    
Hypothetical (b)     1,000.00       1,020.13       0.94 %     4.71    
Class C      
Actual     1,000.00       1,021.00       0.89 %     4.46    
Hypothetical (b)     1,000.00       1,020.38       0.89 %     4.46    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At April 30, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities. Asset type is calculated based on the aggregate portfolio holdings in the underlying funds in which the Fund invests. The security lending collateral in the underlying funds is excluded from this calculation.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Asset Allocation–Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
INVESTMENT COMPANIES (99.9%) (b)                  
Aggressive Equity (21.3%)                  
TA IDEX J.P. Morgan Mid Cap Value (a)     7,232,837     $ 68,567    
TA IDEX T. Rowe Price Health Sciences     5,621,778       61,615    
TA IDEX Transamerica Growth
Opportunities (a)		     11,903,561       77,492    
TA IDEX Transamerica Small/Mid
Cap Value		     8,347,309       122,538    
TA IDEX Van Kampen Small Company
Growth (a)		     2,089,862       20,794    
Capital Preservation (1.0%)                  
TA IDEX Transamerica Money Market     16,252,899       16,253    
Fixed-Income (21.1%)                  
TA IDEX PIMCO Real Return TIPS     9,531,649       100,273    
TA IDEX PIMCO Total Return     3,645,155       37,764    
TA IDEX Transamerica Conservative
High-Yield Bond		     10,422,230       94,217    
TA IDEX Transamerica Convertible
Securities		     7,286,415       77,892    
TA IDEX Transamerica Flexible Income     4,190,172       39,555    
Growth Equity (39.9%)                  
TA IDEX American Century Large
Company Value		     17,703,932       189,432    
TA IDEX Great Companies–TechnologySM (a)     7,520,031       26,471    
TA IDEX Janus Growth (a)     2,863,849       64,293    

 

    Shares   Value  
Growth Equity (continued)                  
TA IDEX Jennison Growth (a)     22,211     $ 213    
TA IDEX Marsico Growth (a)     5,337,402       51,079    
TA IDEX Mercury Large Cap Value (a)     15,498,385       144,290    
TA IDEX Salomon All Cap     3,202,051       47,711    
TA IDEX Salomon Investors Value     5,480,101       73,050    
TA IDEX Transamerica Equity     8,502,875       63,942    
Specialty–Real Estate (2.4%)                  
TA IDEX Clarion Real Estate Securities     2,703,273       40,008    
World Equity (14.2%)                  
TA IDEX American Century International     2,111,235       19,803    
TA IDEX Evergreen International
Small Cap (a)		     3,756,025       41,354    
TA IDEX Marsico International Growth (a)     3,557,900       35,294    
TA IDEX Templeton Great Companies
Global (a)		     4,259,027       100,215    
TA IDEX Van Kampen Emerging Markets Debt     3,782,126       37,821    
Total Investment Companies (cost: $1,591,946)             1,651,936    
Total Investment Securities (cost: $1,591,946)           $ 1,651,936    
SUMMARY:                  
Investments, at value     99.9 %   $ 1,651,936    
Other assets in excess of liabilities     0.1 %     1,717    
Net assets     100.0 %   $ 1,653,653    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  The Fund invests its assets in Class A shares of the underlying TA IDEX Mutual Funds, which are affiliates of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Asset Allocation–Moderate Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment in affiliated mutual funds, 
at value (cost: $1,591,946)		   $ 1,651,936    
Receivables:          
Shares of beneficial interest sold     7,467    
Dividends     76    
Other     25    
      1,659,504    
Liabilities:      
Investment securities purchased     941    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     3,708    
Management and advisory fees     201    
Distribution and service fees     641    
Transfer agent fees     119    
Dividends to shareholders     2    
Other     239    
      5,851    
Net Assets   $ 1,653,653    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 1,539,890    
Accumulated net investment income (loss)     (5,301 )  
Undistributed net realized gain (loss) from
investment in affiliated mutual funds		     59,081    
Net unrealized appreciation (depreciation) on
investment in affiliated mutual funds		     59,983    
Net Assets   $ 1,653,653    
Net Assets by Class:      
Class A   $ 453,276    
Class B     377,377    
Class C     823,000    
Shares Outstanding:      
Class A     41,258    
Class B     34,483    
Class C     75,193    
Net Asset Value Per Share:      
Class A   $ 10.99    
Class B     10.94    
Class C     10.95    
Maximum Offering Price Per Share (a):      
Class A   $ 11.63    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Dividends from affiliated mutual funds   $ 8,059    
Expenses:      
Management and advisory fees     776    
Transfer agent fees:          
Class A     249    
Class B     261    
Class C     390    
Printing and shareholder reports     9    
Custody fees     27    
Administration fees     143    
Legal fees     31    
Audit fees     14    
Trustees fees     29    
Registration fees:          
Class A     36    
Class B     18    
Class C     24    
Distribution and service fees:          
Class B     1,188    
Class C     2,509    
Total expenses     5,704    
Net Investment Income (Loss)     2,355    
Net Realized Gain (Loss) from:      
Realized gain (loss) from investment in affiliated
mutual funds		     47,747    
Realized gain distributions from investment in
affiliated mutual funds		     11,410    
Increase (decrease) in unrealized appreciation
(depreciation) on investment in affiliated
mutual funds		     (38,921 )  
Net Gain (Loss) on Investments in Affiliated
Mutual Funds		     20,236    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 22,591    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Asset Allocation–Moderate Growth Portfolio

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:                  
Operations:                  
Net investment income (loss)   $ 2,355     $ (89 )  
Net realized gain (loss) from
investment in affiliated
mutual funds		     59,157       23,388    
Net unrealized appreciation
(depreciation) on investment in
affiliated mutual funds		     (38,921 )     43,855    
      22,591       67,154    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (7,069 )     (1,243 )  
Class B     (4,399 )     (452 )  
Class C     (9,608 )     (639 )  
Class C2     –       (66 )  
Class M     –       (55 )  
      (21,076 )     (2,455 )  
From net realized gains:                  
Class A     (1,708 )     –    
Class B     (1,542 )     –    
Class C     (3,196 )     –    
      (6,446 )     –    
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     132,900       244,152    
Class B     61,762       153,748    
Class C     195,482       410,207    
Class C2     –       6,869    
Class M     –       4,667    
      390,144       819,643    
Dividends and distributions
reinvested:		                  
Class A     7,807       1,112    
Class B     5,035       375    
Class C     8,955       455    
Class C2     –       49    
Class M     –       51    
      21,797       2,042    
Cost of shares redeemed:                  
Class A     (38,037 )     (44,420 )  
Class B     (22,707 )     (29,188 )  
Class C     (54,564 )     (57,323 )  
Class C2     –       (3,856 )  
Class M     –       (3,241 )  
      (115,308 )     (138,028 )  
Redemption fees:                  
Class A     3       –    
Class C     1       –    
      4       –    
Class level exchanges:                  
Class C     –       55,381    
Class C2     –       (34,726 )  
Class M     –       (20,655 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 222     $ 128    
Class B     (222 )     (128 )  
      –       –    
      296,637       683,657    
Net increase (decrease) in net assets     291,706       748,356    
Net Assets:      
Beginning of period     1,361,947       613,591    
End of period   $ 1,653,653     $ 1,361,947    
Accumulated Net Investment
Income (Loss)		   $ (5,305 )   $ 13,420    
Share Activity:      
Shares issued:                  
Class A     11,759       22,751    
Class B     5,484       14,399    
Class C     17,324       38,386    
Class C2     –       646    
Class M     –       439    
      34,567       76,621    
Shares issued–reinvested from
distributions:		                  
Class A     686       107    
Class B     443       36    
Class C     788       44    
Class C2     –       5    
Class M     –       5    
      1,917       197    
Shares redeemed:                  
Class A     (3,377 )     (4,149 )  
Class B     (2,016 )     (2,732 )  
Class C     (4,845 )     (5,358 )  
Class C2     –       (359 )  
Class M     –       (303 )  
      (10,238 )     (12,901 )  
Class level exchanges:                  
Class C     –       5,155    
Class C2     –       (3,233 )  
Class M     –       (1,920 )  
      –       2    
Automatic conversions:                  
Class A     19       12    
Class B     (20 )     (12 )  
      (1 )     –    
Net increase (decrease) in shares
outstanding:		                  
Class A     9,087       18,721    
Class B     3,891       11,691    
Class C     13,267       38,227    
Class C2     –       (2,941 )  
Class M     –       (1,779 )  
      26,245       63,919    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Asset Allocation–Moderate Growth Portfolio

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.97     $ 0.04     $ 0.23     $ 0.27     $ (0.20 )   $ (0.05 )   $ (0.25 )   $ 10.99    
    10/31/2004     10.13       0.05       0.87       0.92       (0.08 )     –       (0.08 )     10.97    
    10/31/2003     8.37       0.04       1.77       1.81       (0.05 )     –       (0.05 )     10.13    
    10/31/2002     10.00       0.02       (1.65 )     (1.63 )     –       –       –       8.37    
Class B   4/30/2005     10.90       0.01       0.22       0.23       (0.14 )     (0.05 )     (0.19 )     10.94    
    10/31/2004     10.09       (0.02 )     0.85       0.83       (0.02 )     –       (0.02 )     10.90    
    10/31/2003     8.33       (0.02 )     1.78       1.76       –       –       –       10.09    
    10/31/2002     10.00       (0.01 )     (1.66 )     (1.67 )     –       –       –       8.33    
Class C   4/30/2005     10.91       0.01       0.23       0.24       (0.15 )     (0.05 )     (0.20 )     10.95    
    10/31/2004     10.09       (0.02 )     0.86       0.84       (0.02 )     –       (0.02 )     10.91    
    10/31/2003     8.31       (0.02 )     1.80       1.78       –       –       –       10.09    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     2.39 %   $ 453,276       0.27 %     0.27 %     0.77 %     28 %  
    10/31/2004     9.09       352,852       0.32       0.31       0.45       3    
    10/31/2003     21.79       136,295       0.44       0.44       0.48       15    
    10/31/2002     (16.30 )     20,681       0.45       0.90       0.41       21    
Class B   4/30/2005     2.03       377,377       0.94       0.94       0.10       28    
    10/31/2004     8.25       333,533       0.97       0.96       (0.19 )     3    
    10/31/2003     21.15       190,621       1.09       1.09       (0.17 )     15    
    10/31/2002     (16.70 )     33,241       1.10       1.55       (0.24 )     21    
Class C   4/30/2005     2.10       823,000       0.89       0.89       0.15       28    
    10/31/2004     8.35       675,562       0.92       0.91       (0.15 )     3    
    10/31/2003     21.44       239,043       1.09       1.09       (0.17 )     15    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less that one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and includes the recapture of previously waived expenses (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser and recapture of previously waived expenses.

(g)  TA IDEX Asset Allocation–Moderate Growth Portfolio ("the Fund") commenced operations on March 1, 2002. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Asset Allocation - Moderate Growth Portfolio ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: The Fund's investments are valued at the net asset values of the underlying portfolios of Transamerica IDEX Mutual Funds. The net asset values of the underlying portfolios are determined at the close of the NYSE (generally 4:00 p.m. eastern time) on the valuation date.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date. Dividend income is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Fund are from investments in shares of affiliated investment companies.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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.

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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's Investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

TFAI has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. TFAI compensates Morningstar Associates, LLC as described in the Prospectus.

Transamerica Investment Management, LLC and Great Companies, LLC are affiliates of the Fund and are sub-advisers to other funds within Transamerica IDEX Mutual Funds.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following rate:

0.10% of ANA

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

0.45% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     N/A    
Class B     0.65 %  
Class C     0.65 %  

 

In addition, the underlying funds' Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of the 12b-1 fees, each class of fund shares of the Fund has reduced the 12b-1 fees by the amount of the underlying funds' Class A 12b-1 fees.

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 18,367    
Retained by Underwriter     1,079    
Contingent Deferred Sales Charge     694    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $893 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $25. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 723,677    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     438,191    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 1,592,030    
Unrealized Appreciation   $ 78,380    
Unrealized (Depreciation)     (18,474 )  
Net Unrealized Appreciation (Depreciation)   $ 59,906    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Asset Allocation–Moderate Growth Portfolio

INVESTMENT ADVISORY AND ASSET ALLOCATION MANAGEMENT AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Asset Allocation – Moderate Growth Portfolio (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI"). Additionally, at a meeting held on March 22, 2005, the Board considered and approved for a two-year period the Asset Allocation Management Agreement of the Fund between TFAI and Morningstar Associates, LLC (the "Portfolio Construction Manager"). In approving these agreements, the Board concluded that the Investment Advisory and Asset Allocation Management Agreement enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI and the Portfolio Construction Manager to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI and the Portfolio Construction Manager are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Portfolio Construction Manager's portfolio management team. The Board also concluded that TFAI and the Portfolio Construction Manager would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Portfolio Construction Manager's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one- and two-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Portfolio Construction Manager, the Trustees concluded that TFAI and the Portfolio Construction Manager were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Portfolio Construction Manager for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Portfolio Construction Manager, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Portfolio Construction Manager's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Portfolio Construction Manager. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. Although the investment advisory fees do not reduce should Fund assets grow meaningfully, the Board concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Portfolio Construction Manager in the future.

Benefits (such as soft dollars) to TFAI or the Portfolio Construction Manager from its relationship with the Fund. The Board concluded that other benefits derived by TFAI (including any benefits derived from investment advisory fees payable to TFAI with respect to the underlying funds in which the Fund invests) or the Portfolio Construction Manager from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI or the Portfolio Construction Manager do not realize "soft dollar" benefits from their relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders. The Board also noted the significant growth in the Fund's assets in the past year.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Asset Allocation–Moderate Growth Portfolio

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Asset Allocation – Moderate Growth Portfolio

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  44,245,471.409       916,159.173       20,721,442.730    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Asset Allocation – Moderate Growth Portfolio.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      45,180,819.052       1,235,445.486       19,466,808.774    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      45,098,856.486       1,316,426.052       19,467,790.774    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      45,180,265.065       1,235,999.473       19,466,808.774    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      45,138,435.503       1,276,847.035       19,467,790.774    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      45,149,884.368       1,266,380.170       19,466,808.774    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      45,040,985.203       1,372,395.335       19,469,692.774    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      45,144,608.714       1,269,753.824       19,468,710.774    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      45,067,064.013       1,348,218.525       19,467,790.774    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Clarion Real Estate Securities

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,083.40       1.25 %   $ 6.46    
Hypothetical (b)     1,000.00       1,018.60       1.25       6.26    
Class B      
Actual     1,000.00       1,078.10       2.31       11.90    
Hypothetical (b)     1,000.00       1,013.34       2.31       11.53    
Class C      
Actual     1,000.00       1,077.00       2.40       12.36    
Hypothetical (b)     1,000.00       1,012.89       2.40       11.98    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Real Estate Property Type
At April 30, 2005

This chart shows the percentage breakdown by real estate property type of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Clarion Real Estate Securities

SCHEDULE OF INVESTMENTS
At April 30, 2005

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

    Shares   Value  
COMMON STOCKS (98.3%)                  
Apartments (17.4%)                  
American Campus Communities, Inc.     57,500     $ 1,206    
Archstone-Smith Trust     85,900       3,090    
AvalonBay Communities, Inc. (a)     60,900       4,385    
Camden Property Trust     77,060       3,930    
Education Realty Trust, Inc.     43,200       691    
Equity Residential     54,200       1,862    
Gables Residential Trust (a)     34,800       1,275    
Post Properties, Inc.     36,200       1,179    
United Dominion Realty Trust, Inc. (a)     175,800       3,894    
Hotels (10.8%)                  
Hilton Hotels Corp.     55,300       1,207    
Host Marriott Corp.     253,600       4,266    
LaSalle Hotel Properties     38,400       1,167    
Starwood Hotels & Resorts Worldwide, Inc.     102,600       5,575    
Strategic Hotel Capital, Inc.     74,500       1,051    
Industrial Property (11.2%)                  
AMB Property Corp.     77,800       3,033    
Catellus Development Corp.     43,303       1,199    
Liberty Property Trust     87,749       3,495    
Prologis     154,100       6,101    
Office Property (27.4%)                  
Arden Realty, Inc.     84,150       3,003    
Boston Properties, Inc. (a)     88,200       5,863    
CarrAmerica Realty Corp.     27,600       912    
Corporate Office Properties Trust     68,900       1,812    
Equity Office Properties Trust     138,200       4,349    
Maguire Properties, Inc.     99,600       2,540    
Prentiss Properties Trust (a)     1,340       45    
Reckson Associates Realty Corp.     94,900       3,061    
SL Green Realty Corp.     79,800       4,868    
Trizec Properties, Inc.     226,000       4,518    
Vornado Realty Trust     36,400       2,783    
Regional Mall (17.0%)                  
CBL & Associates Properties, Inc. (a)     16,180       1,252    
General Growth Properties, Inc.     128,360       5,020    
Macerich Co. (The)     53,200       3,208    
Mills Corp. (The) (a)     77,800       4,445    
Simon Property Group, Inc.     105,600       6,977    
Shopping Center (10.0%)                  
Acadia Realty Trust     74,500       1,196    
Developers Diversified Realty Corp.     87,200       3,701    
Federal Realty Investment Trust     21,300       1,140    
Kite Realty Group Trust     44,300       620    
Pan Pacific Retail Properties, Inc.     41,400       2,501    
Regency Centers Corp. (a)     60,600       3,191    

 

    Shares   Value  
Storage (4.5%)                  
Extra Space Storage, Inc. (a)     91,700     $ 1,192    
Public Storage, Inc.     73,500       4,314    
Total Common Stocks (cost: $103,452)             121,117    
    Principal   Value  
SECURITY LENDING COLLATERAL (15.7%)                  
Debt (13.6%)                  
Bank Notes (1.9%)                  
Bank of America
2.82%, due 05/16/2005 $609 $609
2.80%, due 06/09/2005 (b) 152 152
2.77%, due 07/18/2005 (b)		     609       609    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (b)		     609       609    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (b) 152 152
3.06%, due 03/10/2006 (b)		     152       152    
Euro Dollar Overnight (2.4%)                  
Bank of Montreal
2.94%, due 05/04/2005		     456       456    
BNP Paribas
2.80%, due 05/05/2005		     630       630    
Den Danske Bank
2.93%, due 05/02/2005 548 548
2.80%, due 05/06/2005		     304       304    
Dexia Group
2.80%, due 05/05/2005		     269       269    
Royal Bank of Canada
2.80%, due 05/04/2005		     625       625    
Svenska Handlesbanken
2.80%, due 05/06/2005		     100       100    
Euro Dollar Terms (5.5%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005 304 304
3.01%, due 05/31/2005		     851       851    
Barclays
3.02%, due 06/27/2005		     542       542    
BNP Paribas
2.93%, due 06/07/2005		     487       487    
Branch Banker & Trust
2.94%, due 06/06/2005		     130       130    
Calyon
2.93%, due 06/03/2005		     503       503    
Citigroup
2.87%, due 06/06/2005		     632       632    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     623       623    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Clarion Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005

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

    Principal   Value  
Euro Dollar Terms (continued)                  
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		   $ 304     $ 304    
Royal Bank of Scotland
2.94%, due 06/07/2005 591 591
2.95%, due 06/10/2005		     328       328    
Societe Generale
2.80%, due 05/03/2005		     582       582    
Toronto Dominion Bank
2.75%, due 05/09/2005 456 456
3.01%, due 06/24/2005		     169       169    
UBS AG
2.81%, due 05/03/2005		     304       304    
Promissory Notes (1.4%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005 639 639
3.01%, due 07/27/2005		     1,065       1,065    
Repurchase Agreements (2.4%) (c)                  
Goldman Sachs Group, Inc. (The)
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $1,370 on
05/02/2005		     1,369       1,369    
Merrill Lynch & Co., Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $1,644 on
05/02/2005		     1,643       1,643    

 

    Shares   Value  
Investment Companies (2.1%)                  
Money Market Funds (2.1%)                  
American Beacon Funds
1-day yield of 2.84%		     241,659     $ 242    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     1,430,997       1,431    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     322,020       322    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (d)		     588,969       589    
Total Security Lending Collateral (cost: $19,321)             19,321    
Total Investment Securities (cost: $122,773)           $ 140,438    
SUMMARY:                  
Investments, at value     114.0 %   $ 140,438    
Liabilities in excess of other assets     (14.0 )%     (17,235 )  
Net assets     100.0 %   $ 123,203    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $18,750.

(b)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(c)  Cash collateral for the Repurchase Agreements, valued at $3,065, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(d)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Clarion Real Estate Securities

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $122,773)
(including securities loaned of $18,750)		   $ 140,438    
Cash     1,328    
Receivables:          
Investment securities sold     1,291    
Shares of beneficial interest sold     9    
Interest     5    
Dividends     265    
Other     3    
      143,339    
Liabilities:      
Investment securities purchased     638    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     2    
Management and advisory fees     89    
Distribution and service fees     40    
Transfer agent fees     4    
Payable for collateral for securities on loan     19,321    
Other     42    
      20,136    
Net Assets   $ 123,203    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 95,952    
Undistributed net investment income (loss)     702    
Undistributed net realized gain (loss) from
investment securities		     8,884    
Net unrealized appreciation (depreciation) on
investment securities		     17,665    
Net Assets   $ 123,203    
Net Assets by Class:      
Class A   $ 112,076    
Class B     5,386    
Class C     5,741    
Shares Outstanding:      
Class A     7,571    
Class B     365    
Class C     391    
Net Asset Value Per Share:      
Class A   $ 14.80    
Class B     14.78    
Class C     14.69    
Maximum Offering Price Per Share (a):      
Class A   $ 15.66    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 11    
Dividends     3,025    
Income from loaned securities–net     7    
      3,043    
Expenses:      
Management and advisory fees     520    
Transfer agent fees:          
Class A     9    
Class B     6    
Class C     3    
Custody fees     11    
Administration fees     11    
Legal fees     4    
Audit fees     6    
Trustees fees     3    
Registration fees:          
Class A     19    
Class B     5    
Class C     21    
Distribution and service fees:          
Class A     209    
Class B     24    
Class C     29    
Total expenses     880    
Less:          
Reimbursement of class expenses:          
Class C     (9 )  
Net expenses     871    
Net Investment Income (Loss)     2,172    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment securities     9,091    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (1,111 )  
Net Gain (Loss) on Investments     7,980    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 10,152    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Clarion Real Estate Securities

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 2,172     $ 2,213    
Net realized gain (loss) from
investment securities		     9,091       7,514    
Net unrealized appreciation
(depreciation) on investment
securities		     (1,111 )     15,478    
      10,152       25,205    
Distributions to Shareholders:      
From net investment income:                  
Class A     (1,377 )     (3,781 )  
Class B     (42 )     (88 )  
Class C     (51 )     (106 )  
Class C2     –       (7 )  
Class M     –       (13 )  
      (1,470 )     (3,995 )  
From net realized gains:                  
Class A     (1,619 )     (7,237 )  
Class B     (57 )     (192 )  
Class C     (75 )     (228 )  
Class C2     –       (21 )  
Class M     –       (28 )  
      (1,751 )     (7,706 )  
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     2,318       39,247    
Class B     1,765       2,642    
Class C     1,115       2,662    
Class C2     –       101    
Class M     –       202    
      5,198       44,854    
Dividends and distributions
reinvested:		                  
Class A     2,991       11,008    
Class B     86       226    
Class C     98       240    
Class C2     –       27    
Class M     –       29    
      3,175       11,530    
Cost of shares redeemed:                  
Class A     (25,103 )     (1,533 )  
Class B     (709 )     (1,021 )  
Class C     (1,079 )     (714 )  
Class C2     –       (91 )  
Class M     –       (22 )  
      (26,891 )     (3,381 )  
Class level exchanges:                  
Class C     –       736    
Class C2     –       (256 )  
Class M     –       (480 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 31     $ 4    
Class B     (31 )     (4 )  
      –       –    
      (18,518 )     53,003    
Net increase (decrease) in net assets     (11,587 )     66,507    
Net Assets:                  
Beginning of period     134,790       68,283    
End of period   $ 123,203     $ 134,790    
Undistributed Net Investment
Income (Loss)		   $ 702     $ –    
Share Activity:                  
Shares issued:                  
Class A     159       2,967    
Class B     121       204    
Class C     77       205    
Class C2     –       8    
Class M     –       17    
      357       3,401    
Shares issued–reinvested from
distributions:		                  
Class A     201       887    
Class B     6       18    
Class C     6       19    
Class C2     –       2    
Class M     –       2    
      213       928    
Shares redeemed:                  
Class A     (1,757 )     (121 )  
Class B     (49 )     (81 )  
Class C     (75 )     (56 )  
Class C2     –       (7 )  
Class M     –       (2 )  
      (1,881 )     (267 )  
Class level exchanges:                  
Class C     –       58    
Class C2     –       (21 )  
Class M     –       (37 )  
      –       –    
Automatic conversions:                  
Class A     2       –    
Class B     (2 )     –    
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (1,395 )     3,733    
Class B     76       141    
Class C     8       226    
Class C2     –       (18 )  
Class M     –       (20 )  
      (1,311 )     4,062    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Clarion Real Estate Securities

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 13.99     $ 0.25     $ 0.91     $ 1.16     $ (0.17 )   $ (0.18 )   $ (0.35 )   $ 14.80    
    10/31/2004     12.25       0.28       3.05       3.33       (0.53 )     (1.06 )     (1.59 )     13.99    
    10/31/2003     10.00       0.43       1.95       2.38       (0.13 )     –       (0.13 )     12.25    
Class B   4/30/2005     13.99       0.17       0.92       1.09       (0.12 )     (0.18 )     (0.30 )     14.78    
    10/31/2004     12.22       0.25       3.03       3.28       (0.45 )     (1.06 )     (1.51 )     13.99    
    10/31/2003     10.00       0.38       1.95       2.33       (0.11 )     –       (0.11 )     12.22    
Class C   4/30/2005     13.92       0.16       0.91       1.07       (0.12 )     (0.18 )     (0.30 )     14.69    
    10/31/2004     12.22       0.17       3.04       3.21       (0.45 )     (1.06 )     (1.51 )     13.92    
    10/31/2003     10.00       0.38       1.95       2.33       (0.11 )     –       (0.11 )     12.22    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     8.34 %   $ 112,076       1.25 %     1.25 %     3.43 %     31 %  
    10/31/2004     29.30       125,423       1.30       1.30       2.16       73    
    10/31/2003     23.80       64,090       1.75       1.76       5.55       95    
Class B   4/30/2005     7.81       5,386       2.31       2.31       2.35       31    
    10/31/2004     28.96       4,042       1.51       1.51       1.97       73    
    10/31/2003     23.33       1,804       2.40       2.41       4.91       95    
Class C   4/30/2005     7.70       5,741       2.40       2.69       2.26       31    
    10/31/2004     28.32       5,325       2.22       2.22       1.32       73    
    10/31/2003     23.33       1,913       2.40       2.41       4.91       95    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets shows the net expense ratio, which is total expenses less reimbursement by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser or affiliated brokerage and custody earnings credits, if any, for the period ended 10/31/2003.

(g)  TA IDEX Clarion Real Estate Securities commenced operations on March 1, 2003.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Clarion Real Estate Securities ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2003.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $37 are included in net realized gains in the Statement of Operations.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $4 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Since the Fund invests primarily in

real estate securities, the value of its share may fluctuate more widely than the value of shares of a fund that invests in a broad range of industries.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost 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.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no account maintenance fees.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

For the six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 10,831       8.79 %  
TA IDEX Asset Allocation–
Growth Portfolio		     10,357       8.41 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     40,008       32.47 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     44,820       36.38 %  
Total   $ 106,016       86.05 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $250 million of ANA
0.775% of the next $250 million of ANA
0.70% of the next $500 million of ANA
0.65% of ANA over $1 billion

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

1.40% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 104    
Retained by Underwriter     8    
Contingent Deferred Sales Charge     13    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $21 for the six months ended April 30, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $3. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 40,031    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     61,309    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 123,351    
Unrealized Appreciation   $ 17,228    
Unrealized (Depreciation)     (141 )  
Net Unrealized Appreciation (Depreciation)   $ 17,087    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Clarion Real Estate Securities

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Clarion Real Estate Securities (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and ING Clarion Real Estate Securities L.P. (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over a trailing one-year period and to the Fund's benchmark index over the past year period. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that the recent inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Clarion Real Estate Securities

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Clarion Real Estate Securities

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  9,022,827.779       9,837.087       406,771.789    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Clarion Real Estate Securities.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      9,034,117.122       6,559.533       398,760.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      9,034,117.122       6,559.533       398,760.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      9,034,117.122       6,559.533       398,760.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      9,034,117.122       6,559.533       398,760.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      9,034,117.122       6,559.533       398,760.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      9,034,117.122       6,559.533       398,760.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      9,034,117.122       6,559.533       398,760.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      9,033,799.104       6,877.551       398,760.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Evergreen International Small Cap

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At April 30, 2005
(unaudited)

This chart shows the percentage breakdown by region of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Evergreen International Small Cap

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
PREFERRED STOCKS ( 0.3%)      
Germany (0.3%)      
ProSieben SAT.1 Media AG     39,765     $ 686    
Total Preferred Stocks (cost: $726)             686    
COMMON STOCKS ( 89.8%)      
Australia (0.4%)      
QBE Insurance Group, Ltd.     82,919       972    
Austria (0.0%)      
Raiffeisen International Bank Holding AG (a)     88       5    
Belgium (3.9%)      
AGFA-Gevaert NV     160,376       5,254    
Colruyt SA     12,598       1,909    
Mobistar SA (a)     30,223       2,584    
Brazil (1.6%)      
Cia Energetica de Minas Gerais, ADR     55,306       1,531    
Empresa Brasileira de Aeronautica SA, ADR     43,977       1,268    
Tim Participacoes SA, ADR     75,514       1,133    
Canada (2.3%)      
Brascan Corp.–Class A     20,000       725    
Gabriel Resources, Ltd. (a)     62,160       74    
Gabriel Resources, Ltd. Warrants, Expires TBD (a)     23,380       5    
RONA, Inc. (a)     257,300       4,958    
France (12.1%)      
Altran Technologies SA (a)     545,844       4,472    
Bull SA (a)     8,052,891       6,694    
Eurofins Scientific (a)     45,485       1,245    
Flo Groupe (a)     95,713       772    
Galeries Lafayette     12,247       3,731    
Lafuma     29,017       2,496    
Michelin (C.G.D.E.)–Class B     13,758       837    
Neopost SA     71,028       5,974    
PagesJaunes SA     80,643       1,930    
Scor SA (a)     661,034       1,306    
UBISOFT Entertainment (a)     25,260       1,015    
Germany (8.7%)      
Adidas-Salomon AG     40,662       6,339    
Continental AG     76,664       5,671    
Deutz AG (a)     389,694       1,792    
Leoni AG     7,549       587    
Linde AG     20,343       1,351    
Man AG     63,626       2,688    
Puma AG Rudolf Dassler Sport     5,947       1,375    
SGL Carbon AG (a)     187,918       2,125    

 

    Shares   Value  
Hong Kong (0.5%)                  
Techtronic Industries Co.     582,000     $ 1,294    
Ireland (1.2%)                  
Anglo Irish Bank Corp. PLC     267,870       3,093    
Italy (2.4%)                  
Arnoldo Mondadori Editore SpA     68,505       713    
Davide Campari-Milano SpA     29,803       2,121    
Geox SpA (a)     278,726       2,445    
Gruppo Coin SpA (a)     216,573       671    
Japan (11.3%)                  
Advan Co., Ltd.     40,500       558    
Arrk Corp.     24,900       973    
Bank of Yokohama, Ltd. (The)     297,000       1,697    
Chiba Bank, Ltd. (The)     302,000       1,857    
Diamond Lease Co., Ltd.     31,300       1,145    
Hino Motors, Ltd.     447,000       2,681    
Isetan Co., Ltd.     99,100       1,180    
Ito En, Ltd.     27,900       1,367    
Jupiter Telecommunications Co. (a)     98       78    
Nidec Corp.     15,200       1,784    
Nissin Co., Ltd.     1,022,020       2,301    
Pigeon Corp.     63,900       978    
Ryohin Keikaku Co., Ltd.     46,700       2,351    
THK Co., Ltd.     54,400       1,018    
Tokuyama Corp.     338,000       2,577    
United Arrows, Ltd.     108,900       2,880    
Yamada Denki Co., Ltd.     60,600       2,895    
Netherlands (12.6%)                  
Buhrmann NV     658,588       5,878    
Grolsch NV     19,052       567    
Hagemeyer NV (a)     214,482       486    
Heijmans NV     103,882       4,087    
Kendrion NV (a)     363,965       641    
Koninklijke BAM NBM NV     101,287       5,621    
Koninklijke Wessanen NV     349,541       4,836    
United Services Group NV     217,754       6,675    
Univar NV     37,195       1,176    
Vedior NV     108,291       1,672    
New Zealand (0.4%)                  
NGC Holdings, Ltd.     461,633       1,132    
Spain (8.0%)                  
AC Aguas de Barcelona (a)     174       4    
Cia de Distribucion Integral Logista SA     91,016       4,584    
Cintra Concesiones de Infraestructuras de
Transporte SA (a)		     246,701       2,659    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Evergreen International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Spain (continued)                  
Fadesa SA (a)     33,306     $ 757    
Fomento de Construcciones y Contratas SA     17,008       922    
Gestevision Telecinco SA (a)     59,225       1,360    
Miquel y Costas     35,885       1,615    
Promotora de Informaciones SA     198,046       3,791    
Sociedad General de Aguas de
Barcelona SA–Class B		     46,332       951    
Sogecable SA (a)     89,842       3,369    
Switzerland (1.4%)                  
Lindt & Spruengli AG     1,519       2,282    
Logitech International SA (a)     23,450       1,350    
United Kingdom (23.0%)                  
Aberdeen Asset Management PLC     245,403       560    
Alliance Unichem PLC     36,825       563    
Ashtead Group PLC (a)     3,617,182       6,053    
AWG PLC     148,075       2,473    
BAE Systems PLC     631,521       3,098    
Body Shop International PLC     466,505       1,738    
Burberry Group PLC     165,880       1,145    
Carphone Warehouse Group PLC     335,706       953    
Charter PLC (a)     1,101,838       5,267    
Daily Mail and General Trust NV–Class A     41,278       528    
Electronics Boutique PLC     1,591,619       2,407    
Enterprise Inns PLC     157,936       2,206    
Hilton Group PLC     186,408       978    
ICAP PLC     199,166       1,003    
ITV PLC     1,655,313       3,850    
Lastminute.com PLC (a)     464,058       951    
Laura Ashley Holdings PLC (a)     3,422,210       654    
Luminar PLC     191,771       1,780    
Man Group PLC     30,086       702    
Next PLC     19,731       560    
Pace Micro Technology PLC (a)     121,714       76    
Paladin Resources PLC     358,439       1,250    
Photo-Me International PLC     3,301,056       6,006    
Premier Oil PLC (a)     65,806       690    
Regent Inns PLC (a)     649,732       999    
Schroders PLC     219,953       2,852    
SHL Group PLC     276,837       690    
SSL International PLC     264,869       1,393    
Surfcontrol PLC (a)     84,763       827    
Tullow Oil PLC     337,434       1,037    
Umbro (a)     715,913       1,504    
United Utilities PLC     233,845       2,846    
Total Common Stocks (cost: $224,574)             225,529    
Total Investment Securities (cost: $225,300)           $ 226,215    
SUMMARY:                  
Investments, at value     90.1 %   $ 226,215    
Other Assets and Liabilities     9.9 %     24,783    
Net assets     100.0 %   $ 250,998    

 

    Percentage of
Net Assets		   Value  
INVESTMENTS BY INDUSTRY:                  
Business Services     9.5 %   $ 23,901    
Engineering & Management Services     6.2 %     15,531    
Rubber & Misc. Plastic Products     5.7 %     14,223    
Computer & Office Equipment     5.3 %     13,203    
Instruments & Related Products     4.5 %     11,260    
Computer & Data Processing Services     3.8 %     9,487    
Industrial Machinery & Equipment     3.4 %     8,576    
Chemicals & Allied Products     3.0 %     7,418    
Food & Kindred Products     2.8 %     7,118    
Wholesale Trade Durable Goods     2.7 %     6,804    
Commercial Banks     2.7 %     6,652    
Manufacturing Industries     2.5 %     6,301    
Electric, Gas & Sanitary Services     2.5 %     6,270    
Radio & Television Broadcasting     2.3 %     5,896    
Restaurants     2.3 %     5,757    
Department Stores     2.2 %     5,582    
Radio, Television & Computer Stores     2.1 %     5,302    
Printing & Publishing     2.0 %     5,032    
Lumber & Other Building Materials     2.0 %     4,958    
Telecommunications     1.9 %     4,670    
Aerospace     1.7 %     4,367    
Shoe Stores     1.6 %     4,093    
Security & Commodity Brokers     1.5 %     3,855    
Communication     1.4 %     3,447    
Oil & Gas Extraction     1.2 %     2,977    
Beer, Wine & Distilled Beverages     1.1 %     2,688    
Automotive     1.1 %     2,681    
Public Administration     1.0 %     2,659    
Leather & Leather Products     1.0 %     2,445    
Misc. General Merchandise Stores     0.9 %     2,351    
Insurance     0.9 %     2,277    
Holding & Other Investment Offices     0.8 %     2,046    
Food Stores     0.8 %     1,909    
Paper & Paper Products     0.6 %     1,615    
Electric Services     0.6 %     1,531    
Medical Instruments & Supplies     0.6 %     1,393    
Beverages     0.5 %     1,367    
Health Services     0.5 %     1,245    
Apparel Products     0.5 %     1,145    
Personal Credit Institutions     0.5 %     1,145    
Gas Production & Distribution     0.4 %     1,132    
Amusement & Recreation Services     0.4 %     978    
Construction     0.4 %     922    
Real Estate     0.3 %     757    
Electronic Components & Accessories     0.2 %     587    
Pharmaceuticals     0.2 %     563    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Evergreen International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Percentage of
Net Assets		   Value  
INVESTMENTS BY INDUSTRY (continued)      
Electronic & Other Electric Equipment     0.0 %   $ 76    
Metal Mining     0.0 %     23    
Investments, at value     90.1 %     226,215    
Other assets and liabilities     9.9 %     24,783    
Net assets     100.0 %   $ 250,998    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

DEFINITIONS:

ADR  American Depositary Receipt

TBD  To Be Determined

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Evergreen International Small Cap

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $225,300)   $ 226,215    
Cash     30,410    
Foreign cash (cost: $1,202)     1,199    
Receivables:          
Investment securities sold     2    
Shares of beneficial interest sold     749    
Interest     26    
Dividends     621    
Dividend reclaims receivable     75    
      259,297    
Liabilities:      
Investment securities purchased     8,055    
Accounts payable and accrued liabilities:          
Management and advisory fees     197    
Distribution and service fees     26    
Other     21    
      8,299    
Net Assets   $ 250,998    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 249,303    
Undistributed net investment income (loss)     405    
Undistributed net realized gain (loss) from investment
securities and foreign currency transactions		     360    
Net unrealized appreciation (depreciation) on:          
Investment securities     915    
Translation of assets and liabilities denominated
in foreign currencies		     15    
Net Assets   $ 250,998    
Net Assets by Class:      
Class A   $ 93,731    
Class I     157,267    
Shares Outstanding:      
Class A     8,512    
Class I     14,277    
Net Asset Value and Offering Price Per Share:      
Class A   $ 11.01    
Class I     11.02    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005 (a)
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 90    
Dividends     1,234    
Less withholding taxes on foreign dividends     (117 )  
      1,207    
Expenses:      
Management and advisory fees     688    
Printing and shareholder reports     3    
Custody fees     76    
Administration fees     12    
Legal fees     2    
Audit fees     8    
Trustees fees     2    
Other     1    
Distribution and service fees:          
Class A     37    
Total expenses     829    
Less:          
Reimbursement of class expenses:          
Class A     (27 )  
Net expenses     802    
Net Investment Income (Loss)     405    
Net Realized Gain (Loss) from:      
Investment securities     324    
Foreign currency transactions     36    
      360    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     915    
Translation of assets and liabilities denominated
in foreign currencies		     15    
      930    
Net Gain (Loss) on Investments and
Foreign Currency Transactions		     1,290    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 1,695    

 

(a)  TA IDEX Evergreen International Small Cap ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Evergreen International Small Cap

STATEMENT OF CHANGES IN NET ASSETS
For the period ended
(all amounts in thousands)

    April 30,
2005 (a)
(unaudited)		  
Increase (Decrease) in Net Assets From:      
Operations:      
Net investment income (loss)   $ 405    
Net realized gain (loss) from
investment securities and
foreign currency transactions		     360    
Net unrealized appreciation
(depreciation) on investment
securities and foreign currency
translation		     930    
      1,695    
Capital Share Transactions:      
Proceeds from shares sold:          
Class A     98,420    
Class I     150,883    
      249,303    
Net increase (decrease) in net assets     250,998    
Net Assets:      
Beginning of period     –    
End of period   $ 250,998    
Undistributed Net Investment Income (Loss)   $ 405    
Share Activity:      
Shares issued:          
Class A     8,512    
Class I     14,277    
      22,789    
Net increase (decrease) in shares outstanding:          
Class A     8,512    
Class I     14,277    
      22,789    

 

(a)  TA IDEX Evergreen International Small Cap ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Evergreen International Small Cap

FINANCIAL HIGHLIGHTS
(unaudited)

        For a share of beneficial interest outstanding throughout the period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 11.50     $ 0.04     $ (0.53 )   $ (0.49 )   $ –     $ –     $ –     $ 11.01    
Class I   4/30/2005     10.00       0.02       1.00       1.02       –       –       –       11.02    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (4.26 )%   $ 93,731       1.32 %     1.58 %     2.05 %     19 %  
Class I   4/30/2005     10.20       157,267       1.23       1.23       0.35       19    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Evergreen International Small Cap ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Evergreen International Small Cap

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Evergreen International Small Cap ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on November 8, 2004.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers two classes of shares, Class A and Class I, each with a public offering price that reflects different sales charges, if any, and expense levels. The initial sales charge currently is waived as this Fund is available for investment only by certain strategic asset allocation funds. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, from inception through April 30, 2005 the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Evergreen International Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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.

There are no open forward foreign currency contracts at April 30, 2005.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 from inception to April 30, 2005, the Fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a AEGON/Transamerica Series Fund, Inc.) asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation – 
Conservative Portfolio		   $ 8,660       3.45 %  
TA IDEX Asset Allocation – 
Growth Portfolio		     27,758       11.06 %  
TA IDEX Asset Allocation – 
Moderate Growth Portfolio		     41,354       16.48 %  
TA IDEX Asset Allocation – 
Moderate Portfolio		     15,918       6.34 %  
Asset Allocation – 
Conservative Portfolio		     7,899       3.15 %  
Asset Allocation – 
Growth Portfolio		     43,437       17.31 %  
Asset Allocation – 
Moderate Growth Portfolio		     35,190       14.02 %  
Asset Allocation – 
Moderate Portfolio		     70,575       28.11 %  
Total   $ 250,791       99.92 %  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Evergreen International Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

1.07% of the first $250 million of ANA
1.00% of ANA over $250 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses exceed the following stated annual limit:

1.32% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class I     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge.

The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS less than $1 for the period from inception through April 30, 2005.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period from inception through April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 248,269    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     23,292    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. 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 and net operating losses.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 225,397    
Unrealized Appreciation   $ 7,926    
Unrealized (Depreciation)     (7,108 )  
Net Unrealized Appreciation (Depreciation)   $ 818    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Evergreen International Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 5.–(continued)

aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Evergreen International Small Cap

A discussion regarding the basis of Transamerica IDEX Mutual Fund's Board of Trustees' approval of the fund's advisory arrangements will be available in the fund's annual report for the fiscal year ending October 31, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Evergreen International Small Cap

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Evergreen International Small Cap

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  2,298,926.010       0       0    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Evergreen International Small Cap.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      2,298,926.010       0       0    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      2,298,926.010       0       0    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      2,298,926.010       0       0    
D. Underwriting Securities   For   Against   Abstentions/Broker-Non-Votes  
      2,298,926.010       0       0    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      2,298,926.010       0       0    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      2,298,926.010       0       0    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      2,298,926.010       0       0    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      2,298,926.010       0       0    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Federated Tax Exempt

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,011.20       1.24 %   $ 6.18    
Hypothetical (b)     1,000.00       1,018.30       1.24       6.21    
Class B      
Actual     1,000.00       1,007.80       1.93       9.61    
Hypothetical (b)     1,000.00       1,014.93       1.93       9.64    
Class C      
Actual     1,000.00       1,007.90       2.00       9.96    
Hypothetical (b)     1,000.00       1,014.88       2.00       9.99    
Class M      
Actual     1,000.00       1,009.80       1.60       7.97    
Hypothetical (b)     1,000.00       1,016.86       1.60       8.00    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Municipal Bond Type
At April 30, 2005

This chart shows the percentage breakdown by municipal bond type of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Federated Tax Exempt

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
LONG-TERM MUNICIPAL BONDS ( 97.4%)      
Alabama (1.9%)      
Alabama Water Pollution Control Authority,
Revenue Bonds,
5.50%, due 08/15/2023		   $ 500     $ 547    
California (6.2%)      
California Health Facilities Financing Authority,
(Catholic Healthcare West),
Revenue Bonds, Series I, (a)
4.95%, due 07/01/2026		     145       152    
California State, 5.00%, due 03/01/2024     500       527    
California State, General Obligation Bonds,
5.25%, due 02/01/2014		     500       552    
Torrance, CA, (Torrance Memorial Medical
Center), Revenue Bonds, Series A,
6.00%, due 06/01/2022		     500       556    
Colorado (2.0%)      
Colorado Department of Transportation,
Revenue Bonds, Series A,
5.50%, due 06/15/2015		     500       565    
District of Columbia (2.0%)      
District of Columbia Water & Sewer
Authority, Revenue Bonds,
5.50%, due 10/01/2017		     500       579    
Illinois (9.2%)      
Illinois Educational Facilities Authority,
(Loyola University), Revenue Bonds, Series A,
5.00%, due 07/01/2026		     500       515    
Illinois State Partnership, Department of
Central Management, Public Improvements,
General Obligations Bonds,
5.65%, due 07/01/2017		     1,000       1,049    
McHenry County, IL, Community Unit
School District No. 200, Prerefunded, Series A,
5.85%, due 01/01/2016		     770       828    
McHenry County, IL, Community Unit
School District No. 200, Unrefunded, Series A,
5.85%, due 01/01/2016		     230       245    
Indiana (6.7%)      
Indiana Health Facility Financing Authority,
(Community Foundation Northwest, IN),
Revenue Bonds,
6.25%, due 03/01/2025		     300       325    
Indiana State Development Finance Authority,
(USX Corp./Marathon Oil Co.),
Revenue Bonds,
5.25%, due 12/01/2022		     500       549    

 

    Principal   Value  
Indiana (continued)      
Indianapolis, IN, (Distribution System),
Revenue Bonds, Series A,
5.25%, due 08/15/2012		   $ 1,000     $ 1,062    
Louisiana (1.9%)      
Sabine River Authority, (International
Paper Co.), Water Facilities, Revenue Bonds,
6.20%, due 02/01/2025		     500       547    
Massachusetts (1.9%)      
Massachusetts State Development Finance
Agency, (Massachusetts College of
Pharmacy & Allied Health Services),
Revenue Bonds,
6.38%, due 07/01/2023		     500       557    
Michigan (3.9%)      
Cornell Township, MI, Economic Development
Corp., (MeadWestvaco/Mead Corp.),
Revenue Bonds,
5.88%, due 05/01/2018		     500       549    
Michigan Municipal Bond Authority,
Revenue Bonds,
5.50%, due 10/01/2022 (b)		     500       561    
Minnesota (1.9%)      
Minneapolis & St. Paul, MN, Housing & 
Redevelopment Authority, (Group Health
Plan, Inc.), Revenue Bonds,
6.00%, due 12/01/2019		     500       549    
Mississippi (2.1%)      
Lowndes County, MS, Solid Waste Disposal & 
Pollution Control, (Weyerhaeuser Co.),
Revenue Bonds,
6.70%, due 04/01/2022		     500       604    
Nevada (3.3%)      
Clark County, NV, Industrial Development,
(Southwest Gas Corp.), Revenue Bonds, (a)
5.45%, due 03/01/2038		     400       425    
Clark County, NV, School District, General
Obligations Bonds, Series F,
5.00%, due 06/15/2006		     500       512    
New Hampshire (0.3%)      
New Hampshire State Housing Finance
Authority, Single Family Mortgage,
Revenue Bonds, Series C,
6.13%, due 01/01/2020		     85       85    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Federated Tax Exempt

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
New Jersey (0.7%)                  
New Jersey Economic Development Authority,
(Winchester Gardens/Marcus L Ward Home),
Revenue Bonds, Series A,
5.80%, due 11/01/2031		   $ 200     $ 206    
New Mexico (0.6%)                  
New Mexico Mortgage Finance Authority,
Revenue Bonds,
6.05%, due 09/01/2021		     165       173    
New York (13.3%)                  
Hempstead Town, NY, Industrial Development
Agency, (Hofstra University), Revenue Bonds,
4.63%, due 07/01/2021		     500       510    
New York City, NY, City Industrial
Development Agency, (New York University),
Revenue Bonds,
5.38%, due 07/01/2017		     250       275    
New York State Mortgage Agency,
Revenue Bonds, Series 95,
5.50%, due 10/01/2017		     500       528    
New York, NY, City Transitional Finance
Authority, Revenue Bonds,
5.50%, due 02/15/2019		     360       403    
New York, NY, City Transitional Finance
Authority, Revenue Bonds,
5.50%, due 02/15/2019		     640       703    
New York, NY, General Obligation Bonds,
Series G, 5.00%, due 12/01/2025		     500       523    
United Nations Development Corp.,
Revenue Bonds, Series A,
5.25%, due 07/01/2024		     250       260    
Warwick Valley Central School District, NY,
General Obligations Bonds,
5.50%, due 01/15/2017		     570       627    
North Carolina (4.2%)                  
North Carolina Eastern Municipal Power
Agency, Revenue Bonds, Series A,
5.50%, due 01/01/2012		     500       547    
North Carolina Medical Care Commission,
(Arc of North Carolina),
5.50%, due 10/01/2024		     240       242    
North Carolina State Housing Finance Agency,
Revenue Bonds,
5.25%, due 01/01/2022		     420       434    

 

    Principal   Value  
North Dakota (0.9%)                  
North Dakota State Housing Finance Agency,
Revenue Bonds, Series C,
6.00%, due 07/01/2020		   $ 245     $ 247    
Ohio (4.9%)                  
Cleveland, OH, Municipal School District,
5.25%, due 12/01/2024		     300       325    
Ohio State Air Quality Development Authority,
(Cleveland Electric Illumination),
Revenue Bonds, 6.00%, due 12/01/2013		     500       531    
Ohio State, General Obligations Bonds,
Series A,
5.38%, due 09/15/2017		     500       550    
Pennsylvania (6.9%)                  
Pennsylvania State Higher Educational
Facilities Authority, (LaSalle University),
Revenue Bonds,
5.25%, due 05/01/2023		     350       362    
Pennsylvania State Higher Educational
Facilities Authority, (UPMC Health System),
Revenue Bonds,
6.00%, due 01/15/2022		     500       553    
Pennsylvania State University, Revenue Bonds,
5.00%, due 09/01/2029		     500       527    
Sayre, PA, Health Care Facilities Authority,
(Guthrie Healthcare System), Revenue Bonds,
5.75%, due 12/01/2021		     500       536    
Rhode Island (5.7%)                  
Providence, RI, Public Building Authority,
Revenue Bonds, Series A,
5.70%, due 12/15/2015		     500       563    
Rhode Island Clean Water Finance Agency,
(Triton Ocean LLC), Revenue Bonds,
5.80%, due 09/01/2022		     1,000       1,070    
South Dakota (1.8%)                  
South Dakota Housing Development Authority,
Revenue Bonds, Series C,
5.35%, due 05/01/2022		     500       526    
Tennessee (1.8%)                  
Tennessee Housing Development Agency,
Revenue Bonds,
5.38%, due 01/01/2018		     495       522    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Federated Tax Exempt

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Texas (5.3%)                  
Kingsbridge, TX, Municipal Utility District,
General Obligations Bonds,
5.38%, due 03/01/2015		   $ 500     $ 521    
Port Houston Authority, Harris County,
General Obligation Bonds, Series A,
5.50%, due 10/01/2024		     500       546    
Sabine River Authority, (TXU
Energy Co. LLC), Revenue Bonds, Series A, (a)
5.80%, due 07/01/2022		     165       177    
Sabine River, TX, Authority, (TXU
Energy Co. LLC), 6.15%, due 08/01/2022		     250       275    
Washington (3.9%)                  
Energy Northwest, WA, Electric, (Bonneville
Power Administration), Revenue Bonds, Series A,
5.75%, due 07/01/2018		     500       562    
University of Washington, Student Facilities
Improvements, Revenue Bonds,
5.88%, due 06/01/2016		     500       561    

 

    Principal   Value  
Wyoming (4.1%)                  
Wyoming State Farm Loan Board,
Capital Facilities, Revenue Bonds,
5.75%, due 10/01/2020		   $ 1,000     $ 1,172    
Total Long-Term Municipal Bonds (cost: $26,123)             27,997    
SHORT-TERM MUNICIPAL BONDS ( 1.7%)                  
Indiana Health Facility Financing Authority,
(Clarian Health Partners), Revenue Bonds (a)
3.00%, due 03/01/2030		     500       500    
Total Short-Term Municipal Bonds (cost: $500)             500    
Total Investment Securities (cost: $26,623)           $ 28,497    
SUMMARY:                  
Investments, at value     99.1 %     28,497    
Other assets and liabilities     0.9 %     272    
Net assets     100.0 %     28,769    
SHORT FUTURES CONTRACTS:                  

 

    Contracts   Settlement
Date		   Amount   Net Unrealized
Appreciation
(Depreciation)		  
10-Year U.S. Treasury Note     (15 )     06/30/2005     $ (1,671 )   $ (24 )  
                    $ (1,671 )   $ (24 )  

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(b)  At April 30, 2005, all or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at April 30, 2005 is $112.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Federated Tax Exempt

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $26,623)   $ 28,497    
Cash     30    
Receivables:          
Interest     396    
Variation margin     4    
Other     15    
      28,942    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     100    
Management and advisory fees     24    
Transfer agent fees     11    
Distribution and service fees     14    
Other     24    
      173    
Net Assets   $ 28,769    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 27,335    
Undistributed net investment income (loss)     16    
Accumulated  net realized gain (loss) from investment
securities and futures contracts		     (433 )  
Net unrealized appreciation (depreciation) on:          
Investment securities     1,875    
Futures contracts     (24 )  
Net Assets   $ 28,769    
Net Assets by Class:      
Class A   $ 16,533    
Class B     6,670    
Class C     4,267    
Class M     1,299    
Shares Outstanding:      
Class A     1,400    
Class B     565    
Class C     361    
Class M     110    
Net Asset Value Per Share:      
Class A   $ 11.81    
Class B     11.80    
Class C     11.81    
Class M     11.81    
Maximum Offering Price Per Share (a):      
Class A   $ 12.40    
Class M     11.93    

 

(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 and C shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 745    
Expenses:      
Management and advisory fees     90    
Transfer agent fees:          
Class A     4    
Class B     1    
Class C     1    
Class M     1    
Printing and shareholder reports     3    
Custody fees     5    
Administration fees     3    
Legal fees     1    
Audit fees     13    
Trustees fees     1    
Registration fees:          
Class A     7    
Class B     4    
Class C     13    
Class M     5    
Distribution and service fees:          
Class A     29    
Class B     36    
Class C     23    
Class M     4    
Total expenses     244    
Less:          
Reimbursement of class expenses:          
Class C     (9 )  
Class M     (4 )  
Net expenses     231    
Net Investment Income (Loss)     514    
Net Realized Gain (Loss):      
Realized gain (loss) from investment securities     154    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     (342 )  
Futures contracts     (24 )  
      (366 )  
Net Gain (Loss) on Investments and Futures Contracts     (212 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 302    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Federated Tax Exempt

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:                  
Operations:                  
Net investment income (loss)   $ 514     $ 1,137    
Net realized gain (loss) from
investment securities and
futures contracts		     154       327    
Net unrealized appreciation
(depreciation) on investment
securities and futures contracts		     (366 )     211    
      302       1,675    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (311 )     (692 )  
Class B     (108 )     (266 )  
Class C     (68 )     (95 )  
Class C2     –       (81 )  
Class M     (23 )     (56 )  
      (510 )     (1,190 )  
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     269       1,066    
Class B     441       825    
Class C     219       1,802    
Class C2     –       634    
Class M     2       9    
      931       4,336    
Dividends and distributions reinvested:                  
Class A     240       526    
Class B     70       168    
Class C     36       60    
Class C2     –       31    
Class M     21       48    
      367       833    
Cost of shares redeemed:                  
Class A     (1,103 )     (3,582 )  
Class B     (1,388 )     (3,427 )  
Class C     (881 )     (1,927 )  
Class C2     –       (1,523 )  
Class M     (96 )     (565 )  
      (3,468 )     (11,024 )  
Class level exchanges:                  
Class C     –       3,266    
Class C2     –       (3,266 )  
      –       –    
      (2,170 )     (5,855 )  
Net increase (decrease) in net assets     (2,378 )     (5,370 )  
Net Assets:                  
Beginning of period     31,147       36,517    
End of period   $ 28,769     $ 31,147    
Undistributed Net Investment Income
(Loss)		   $ 16     $ 12    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:                  
Shares issued:                  
Class A     23       90    
Class B     37       70    
Class C     19       151    
Class C2     –       53    
Class M     –       1    
      79       365    
Shares issued–reinvested from
distributions:		                  
Class A     20       45    
Class B     6       14    
Class C     3       5    
Class C2     –       3    
Class M     2       4    
      31       71    
Shares redeemed:                  
Class A     (93 )     (304 )  
Class B     (117 )     (291 )  
Class C     (75 )     (165 )  
Class C2     –       (130 )  
Class M     (8 )     (49 )  
      (293 )     (939 )  
Class level exchanges:                  
Class C     –       284    
Class C2     –       (284 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (50 )     (169 )  
Class B     (74 )     (207 )  
Class C     (53 )     275    
Class C2     –       (358 )  
Class M     (6 )     (44 )  
      (183 )     (503 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Federated Tax Exempt

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 11.90     $ 0.22     $ (0.09 )   $ 0.13     $ (0.22 )   $ –     $ (0.22 )   $ 11.81    
    10/31/2004     11.70       0.43       0.22       0.65       (0.45 )     –       (0.45 )     11.90    
    10/31/2003     11.51       0.41       0.19       0.60       (0.41 )     –       (0.41 )     11.70    
    10/31/2002     11.44       0.38       0.14       0.52       (0.45 )     –       (0.45 )     11.51    
    10/31/2001     10.91       0.40       0.56       0.96       (0.43 )     –       (0.43 )     11.44    
    10/31/2000     10.60       0.44       0.42       0.86       (0.44 )     (0.11 )     (0.55 )     10.91    
Class B   4/30/2005     11.89       0.18       (0.09 )     0.09       (0.18 )     –       (0.18 )     11.80    
    10/31/2004     11.69       0.35       0.22       0.57       (0.37 )     –       (0.37 )     11.89    
    10/31/2003     11.51       0.34       0.17       0.51       (0.33 )     –       (0.33 )     11.69    
    10/31/2002     11.44       0.30       0.11       0.41       (0.34 )     –       (0.34 )     11.51    
    10/31/2001     10.90       0.34       0.56       0.90       (0.36 )     –       (0.36 )     11.44    
    10/31/2000     10.59       0.37       0.42       0.79       (0.37 )     (0.11 )     (0.48 )     10.90    
Class C   4/30/2005     11.89       0.17       (0.08 )     0.09       (0.17 )     –       (0.17 )     11.81    
    10/31/2004     11.69       0.35       0.22       0.57       (0.37 )     –       (0.37 )     11.89    
    10/31/2003     11.59       0.33       0.10       0.43       (0.33 )     –       (0.33 )     11.69    
Class M   4/30/2005     11.89       0.20       (0.08 )     0.12       (0.20 )     –       (0.20 )     11.81    
    10/31/2004     11.70       0.40       0.21       0.61       (0.42 )     –       (0.42 )     11.89    
    10/31/2003     11.51       0.38       0.19       0.57       (0.38 )     –       (0.38 )     11.70    
    10/31/2002     11.44       0.36       0.09       0.45       (0.38 )     –       (0.38 )     11.51    
    10/31/2001     10.91       0.40       0.53       0.93       (0.40 )     –       (0.40 )     11.44    
    10/31/2000     10.59       0.42       0.42       0.84       (0.41 )     (0.11 )     (0.52 )     10.91    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     1.12 %   $ 16,528       1.24 %     1.24 %     3.73 %     12 %  
    10/31/2004     5.61       17,244       1.35       1.38       3.63       16    
    10/31/2003     5.26       18,948       1.35       1.52       3.53       22    
    10/31/2002     4.26       20,469       1.35       1.46       3.63       55    
    10/31/2001     8.99       23,190       1.35       1.48       3.80       35    
    10/31/2000     8.38       16,999       1.35       1.68       4.14       67    
Class B   4/30/2005     0.78       6,667       1.93       1.93       3.04       12    
    10/31/2004     4.93       7,597       2.00       2.03       2.98       16    
    10/31/2003     4.48       9,897       2.00       2.17       2.88       22    
    10/31/2002     3.63       12,019       2.00       2.11       2.98       55    
    10/31/2001     8.32       6,276       2.00       2.13       3.15       35    
    10/31/2000     7.72       1,728       2.00       2.33       3.49       67    
Class C   4/30/2005     0.79       4,267       2.00       2.38       2.97       12    
    10/31/2004     4.95       4,924       2.00       2.33       2.99       16    
    10/31/2003     3.76       1,621       2.00       2.17       2.88       22    
Class M   4/30/2005     0.98       1,299       1.60       2.17       3.38       12    
    10/31/2004     5.31       1,382       1.60       2.10       3.38       16    
    10/31/2003     5.00       1,869       1.60       1.77       3.28       22    
    10/31/2002     4.02       2,878       1.60       1.71       3.38       55    
    10/31/2001     8.73       2,413       1.60       1.73       3.55       35    
    10/31/2000     8.13       2,014       1.60       1.93       3.89       67    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Federated Tax Exempt

FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 04/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers, reimbursements by the investment adviser, and includes the recapture of previously waived expenses, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser and recapture of previously waived expenses.

(g)  The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Federated Tax Exempt

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Federated Tax Exempt ("the Fund"), part of the Transamerica IDEX Mutual Funds, began operations on April 1, 1985.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers four classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into class C. Class B shares will convert to Class A shares eight years after purchase. 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 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

The underlying face amounts of open futures contracts at April 30, 2005, are listed in the Schedule of Investments. The variation margin receivable or payable, as applicable, is included in the accompanying Statements of Assets and Liabilities. Variation margin represents the additional payment due or excess deposit made in order to maintain the equity account at the required margin level.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Federated Tax Exempt

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, This fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%).

AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following rate:

0.60% of ANA

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

1.00% Expense Limit

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  
Class M     0.60 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 18    
Retained by Underwriter     2    
Contingent Deferred Sales Charge     19    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Federated Tax Exempt

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $15 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 3,648    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     5,846    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforward is available to offset future realized capital gains through the period listed:

Capital Loss
Carryforward		   Available through  

 

$ 587     October 31, 2008  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 26,623    
Unrealized Appreciation   $ 1,885    
Unrealized (Depreciation)     (11 )  
Net Unrealized Appreciation (Depreciation)   $ 1,874    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Federated Tax Exempt

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Federated Tax Exempt (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Federated Investment Management Company (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one-, two-, three-, five- and ten-year periods and to the Fund's benchmark index over one-, five- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. Overall, on the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, TFAI's limitation and fee waiver arrangement for the Fund, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the entirety of the services provided and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Board concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. While the investment advisory fees do not reduce should Fund assets grow meaningfully, the Board determined that the investment advisory fees already reflect potential future economies of scale to some extent by virtue of their competitive levels determined with reference to industry standards as reported by Lipper Analytics and the estimated profitability at current or foreseeable asset levels. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in light of such economies of scale (including whether it would be appropriate to have advisory fee breakpoints in the future).

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Federated Tax Exempt

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Federated Tax Exempt

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  1,037,954.302       46,302.112       383,993.375    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Federated Tax Exempt.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      1,065,642.908       34,203.881       368,403.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      1,059,650.790       40,195.999       368,403.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      1,059,650.790       40,195.999       368,403.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      1,065,642.908       34,203.881       368,403.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      1,063,426.140       36,420.649       368,403.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      1,063,426.140       36,420.649       368,403.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      1,065,642.908       34,203.881       368,403.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      1,058,183.821       41,662.968       368,403.000    
J. Investments in Investment
Companies		   For   Against   Abstentions/Broker-Non-Votes  
      1,065,642.908       34,203.881       368,403.000    
K. Margin Activities and
Short Selling		   For   Against   Abstentions/Broker-Non-Votes  
      1,052,191.703       47,655.086       368,403.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Great Companies–AmericaSM

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,037.10       1.53 %   $ 7.73    
Hypothetical (b)     1,000.00       1,017.21       1.53       7.65    
Class B      
Actual     1,000.00       1,033.70       2.15       10.84    
Hypothetical (b)     1,000.00       1,014.13       2.15       10.74    
Class C      
Actual     1,000.00       1,034.90       2.18       11.00    
Hypothetical (b)     1,000.00       1,013.98       2.18       10.89    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Great Companies–AmericaSM

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (95.8%)      
Aerospace (4.8%)      
United Technologies Corp.     50,702     $ 5,157    
Beverages (5.4%)      
PepsiCo, Inc.     105,000       5,842    
Business Services (12.8%)      
First Data Corp.     190,900       7,260    
Omnicom Group, Inc. (a)     78,200       6,483    
Chemicals & Allied Products (11.1%)      
Colgate-Palmolive Co.     90,000       4,481    
Ecolab, Inc. (a)     122,000       3,991    
Procter & Gamble Co. (a)     65,000       3,520    
Commercial Banks (4.9%)      
Citigroup, Inc.     112,100       5,264    
Electronic & Other Electric Equipment (7.4%)      
General Electric Co.     219,900       7,960    
Electronic Components & Accessories (4.8%)      
Texas Instruments, Inc.     204,901       5,114    
Fabricated Metal Products (2.7%)      
Fortune Brands, Inc.     35,000       2,960    
Instruments & Related Products (1.9%)      
Danaher Corp.     40,410       2,046    
Insurance (2.0%)      
American International Group, Inc.     42,610       2,167    
Medical Instruments & Supplies (9.7%)      
Medtronic, Inc.     137,800       7,262    
Zimmer Holdings, Inc. (b)     39,190       3,191    
Oil & Gas Extraction (0.7%)      
Apache Corp.     13,000       732    
Paper & Allied Products (4.8%)      
3M Co.     67,100       5,131    
Petroleum Refining (1.5%)      
ConocoPhillips     8,000       839    
Exxon Mobil Corp.     14,000       799    
Pharmaceuticals (11.2%)      
Abbott Laboratories     109,200       5,368    
Johnson & Johnson     71,100       4,880    
Wyeth     39,100       1,757    
Security & Commodity Brokers (10.1%)      
American Express Co.     103,000       5,428    
Goldman Sachs Group, Inc. (The)     50,400       5,382    
Total Common Stocks (cost: $95,549)             103,014    

 

    Principal   Value  
SECURITY LENDING COLLATERAL (6.6%)                  
Debt (5.7%)                  
Bank Notes (0.8%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 225     $ 225    
2.80%, due 06/09/2005 (c)     56       56    
2.77%, due 07/18/2005 (c)     225       225    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     225       225    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     56
56		       56
56		    
Euro Dollar Overnight (1.0%)                  
Bank of Montreal
2.94%, due 05/04/2005		     169       169    
BNP Paribas
2.80%, due 05/05/2005		     233       233    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     202
113		       202
113		    
Dexia Group
2.80%, due 05/05/2005		     99       99    
Royal Bank of Canada
2.80%, due 05/04/2005		     231       231    
Svenska Handlesbanken
2.80%, due 05/06/2005		     37       37    
Euro Dollar Terms (2.3%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     113
315		       113
315		    
Barclays
3.02%, due 06/27/2005		     200       200    
BNP Paribas
2.93%, due 06/07/2005		     180       180    
Branch Banker & Trust
2.94%, due 06/06/2005		     48       48    
Calyon
2.93%, due 06/03/2005		     186       186    
Citigroup
2.87%, due 06/06/2005		     234       234    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     230       230    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     112       112    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     219
121		       219
121		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Great Companies–AmericaSM

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Terms (continued)                  
Societe Generale
2.80%, due 05/03/2005		   $ 215     $ 215    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     169
62		       169
62		    
UBS AG
2.81%, due 05/03/2005		     112       112    
Promissory Notes (0.6%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     236
394		       236
394		    
Repurchase Agreements (1.0%) (d)                  
Goldman Sachs Group, Inc. (The)
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $506 on
05/02/2005		     506       506    
Merrill Lynch & Co, Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $607
on 05/02/2005		     607       607    

 

    Shares   Value  
Investment Companies (0.9%)                  
Money Market Funds (0.9%)                  
American Beacon Funds
1-day yield of 2.84%		     89,312     $ 89    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     528,867       529    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     119,012       119    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     217,671       218    
Total Security Lending Collateral (cost: $7,141)             7,141    
Total Investment Securities (cost: $102,690)           $ 110,155    
SUMMARY:                  
Investments, at value     102.4 %   $ 110,155    
Liabilities in excess of other assets     (2.4 )%     (2,634 )  
Net assets     100.0 %   $ 107,521    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $6,914.

(b)  No dividends were paid during the preceding twelve months.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $1,133, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Great Companies–AmericaSM

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $102,690)
(including securities loaned of $6,914)		   $ 110,155    
Cash     4,844    
Receivables:          
Shares of beneficial interest sold     28    
Interest     5    
Dividends     170    
Other     56    
      115,258    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     326    
Management and advisory fees     113    
Distribution and service fees     69    
Transfer agent fees     61    
Payable for collateral for securities on loan     7,141    
Other     27    
      7,737    
Net Assets   $ 107,521    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 117,922    
Accumulated net investment income (loss)     (264 )  
Accumulated net realized gain (loss) from investment
securities		     (17,601 )  
Net unrealized appreciation (depreciation) on
investment securities		     7,464    
Net Assets   $ 107,521    
Net Assets by Class:      
Class A   $ 37,704    
Class B     46,797    
Class C     23,020    
Shares Outstanding:      
Class A     4,107    
Class B     5,264    
Class C     2,591    
Net Asset Value Per Share:      
Class A   $ 9.18    
Class B     8.89    
Class C     8.89    
Maximum Offering Price Per Share (a):      
Class A   $ 9.71    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:          
Interest   $ 17    
Dividends     867    
Income from loaned securities–net     3    
      887    
Expenses:          
Management and advisory fees     463    
Transfer agent fees:          
Class A     51    
Class B     64    
Class C     31    
Printing and shareholder reports     33    
Custody fees     7    
Administration fees     11    
Legal fees     3    
Audit fees     6    
Trustees fees     3    
Registration fees:          
Class A     9    
Class B     3    
Class C     12    
Distribution and service fees:          
Class A     72    
Class B     259    
Class C     127    
Total expenses     1,154    
Less:          
Reimbursement of class expenses:          
Class C     (5 )  
Net expenses     1,149    
Net Investment Income (Loss)     (262 )  
Net Realized and Unrealized Gain (Loss):          
Realized gain (loss) from investment securities     5,200    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (315 )  
Net Gain (Loss) on Investments     4,885    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 4,623    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Great Companies–AmericaSM

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ (262 )   $ (564 )  
Net realized gain (loss) from
investment securities		     5,200       1,147    
Net unrealized appreciation
(depreciation) on investment
securities		     (315 )     439    
      4,623       1,022    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     2,040       10,563    
Class B     927       4,872    
Class C     2,424       4,740    
Class C2     –       652    
Class M     –       718    
      5,391       21,545    
Cost of shares redeemed:                  
Class A     (10,120 )     (16,054 )  
Class B     (10,561 )     (12,938 )  
Class C     (7,028 )     (3,961 )  
Class C2     –       (3,142 )  
Class M     –       (2,627 )  
      (27,709 )     (38,722 )  
Class level exchanges:                  
Class C     –       22,151    
Class C2     –       (15,042 )  
Class M     –       (7,109 )  
      –       –    
Automatic conversions:                  
Class A     8       20    
Class B     (8 )     (20 )  
      –       –    
      (22,318 )     (17,177 )  
Net increase (decrease) in net assets     (17,695 )     (16,155 )  
Net Assets:      
Beginning of period     125,216       141,371    
End of period   $ 107,521     $ 125,216    
Accumulated Net Investment Income
(Loss)		   $ (264 )   $ (2 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:                  
Shares issued:                  
Class A     220       1,161    
Class B     103       547    
Class C     266       534    
Class C2     –       73    
Class M     –       81    
      589       2,396    
Shares redeemed:                  
Class A     (1,091 )     (1,775 )  
Class B     (1,173 )     (1,466 )  
Class C     (782 )     (452 )  
Class C2     –       (349 )  
Class M     –       (294 )  
      (3,046 )     (4,336 )  
Class level exchanges:                  
Class C     –       2,503    
Class C2     –       (1,676 )  
Class M     –       (823 )  
      –       4    
Automatic conversions:                  
Class A     1       2    
Class B     (1 )     (2 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (870 )     (612 )  
Class B     (1,071 )     (921 )  
Class C     (516 )     2,585    
Class C2     –       (1,952 )  
Class M     –       (1,036 )  
      (2,457 )     (1,936 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Great Companies–AmericaSM

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 8.85     $ –     $ 0.33     $ 0.33     $ –     $ –     $ –     $ 9.18    
    10/31/2004     8.77       –       0.08       0.08       –       –       –       8.85    
    10/31/2003     7.65       –       1.12       1.12       –       –       –       8.77    
    10/31/2002     8.96       (0.01 )     (1.30 )     (1.31 )     –       –       –       7.65    
    10/31/2001     10.58       (0.02 )     (1.60 )     (1.62 )     –       –       –       8.96    
    10/31/2000     10.00       –       0.58       0.58       –       –       –       10.58    
Class B   4/30/2005     8.60       (0.03 )     0.32       0.29       –       –       –       8.89    
    10/31/2004     8.57       (0.06 )     0.09       0.03       –       –       –       8.60    
    10/31/2003     7.52       (0.05 )     1.10       1.05       –       –       –       8.57    
    10/31/2002     8.87       (0.08 )     (1.27 )     (1.35 )     –       –       –       7.52    
    10/31/2001     10.56       (0.08 )     (1.61 )     (1.69 )     –       –       –       8.87    
    10/31/2000     10.00       (0.02 )     0.58       0.56       –       –       –       10.56    
Class C   4/30/2005     8.59       (0.03 )     0.33       0.30       –       –       –       8.89    
    10/31/2004     8.57       (0.06 )     0.08       0.02       –       –       –       8.59    
    10/31/2003     7.51       (0.05 )     1.11       1.06       –       –       –       8.57    

 

            Ratios/Supplemental Data  
   
For the
Period		  

Total		   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		  
Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     3.71 %   $ 37,704       1.53 %     1.53 %     (0.03 )%     25 %  
    10/31/2004     0.93       44,056       1.55       1.55       0.00       23    
    10/31/2003     14.64       49,040       1.55       1.66       0.05       54    
    10/31/2002     (14.59 )     55,508       1.55       1.66       (0.16 )     28    
    10/31/2001     (15.35 )     38,345       1.55       1.78       (0.18 )     65    
    10/31/2000     5.81       13,377       1.55       3.38       (0.08 )     2    
Class B   4/30/2005     3.37       46,797       2.15       2.15       (0.65 )     25    
    10/31/2004     0.35       54,460       2.17       2.17       (0.62 )     23    
    10/31/2003     13.96       62,205       2.20       2.31       (0.60 )     54    
    10/31/2002     (15.26 )     53,256       2.20       2.31       (0.81 )     28    
    10/31/2001     (15.98 )     40,769       2.20       2.43       (0.83 )     65    
    10/31/2000     5.62       7,839       2.20       4.03       (0.73 )     2    
Class C   4/30/2005     3.49       23,020       2.18       2.22       (0.69 )     25    
    10/31/2004     0.23       26,700       2.20       2.26       (0.64 )     23    
    10/31/2003     14.11       4,474       2.20       2.31       (0.60 )     54    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for the periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Great Companies–AmericaSM ("the Fund") commenced operations on July 14, 2000. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Great Companies–AmericaSM

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Great Companies–AmericaSM ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on July 14, 2000. The Fund is "non-diversified" under the 1940 Act.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $8 are included in net realized gains in the Statement of Operations

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Great Companies–AmericaSM

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $1 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $3. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Great Companies–AmericaSM

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

From January 1, 2005 on:

0.775% of the first $250 million of ANA
0.75% of the next $250 million of ANA
0.70% of the next $500 million of ANA
0.65% of ANA over 1 billion

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

From November 1, 2004 to December 31, 2004:

1.20% Expense Limit

From January 1, 2005 on:

1.175% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

    Advisory Fee
Waived		   Available for
Recapture Through		  
Fiscal Year 2003   $ 148       10/31/2006    
Fiscal Year2002     146       10/31/2005    

 

If total class 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 that adviser a portion or all of the reimbursed expenses.

    Reimbursement
of
Class Expenses		   Available for
Recapture Through		  
Fiscal Year 2004:  
Class A   $ 2     10/31/2007  
Class C     7     10/31/2007  

 

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 120    
Retained by Underwriter     5    
Contingent Deferred Sales Charge     122    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $171 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $8. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Great Companies–AmericaSM

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 29,182    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     54,031    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 3,191     October 31, 2009  
  6,883     October 31, 2010  
  10,217     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 104,594    
Unrealized Appreciation   $ 7,283    
Unrealized (Depreciation)     (1,722 )  
Net Unrealized Appreciation (Depreciation)   $ 5,561    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Great Companies–AmericaSM

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Great Companies–America (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Great Companies, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's longer-term investment performance was competitive relative to comparable funds, although its recent performance has lagged. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, including steps to be taken to improve recent performance, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of comparative information, the Board concluded that the advisory fees were lower than industry averages, although overall expense of the Fund were relatively higher than certain industry averages. The Board also noted that the Fund's long-term performance is relatively strong and that, as assets increase, expenses are likely to decrease. Overall, on the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, TFAI's limitation and fee waiver arrangement for the Fund, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the entirety of the services provided and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Great Companies–AmericaSM

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Great Companies–AmericaSM

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  5,429,197.973       143,286.953       2,406,460.447    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Great Companies–AmericaSM.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      5,505,033.759       263,975.614       2,209,936.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      5,459,333.941       309,675.432       2,209,936.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      5,469,236.780       299,772.593       2,209,936.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      5,468,021.190       300,988.183       2,209,936.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      5,469,649.780       299,359.593       2,209,936.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      5,491,581.275       277,428.098       2,209,936.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      5,498,910.481       270,098.892       2,209,936.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      5,490,381.456       278,627.917       2,209,936.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Great Companies–TechnologySM

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 926.30       1.29 %   $ 6.16    
Hypothetical (b)     1,000.00       1,018.40       1.29       6.46    
Class B                                  
Actual     1,000.00       918.50       2.20       10.47    
Hypothetical (b)     1,000.00       1,013.88       2.20       10.99    
Class C                                  
Actual     1,000.00       921.00       2.20       10.48    
Hypothetical (b)     1,000.00       1,013.88       2.20       10.99    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Industry
At April 30, 2005

This chart shows the percentage breakdown by industry of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Great Companies–TechnologySM

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (92.9%)      
Business Services (9.6%)      
eBay, Inc. (a)     65,000     $ 2,062    
First Data Corp.     123,683       4,704    
Communications Equipment (7.4%)      
QUALCOMM, Inc.     148,250       5,172    
Computer & Data Processing Services (17.0%)      
Electronic Arts, Inc. (a)     55,000       2,936    
Microsoft Corp.     261,700       6,621    
Yahoo!, Inc. (a)(b)     68,420       2,361    
Computer & Office Equipment (25.2%)      
Cisco Systems, Inc. (a)     291,760       5,042    
Dell, Inc. (a)     128,300       4,469    
Diebold, Inc.     60,670       2,935    
EMC Corp. (a)     397,800       5,219    
Electronic Components & Accessories (21.2%)      
Analog Devices, Inc. (b)     95,200       3,247    
Intel Corp.     109,524       2,576    
Linear Technology Corp.     89,400       3,195    
Texas Instruments, Inc.     112,800       2,816    
Xilinx, Inc.     113,400       3,055    
Entertainment (4.9%)      
International Game Technology     126,900       3,412    
Industrial Machinery & Equipment (2.8%)      
Applied Materials, Inc. (a)     131,300       1,952    
Pharmaceuticals (4.8%)      
Amgen, Inc. (a)(b)     57,800       3,365    
Total Common Stocks (cost: $68,180)             65,139    
    Principal   Value  
SECURITY LENDING COLLATERAL (1.0%)      
Debt (0.9%)      
Bank Notes (0.1%)      
Bank of America
2.82%, due 05/16/2005		   $ 21     $ 21    
2.77%, due 07/18/2005 (c) 2.80%, due 06/09/2005 (c)     5
21		       5
21		    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     21       21    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     5
5		       5
5		    

 

    Principal   Value  
Euro Dollar Overnight (0.2%)                  
Bank of Montreal
2.94%, due 05/04/2005		   $ 16     $ 16    
BNP Paribas
2.80%, due 05/05/2005		     22       22    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     19
11		       19
11		    
Dexia Group
2.80%, due 05/05/2005		     9       9    
Royal Bank of Canada
2.80%, due 05/04/2005		     22       22    
Svenska Handlesbanken
2.80%, due 05/06/2005		     4       4    
Euro Dollar Terms (0.3%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     11
30		       11
30		    
Barclays
3.02%, due 06/27/2005		     19       19    
BNP Paribas
2.93%, due 06/07/2005		     17       17    
Branch Banker & Trust
2.94%, due 06/06/2005		     5       5    
Calyon
2.93%, due 06/03/2005		     18       18    
Citigroup
2.87%, due 06/06/2005		     22       22    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     22       22    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     11       11    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     21
12		       21
12		    
Societe Generale
2.80%, due 05/03/2005		     21       21    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     16
6		       16
6		    
UBS AG
2.81%, due 05/03/2005		     11       11    
Promissory Notes (0.1%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     23
39		       23
39		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Great Companies–TechnologySM

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Repurchase Agreements (0.2%) (d)      
Goldman Sachs Group, Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $48 on
05/02/2005		   $ 48     $ 48    
Merrill Lynch & Co., Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $58 on
05/02/2005		     58       58    
    Shares   Value  
Investment Companies (0.1%)      
Money Market Funds (0.1%)      
American Beacon Funds
1-day yield of 2.84%		     8,525     $ 9    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     50,479       50    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     11,359       11    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     20,776       21    
Total Security Lending Collateral (cost: $682)             682    
Total Investment Securities (cost: $68,862)           $ 65,821    
SUMMARY:      
Investments, at value     93.9 %   $ 65,821    
Other assets in excess of liabilities     6.1 %     4,277    
Net assets     100.0 %   $ 70,098    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $652.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $108, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Great Companies–TechnologySM

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $68,862)
(including securities loaned of $652)		   $ 65,821    
Cash     5,054    
Receivables:          
Shares of beneficial interest sold     8    
Interest     11    
Dividends     12    
Other     4    
      70,910    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     24    
Management and advisory fees     55    
Distribution and service fees     25    
Transfer Agent fees     20    
Payable for collateral for securities on loan     682    
Other     6    
      812    
Net Assets   $ 70,098    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 73,696    
Undistributed net investment income (loss)     709    
Accumulated net realized gain (loss) from
investment securities		     (1,265 )  
Net unrealized appreciation (depreciation) on
investment securities		     (3,042 )  
Net Assets   $ 70,098    
Net Assets by Class:      
Class A   $ 61,362    
Class B     5,661    
Class C     3,075    
Shares Outstanding:      
Class A     17,443    
Class B     1,675    
Class C     911    
Net Asset Value Per Share:      
Class A   $ 3.52    
Class B     3.38    
Class C     3.37    
Maximum Offering Price Per Share (a):      
Class A   $ 3.72    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 50    
Dividends     1,378    
      1,428    
Expenses:      
Management and advisory fees     416    
Transfer agent fees:          
Class A     18    
Class B     13    
Class C     7    
Printing and shareholder reports     5    
Custody fees     8    
Administration fees     9    
Legal fees     4    
Audit fees     5    
Trustees fees     3    
Registration fees:          
Class A     17    
Class B     4    
Class C     12    
Other     1    
Distribution and service fees:          
Class A     164    
Class B     33    
Class C     19    
Total expenses     738    
Less:          
Reimbursement of class expenses:          
Class B     (6 )  
Class C     (13 )  
Net expenses     719    
Net Investment Income (Loss)     709    
Net Realized and Unrealized Gain (Loss)      
Realized gain (loss) from investment securities     7,951    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (14,373 )  
Net Gain (Loss) on Investments     (6,422 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ (5,713 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Great Companies–TechnologySM

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 709     $ (1,410 )  
Net realized gain (loss) from
investment securities		     7,951       7,229    
Net unrealized appreciation
(depreciation) on investment
securities		     (14,373 )     (596 )  
      (5,713 )     5,223    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     586       43,251    
Class B     263       1,211    
Class C     251       1,072    
Class C2     –       217    
Class M     –       169    
      1,100       45,920    
Cost of shares redeemed:                  
Class A     (54,274 )     (6,253 )  
Class B     (967 )     (2,528 )  
Class C     (996 )     (1,125 )  
Class C2     –       (485 )  
Class M     –       (584 )  
      (56,237 )     (10,975 )  
Class level exchanges:                  
Class C     –       3,369    
Class C2     –       (2,246 )  
Class M     –       (1,123 )  
      –       –    
Automatic conversions:                  
Class A     2       5    
Class B     (2 )     (5 )  
      –       –    
      (55,137 )     34,945    
Net increase (decrease) in net assets     (60,850 )     40,168    
Net Assets:      
Beginning of period     130,948       90,780    
End of period   $ 70,098     $ 130,948    
Undistributed Net Investment Income
(Loss)		   $ 709     $ –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:      
Shares issued:                  
Class A     152       11,526    
Class B     71       335    
Class C     68       299    
Class C2     –       60    
Class M     –       47    
      291       12,267    
Shares redeemed:                  
Class A     (14,249 )     (1,667 )  
Class B     (266 )     (705 )  
Class C     (272 )     (316 )  
Class C2     –       (133 )  
Class M     –       (161 )  
      (14,787 )     (2,982 )  
Class level exchanges:                  
Class C     –       921    
Class C2     –       (602 )  
Class M     –       (318 )  
      –       1    
Automatic conversions:                  
Class A     1       1    
Class B     (1 )     (1 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (14,096 )     9,860    
Class B     (196 )     (371 )  
Class C     (204 )     904    
Class C2     –       (675 )  
Class M     –       (432 )  
      (14,496 )     9,286    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Great Companies–TechnologySM

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 3.80     $ 0.03     $ (0.31 )   $ (0.28 )   $ –     $ –     $ –     $ 3.52    
    10/31/2004     3.61       (0.04 )     0.23       0.19       –       –       –       3.80    
    10/31/2003     2.56       (0.04 )     1.09       1.05       –       –       –       3.61    
    10/31/2002     3.63       (0.05 )     (1.02 )     (1.07 )     –       –       –       2.56    
    10/31/2001     7.93       (0.06 )     (4.24 )     (4.30 )     –       –       –       3.63    
    10/31/2000     10.00       –       (2.07 )     (2.07 )     –       –       –       7.93    
Class B   4/30/2005     3.68       –       (0.30 )     (0.30 )     –       –       –       3.38    
    10/31/2004     3.51       (0.06 )     0.23       0.17       –       –       –       3.68    
    10/31/2003     2.50       (0.06 )     1.07       1.01       –       –       –       3.51    
    10/31/2002     3.58       (0.08 )     (1.00 )     (1.08 )     –       –       –       2.50    
    10/31/2001     7.91       (0.10 )     (4.23 )     (4.33 )     –       –       –       3.58    
    10/31/2000     10.00       (0.02 )     (2.07 )     (2.09 )     –       –       –       7.91    
Class C   4/30/2005     3.67       –       (0.30 )     (0.30 )     –       –       –       3.37    
    10/31/2004     3.51       (0.07 )     0.23       0.16       –       –       –       3.67    
    10/31/2003     2.45       (0.06 )     1.12       1.06       –       –       –       3.51    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (7.37 )%   $ 61,362       1.29 %     1.29 %     1.49 %     23 %  
    10/31/2004     5.26       119,985       1.36       1.36       (1.12 )     41    
    10/31/2003     41.02       78,289       1.55       1.90       (1.23 )     24    
    10/31/2002     (29.45 )     6,445       1.55       2.61       (1.40 )     64    
    10/31/2001     (54.26 )     7,106       1.55       2.68       (1.04 )     58    
    10/31/2000     (20.66 )     6,322       1.55       5.55       (0.64 )     11    
Class B   4/30/2005     (8.15 )     5,661       2.20       2.39       0.16       23    
    10/31/2004     4.84       6,874       1.91       1.91       (1.68 )     41    
    10/31/2003     40.40       7,864       2.20       2.55       (1.88 )     24    
    10/31/2002     (30.12 )     4,348       2.20       3.26       (2.05 )     64    
    10/31/2001     (54.80 )     5,938       2.20       3.33       (1.69 )     58    
    10/31/2000     (20.86 )     3,295       2.20       6.20       (1.29 )     11    
Class C   4/30/2005     (7.90 )     3,075       2.20       2.87       0.23       23    
    10/31/2004     4.56       4,089       2.20       2.60       (1.94 )     41    
    10/31/2003     43.27       739       2.20       2.55       (1.88 )     24    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable periods without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the years ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004, and the period ended 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers, reimbursements.

(g)  TA IDEX Great Companies–Technology ("the Fund") commenced operations on July 14, 2000. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Great Companies–TechnologySM

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Great Companies–TechnologySM ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on July 14, 2000.

The Fund is "non-diversified" under the 1940 Act.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $15 are included in net realized gains in the Statement of Operations.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Great Companies–TechnologySM

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned sub

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Great Companies–TechnologySM

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

sidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 2,908       4.15 %  
TA IDEX Asset Allocation–
Growth Portfolio		     13,593       19.39 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     26,471       37.76 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     10,629       15.16 %  
Total   $ 53,601       76.46 %  

 

Investment advisory fees: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

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

1.20% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

    Advisory Fee
Waived		   Available for
Recapture Through		  
Fiscal Year 2003   $ 138       10/31/2006    
Fiscal Year 2002     193       10/31/2005    

 

If total class 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 that adviser a portion or all of the reimbursed class expenses.

    Reimbursement
of Class Expenses		   Available for
Recapture Through		  
Fiscal Year 2004–Class C   $ 7       10/31/2007    

 

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 29    
Retained by Underwriter     2    
Contingent Deferred Sales Charge     8    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $51 for the six months ended April 30, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Great Companies–TechnologySM

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 22,056    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     70,913    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 6,163     October 31, 2010  
  1,294     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 69,056    
Unrealized Appreciation   $ 1,495    
Unrealized (Depreciation)     (4,730 )  
Net Unrealized Appreciation (Depreciation)   $ (3,235 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Great Companies–TechnologySM

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Great Companies-Technology (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Great Companies, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one-, two- and three-year periods and to the Fund's benchmark index over a one-year period. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with, or lower than, industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of new asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Great Companies–TechnologySM

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Great Companies-TechnologySM

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  31,627,114.838       49,158.003       1,533,048.498    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Great Companies-TechnologySM.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      31,641,142.610       98,162.729       1,470,016.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      31,641,142.610       98,162.729       1,470,016.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      31,641,142.610       98,162.729       1,470,016.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      31,638,434.165       100,871.174       1,470,016.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      31,639,750.610       99,554.729       1,470,016.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      31,622,275.859       117,029.480       1,470,016.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      31,639,826.165       99,479.174       1,470,016.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      31,639,750.610       99,554.729       1,470,016.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Janus Growth

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,041.30       1.43 %   $ 7.24    
Hypothetical (b)     1,000.00       1,017.70       1.43       7.15    
Class B      
Actual     1,000.00       1,036.90       2.25       11.36    
Hypothetical (b)     1,000.00       1,013.64       2.25       11.23    
Class C      
Actual     1,000.00       1,035.40       2.37       11.96    
Hypothetical (b)     1,000.00       1,013.04       2.37       11.83    
Class T      
Actual     1,000.00       1,042.90       1.04       5.27    
Hypothetical (b)     1,000.00       1,019.64       1.04       5.21    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Janus Growth

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (89.7%)      
Air Transportation (0.3%)      
FedEx Corp.     42,860     $ 3,641    
Amusement & Recreation Services (2.1%)      
Harrah's Entertainment, Inc. (a)     332,845       21,841    
Apparel & Accessory Stores (1.2%)      
Kohl's Corp. (b)     264,580       12,594    
Business Services (3.9%)      
Clear Channel Communications, Inc.     1,140,730       36,435    
eBay, Inc. (b)     155,965       4,949    
Chemicals & Allied Products (1.7%)      
Procter & Gamble Co.     332,230       17,990    
Commercial Banks (1.4%)      
Citigroup, Inc.     318,400       14,952    
Communication (4.5%)      
Liberty Media Corp.–Class A     3,847,411       38,628    
XM Satellite Radio Holdings,
Inc.–Class A (a)(b)		     328,215       9,105    
Communications Equipment (2.3%)      
Research In Motion, Ltd. (b)     380,405       24,502    
Computer & Data Processing Services (11.7%)      
Amdocs, Ltd. (b)     501,395       13,392    
Check Point Software Technologies, Ltd. (b)     554,500       11,617    
Checkfree Corp. (a)(b)     341,735       12,535    
NAVTEQ Corp. (b)     332,400       12,106    
Yahoo!, Inc. (b)     2,149,240       74,170    
Computer & Office Equipment (1.0%)      
Cisco Systems, Inc. (b)     621,467       10,739    
Construction (1.2%)      
Pulte Homes, Inc. (a)     178,525       12,756    
Electronic & Other Electric Equipment (3.6%)      
General Electric Co.     748,680       27,102    
Harman International Industries, Inc.     139,130       10,933    
Electronic Components & Accessories (3.6%)      
Intel Corp.     943,790       22,198    
Maxim Integrated Products, Inc.     414,875       15,516    
Food Stores (1.0%)      
Safeway, Inc. (a)(b)     517,635       11,021    
Furniture & Fixtures (3.1%)      
Kinetic Concepts, Inc. (b)     537,040       33,001    
Hotels & Other Lodging Places (4.8%)      
Four Seasons Hotels, Inc. (a)     86,975       5,520    
Marriott International, Inc.–Class A     384,120       24,104    
Starwood Hotels & Resorts Worldwide, Inc.     390,475       21,218    

 

    Shares   Value  
Instruments & Related Products (1.9%)                  
Alcon, Inc. (b)     210,710     $ 20,439    
Insurance (8.3%)                  
Aetna, Inc.     322,750       23,680    
UnitedHealth Group, Inc.     683,775       64,624    
Lumber & Other Building Materials (1.5%)                  
Lowe's Cos., Inc. (a)     302,515       15,764    
Medical Instruments & Supplies (9.0%)                  
Biomet, Inc.     391,935       15,164    
Medtronic, Inc.     1,256,510       66,218    
Varian Medical Systems, Inc. (a)(b)     434,275       14,652    
Oil & Gas Extraction (0.5%)                  
GlobalSantaFe Corp.     149,665       5,029    
Personal Credit Institutions (1.3%)                  
SLM Corp.     294,480       14,029    
Pharmaceuticals (10.3%)                  
Celgene Corp. (a)(b)     959,700       36,382    
Genentech, Inc. (b)     385,000       27,312    
Roche Holding AG-Genusschein     377,529       45,874    
Radio & Television Broadcasting (1.4%)                  
IAC/InterActive Corp. (a)(b)     672,865       14,628    
Retail Trade (2.4%)                  
Staples, Inc.     1,342,627       25,604    
Telecommunications (1.2%)                  
Nextel Partners, Inc.–Class A (a)(b)     552,945       13,005    
Water Transportation (4.5%)                  
Carnival Corp.     350,540       17,134    
Royal Caribbean Cruises, Ltd. (a)     730,160       30,681    
Total Common Stocks (cost: $768,146)             952,784    
    Principal   Value  
SECURITY LENDING COLLATERAL (15.3%)                  
Debt (13.3%)                  
Bank Notes (1.8%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 5,121     $ 5,121    
2.80%, due 06/09/2005 (c)     1,280       1,280    
2.77%, due 07/18/2005 (c)     5,121       5,121    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     5,121       5,121    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     1,280
1,280		       1,280
1,280		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Janus Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Overnight (2.3%)      
Bank of Montreal
2.94%, due 05/04/2005		   $ 3,841     $ 3,841    
BNP Paribas
2.80%, due 05/05/2005		     5,300       5,300    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     4,609
2,560		       4,609
2,560		    
Dexia Group
2.80%, due 05/05/2005		     2,261       2,261    
Royal Bank of Canada
2.80%, due 05/04/2005		     5,255       5,255    
Svenska Handlesbanken
2.80%, due 05/06/2005		     845       845    
Euro Dollar Terms (5.4%)      
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     2,560
7,160		       2,560
7,160		    
Barclays
3.02%, due 06/27/2005		     4,564       4,564    
BNP Paribas
2.93%, due 06/07/2005		     4,098       4,098    
Branch Banker & Trust
2.94%, due 06/06/2005		     1,095       1,095    
Calyon
2.93%, due 06/03/2005		     4,230       4,230    
Citigroup
2.87%, due 06/06/2005		     5,317       5,317    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     5,244       5,244    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     2,561       2,561    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     4,974
2,763		       4,974
2,763		    
Societe Generale
2.80%, due 05/03/2005		     4,898       4,898    
Toronto Dominion Bank
2.75%, due 05/09/2005		     3,841       3,841    
3.01%, due 06/24/2005     1,422       1,422    
UBS AG
2.81%, due 05/03/2005		     2,561       2,561    

 

    Principal   Value  
Promissory Notes (1.4%)      
Goldman Sachs Group, Inc.
                  
2.99%, due 06/27/2005   $ 5,377     $ 5,377    
3.01%, due 07/27/2005     8,962       8,962    
Repurchase Agreements (2.4%) (d)      
Goldman Sachs Group, Inc. (The)
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $11,526
on 05/02/2005		     11,522       11,522    
Merrill Lynch & Co., Inc.
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $13,831
on 05/02/2005		     13,827       13,827    
    Shares   Value  
Investment Companies (2.0%)      
Money Market Funds (2.0%)      
American Beacon Funds
1-day yield of 2.84%		     2,033,595     $ 2,034    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     12,042,055       12,042    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     2,709,843       2,710    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     4,956,265       4,956    
Total Security Lending Collateral (cost: $162,592)             162,592    
Total Investment Securities (cost: $930,738)           $ 1,115,376    
SUMMARY:      
Investments, at value     105.0 %   $ 1,115,376    
Liabilities in excess of other assets     (5.0 )%     (52,442 )  
Net assets     100.0 %   $ 1,062,934    
FORWARD FOREIGN CURRENCY CONTRACTS:      

 

Currency   Bought
(Sold)		   Settlement
Date		   Amount in
U.S. Dollars
Bought (Sold)		   Net
Unrealized
Appreciation
(Depreciation)		  
Swiss Franc     (26,700 )     07/15/2005     $ (22,576 )   $ 30    
                    $ (22,576 )   $ 30    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $157,560.

(b)  No dividends were paid during the preceding twelve months.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $25,790, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Janus Growth

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $930,738)
(including securities loaned of $157,560)		   $ 1,115,376    
Cash     95,153    
Receivables:          
Investment securities sold     17,816    
Shares of beneficial interest sold     204    
Interest     137    
Dividends     351    
Dividend reclaims receivable     190    
Unrealized appreciation on forward currency
contracts		     30    
Other     331    
      1,229,588    
Liabilities:      
Investment securities purchased     1,421    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     1,110    
Management and advisory fees     977    
Distribution and service fees     381    
Payable for collateral for securities on loan     162,592    
Other     173    
      166,654    
Net Assets   $ 1,062,934    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 1,702,365    
Accumulated net investment income (loss)     (4,291 )  
Accumulated net realized gain (loss) from investment 
securities and foreign currency transactions		     (819,728 )  
Net unrealized appreciation (depreciation) on:          
Investment securities     184,554    
Translation of assets and liabilities denominated in 
foreign currencies		     34    
Net Assets   $ 1,062,934    
Net Assets by Class:      
Class A   $ 582,128    
Class B     185,542    
Class C     65,251    
Class T     230,013    
Shares Outstanding:      
Class A     25,930    
Class B     8,929    
Class C     3,144    
Class T     9,849    
Net Asset Value Per Share:      
Class A   $ 22.45    
Class B     20.78    
Class C     20.76    
Class T     23.35    
Maximum Offering Price Per Share (a):      
Class A   $ 23.76    
Class T     25.52    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 683    
Dividends     4,173    
Income from loaned securities–net     39    
Less withholding taxes on foreign dividends     (106 )  
      4,789    
Expenses:      
Management and advisory fees     4,523    
Transfer agent fees:          
Class A     543    
Class B     358    
Class C     162    
Class T     168    
Printing and shareholder reports     299    
Custody fees     65    
Administration fees     103    
Legal fees     25    
Audit fees     8    
Trustees fees     23    
Registration fees:          
Class A     13    
Class B     4    
Class C     11    
Class T     9    
Distribution and service fees:          
Class A     1,068    
Class B     1,007    
Class C     353    
Total expenses     8,742    
Less:          
Reimbursement of class expenses:          
Class C     (6 )  
Net expenses     8,736    
Net Investment Income (Loss)     (3,947 )  
Net Realized Gain (Loss) from:      
Investment securities     57,141    
Foreign currency transactions     (1 )  
      57,140    
Net Increase (Decrease) in Unrealized
Appreciation (Depreciation) on:		      
Investment securities     (7,458 )  
Translation of assets and liabilities denominated in
foreign currencies		     29    
      (7,429 )  
Net Gain (Loss) on Investments and Foreign
Currency Transactions		     49,711    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 45,764    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Janus Growth

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ (3,947 )   $ (13,666 )  
Net realized gain (loss) from
investment securities and
foreign currency transactions		     57,140       106,544    
Net unrealized appreciation
(depreciation) on investment
securities and foreign currency
translation		     (7,429 )     16,812    
      45,764       109,690    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     56,600       67,910    
Class B     4,078       10,284    
Class C     2,984       1,430    
Class C2     –       1,299    
Class M     –       1,439    
Class T     1,582       16,270    
      65,244       98,632    
Cost of shares redeemed:                  
Class A     (72,869 )     (131,454 )  
Class B     (28,994 )     (57,915 )  
Class C     (11,708 )     (5,449 )  
Class C2     –       (7,522 )  
Class M     –       (17,120 )  
Class T     (28,799 )     (218,736 )  
      (142,370 )     (438,196 )  
Class level exchanges:                  
Class C     –       73,690    
Class C2     –       (27,543 )  
Class M     –       (46,147 )  
      –       –    
Automatic conversions:                  
Class A     1,031       1,347    
Class B     (1,031 )     (1,347 )  
      –       –    
      (77,126 )     (339,564 )  
Net increase (decrease) in net assets     (31,362 )     (229,874 )  
Net Assets:      
Beginning of period     1,094,296       1,324,170    
End of period   $ 1,062,934     $ 1,094,296    
Accumulated Net Investment
Income (Loss)		   $ (4,291 )   $ (344 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:      
Shares issued:                  
Class A     2,467       3,230    
Class B     191       524    
Class C     141       73    
Class C2     –       66    
Class M     –       73    
Class T     67       750    
      2,866       4,716    
Shares redeemed:                  
Class A     (3,188 )     (6,266 )  
Class B     (1,364 )     (2,972 )  
Class C     (552 )     (278 )  
Class C2     –       (385 )  
Class M     –       (867 )  
Class T     (1,209 )     (10,137 )  
      (6,313 )     (20,905 )  
Class level exchanges:                  
Class C     –       3,720    
Class C2     –       (1,363 )  
Class M     –       (2,331 )  
      –       26    
Automatic conversions:                  
Class A     45       63    
Class B     (48 )     (68 )  
      (3 )     (5 )  
Net increase (decrease) in shares
outstanding:		                  
Class A     (676 )     (2,973 )  
Class B     (1,221 )     (2,516 )  
Class C     (411 )     3,515    
Class C2     –       (1,682 )  
Class M     –       (3,125 )  
Class T     (1,142 )     (9,387 )  
      (3,450 )     (16,168 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Janus Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 21.56     $ (0.07 )   $ 0.96     $ 0.89     $ –     $ –     $ –     $ 22.45    
    10/31/2004     19.73       (0.21 )     2.04       1.83       –       –       –       21.56    
    10/31/2003     15.87       (0.21 )     4.07       3.86       –       –       –       19.73    
    10/31/2002     19.64       (0.22 )     (3.55 )     (3.77 )     –       –       –       15.87    
    10/31/2001     43.81       (0.24 )     (20.80 )     (21.04 )     –       (3.13 )     (3.13 )     19.64    
    10/31/2000     46.72       0.03       5.35       5.38       –       (8.29 )     (8.29 )     43.81    
Class B   4/30/2005     20.04       (0.15 )     0.89       0.74       –       –       –       20.78    
    10/31/2004     18.45       (0.32 )     1.91       1.59       –       –       –       20.04    
    10/31/2003     14.93       (0.31 )     3.83       3.52       –       –       –       18.45    
    10/31/2002     18.63       (0.34 )     (3.36 )     (3.70 )     –       –       –       14.93    
    10/31/2001     42.08       (0.41 )     (19.91 )     (20.32 )     –       (3.13 )     (3.13 )     18.63    
    10/31/2000     45.38       (0.36 )     5.35       4.99       –       (8.29 )     (8.29 )     42.08    
Class C   4/30/2005     20.03       (0.16 )     0.89       0.73       –       –       –       20.76    
    10/31/2004     18.45       (0.30 )     1.88       1.58       –       –       –       20.03    
    10/31/2003     14.74       (0.32 )     4.03       3.71       –       –       –       18.45    
Class T   4/30/2005     22.39       (0.02 )     0.98       0.96       –       –       –       23.35    
    10/31/2004     20.45       (0.16 )     2.10       1.94       –       –       –       22.39    
    10/31/2003     16.40       (0.16 )     4.21       4.05       –       –       –       20.45    
    10/31/2002     20.20       (0.16 )     (3.64 )     (3.80 )     –       –       –       16.40    
    10/31/2001     44.76       (0.14 )     (21.29 )     (21.43 )     –       (3.13 )     (3.13 )     20.20    
    10/31/2000     47.45       0.25       5.35       5.60       –       (8.29 )     (8.29 )     44.76    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     4.13 %   $ 582,128       1.43 %     1.43 %     (0.58 )%     31 %  
    10/31/2004     9.28       573,640       1.60       1.60       (1.01 )     41    
    10/31/2003     24.32       583,674       1.70       1.72       (1.22 )     62    
    10/31/2002     (19.21 )     505,704       1.66       1.69       (1.10 )     62    
    10/31/2001     (51.31 )     770,590       1.49       1.49       (0.83 )     64    
    10/31/2000     10.82       1,727,573       1.39       1.42       (0.61 )     41    
Class B   4/30/2005     3.69       185,542       2.25       2.25       (1.40 )     31    
    10/31/2004     8.62       203,408       2.22       2.22       (1.59 )     41    
    10/31/2003     23.58       233,731       2.35       2.37       (1.87 )     62    
    10/31/2002     (19.86 )     224,348       2.31       2.35       (1.75 )     62    
    10/31/2001     (51.74 )     354,949       2.14       2.14       (1.48 )     64    
    10/31/2000     10.11       775,252       2.04       2.07       (1.26 )     41    
Class C   4/30/2005     3.54       65,251       2.37       2.39       (1.52 )     31    
    10/31/2004     8.62       71,196       2.08       2.08       (1.44 )     41    
    10/31/2003     25.17       735       2.35       2.37       (1.88 )     62    
Class T   4/30/2005     4.29       230,013       1.04       1.04       (0.19 )     31    
    10/31/2004     9.49       246,052       1.38       1.38       (0.75 )     41    
    10/31/2003     24.70       416,719       1.35       1.37       (0.87 )     62    
    10/31/2002     (18.82 )     368,301       1.31       1.34       (0.75 )     62    
    10/31/2001     (51.07 )     546,317       1.14       1.14       (0.48 )     64    
    10/31/2000     11.20       1,232,295       1.04       1.07       (0.26 )     41    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Janus Growth

FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(unaudited)

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 04/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Janus Growth ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on May 8, 1986.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers four classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. Class T shares are not available to new investors. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $112 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $28 of program income for its services. When the Fund makes a security loan, it received cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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 currency contracts at April 30, 2005, are listed in the Schedule of Investments.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $41. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 7,084       0.67 %  
TA IDEX Asset Allocation–
Growth Portfolio		     38,057       3.58 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     64,293       6.05 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     22,124       2.08 %  
Total   $ 131,558       12.38 %  

 

Investment advisory fee: The Fund pays management fees to TFA based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004

1.00% of the first $250 million of ANA
0.90 of the next $500 million of ANA
0.80% of the next $750 million of ANA
0.70% of ANA over $1.5 billion

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

From January 1, 2005 on:

0.80% of the first $250 million of ANA
0.77% of the next $500 million of ANA
0.75% of the next $750 million of ANA
0.70% of the next $1.5 billion of ANA
0.675% of ANA over $3 billion

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

From November 1, 2004 to December 31, 2004

1.50% Expense Limit

From January 1, 2005 on:

1.30% Expense Limit

The sub-adviser, Janus Capital Management, LLC, has agreed to a pricing discount based on the aggregate assets that they manage in the AEGON/Transamerica Series Fund, Inc. and Transamerica IDEX Mutual Funds. There were no amounts received for the six months ended April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund, excluding Class T. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  
Class T     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A and T shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 641    
Retained by Underwriter     49    
Contingent Deferred Sales Charge     212    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $1,663 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $331. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 318,440    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     386,744    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations,

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.–(continued)

which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the period listed:

Capital Loss
Carryforward		   Available through  
$ 527,580     October 31, 2009  
  259,422     October 31, 2010  
  86,859     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 933,745    
Unrealized Appreciation   $ 212,714    
Unrealized (Depreciation)     (31,083 )  
Net Unrealized Appreciation (Depreciation)   $ 181,631    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Janus Growth

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Janus Growth (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Janus Capital Management LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one-, two-, three-, five- and ten-year periods and to the Fund's benchmark index over one-, five- and ten-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the Fund's performance, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Janus Growth

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Janus Growth

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  27,662,937.277       481,918.886       9,488,715.878    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Janus Growth.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      28,064,892.689       523,489.144       9,045,190.208    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      27,999,797.895       588,166.938       9,045,607.208    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      28,044,283.174       544,356.659       9,044,932.208    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      28,048,799.419       539,423.414       9,045,349.208    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      28,038,530.543       549,692.290       9,045,349.208    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      27,992,259.146       595,963.687       9,045,349.208    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      28,031,494.183       556,728.650       9,045,349.208    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      28,011,949.273       576,690.560       9,044,932.208    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX Jennison Growth

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,005.30       1.38 %   $ 6.86    
Hypothetical (b)     1,000.00       1,017.95       1.38       6.90    
Class B      
Actual     1,000.00       1,001.10       2.17       10.77    
Hypothetical (b)     1,000.00       1,014.03       2.17       10.84    
Class C      
Actual     1,000.00       1,000.00       2.40       11.90    
Hypothetical (b)     1,000.00       1,012.89       2.40       11.98    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Jennison Growth

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (99.4%)      
Apparel & Accessory Stores (2.1%)      
Chico's FAS, Inc. (a)(b)     75,500     $ 1,935    
Beverages (1.5%)      
PepsiCo, Inc.     24,700       1,374    
Business Services (1.8%)      
eBay, Inc. (a)     52,200       1,656    
Chemicals & Allied Products (2.6%)      
Lauder (Estee) Cos., Inc. (The)–Class A     23,600       906    
Procter & Gamble Co. (b)     26,300       1,424    
Commercial Banks (1.6%)      
JPMorgan Chase & Co.     41,200       1,462    
Communications Equipment (3.2%)      
QUALCOMM, Inc.     62,200       2,170    
Research In Motion, Ltd. (a)     10,800       696    
Computer & Data Processing Services (15.0%)      
Adobe Systems, Inc.     24,200       1,439    
Electronic Arts, Inc. (a)(b)     34,200       1,826    
Google, Inc.–Class A (a)(b)     16,800       3,696    
Mercury Interactive Corp. (a)     22,200       918    
Microsoft Corp.     55,100       1,394    
NAVTEQ Corp. (a)     13,700       499    
SAP AG, ADR     20,300       800    
Yahoo!, Inc. (a)(b)     87,900       3,033    
Computer & Office Equipment (5.5%)      
Apple Computer, Inc. (a)     45,200       1,630    
Cisco Systems, Inc. (a)     75,700       1,308    
Dell, Inc. (a)     50,700       1,766    
International Business Machines Corp.     3,400       260    
Cosmetics/Personal Care (1.0%)      
Gillette Co. (The)     18,300       945    
Department Stores (1.3%)      
Federated Department Stores, Inc.     20,700       1,190    
Electronic & Other Electric Equipment (4.6%)      
General Electric Co.     94,500       3,421    
Harman International Industries, Inc.     9,200       723    
Electronic Components & Accessories (5.3%)      
Intel Corp.     89,000       2,093    
Marvell Technology Group, Ltd. (a)(b)     38,600       1,292    
Maxim Integrated Products, Inc. (b)     33,800       1,264    
Texas Instruments, Inc.     5,200       130    
Food & Kindred Products (1.0%)      
Cadbury Schweppes PLC, ADR     23,100       939    

 

    Shares   Value  
Food Stores (2.2%)                  
Whole Foods Market, Inc. (b)     19,700     $ 1,964    
Furniture & Home Furnishings Stores (1.5%)                  
Bed Bath & Beyond, Inc. (a)     18,500       688    
Williams-Sonoma, Inc. (a)     21,300       713    
Health Services (1.4%)                  
Caremark Rx, Inc. (a)     32,400       1,298    
Industrial Machinery & Equipment (1.2%)                  
Applied Materials, Inc. (a)     73,500       1,093    
Instruments & Related Products (2.5%)                  
Agilent Technologies, Inc. (a)     46,500       965    
Alcon, Inc. (a)     13,800       1,339    
Insurance (4.9%)                  
Cigna Corp.     10,100       929    
UnitedHealth Group, Inc.     20,100       1,900    
WellPoint, Inc. (a)     12,400       1,584    
Leather & Leather Products (1.1%)                  
Coach, Inc. (a)     38,200       1,024    
Lumber & Other Building Materials (1.0%)                  
Lowe's Cos., Inc.     18,300       954    
Medical Instruments & Supplies (1.1%)                  
St. Jude Medical, Inc. (a)     25,700       1,003    
Oil & Gas Extraction (3.2%)                  
Schlumberger, Ltd. (b)     30,100       2,059    
Total SA, ADR (b)     7,900       876    
Petroleum Refining (1.2%)                  
Suncor Energy, Inc.     28,500       1,051    
Pharmaceuticals (15.8%)                  
Allergan, Inc.     9,000       634    
Amgen, Inc. (a)     29,000       1,688    
Genentech, Inc. (a)     40,900       2,901    
Gilead Sciences, Inc. (a)     27,000       1,002    
Lilly (Eli) & Co.     29,600       1,731    
Novartis AG, ADR     36,700       1,788    
Pfizer, Inc.     58,700       1,595    
Roche Holding AG, ADR     37,738       2,276    
Sanofi-Aventis, ADR (b)     16,700       741    
Restaurants (1.6%)                  
Starbucks Corp. (a)     29,900       1,481    
Retail Trade (0.8%)                  
Petsmart, Inc.     29,000       773    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Jennison Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Security & Commodity Brokers (7.9%)                  
American Express Co.     58,600     $ 3,088    
Charles Schwab Corp. (The) (b)     129,600       1,341    
Goldman Sachs Group, Inc. (The)     12,600       1,346    
Merrill Lynch & Co., Inc.     25,600       1,381    
Telecommunications (1.4%)                  
Nextel Communications, Inc.–Class A (a)     46,200       1,293    
Trucking & Warehousing (1.5%)                  
United Parcel Service, Inc.–Class B     19,000       1,355    
Variety Stores (2.6%)                  
Target Corp.     50,100       2,325    
Total Common Stocks (cost: $87,625)             90,368    
    Principal   Value  
SECURITY LENDING COLLATERAL (17.0%)                  
Debt (14.7%)                  
Bank Notes (2.0%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 488     $ 488    
2.80%, due 06/09/2005 (c)     122       122    
2.77%, due 07/18/2005 (c)     488       488    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     488       488    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     122
122		       122
122		    
Euro Dollar Overnight (2.6%)                  
Bank of Montreal
2.94%, due 05/04/2005		     366       366    
BNP Paribas
2.80%, due 05/05/2005		     505       505    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     439
244		       439
244		    
Dexia Group
2.80%, due 05/05/2005		     215       215    
Royal Bank of Canada
2.80%, due 05/04/2005		     500       500    
Svenska Handlesbanken
2.80%, due 05/06/2005		     80       80    
Euro Dollar Terms (6.0%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     244
682		       244
682		    
Barclays
3.02%, due 06/27/2005		     435       435    

 

    Principal   Value  
Euro Dollar Terms (continued)                  
BNP Paribas
                  
2.93%, due 06/07/2005   $ 390     $ 390    
Branch Banker & Trust
2.94%, due 06/06/2005		     104       104    
Calyon
2.93%, due 06/03/2005		     403       403    
Citigroup
2.87%, due 06/06/2005		     506       506    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     499       499    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     244       244    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     474
263		       474
263		    
Societe Generale
2.80%, due 05/03/2005		     466       466    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     366
135		       366
135		    
UBS AG
2.81%, due 05/03/2005		     244       244    
Promissory Notes (1.5%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     512
853		       512
853		    
Repurchase Agreements (2.6%) (d)                  
Goldman Sachs Group, Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $1,098
on 05/02/2005		     1,097       1,097    
Merrill Lynch & Co., Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $1,317
on 05/02/2005		     1,317       1,317    
    Shares   Value  
Investment Companies (2.3%)                  
Money Market Funds (2.3%)                  
American Beacon Funds
1-day yield of 2.84%		     193,669     $ 194    
BGI Institutional
Money Market Fund		                  
1-day yield of 2.93%     1,146,823       1,147    
Merrill Lynch Premier
Institutional Fund		                  
1-day yield of 2.65%     258,071       258    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Jennison Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Money Market Funds (continued)      
Merrimac Cash Fund,
Premium Class
1-day yield of 2.74% (e)		     472,009     $ 472    
Total Security Lending Collateral (cost: $15,484)         15,484    
Total Investment Securities (cost: $103,109)       $ 105,852    

 

SUMMARY:                  
Investments, at value     116.4 %   $ 105,852    
Liabilities in excess of other assets     (16.4 )%     (14,877 )  
Net assets     100.0 %   $ 90,975    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $14,976.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $2,456, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX Jennison Growth  4


TA IDEX Jennison Growth

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $103,109)          
(including securities loaned of $14,976)   $ 105,852    
Cash     722    
Receivables:          
Investment securities sold     279    
Shares of beneficial interest sold     6    
Interest     4    
Dividends     52    
Other     44    
      106,959    
Liabilities:      
Investment securities purchased     224    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     92    
Management and advisory fees     67    
Distribution and service fees     49    
Transfer agent fees     44    
Payable for collateral for securities on loan     15,484    
Other     24    
      15,984    
Net Assets   $ 90,975    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 89,079    
Accumulated net investment income (loss)     (139 )  
Accumulated net realized gain (loss) from
investment securities		     (708 )  
Net unrealized appreciation (depreciation) on
investment securities		     2,743    
Net Assets   $ 90,975    
Net Assets by Class:      
Class A   $ 49,210    
Class B     31,329    
Class C     10,436    
Shares Outstanding:      
Class A     5,141    
Class B     3,467    
Class C     1,153    
Net Asset Value Per Share:      
Class A   $ 9.57    
Class B     9.04    
Class C     9.05    
Maximum Offering Price Per Share (a):      
Class A   $ 10.13    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 23    
Dividends     802    
Income from loaned securities–net     11    
Less withholding taxes on foreign dividends     (15 )  
      821    
Expenses:      
Management and advisory fees     442    
Transfer agent fees:          
Class A     26    
Class B     38    
Class C     22    
Printing and shareholder reports     22    
Custody fees     11    
Administration fees     10    
Legal fees     3    
Audit fees     5    
Trustees fees     2    
Registration fees:          
Class A     15    
Class B     8    
Class C     11    
Distribution and service fees:          
Class A     110    
Class B     170    
Class C     68    
Total expenses     963    
Net Investment Income (Loss)     (142 )  
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment securities     1,632    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (913 )  
Net Gain (Loss) on Investments     719    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 577    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX Jennison Growth  5


TA IDEX Jennison Growth

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ (142 )   $ (973 )  
Net realized gain (loss) from
investment securities		     1,632       11,967    
Net unrealized appreciation
(depreciation) on investment
securities		     (913 )     (2,428 )  
      577       8,566    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     14,686       43,811    
Class B     574       2,025    
Class C     2,163       2,846    
Class C2     –       369    
Class M     –       1,047    
      17,423       50,098    
Cost of shares redeemed:                  
Class A     (23,644 )     (8,121 )  
Class B     (3,990 )     (8,690 )  
Class C     (5,535 )     (3,250 )  
Class C2     –       (1,667 )  
Class M     –       (2,836 )  
      (33,169 )     (24,564 )  
Class level exchanges:                  
Class C     –       13,383    
Class C2     –       (7,197 )  
Class M     –       (6,186 )  
      –       –    
Automatic conversions:                  
Class A     65       31    
Class B     (65 )     (31 )  
      –       –    
      (15,746 )     25,534    
Net increase (decrease) in net assets     (15,169 )     34,100    
Net Assets:      
Beginning of period     106,144       72,044    
End of period   $ 90,975     $ 106,144    
Accumulated Net Investment
Income (Loss)		   $ (139 )   $ 3    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:                  
Shares issued:                  
Class A     1,483       4,731    
Class B     62       228    
Class C     232       319    
Class C2     –       42    
Class M     –       116    
      1,777       5,436    
Shares redeemed:                  
Class A     (2,418 )     (872 )  
Class B     (429 )     (990 )  
Class C     (594 )     (373 )  
Class C2     –       (191 )  
Class M     –       (322 )  
      (3,441 )     (2,748 )  
Class level exchanges:                  
Class C     –       1,494    
Class C2     –       (791 )  
Class M     –       (703 )  
      –       –    
Automatic conversions:                  
Class A     7       3    
Class B     (7 )     (4 )  
      –       (1 )  
Net increase (decrease) in shares
outstanding:		                  
Class A     (928 )     3,862    
Class B     (374 )     (766 )  
Class C     (362 )     1,440    
Class C2     –       (940 )  
Class M     –       (909 )  
      (1,664 )     2,687    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX Jennison Growth  6


TA IDEX Jennison Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 9.52     $ –     $ 0.05     $ 0.05     $ –     $ –     $ –     $ 9.57    
    10/31/2004     8.54       (0.07 )     1.05       0.98       –       –       –       9.52    
    10/31/2003     6.88       (0.04 )     1.70       1.66       –       –       –       8.54    
    10/31/2002     8.04       (0.05 )     (1.11 )     (1.16 )     –       –       –       6.88    
    10/31/2001     10.26       (0.01 )     (1.17 )     (1.18 )     –       (1.04 )     (1.04 )     8.04    
    10/31/2000     12.14       (0.13 )     (1.54 )     (1.67 )     –       (0.21 )     (0.21 )     10.26    
Class B   4/30/2005     9.03       (0.03 )     0.04       0.01       –       –       –       9.04    
    10/31/2004     8.14       (0.12 )     1.01       0.89       –       –       –       9.03    
    10/31/2003     6.60       (0.08 )     1.62       1.54       –       –       –       8.14    
    10/31/2002     7.77       (0.10 )     (1.07 )     (1.17 )     –       –       –       6.60    
    10/31/2001     10.01       (0.05 )     (1.15 )     (1.20 )     –       (1.04 )     (1.04 )     7.77    
    10/31/2000     11.93       (0.17 )     (1.54 )     (1.71 )     –       (0.21 )     (0.21 )     10.01    
Class C   4/30/2005     9.05       (0.04 )     0.04       –       –       –       –       9.05    
    10/31/2004     8.14       (0.15 )     1.06       0.91       –       –       –       9.05    
    10/31/2003     6.60       (0.09 )     1.63       1.54       –       –       –       8.14    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     0.53 %   $ 49,210       1.38 %     1.38 %     0.10 %     52 %  
    10/31/2004     11.48       57,760       1.59       1.59       (0.79 )     147    
    10/31/2003     24.13       18,833       1.75       1.90       (0.54 )     100    
    10/31/2002     (14.47 )     21,836       1.75       1.82       (0.52 )     98    
    10/31/2001     (11.08 )     17,670       1.55       2.44       (0.11 )     158    
    10/31/2000     (14.06 )     4,147       1.55       2.66       (0.87 )     244    
Class B   4/30/2005     0.11       31,329       2.17       2.17       (0.68 )     52    
    10/31/2004     10.93       34,667       2.24       2.24       (1.37 )     147    
    10/31/2003     23.33       37,500       2.40       2.55       (1.19 )     100    
    10/31/2002     (15.10 )     37,363       2.40       2.47       (1.17 )     98    
    10/31/2001     (11.54 )     31,922       2.20       3.09       (0.76 )     158    
    10/31/2000     (14.70 )     3,483       2.20       3.31       (1.52 )     244    
Class C   4/30/2005     0.00       10,436       2.40       2.40       (0.84 )     52    
    10/31/2004     11.18       13,717       2.39       2.39       (1.68 )     147    
    10/31/2003     23.33       607       2.40       2.55       (1.19 )     100    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on the average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Jennison Growth

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Jennison Growth ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1996.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $21 are included in net realized gains in the Statement of Operations.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $5 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%).

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX Jennison Growth  9


TA IDEX Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Growth Portfolio		   $ 34,585       38.02 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     213       0.23 %  
Total   $ 34,798       38.25 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

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

1.40% Expense Limit

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 55    
Retained by Underwriter     2    
Contingent Deferred Sales Charge     46    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund Paid TFS $104 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $6. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 55,487    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     68,973    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations,

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX Jennison Growth  10


TA IDEX Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.–(continued)

which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 1,911     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 103,608    
Unrealized Appreciation   $ 6,142    
Unrealized (Depreciation)     (3,898 )  
Net Unrealized Appreciation (Depreciation)   $ 2,244    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX Jennison Growth  11


TA IDEX Jennison Growth

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Jennison Growth (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Jennison Associates LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over trailing one-, two-, three- and five-year periods and to the Fund's benchmark index over one- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Jennison Growth

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Jennison Growth

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  7,755,518.190       43,078.308       3,063,084.518    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Jennison Growth.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      7,763,759.362       56,008.015       3,041,913.639    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      7,762,087.992       57,679.385       3,041,913.639    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      7,761,753.100       58,014.277       3,041,913.639    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      7,763,759.362       56,008.015       3,041,913.639    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      7,767,188.362       56,008.015       3,038,484.639    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      7,762,473.362       60,723.015       3,038,484.639    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      7,767,188.362       56,008.015       3,038,484.639    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      7,764,117.113       59,079.264       3,038,484.639    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX J.P. Morgan Mid Cap Value

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005
(unaudited)

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (95.9%)                  
Apparel Products (4.1%)                  
Columbia Sportswear Co. (a)     40,000     $ 1,720    
V.F. Corp.     66,800       3,780    
Automotive (1.5%)                  
Genuine Parts Co.     19,900       854    
Harsco Corp.     22,900       1,229    
Automotive Dealers & Service Stations (3.5%)                  
AutoNation, Inc. (a)     62,000       1,133    
AutoZone, Inc. (a)     42,600       3,536    
Beverages (0.9%)                  
Brown-Forman Corp.–Class B     20,700       1,149    
Chemicals & Allied Products (5.3%)                  
Albemarle Corp.     46,400       1,699    
Clorox Co.     13,200       836    
International Flavors & Fragrances, Inc.     40,800       1,546    
Lauder (Estee) Cos., Inc. (The)–Class A     18,600       714    
PPG Industries, Inc.     19,900       1,344    
Sherwin-Williams Co. (The)     21,200       945    
Commercial Banks (7.2%)                  
Cullen/Frost Bankers, Inc.     14,700       637    
M&T Bank Corp.     28,800       2,979    
North Fork Bancorp, Inc.     102,000       2,871    
Northern Trust Corp.     29,500       1,328    
TCF Financial Corp.     34,000       860    
Wilmington Trust Corp.     30,500       1,078    
Computer & Data Processing Services (3.1%)                  
Affiliated Computer Services, Inc.–Class A (a)     26,100       1,244    
Computer Associates International, Inc.     36,000       968    
IMS Health, Inc.     44,300       1,062    
Interactive Data Corp. (a)     45,100       904    
Computer & Office Equipment (0.7%)                  
Lexmark International, Inc. (a)     13,400       931    
Department Stores (1.9%)                  
May Department Stores Co. (The)     18,500       649    
TJX Cos., Inc.     85,800       1,943    
Electric Services (4.0%)                  
DPL, Inc.     29,000       738    
Energy East Corp.     39,100       1,017    
PPL Corp.     20,700       1,123    
SCANA Corp.     34,100       1,324    
Westar Energy, Inc.     51,400       1,177    
Electrical Goods (1.3%)                  
Carlisle Cos., Inc.     24,800       1,781    

 

    Shares   Value  
Electronic & Other Electric Equipment (1.6%)                  
Ametek, Inc.     23,000     $ 871    
Cooper Industries, Ltd.–Class A     19,200       1,222    
Environmental Services (0.8%)                  
Republic Services, Inc.     29,300       1,014    
Fabricated Metal Products (2.7%)                  
Crane Co.     43,200       1,106    
Fortune Brands, Inc.     18,400       1,556    
Parker Hannifin Corp.     16,100       965    
Food & Kindred Products (1.4%)                  
Hormel Foods Corp.     44,200       1,376    
Smucker (J.M.) Co. (The)     11,000       546    
Furniture & Home Furnishings Stores (0.5%)                  
Tuesday Morning Corp. (a)     28,200       741    
Gas Production & Distribution (4.9%)                  
AGL Resources, Inc.     27,800       962    
Energen Corp.     16,500       1,022    
Kinder Morgan, Inc.     39,900       3,051    
Questar Corp.     16,100       940    
UGI Corp.     12,300       618    
Health Services (4.6%)                  
Coventry Health Care, Inc. (a)     37,300       2,552    
Manor Care, Inc.     31,400       1,047    
Omnicare, Inc.     25,700       891    
Quest Diagnostics, Inc.     8,300       878    
Renal Care Group, Inc. (a)     22,200       847    
Holding & Other Investment Offices (1.3%)                  
PS Business Parks, Inc.     14,000       565    
Rayonier, Inc.     23,400       1,176    
Industrial Machinery & Equipment (0.7%)                  
American Standard Cos., Inc.     22,400       1,002    
Insurance (10.1%)                  
Assurant, Inc.     104,700       3,465    
Cincinnati Financial Corp.     26,355       1,061    
IPC Holdings, Ltd.     46,100       1,735    
MGIC Investment Corp.     22,500       1,328    
Old Republic International Corp.     105,200       2,483    
PartnerRe, Ltd.     18,300       1,067    
Principal Financial Group     26,800       1,047    
SAFECO Corp.     25,900       1,364    
Insurance Agents, Brokers & Service (0.5%)                  
Willis Group Holdings, Ltd.     21,100       706    
Metal Cans & Shipping Containers (0.9%)                  
Ball Corp.     29,700       1,173    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Mining (1.8%)                  
Florida Rock Industries, Inc.     8,900     $ 517    
Vulcan Materials Co.     35,700       1,894    
Motor Vehicles, Parts & Supplies (0.7%)                  
BorgWarner, Inc.     21,200       969    
Oil & Gas Extraction (3.9%)                  
Burlington Resources, Inc.     45,000       2,187    
Devon Energy Corp.     54,500       2,462    
Pioneer Natural Resources Company     14,400       586    
Paper & Allied Products (1.6%)                  
MeadWestvaco Corp.     22,200       654    
Pactiv Corp. (a)     69,800       1,497    
Petroleum Refining (2.4%)                  
Ashland, Inc.     17,600       1,183    
Marathon Oil Corp.     21,200       987    
Premcor, Inc.     15,300       1,012    
Pharmaceuticals (0.8%)                  
Sigma-Aldrich Corp.     18,200       1,063    
Printing & Publishing (4.6%)                  
Dex Media, Inc.     58,600       1,283    
Gannett Co., Inc.     31,500       2,426    
Knight-Ridder, Inc.     11,700       757    
Scripps (E.W.) Co. (The)     34,200       1,742    
Real Estate (1.2%)                  
Brookfield Properties Co.     46,100       1,170    
Forest City Enterprises, Inc.–Class A     8,000       505    
Restaurants (1.9%)                  
Applebees International, Inc.     31,200       773    
Outback Steakhouse, Inc.     44,500       1,798    

 

    Shares   Value  
Retail Trade (0.8%)                  
Tiffany & Co.     38,000     $ 1,146    
Savings Institutions (3.4%)                  
Golden West Financial Corp.     51,700       3,222    
Webster Financial Corp.     30,400       1,382    
Security & Commodity Brokers (1.5%)                  
Legg Mason, Inc.     16,600       1,176    
T. Rowe Price Group, Inc.     14,700       811    
Telecommunications (4.6%)                  
ALLTEL Corp.     45,100       2,569    
CenturyTel, Inc.     76,500       2,348    
Telephone & Data Systems, Inc.     16,800       1,297    
Textile Mill Products (0.6%)                  
Mohawk Industries, Inc. (a)     10,500       817    
Variety Stores (1.4%)                  
Family Dollar Stores, Inc.     70,400       1,899    
Wholesale Trade Nondurable Goods (1.2%)                  
Dean Foods Co. (a)     47,400       1,629    
Total Common Stocks (cost: $133,958)             129,237    
Total Investment Securities (cost: $133,958)           $ 129,237    
SUMMARY:                  
Investments, at value     95.9 %   $ 129,237    
Other assets in excess of liabilities     4.1 %     5,526    
Net assets     100.0 %   $ 134,763    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX J.P. Morgan Mid Cap Value

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $133,958)   $ 129,237    
Cash     8,522    
Receivables:          
Investment securities sold     1,632    
Shares of beneficial interest sold     388    
Interest     10    
Dividends     94    
      139,883    
Liabilities:      
Investment securities purchased     5,005    
Accounts payable and accrued liabilities:          
Management and advisory fees     63    
Distribution and service fees     38    
Other     14    
      5,120    
Net Assets   $ 134,763    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 139,394    
Undistributed net investment income (loss)     16    
Undistributed net realized gain (loss) from investment
securities		     74    
Net unrealized appreciation (depreciation) on
investment securities		     (4,721 )  
Net Assets   $ 134,763    
Shares Outstanding:     14,216    
Net Asset Value and Offering Price Per Share:   $ 9.48    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005 (a)
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 32    
Dividends     151    
      183    
Expenses:      
Management and advisory fees     133    
Transfer agent fees     1    
Printing and shareholder reports     1    
Custody fees     19    
Administration fees     3    
Legal fees     1    
Audit fees     2    
Trustees fees     1    
Distribution and service fees     55    
Total expenses     216    
Less:          
Advisory fee waiver     (49 )  
Net expenses     167    
Net Investment Income (Loss)     16    
Net Realized and Unrealized Gain (Loss)      
Realized Gain (Loss) from investment securities     74    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (4,721 )  
Net Gain (Loss) on Investments     (4,647 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ (4,631 )  

 

(a)  Commenced operations on March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX J.P. Morgan Mid Cap Value

STATEMENT OF CHANGES IN NET ASSETS
For the period ended
(all amounts in thousands)

        April 30,
2005 (a)
(unaudited)		  
Increase (Decrease) In Net Assets From:          
Operations:          
Net investment income (loss)       $ 16    
Net realized gain (loss) from investment securities         74    
Net unrealized appreciation (depreciation) on
investment securities		         (4,721 )  
          (4,631 )  
Capital Share Transactions:          
Proceeds from shares sold         139,394    
Net increase (decrease) in net assets         134,763    
Net Assets:          
Beginning of period         –    
End of period         $ 134,763    
Undistributed Net Investment Income (Loss)       $ 16    
Share Activity:          
Shares issued         14,216    
          14,216    
Net increase (decrease) in shares outstanding         14,216    
          14,216    

 

(a)  Commenced operations on March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX J.P. Morgan Mid Cap Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

    For a share of beneficial interest outstanding throughout the period  
    Net Asset   Investment Operations   Distributions   Net Asset  
For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
4/30/2005   $ 10.00     $ 0.00     $ (0.52 )   $ (0.52 )   $ –     $ –     $ –     $ 9.48    

 

        Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
PeriodRatio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
4/30/2005     (5.20 )%   $ 134,763       1.05 %     1.37 %     0.10 %     6 %  

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX J.P. Morgan Mid Cap Value ("the Fund") commenced operations on March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX J.P. Morgan Mid Cap Value ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2005.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period from inception through April 30, 2005, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 from inception through April 30, 2005, the Fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 9,305       6.90 %  
TA IDEX Asset Allocation–
Growth Portfolio		     43,076       31.96 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     68,567       50.88 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     13,349       9.91 %  
Total   $ 134,297       99.65 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.85% of the first $100 million of ANA
0.80% of ANA over $100 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses exceed the following stated annual limit:

1.05% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. The Fund pays TFS an annual fee of 0.02% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $1 for the period from inception through April 30, 2005.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period from inception through April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 139,769    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     5,885    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 134,026    
Unrealized Appreciation   $ 1,073    
Unrealized (Depreciation)     (5,862 )  
Net Unrealized Appreciation (Depreciation)   $ (4,789 )  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX J.P. Morgan Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX J.P. Morgan Mid Cap Value

A discussion regarding the basis of Transamerica IDEX Mutual Fund's Board of Trustees' approval of the fund's advisory arrangements will be available in the fund's annual report for the fiscal year ending October 31, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Marsico Growth

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,045.90       1.38 %   $ 7.00    
Hypothetical (b)     1,000.00       1,017.95       1.38       6.90    
Class B      
Actual     1,000.00       1,040.90       2.27       11.49    
Hypothetical (b)     1,000.00       1,013.54       2.27       11.33    
Class C      
Actual     1,000.00       1,040.60       2.37       11.99    
Hypothetical (b)     1,000.00       1,013.04       2.37       11.83    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Marsico Growth

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (95.3%)      
Aerospace (5.0%)      
General Dynamics Corp.     16,036     $ 1,685    
Lockheed Martin Corp.     28,339       1,727    
United Technologies Corp.     22,063       2,244    
Air Transportation (3.1%)      
FedEx Corp.     41,915       3,561    
Beverages (0.5%)      
PepsiCo, Inc.     9,870       549    
Chemicals & Allied Products (3.7%)      
Procter & Gamble Co. (a)     76,729       4,155    
Commercial Banks (4.8%)      
Citigroup, Inc.     40,693       1,911    
UBS AG (Foreign Registered)     35,791       2,874    
UCBH Holdings, Inc.     38,128       600    
Communications Equipment (2.7%)      
QUALCOMM, Inc.     85,949       2,999    
Computer & Data Processing Services (2.5%)      
Electronic Arts, Inc. (a)(b)     38,272       2,043    
Google, Inc.–Class A (a)(b)     2,564       564    
Pixar, Inc. (b)     4,485       205    
Computer & Office Equipment (1.5%)      
Dell, Inc. (b)     48,244       1,680    
Construction (1.7%)      
KB Home     23,242       1,325    
MDC Holdings, Inc.     9,079       594    
Drug Stores & Proprietary Stores (1.7%)      
CVS Corp.     15,734       812    
Walgreen Co. (a)     26,219       1,129    
Electric Services (1.1%)      
TXU Corp.     14,569       1,250    
Electronic & Other Electric Equipment (5.0%)      
General Electric Co.     145,757       5,276    
Harman International Industries, Inc.     5,285       415    
Health Services (1.1%)      
Quest Diagnostics, Inc.     11,660       1,234    
Hotels & Other Lodging Places (3.0%)      
MGM Mirage, Inc. (b)     18,704       1,306    
Wynn Resorts, Ltd. (a)(b)     40,300       2,133    
Industrial Machinery & Equipment (2.3%)      
Caterpillar, Inc.     28,961       2,550    
Insurance (7.9%)      
Aetna, Inc.     5,098       374    

 

    Shares   Value  
Insurance (continued)                  
PacifiCare Health Systems, Inc. (b)     7,482     $ 447    
UnitedHealth Group, Inc.     79,683       7,531    
WellPoint, Inc. (b)     4,468       571    
Lumber & Other Building Materials (2.7%)                  
Lowe's Cos., Inc. (a)     58,948       3,072    
Medical Instruments & Supplies (6.2%)                  
Medtronic, Inc.     26,580       1,401    
St. Jude Medical, Inc. (b)     41,760       1,630    
Zimmer Holdings, Inc. (b)     48,421       3,942    
Mortgage Bankers & Brokers (3.2%)                  
Countrywide Financial Corp.     101,299       3,666    
Oil & Gas Extraction (1.2%)                  
Schlumberger, Ltd.     19,012       1,301    
Personal Credit Institutions (3.9%)                  
SLM Corp.     93,570       4,458    
Petroleum Refining (2.7%)                  
Exxon Mobil Corp.     52,972       3,021    
Pharmaceuticals (13.2%)                  
Genentech, Inc. (b)     109,435       7,763    
Johnson & Johnson     50,024       3,433    
Pfizer, Inc.     76,736       2,085    
Sanofi-Aventis, ADR (a)     37,037       1,643    
Real Estate (1.0%)                  
St. Joe Co. (The)     15,962       1,111    
Residential Building Construction (1.8%)                  
Lennar Corp.–Class A     24,130       1,242    
Toll Brothers, Inc. (a)(b)     11,219       850    
Restaurants (3.3%)                  
Starbucks Corp. (b)     33,938       1,681    
Yum! Brands, Inc.     44,889       2,108    
Rubber & Misc. Plastic Products (2.5%)                  
NIKE, Inc.–Class B     37,081       2,848    
Security & Commodity Brokers (3.8%)                  
Chicago Mercantile Exchange     9,054       1,770    
Goldman Sachs Group, Inc. (The)     23,817       2,543    
Variety Stores (0.8%)                  
Target Corp.     20,191       937    
Water Transportation (1.4%)                  
Royal Caribbean Cruises, Ltd. (a)     38,889       1,634    
Total Common Stocks (cost: $95,112)             107,883    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Marsico Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
SECURITY LENDING COLLATERAL (13.3%)      
Debt (11.5%)      
Bank Notes (1.5%)      
Bank of America
                  
2.82%, due 05/16/2005   $ 475     $ 475    
2.80%, due 06/09/2005 (c)     119       119    
2.77%, due 07/18/2005 (c)     475       475    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     475       475    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c) 119 119
3.06%, due 03/10/2006 (c)		     119       119    
Euro Dollar Overnight (2.0%)      
Bank of Montreal
2.94%, due 05/04/2005		     356       356    
BNP Paribas
2.80%, due 05/05/2005		     492       492    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     428
238		       428
238		    
Dexia Group
2.80%, due 05/05/2005		     210       210    
Royal Bank of Canada
2.80%, due 05/04/2005		     488       488    
Svenska Handlesbanken
2.80%, due 05/06/2005		     78       78    
Euro Dollar Terms (4.7%)      
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     238
665		       238
665		    
Barclays
3.02%, due 06/27/2005		     424       424    
BNP Paribas
2.93%, due 06/07/2005		     380       380    
Branch Banker & Trust
2.94%, due 06/06/2005		     102       102    
Calyon
2.93%, due 06/03/2005		     393       393    
Citigroup
2.87%, due 06/06/2005		     493       493    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     487       487    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     238       238    

 

    Principal   Value  
Euro Dollar Terms (continued)                  
Royal Bank of Scotland
                  
2.94%, due 06/07/2005   $ 462     $ 462    
2.95%, due 06/10/2005     256       256    
Societe Generale
2.80%, due 05/03/2005		     455       455    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     356
132		       356
132		    
UBS AG
2.81%, due 05/03/2005		     238       238    
Promissory Notes (1.2%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     499
832		       499
832		    
Repurchase Agreements (2.1%) (d)                  
Goldman Sachs Group, Inc. (The)
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $1,070 on
05/02/2005		     1,070       1,070    
Merrill Lynch & Co. Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $1,284
on 05/02/2005		     1,284       1,284    
    Shares   Value  
Investment Companies (1.8%)                  
Money Market Funds (1.8%)                  
American Beacon Funds
1-day yield of 2.84%		     188,790     $ 189    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     1,117,926       1,118    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     251,569       251    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     460,115       460    
Total Security Lending Collateral (cost: $15,094)             15,094    
Total Investment Securities (cost: $110,206)           $ 122,977    
SUMMARY:                  
Investments, at value     108.6 %   $ 122,977    
Liabilities in excess of other assets     (8.6 )%     (9,782 )  
Net assets     100.0 %   $ 113,195    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $14,639.

(b)  No dividends were paid during the preceding twelve months.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $2,394, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Marsico Growth

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $110,206)
(including securities loaned of $14,639)		   $ 122,977    
Cash     4,222    
Receivables:          
Investment securities sold     1,190    
Shares of beneficial interest sold     93    
Interest     10    
Dividends     74    
Dividend reclaims receivable     18    
Other     3    
      128,587    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     94    
Management and advisory fees     106    
Distribution and service fees     49    
Transfer agent fees     18    
Payable for collateral for securities on loan     15,094    
Other     31    
      15,392    
Net Assets   $ 113,195    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 113,862    
Accumulated net investment income (loss)     (266 )  
Accumulated net realized gain (loss) from
investment securities		     (13,172 )  
Net unrealized appreciation (depreciation) on
investment securities		     12,771    
Net Assets   $ 113,195    
Net Assets by Class:      
Class A   $ 82,728    
Class B     19,856    
Class C     10,611    
Shares Outstanding:      
Class A     8,644    
Class B     2,167    
Class C     1,161    
Net Asset Value Per Share:      
Class A   $ 9.57    
Class B     9.16    
Class C     9.14    
Maximum Offering Price Per Share (a):      
Class A   $ 10.13    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 67    
Dividends     536    
Income from loaned securities–net     3    
Less withholding taxes on foreign dividends     (14 )  
      592    
Expenses:      
Management and advisory fees     413    
Transfer agent fees:          
Class A     21    
Class B     27    
Class C     12    
Printing and shareholder reports     7    
Custody fees     11    
Administration fees     10    
Legal fees     2    
Audit fees     5    
Trustees fees     2    
Registration fees:          
Class A     17    
Class B     9    
Class C     12    
Other     1    
Distribution and service fees:          
Class A     126    
Class B     103    
Class C     52    
Total expenses before recapture of waived expenses     830    
Recapture expenses     27    
Net expenses     857    
Net Investment Income (Loss)     (265 )  
Net Realized and Unrealized Gain (Loss)      
Realized gain (loss) from investment securities     1,015    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     1,208    
Net Gain (Loss) on Investments     2,223    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 1,958    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Marsico Growth

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ (265 )   $ (567 )  
Net realized gain (loss) from
investment securities		     1,015       869    
Net unrealized appreciation
(depreciation) on investment
securities		     1,208       781    
      1,958       1,083    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     47,146       5,879    
Class B     2,309       5,383    
Class C     2,262       3,088    
Class C2     –       318    
Class M     –       464    
      51,717       15,132    
Cost of shares redeemed:                  
Class A     (2,425 )     (3,608 )  
Class B     (3,033 )     (5,546 )  
Class C     (1,379 )     (531 )  
Class C2     –       (564 )  
Class M     –       (911 )  
      (6,837 )     (11,160 )  
Class level exchanges:                  
Class C     –       5,573    
Class C2     –       (2,070 )  
Class M     –       (3,503 )  
      –       –    
Automatic conversions:                  
Class A     32       17    
Class B     (32 )     (17 )  
      –       –    
      44,880       3,972    
Net increase (decrease) in net assets     46,838       5,055    
Net Assets:      
Beginning of period     66,357       61,302    
End of period   $ 113,195     $ 66,357    
Accumulated Net Investment Income
(Loss)		   $ (266 )   $ (1 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:                  
Shares issued:                  
Class A     4,825       649    
Class B     246       615    
Class C     241       352    
Class C2     –       36    
Class M     –       53    
      5,312       1,705    
Shares redeemed:                  
Class A     (246 )     (399 )  
Class B     (325 )     (637 )  
Class C     (148 )     (61 )  
Class C2     –       (63 )  
Class M     –       (104 )  
      (719 )     (1,264 )  
Class level exchanges:                  
Class C     –       639    
Class C2     –       (237 )  
Class M     –       (399 )  
      –       3    
Automatic conversions:                  
Class A     3       2    
Class B     (3 )     (2 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     4,582       252    
Class B     (82 )     (24 )  
Class C     93       930    
Class C2     –       (264 )  
Class M     –       (450 )  
      4,593       444    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Marsico Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 9.15     $ (0.01 )   $ 0.43     $ 0.42     $ –     $ –     $ –     $ 9.57    
    10/31/2004     8.97       (0.05 )     0.23       0.18       –       –       –       9.15    
    10/31/2003     7.56       (0.08 )     1.49       1.41       –       –       –       8.97    
    10/31/2002     9.10       (0.06 )     (1.48 )     (1.54 )     –       –       –       7.56    
    10/31/2001     12.54       (0.05 )     (3.25 )     (3.30 )     –       (0.14 )     (0.14 )     9.10    
    10/31/2000     11.40       0.02       1.15       1.17       –       (0.03 )     (0.03 )     12.54    
Class B   4/30/2005     8.80       (0.05 )     0.41       0.36       –       –       –       9.16    
    10/31/2004     8.68       (0.10 )     0.22       0.12       –       –       –       8.80    
    10/31/2003     7.36       (0.12 )     1.44       1.32       –       –       –       8.68    
    10/31/2002     8.92       (0.11 )     (1.45 )     (1.56 )     –       –       –       7.36    
    10/31/2001     12.41       (0.11 )     (3.24 )     (3.35 )     –       (0.14 )     (0.14 )     8.92    
    10/31/2000     11.35       (0.06 )     1.15       1.09       –       (0.03 )     (0.03 )     12.41    
Class C   4/30/2005     8.78       (0.06 )     0.42       0.36       –       –       –       9.14    
    10/31/2004     8.68       (0.12 )     0.22       0.10       –       –       –       8.78    
    10/31/2003     7.18       (0.12 )     1.62       1.50       –       –       –       8.68    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     4.59 %   $ 82,728       1.38 %     1.33 %     (0.23 )%     32 %  
    10/31/2004     2.01       37,186       1.52       1.52       (0.58 )     85    
    10/31/2003     18.65       34,167       1.75       1.80       (0.97 )     129    
    10/31/2002     (16.88 )     5,752       1.73       2.05       (0.56 )     34    
    10/31/2001     (26.63 )     7,361       1.55       2.03       (0.43 )     15    
    10/31/2000     10.29       6,587       1.55       2.53       (0.47 )     25    
Class B   4/30/2005     4.09       19,856       2.27       2.22       (1.12 )     32    
    10/31/2004     1.38       19,792       2.13       2.13       (1.19 )     85    
    10/31/2003     17.93       19,723       2.40       2.45       (1.62 )     129    
    10/31/2002     (17.52 )     14,130       2.38       2.70       (1.21 )     34    
    10/31/2001     (27.25 )     15,081       2.20       2.68       (1.08 )     15    
    10/31/2000     9.54       7,908       2.20       3.18       (1.12 )     25    
Class C   4/30/2005     4.06       10,611       2.37       2.32       (1.22 )     32    
    10/31/2004     1.27       9,379       2.40       2.40       (1.38 )     85    
    10/31/2003     20.89       1,200       2.40       2.46       (1.62 )     129    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the years ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and the period ended 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and includes the recapture of previously waived expenses (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers, reimbursements by the investment adviser and recapture of previously waived expenses.

(g)  TA IDEX Marsico Growth ("the Fund") commenced operations on March 1, 1999. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Marsico Growth

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Marisco Growth ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $18 are included in net realized gains in the Statement of Operations.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $2 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e.: through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		   $ 51,079       45.13 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     18,874       16.67 %  
Total   $ 69,953       61.80 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

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

1.40% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

    Advisory Fee
Waived		   Available for
Recapture Through		  
Fiscal Year 2003   $ 27       10/31/2006    

 

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 124    
Retained by Underwriter     6    
Contingent Deferred Sales Charge     32    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $68 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $3. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 72,086    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     29,762    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 974     October 31, 2009  
  4,581     October 31, 2010  
  8,550     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 110,239    
Unrealized Appreciation   $ 14,897    
Unrealized (Depreciation)     (2,159 )  
Net Unrealized Appreciation (Depreciation)   $ 12,738    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Marsico Growth

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Marsico Growth (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Banc of America Capital Management, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over trailing one-, two-, three- and five-year periods and to the Fund's benchmark index over one- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Marsico Growth

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Marsico Growth

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  4,581,056.723       51,681.740       1,902,699.432    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Marsico Growth.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      4,588,227.186       65,627.709       1,881,583.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      4,586,704.726       67,150.169       1,881,583.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      4,586,870.186       66,984.709       1,881,583.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      4,587,635.080       66,219.815       1,881,583.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      4,587,501.418       66,353.477       1,881,583.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      4,584,531.080       69,323.815       1,881,583.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      4,589,421.418       64,433.477       1,881,583.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      4,585,809.030       68,045.865       1,881,583.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Marsico International Growth

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At April 30, 2005
(unaudited)

This chart shows the percentage breakdown by region of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Marsico International Growth

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
PREFERRED STOCKS (2.1%)      
Germany (2.1%)      
Fresenius AG Preferred     58,432     $ 6,828    
Total Preferred Stocks (cost: $6,444)             6,828    
COMMON STOCKS (92.6%)      
Austria (2.2%)      
Erste Bank der Oesterreichischen
Sparkassen AG		     120,582       5,871    
Erste Bank der Oesterreichischen
Sparkassen AG (Foreign Registered)		     13,960       676    
Raiffeisen International Bank Holding AG (a)     13,701       708    
Bahama Islands (1.1%)      
Kerzner International, Ltd. (a)     67,908       3,741    
Brazil (0.9%)      
Petroleo Brasileiro SA, ADR     71,250       2,988    
Canada (4.1%)      
Canadian National Railway Co.     110,608       6,328    
Shoppers Drug Mart Corp.     121,726       3,803    
Talisman Energy, Inc.     106,059       3,210    
France (14.9%)      
JC Decaux SA (a)     177,496       4,708    
Renault SA     35,498       2,986    
Sanofi-Aventis     146,703       13,037    
Thomson Multimedia SA     291,737       7,228    
Total SA     33,746       7,531    
Vinci SA     86,564       13,056    
Germany (1.5%)      
Bayerische Hypo-und Vereinsbank AG (a)     204,861       4,891    
Hong Kong (4.0%)      
CNOOC, Ltd., ADR     59,271       3,190    
Hang Lung Properties, Ltd.     2,050,825       3,153    
Shangri-La Asia, Ltd.     4,318,000       6,576    
India (2.1%)      
ICICI Bank, Ltd., Sponsored ADR     189,538       3,427    
Reliance Industries, Ltd., GDR–144A     142,458       3,454    
Ireland (1.9%)      
Anglo Irish Bank Corp. PLC     538,960       6,224    
Italy (1.3%)      
Banca Intesa SpA     891,250       4,271    
Japan (16.2%)      
Astellas Pharma, Inc.     302,300       10,941    
Canon, Inc.     58,000       3,015    
Fanuc, Ltd.     50,026       2,943    
Keyence Corp.     14,400       3,175    

 

    Shares   Value  
Japan (continued)      
Millea Holdings, Inc.     270     $ 3,678    
Mitsubishi Tokyo Financial Group, Inc.     554       4,786    
Promise Co., Ltd.     116,100       7,489    
Sony Corp.     80,000       2,952    
Sumitomo Realty & Development Co., Ltd.     295,000       3,355    
Trend Micro, Inc.     84,000       3,034    
Yamada Denki Co., Ltd.     149,200       7,127    
Mexico (4.9%)      
America Movil SA de CV–Class L, ADR     126,336       6,273    
Cemex SA de CV, Sponsored ADR     85,505       3,078    
Grupo Televisa SA, Sponsored ADR     116,197       6,528    
Singapore (2.1%)      
Capitaland, Ltd. (a)     4,408,000       6,885    
South Africa (1.0%)      
Sasol, Ltd.     135,102       3,174    
South Korea (1.0%)      
Samsung Electronics Co., Ltd., GDR–144A     14,021       3,162    
Sweden (2.7%)      
ForeningsSparbanken AB     273,143       6,437    
Telefonaktiebolaget LM Ericsson, ADR (a)     79,091       2,329    
Switzerland (13.7%)      
Lonza Group AG     109,036       6,590    
Roche Holding AG–Genusschein     127,599       15,505    
Swiss Life Holding (a)     64,287       8,904    
UBS AG     169,712       13,629    
United Kingdom (15.8%)      
ARM Holdings PLC     1,855,475       3,390    
British Energy Group PLC (a)     660,362       3,961    
Diageo PLC     438,152       6,503    
EMI Group PLC     1,032,070       4,717    
Enterprise Inns PLC     937,243       13,092    
Intercontinental Hotels Group PLC     813,325       9,715    
Reckitt Benckiser PLC     302,837       9,852    
United States (1.2%)      
Wynn Resorts, Ltd. (a)     71,212       3,770    
Total Common Stocks (cost: $308,495)             301,046    
Total Investment Securities (cost: $314,939)           $ 307,874    
SUMMARY:      
Investments, at value     94.7 %   $ 307,874    
Other Assets and Liabilities     5.3 %     17,127    
Net assets     100.0 %   $ 325,001    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Marsico International Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Percentage of
Net Assets		   Value  
INVESTMENTS BY INDUSTRY:      
Commercial Banks     15.7 %   $ 50,920    
Pharmaceuticals     14.3 %     46,311    
Hotels & Other Lodging Places     7.3 %     23,802    
Chemicals & Allied Products     6.1 %     19,896    
Electronic & Other Electric Equipment     4.1 %     13,342    
Restaurants     4.0 %     13,092    
Construction     4.0 %     13,056    
Oil & Gas Extraction     3.9 %     12,562    
Real Estate     3.2 %     10,240    
Life Insurance     2.7 %     8,904    
Petroleum Refining     2.3 %     7,531    
Personal Credit Institutions     2.3 %     7,489    
Radio, Television & Computer Stores     2.2 %     7,127    
Radio & Television Broadcasting     2.0 %     6,528    
Beer, Wine & Distilled Beverages     2.0 %     6,503    
Electronic Components & Accessories     2.0 %     6,333    
Railroads     2.0 %     6,328    
Telecommunications     1.9 %     6,273    
Amusement & Recreation Services     1.5 %     4,717    
Business Services     1.4 %     4,708    
Electric Services     1.2 %     3,961    
Drug Stores & Proprietary Stores     1.2 %     3,803    
Insurance     1.1 %     3,678    
Instruments & Related Products     1.0 %     3,175    
Residential Building Construction     1.0 %     3,153    
Stone, Clay & Glass Products     0.9 %     3,078    
Computer & Data Processing Services     0.9 %     3,034    
Computer & Office Equipment     0.9 %     3,015    
Automotive     0.9 %     2,986    
Communications Equipment     0.7 %     2,329    
Investments, at value     94.7 %     307,874    
Other Assets and Liabilities     5.3 %     17,127    
Net Assets     100.0 %   $ 325,001    

 

NOTES TO SCHEDULE OF INVESTMENTS:  

 

(a)  No dividends were paid during the preceding twelve months.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $6,616 or 2.0% of the net assets of the Fund.

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Marsico International Growth

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $314,939)   $ 307,874    
Cash     27,286    
Foreign cash (cost: $1,235)     1,230    
Receivables:          
Investment securities sold     2,169    
Shares of beneficial interest sold     632    
Interest     34    
Dividends     460    
Dividend reclaims receivable     113    
      339,798    
Liabilities:      
Investment securities purchased     14,479    
Accounts payable and accrued liabilities:          
Management and advisory fees     263    
Distribution and service fees     24    
Other     31    
      14,797    
Net Assets   $ 325,001    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 335,427    
Undistributed net investment income (loss)     595    
Accumulated net realized gain (loss) from
investment securities and foreign currency
transactions		     (3,961 )  
Net unrealized appreciation (depreciation) on:          
Investment securities     (7,065 )  
Translation of assets and liabilities denominated
in foreign currencies		     5    
Net Assets   $ 325,001    
Net Assets by Class:      
Class A   $ 89,688    
Class I     235,313    
Shares Outstanding:      
Class A     9,037    
Class I     23,721    
Net Asset Value and Offering Price Per Share:      
Class A   $ 9.92    
Class I     9.92    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005 (a)
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 143    
Dividends     2,355    
Less withholding taxes on foreign dividends     (166 )  
      2,332    
Expenses:      
Management and advisory fees     1,029    
Printing and shareholder reports     3    
Custody fees     90    
Administration fees     19    
Legal fees     3    
Audit fees     8    
Trustees fees     2    
Distribution and service fees:          
Class A     35    
Total expenses     1,189    
Less:          
Reimbursement of class expenses:          
Class A     (25 )  
Net expenses     1,164    
Net Investment Income (Loss)     1,168    
Net Realized Gain (Loss) from:      
Investment securities     (3,971 )  
Foreign currency transactions     10    
      (3,961 )  
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     (7,065 )  
Translation of assets and liabilities denominated
in foreign currencies		     5    
      (7,060 )  
Net Gain (Loss) on Investments and Foreign
Currency Transactions		     (11,021 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ (9,853 )  

 

(a)  TA IDEX Marsico International Growth ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 01, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Marsico International Growth

STATEMENT OF CHANGES IN NET ASSETS
For the period ended
(all amounts in thousands)

    April 30,
2005 (a)
(unaudited)		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 1,168    
Net realized gain (loss) from
investment securities and foreign
currency transactions		     (3,961 )  
Net unrealized appreciation
(depreciation) on investment securities
and foreign currency translations		     (7,060 )  
      (9,853 )  
Distributions to Shareholders:      
From net investment income:          
Class I     (573 )  
      (573 )  
Capital Share Transactions:      
Proceeds from shares sold:          
Class A     93,831    
Class I     241,023    
      334,854    
Dividends and distributions reinvested:          
Class I     573    
      573    
      335,427    
Net increase (decrease) in net assets     325,001    
Net Assets:      
Beginning of period     –    
End of period   $ 325,001    
Undistributed Net Investment Income (Loss)   $ 595    
Share Activity:      
Shares issued:          
Class A     9,037    
Class I     23,665    
      32,702    
Shares issued–reinvested from distributions:          
Class I     56    
      56    
Net increase (decrease) in shares outstanding:          
Class A     9,037    
Class I     23,721    
      32,758    

 

(a)  TA IDEX Marsico International Growth ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 01, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Marsico International Growth

FINANCIAL HIGHLIGHTS

(unaudited)

        For a share of beneficial interest outstanding throughout the period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.51     $ 0.04     $ (0.63 )   $ (0.59 )   $ –     $ –     $ –     $ 9.92    
Class I   4/30/2005     10.00       0.05       (0.09 )     (0.04 )     (0.04 )     –       (0.04 )     9.92    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (5.61 )%   $ 89,688       1.31 %     1.58 %     2.12 %     101 %  
Class I   4/30/2005     (0.45 )     235,313       1.18       1.18       1.10       101    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Marsico International Growth ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 01, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Marsico International Growth

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005

(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Marsico International Growth ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on November 8, 2004.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers two classes of shares, Class A and Class I, each with a public offering price that reflects different sales charges, if any, and expense levels. The initial sales charge currently is waived as this Fund is available for investment only by certain strategic asset allocation funds. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the
U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period from inception through, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Marsico International Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005

(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into
U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The Fund's investments in India are subject to a 30% governmental short-term capital gains tax. The Indian government has elected to waive the long-term capital gains tax of 10% on equity securities held for longer than one year. This waiver of tax is effective through March of 2007. Such taxes are due upon sale of individual securities. The Fund accrues for taxes on the capital gains throughout the holding period of the underlying securities.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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.

There were no open forward foreign currency contracts at April 30, 2005.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 from inception through April 30, 2005, the fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a AEGON/Transamerica Series Fund, Inc.) the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 2,944       0.91 %  
TA IDEX Asset Allocation–
Growth Portfolio		     27,746       8.44 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     35,294       10.86 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     23,640       7.27 %  
Asset Allocation–Conservative
Portfolio		     11,867       3.65 %  
Asset Allocation–Growth Portfolio     64,828       19.95 %  
Asset Allocation–Moderate Growth
Portfolio		     109,296       33.63 %  
Asset Allocation–Moderate
Portfolio		     49,111       15.11 %  
Total   $ 324,726       99.82 %  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Marsico International Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005

(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

1.06% of the first $300 million of ANA
1.01% of the next $100 million of ANA
0.96% of the next $600 million of ANA
0.91% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses exceed the following stated annual limit:

1.31% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class I     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS less than $1 for the period from inception through April 30, 2005.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period from inception through April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 501,905    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     182,995    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 316,487    
Unrealized Appreciation   $ 4,616    
Unrealized (Depreciation)     (13,229 )  
Net Unrealized Appreciation (Depreciation)   $ (8,613 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Marsico International Growth

A discussion regarding the basis of Transamerica IDEX Mutual Fund's Board of Trustees' approval of the fund's advisory arrangements will be available in the fund's annual report for the fiscal year ending October 31, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Marsico International Growth

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Marsico International Growth

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  4,019,710.021       0       0    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Marsico International Growth.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      4,019,710.021       0       0    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      4,019,710.021       0       0    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      4,019,710.021       0       0    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      4,019,710.021       0       0    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      4,019,710.021       0       0    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      4,019,710.021       0       0    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      4,019,710.021       0       0    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      4,019,710.021       0       0    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Mercury Large Cap Value

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005
(unaudited)

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Mercury Large Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (98.3%)      
Aerospace (2.2%)      
Goodrich Corp.     71,000     $ 2,861    
Lockheed Martin Corp.     50,000       3,047    
Amusement & Recreation Services (0.3%)      
Disney (Walt) Co. (The)     28,000       739    
Apparel & Accessory Stores (1.9%)      
American Eagle Outfitters     104,000       2,727    
Nordstrom, Inc.     50,000       2,541    
Automotive (0.2%)      
Ford Motor Co.     66,000       601    
Automotive Dealers & Service Stations (1.0%)      
AutoNation, Inc. (a)     143,000       2,613    
Business Services (1.9%)      
Equifax, Inc.     81,000       2,726    
Omnicom Group, Inc.     30,000       2,487    
Chemicals & Allied Products (1.2%)      
Monsanto Co.     58,000       3,400    
Commercial Banks (4.8%)      
Bank of America Corp.     60,000       2,702    
Citigroup, Inc.     194,000       9,110    
M&T Bank Corp.     14,000       1,448    
Communications Equipment (0.2%)      
L-3 Communications Holdings, Inc.     7,000       497    
Computer & Data Processing Services (6.7%)      
Activision, Inc. (a)     29,333       424    
Checkfree Corp. (a)     39,000       1,431    
Compuware Corp. (a)     446,000       2,654    
Fair Isaac Corp.     76,000       2,499    
McAfee, Inc. (a)     47,000       983    
Oracle Corp. (a)     245,000       2,832    
Sabre Holdings Corp.     129,000       2,523    
Siebel Systems, Inc. (a)     100,000       900    
Sun Microsystems, Inc. (a)     854,000       3,100    
Sybase, Inc. (a)     53,000       1,003    
Computer & Office Equipment (4.8%)      
Apple Computer, Inc. (a)     91,000       3,281    
EMC Corp. (a)     225,000       2,952    
Hewlett-Packard Co.     259,000       5,302    
Storage Technology Corp. (a)     57,000       1,585    
Construction (0.9%)      
MDC Holdings, Inc.     36,000       2,354    

 

    Shares   Value  
Department Stores (2.5%)                  
Dillard's, Inc.–Class A     30,000     $ 698    
Federated Department Stores, Inc.     52,000       2,990    
JC Penney Co., Inc.     69,000       3,271    
Electric Services (0.4%)                  
Northeast Utilities     62,000       1,135    
Electrical Goods (1.0%)                  
Avnet, Inc. (a)     139,000       2,626    
Electronic & Other Electric Equipment (4.4%)                  
Energizer Holdings, Inc. (a)     45,000       2,564    
General Electric Co.     265,000       9,593    
Electronic Components & Accessories (0.9%)                  
QLogic Corp. (a)     76,000       2,526    
Food & Kindred Products (2.1%)                  
Altria Group, Inc.     9,000       585    
Archer-Daniels-Midland Co.     24,000       432    
PepsiAmericas, Inc.     117,000       2,889    
Smithfield Foods, Inc. (a)     61,000       1,846    
Health Services (1.7%)                  
HCA, Inc.     62,000       3,462    
Manor Care, Inc.     34,000       1,134    
Hotels & Other Lodging Places (1.4%)                  
MGM Mirage, Inc. (a)     37,000       2,583    
Starwood Hotels & Resorts Worldwide, Inc.     22,000       1,195    
Industrial Machinery & Equipment (0.2%)                  
Timken Co.     17,000       422    
Instruments & Related Products (2.1%)                  
Eastman Kodak Co.     111,000       2,775    
Rockwell Automation, Inc.     8,000       370    
Xerox Corp. (a)     207,000       2,743    
Insurance (9.4%)                  
Aetna, Inc.     48,000       3,522    
Allstate Corp. (The)     81,000       4,549    
American Financial Group, Inc.     53,000       1,648    
Chubb Corp.     43,000       3,517    
Cigna Corp.     37,000       3,403    
Cincinnati Financial Corp.     28,350       1,141    
PacifiCare Health Systems, Inc. (a)     46,000       2,749    
Principal Financial Group     57,000       2,228    
Progressive Corp. (The)     9,000       821    
SAFECO Corp.     42,000       2,212    
Iron & Steel Foundries (0.3%)                  
Precision Castparts Corp.     13,000       958    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Mercury Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Life Insurance (3.9%)                  
Lincoln National Corp.     64,000     $ 2,878    
Metlife, Inc.     85,000       3,306    
Nationwide Financial Services–Class A     14,000       496    
Prudential Financial, Inc.     68,000       3,886    
Metal Mining (0.9%)                  
Phelps Dodge Corp.     29,000       2,490    
Oil & Gas Extraction (7.9%)                  
Anadarko Petroleum Corp.     38,000       2,776    
Apache Corp.     56,000       3,152    
Burlington Resources, Inc.     69,000       3,354    
Devon Energy Corp.     80,000       3,614    
Noble Energy, Inc.     29,000       1,859    
Occidental Petroleum Corp.     57,000       3,933    
Unocal Corp.     57,000       3,109    
Petroleum Refining (14.5%)                  
Amerada Hess Corp.     30,000       2,809    
ChevronTexaco Corp.     113,000       5,876    
ConocoPhillips     56,000       5,872    
Exxon Mobil Corp.     329,000       18,763    
Marathon Oil Corp.     3,000       140    
Sunoco, Inc.     30,000       2,978    
Valero Energy Corp.     50,000       3,426    
Pharmaceuticals (2.5%)                  
AmerisourceBergen Corp.     45,000       2,758    
Invitrogen Corp. (a)     27,000       1,978    
McKesson Corp.     55,000       2,035    
Primary Metal Industries (2.1%)                  
Nucor Corp.     57,000       2,913    
United States Steel Corp.     65,000       2,779    
Railroads (0.9%)                  
CSX Corp.     50,000       2,007    
Norfolk Southern Corp.     16,000       502    

 

    Shares   Value  
Residential Building Construction (1.9%)      
Lennar Corp.–Class A     55,000     $ 2,831    
Ryland Group, Inc.     41,000       2,517    
Retail Trade (0.7%)      
Toys R US, Inc. (a)     77,000       1,952    
Rubber & Misc. Plastic Products (0.2%)      
Reebok International, Ltd.     11,000       447    
Savings Institutions (0.2%)      
Astoria Financial Corp.     16,000       424    
Security & Commodity Brokers (6.9%)      
AG Edwards, Inc.     72,000       2,859    
Bear Stearns Cos. Inc. (The)     32,000       3,029    
Goldman Sachs Group, Inc. (The)     40,000       4,272    
Lehman Brothers Holdings, Inc.     42,000       3,852    
Morgan Stanley     92,000       4,841    
Stone, Clay & Glass Products (1.0%)      
Owens-IIlinois, Inc. (a)     112,000       2,746    
Telecommunications (0.4%)      
Qwest Communications International (a)     328,000       1,122    
Toys, Games & Hobbies (0.4%)      
Mattel, Inc.     61,000       1,101    
Trucking & Warehousing (1.0%)      
Yellow Roadway Corp. (a)     56,000       2,744    
Wholesale Trade Durable Goods (0.4%)      
Tech Data Corp. (a)     32,000       1,169    
Total Common Stocks (cost: $281,900)             269,504    
Total Investment Securities (cost: $281,900)           $ 269,504    
SUMMARY:      
Investments, at value     98.3 %   $ 269,504    
Other assets in excess of liabilities     1.7 %     4,645    
Net assets     100.0 %   $ 274,149    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Mercury Large Cap Value

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $281,900)   $ 269,504    
Cash     4,193    
Receivables:          
Shares of beneficial interest sold     425    
Interest     9    
Dividends     219    
      274,350    
Liabilities:      
Accounts payable and accrued liabilities:          
Management and advisory fees     109    
Distribution and service fees     77    
Other     15    
      201    
Net Assets   $ 274,149    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 286,455    
Undistributed net investment income (loss)     12    
Undistributed net realized gain (loss) from
investment securities		     78    
Net unrealized appreciation (depreciation) on
investment securities		     (12,396 )  
Net Assets   $ 274,149    
Shares Outstanding     29,442    
Net Asset Value and Offering Price Per Share   $ 9.31    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005 (a)
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 52    
Dividends     276    
      328    
Expenses:      
Management and advisory fees     251    
Printing and shareholder reports     1    
Custody fees     19    
Administration fees     6    
Audit fees     2    
Trustees fees     1    
Other     1    
Distribution and service fees     110    
Total expenses     391    
Less:          
Advisory fee waiver     (75 )  
Net expenses     316    
Net Investment Income (Loss)     12    
Net Realized and Unrealized Gain (Loss)      
Realized gain (loss) from investment securities     78    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (12,396 )  
Net Gain (Loss) on Investments     (12,318 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ (12,306 )  

 

(a)  Commenced operations on March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Mercury Large Cap Value

STATEMENT OF CHANGES IN NET ASSETS
For the period ended
(all amounts in thousands)

    April 30,
2005 (a)
(unaudited)		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 12    
Net realized gain (loss) from
investment securities		     78    
Net unrealized appreciation (depreciation) on
investment securities		     (12,396 )  
      (12,306 )  
Capital Share Transactions:      
Proceeds from shares sold     286,455    
Net increase (decrease) in net assets     274,149    
Net Assets:      
Beginning of period     –    
End of period   $ 274,149    
Undistributed Net Investment Income (Loss)   $ 12    
Share Activity:      
Shares issued     29,442    
Net increase (decrease) in shares outstanding     29,442    

 

(a)  Commenced operations on March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Mercury Large Cap Value

FINANCIAL HIGHLIGHTS
(unaudited)

    For a share of beneficial interest outstanding throughout the period  
    Net Asset   Investment Operations   Distributions   Net Asset  
For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
4/30/2005   $ 10.00     $ –     $ (0.69 )   $ (0.69 )   $ –     $ –     $ –     $ 9.31    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
    4/30/2005     (6.90 )%   $ 274,149       1.00 %     1.25 %     0.04 %     4 %  

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not Annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Mercury Large Cap Value ("the Fund") commenced operations on March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Mercury Large Cap Value ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2005.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

The initial sales charge currently is waived as this fund is available for investment only by certain strategic asset allocation funds.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period from inception through April 30, 2005, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the Federal Funds rate.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 from inception through April 30, 2005, the Fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–Growth
Portfolio		   $ 129,353       47.18 %  
TA IDEX Asset Allocation–Moderate
Growth Portfolio		     144,290       52.64 %  
Total   $ 273,643       99.82 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $250 million of ANA
0.775% of the next $500 million of ANA
0.75% of ANA over $750 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses exceed the following stated annual limit:

1.00% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Administrative Services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. The Fund pays TFS an annual fee of 0.02% of average net assets. The Legal fees on the statement on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS less than $1 for the period from inception through April 30, 2005.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period from inception through April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 289,168    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     7,346    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. 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 and net operating losses.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 281,900    
Unrealized Appreciation   $ 2,431    
Unrealized (Depreciation)     (14,827 )  
Net Unrealized Appreciation (Depreciation)   $ (12,396 )  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Mercury Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Mercury Large Cap Value

A discussion regarding the basis of Transamerica IDEX Mutual Fund's Board of Trustees' approval of the fund's advisory arrangements will be available in the fund's annual report for the fiscal year ending October 31, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX PIMCO Real Return TIPS

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,027.40       1.10 %   $ 5.53    
Hypothetical (b)     1,000.00       1,019.34       1.10       5.51    
Class B                                  
Actual     1,000.00       1,021.90       1.98       9.93    
Hypothetical (b)     1,000.00       1,014.98       1.98       9.89    
Class C                                  
Actual     1,000.00       1,021.10       2.30       11.53    
Hypothetical (b)     1,000.00       1,013.39       2.30       11.48    
Class I                                  
Actual     1,000.00       1,034.20       0.71       3.42    
Hypothetical (b)     1,000.00       1,020.33       0.71       3.40    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Bond Type
At April 30, 2005

This chart shows the percentage breakdown by bond type of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
U.S. GOVERNMENT OBLIGATIONS (99.3%)                  
U.S. Treasury Inflation Indexed Bond
3.38%, due 01/15/2007		   $ 27,349     $ 28,702    
3.63%, due 01/15/2008     2,255       2,425    
3.88%, due 01/15/2009     48,166       53,229    
0.88%, due 04/15/2010     14,067       13,876    
3.50%, due 01/15/2011     32,607       36,683    
3.38%, due 01/15/2012     490       555    
3.00%, due 07/15/2012     45,319       50,409    
1.88%, due 07/15/2013     64,304       66,284    
2.00%, due 01/15/2014     58,730       60,976    
1.63%, due 01/15/2015     9,840       9,867    
2.38%, due 01/15/2025     32,548       35,550    
3.63%, due 04/15/2028     34,140       45,612    
3.88%, due 04/15/2029     52,296       73,093    
3.38%, due 04/15/2032     1,080       1,460    
U.S. Treasury Inflation Indexed Note
2.00%, due 07/15/2014		     72,522       75,262    
U.S. Treasury Bond
6.63%, due 02/15/2027		     900       1,147    
Total U.S. Government Obligations (cost: $547,088)             555,130    
U.S. GOVERNMENT AGENCY OBLIGATIONS (6.2%)                  
FNMA
2.83%, due 09/07/2006 (a) 22,600 22,589
2.93%, due 09/21/2006 (a)		     10,500       10,490    
FNMA, Series 2003-63, Class FA
3.17%, due 08/25/2034 (a)		     1,804       1,801    
Total U.S. Government Agency Obligations (cost $34,872)             34,880    
FOREIGN GOVERNMENT OBLIGATIONS (3.5%)                  
Canada Government
3.00%, due 12/01/2036		   CAD 410       406    
French Republic
5.75%, due 10/25/2032		   EUR 1,100       1,843    
Kingdom of Spain
5.75%, due 07/30/2032		   EUR 3,600       6,020    
Republic of Brazil
8.00%, due 04/15/2014		   $ 528       524    
Republic of Germany
6.25%, due 01/04/2030		   EUR 3,700       6,514    
Russian Federation
5.00%, due 03/31/2030 (b)		   $ 4,200       4,465    
Total Foreign Government Obligations (cost: $19,601)             19,772    

 

    Principal   Value  
MORTGAGE-BACKED SECURITIES (1.8%)      
Ameriquest Mortgage Securities, Inc.,
Series 2003-1, Class AII
3.43%, due 02/25/2033 (a)		   $ 100     $ 101    
Bank of America Mortgage Securities,
Series 2004-1, Class 5A1
6.50%, due 09/25/2033		     209       213    
Countrywide Home Loan Mortgage Pass
Through Trust, Series 2005-3, Class 1A2
3.31%, due 04/25/2035 (a)		     4,581       4,594    
Greenpoint Mortgage Funding Trust,
Series 2005-AR1, Class A2
3.22%, due 06/25/2045 (a)		     2,700       2,706    
GSAMP Trust, Series 2004-SEA2, Class A2A
3.31%, due 03/25/2034 (a)		     476       476    
Residential Asset Mortgage Product, Inc.,
Series 2004-RS9, Class AII1
3.18%, due 09/25/2013 (a)		     1,598       1,598    
Truman Capital Mortgage Loan Trust,
Series 2004-1, Class A1-144A
3.36%, due 01/25/2034 (a)		     169       169    
Wells Fargo Home Equity Trust,
Series 2004-2, Class AIII1
3.18%, due 06/25/2019 (a)		     113       113    
Total Mortgage-Backed Securities (cost: $9,952)             9,970    
ASSET-BACKED SECURITIES (0.6%)      
Small Business Administration,
Series 2004-P10, Class A
4.50%, due 02/01/2014		     1,165       1,154    
Equity One ABS, Inc.,
Series 2004-1, Class AV2
3.32%, due 04/25/2034 (a)		     750       753    
Redwood Capital, Ltd.,
Series 2003-3-144A
6.95%, due 01/09/2006 (a)		     300       300    
Redwood Capital, Ltd.,
Series 2003-4-144A
5.40%, due 01/09/2006 (a)		     300       300    
Sequoia Mortgage Trust,
Series 5, Class A
3.33%, due 10/19/2026 (a)		     751       752    
Total Asset-Backed Securities (cost: $3,269)             3,259    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
CORPORATE DEBT SECURITIES (4.9%)                  
Automotive (0.5%)                  
DaimlerChrysler North America Holding Corp.
3.20%, due 03/07/2007 (a)		   $ 2,800     $ 2,772    
Business Credit Institutions (0.4%)                  
General Electric Capital Corp.
2.98%, due 03/04/2008 (a)		     2,300       2,300    
Insurance (0.0%)                  
Residential Reinsurance, Ltd.-144A
7.35%, due 06/08/2006 (a)		     300       298    
Personal Credit Institutions (3.3%)                  
Ford Motor Credit Co.
3.57%, due 07/07/2005 (a)		     3,000       2,981    
6.88%, due 02/01/2006     1,000       1,012    
3.75%, due 11/16/2006 (a)     1,700       1,669    
4.00%, due 03/21/2007 (a)     8,000       7,785    
General Motors Acceptance Corp.
3.70%, due 05/18/2006 (a)		     1,500       1,470    
Toyota Motor Credit Corp.
2.91%, due 09/18/2006 (a)		     3,500       3,499    
Revenue-Miscellaneous (0.1%)                  
New Hampshire Municipal Bond Bank
5.00%, due 08/15/2013		     500       552    
Revenue-Tobacco (0.1%)                  
Tobacco Settlement Financing Corp., RI
6.00%, due 06/01/2023		     600       605    
Security & Commodity Brokers (0.4%)                  
Goldman Sachs Group, Inc., Series E
2.90%, due 08/01/2006 (a)		     2,100       2,099    
Telecommunications (0.1%)                  
Verizon Wireless Capital LLC-144A
2.93%, due 05/23/2005 (a)		     300       300    
Total Corporate Debt Securities (cost: $27,636)             27,342    
    Shares   Value  
PREFERRED STOCKS (0.2%)                  
Business Credit Institutions (0.2%)                  
Fannie Mae (a)     14,800       822    
Total Preferred Stocks (cost: $740)             822    
    Principal   Value  
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (0.1%)                  
U.S. Treasury Bill
2.65%, due 06/16/2005 (c)(d)		   $ 40       40    

 

    Principal   Value  
2.68%, due 06/16/2005 (c)(d)   $ 30     $ 30    
2.74%, due 06/16/2005 (c)(d)     500       497    
Total Short-Term U.S. Government Obligations (cost: $567)             567    
COMMERCIAL PAPER (0.7%)                  
Personal Credit Institutions (0.4%)                  
General Electric Capital Corp.
3.09%, due 07/25/2005		     2,200       2,183    
Security & Commodity Brokers (0.3%)                  
IXIS Commercial Paper-144A
3.08%, due 07/19/2005		     1,900       1,886    
Total Commercial Paper (cost: $4,069)             4,069    
CERTIFICATES OF DEPOSIT (4.1%)                  
Citibank NA
2.68%, due 05/04/2005		     100       100    
2.90%, due 06/10/2005     7,700       7,700    
HSBC Bank USA
2.75%, due 06/27/2005		     2,800       2,800    
Bank of America Corp.
2.72%, due 05/16/2005		     200       200    
2.91%, due 06/08/2005     12,300       12,300    
Total Certificates Of Deposit (cost: $23,100)             23,100    
    Contracts (e)   Value  
PURCHASED OPTIONS (0.0%)                  
Put Options (0.0%)                  
90 Day Eurodollar Futures
Put Strike $94.00
Expires 06/13/2005		     111       1    
90 Day Eurodollar Futures
Put Strike $94.25
Expires 06/13/2005		     63       – (f)  
Euro-BOBL
Put Strike $107.00
Expires 05/25/2005		     75       1    
U.S. Treasury Inflation Index
Put Strike $89.00
Expires 05/25/2005		     35,000,000       8    
Total Purchased Options (cost: $11)             10    
Total Investment Securities (cost: $670,905)           $ 678,921    
WRITTEN OPTIONS (0.0%)                  
Covered Call Options (0.0%)                  
U.S. 10 Year Treasury Note Futures
Call Strike $113.00
Expires 05/20/2005		     88       (11 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Contracts (e)   Value  
U.S. 10 Year Treasury Note Futures   $ 187     $ (64 )  
Call Strike $112.00
                  
Expires 05/20/2005                  
Put Options (0.0%)      
U.S. 10 Year Treasury Note Futures
Put Strike $107.00
Expires 05/20/2005		     267       (4 )  
U.S. 10 Year Treasury Note Futures
Put Strike $109.00
Expires 05/20/2005		     8       (1 )  
Total Written Options (premiums: -$123)             (80 )  
SUMMARY:                  
Investments, at value     121.4 %   $ 678,921    
Written Options     0.0 %     (80 )  
Liabilities in excess of other assets     (21.4 )%   $ (119,731 )  
Net assets     100.0 %   $ 559,110    
SWAP AGREEMENTS:                  

 

    Expiration
Date		   Notional
Amount		   Net Unrealized
Appreciation
(Depreciation)		  
Receive a floating rate based on
3-month United States Dollar – LIBOR
(London Interbank Offered Rate)
and pay a fixed rate equal to 6.00%.
Counterparty: UBS AG		   12/18/13   $ 2,700     $ (189 )  
Receive a floating rate based on
3-month United States Dollar – LIBOR 
(London Interbank Offered Rate)
and pay a fixed rate equal to 4.00%.
Counterparty: Bank of America, N.A.		   6/15/15     3,100       (1 )  
Receive a floating rate based on
3-month United States Dollar – LIBOR 
(London Interbank Offered Rate)
and pay a fixed rate equal to 5.00%.
Counterparty: Bank of America, N.A.		   6/15/15     16,800       (113 )  
Receive a floating rate based on
3-month United States Dollar-LIBOR
(London Interbank Offered Rate)
and pay a fixed rate equal to 5.00%.
Counterparty: Goldman Sachs Capital
Markets, LP		   6/15/15     19,400       (83 )  
Receive a floating rate based on
3-month United States Dollar – LIBOR
(London Interbank Offered Rate)
and pay a fixed rate equal to 5.00%.
Counterparty: JP Morgan		   6/15/15     8,400       (81 )  

 

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

    Expiration
Date		   Notional
Amount		   Net Unrealized
Appreciation
(Depreciation)		  
Receive a floating rate based on
3-month United States Dollar – LIBOR
(London Interbank Offered Rate)
and pay a fixed rate equal to 5.00%.
Counterparty: Lehman Brothers
Special Financing Inc.		   6/15/15   $ 10,400     $ 85    
Receive a floating rate based on
3-month United States Dollar – LIBOR 
(London Interbank Offered Rate)
and pay a fixed rate equal to 5.00%.
Counterparty: Morgan Stanley		   6/15/15     32,600       209    
Receive a fixed rate equal to 4.00%
and pay a floating rate based on
6-month EUIBOR
(Euro Interbank Offered Rate).
Counterparty: Citibank N.A.		   6/17/10     8,000       524    
Receive a fixed rate equal to 4.00%
and pay a floating rate based on
6-month EUIBOR
(Euro Interbank Offered Rate).
Counterparty: Barclays Bank PLC		   6/17/10     5,700       396    
Receive a fixed rate equal to 0.70%
and the Fund will pay to the
counterparty at par in the event of
default of Russian Federation,
5.00%, due 03/31/2030.
Counterparty: Morgan Stanley		   5/24/05     5,500       1    
Total Swap Agreements
(premium $2,319)		       $ 112,600     $ 748    
FORWARD FOREIGN CURRENCY CONTRACTS:                  

 

Currency   Bought
(Sold)		   Settlement
Date		   Amount in
U.S. Dollars
Bought (Sold)		   Net
Unrealized
Appreciation
(Depreciation)		  
Canadian Dollar     (487 )   6/9/2005   $ (394 )   $ 5    
Euro Dollar     (313 )   5/18/2005     (404 )     0    
Euro Dollar     (11,286 )   5/25/2005     (14,782 )     199    
    $ (15,580 )   $ 204    
FUTURES CONTRACTS:                      
    Contracts   Settlement
Date		   Amount   Net Unrealized
Appreciation
(Depreciation)		  
10-Year U.S. Treasury Note     90     06/30/2005   $ 10,028     $ 191    
90-Day Euro Dollar     174     06/13/2005     42,010       (268)    
Euro-BUND     33     06/10/2005     5,144       122    
U.S. Long Bond     50     06/30/2005     5,742       163    
                $ 62,924     $ 208    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(b)  Securities are stepbonds. Russian Federation has a coupon rate of 5.00% until 03/31/2007, thereafter the coupon rate will become 7.50%.

(c)  At April 30, 2005, all or a portion of this security is segregated with the custodian to cover margin requirements for open option contracts. The value of all securities segregated at April 30, 2005, is $259.

(d)  At April 30, 2005, all or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at April 30, 2005 is $309.

(e)  Contract amounts are not in thousands.

(f)  Value is less than $1.

DEFINITIONS:

ABS  Asset Backed Security

BOBL  German Federal Debt Obligations (Bundes OBLigationen)

CAD  Canadian Dollar

EUR  Euro

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $3,253 or 0.6% of the net assets of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX PIMCO Real Return TIPS

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $670,905)   $ 678,921    
Cash     6,123    
Foreign cash (cost: $175)     172    
Receivables:          
Shares of beneficial interest sold     333    
Interest     4,106    
Receivable from premiums on written options     1    
Unrealized appreciation on forward currency contracts     204    
Other     72    
      689,932    
Liabilities:      
Investment securities purchased     128,650    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     43    
Management and advisory fees     311    
Distribution and service fees     92    
Transfer agent fees     9    
Variation margin     36    
Written options (premiums $123)     80    
Swap agreements at value (premium $2,319)     1,571    
Other     30    
      130,822    
Net Assets   $ 559,110    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 549,300    
Undistributed net investment income (loss)     1,085    
Accumulated net realized gain (loss) from
investment securities, futures contracts, foreign
currency transactions, written options and swaps		     (488 )  
Net unrealized appreciation (depreciation) on:          
Investment securities     8,014    
Futures contracts     208    
Written option contracts     43    
Swap agreements     748    
Translation of assets and liabilites denominated
in foreign currencies		     200    
Net Assets   $ 559,110    
Net Assets by Class:      
Class A   $ 275,963    
Class B     9,274    
Class C     8,102    
Class I     265,771    
Shares Outstanding:      
Class A     26,233    
Class B     887    
Class C     779    
Class I     25,212    
Net Asset Value Per Share:      
Class A   $ 10.52    
Class B     10.45    
Class C     10.41    
Class I     10.54    
Maximum Offering Price Per Share (a):      
Class A   $ 11.04    

 

(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.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 8,058    
Dividends     13    
      8,071    
Expenses:      
Management and advisory fees     1,869    
Transfer agent fees:          
Class A     4    
Class B     4    
Class C     3    
Class I     2    
Custody fees     48    
Administration fees     51    
Legal fees     13    
Audit fees     13    
Trustees fees     10    
Registration fees:          
Class A     21    
Class B     6    
Class C     19    
Distribution and service fees:          
Class A     560    
Class B     41    
Class C     36    
Total expenses     2,700    
Less:          
Reimbursement of class expenses:          
Class C     (2 )  
Net expenses     2,698    
Net Investment Income (Loss)     5,373    
Net Realized Gain (Loss) from:      
Investment securities     1,978    
Futures contracts     511    
Written option contracts     130    
Swap agreements     (1,649 )  
Foreign currency transactions     (93 )  
      877    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     5,947    
Futures contracts     3    
Written option contracts     8    
Swap agreements     2,405    
Translation of assets and liabilities denominated in
foreign currencies		     196    
      8,559    
Net Gain (Loss) on Investments, Futures Contracts,
Written Options, Swaps and Foreign Currency
Transactions		     9,436    
Net Increase (Decrease) in Net Assets Resulting from
Operations		   $ 14,809    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX PIMCO Real Return TIPS

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) in Net Assets From:                  
Operations:                  
Net investment income (loss)   $ 5,373     $ 400    
Net realized gain (loss) from
investment securities, futures
contracts, foreign currency
transactions, written options and swaps		     877       16,577    
Net unrealized appreciation
(depreciation) on investment
securities, futures contracts,
written options, swaps and foreign
currency translation		     8,559       605    
      14,809       17,582    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (2,173 )     (392 )  
Class B     (22 )     (6 )  
Class C     (20 )     (6 )  
Class I     (2,204 )     –    
      (4,419 )     (404 )  
From net realized gains:                  
Class A     (5,455 )     (8,780 )  
Class B     (127 )     (216 )  
Class C     (109 )     (183 )  
Class C2     –       (12 )  
Class M     –       (20 )  
Class I     (3,816 )     –    
      (9,507 )     (9,211 )  
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     13,711       281,364    
Class B     3,441       5,292    
Class C     2,927       4,790    
Class C2     –       59    
Class M     –       345    
Class I     258,919       –    
      278,998       291,850    
Dividends and distributions reinvested:                  
Class A     7,605       9,143    
Class B     113       169    
Class C     81       123    
Class C2     –       11    
Class M     –       20    
Class I     6,020       –    
      13,819       9,466    
Cost of shares redeemed:                  
Class A     (75,622 )     (4,390 )  
Class B     (1,814 )     (1,311 )  
Class C     (1,533 )     (2,691 )  
Class C2     –       (99 )  
Class M     –       (59 )  
      (78,969 )     (8,550 )  
Class level exchanges:                  
Class C     –       1,062    
Class C2     –       (302 )  
Class M     –       (760 )  
      –       –    
      213,848       292,766    
Net increase (decrease) in net assets     214,731       300,733    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Net Assets:                  
Beginning of period     344,379       43,646    
End of period   $ 559,110     $ 344,379    
Undistributed Net Investment Income
(Loss)		   $ 1,085     $ 131    
Share Activity:                  
Shares issued:                  
Class A     1,310       27,408    
Class B     331       514    
Class C     284       470    
Class C2     –       6    
Class M     –       35    
Class I     24,638       –    
      26,563       28,433    
Shares issued-reinvested from
distributions:		                  
Class A     726       908    
Class B     10       17    
Class C     8       12    
Class C2     –       1    
Class M     –       2    
Class I     574       –    
      1,318       940    
Shares redeemed:                  
Class A     (7,307 )     (428 )  
Class B     (174 )     (128 )  
Class C     (148 )     (263 )  
Class C2     –       (10 )  
Class M     –       (6 )  
      (7,629 )     (835 )  
Class level exchanges:                  
Class C     –       104    
Class C2     –       (30 )  
Class M     –       (74 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (5,271 )     27,888    
Class B     167       403    
Class C     144       323    
Class C2     –       (33 )  
Class M     –       (43 )  
Class I     25,212       –    
      20,252       28,538    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX PIMCO Real Return TIPS

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.48     $ 0.09     $ 0.19     $ 0.28     $ (0.07 )   $ (0.17 )   $ (0.24 )   $ 10.52    
    10/31/2004     10.10       0.02       0.76       0.78       (0.02 )     (0.38 )     (0.40 )     10.48    
    10/31/2003     10.00       0.14       0.07       0.21       (0.11 )     –       (0.11 )     10.10    
Class B   4/30/2005     10.42       0.05       0.18       0.23       (0.03 )     (0.17 )     (0.20 )     10.45    
    10/31/2004     10.08       (0.02 )     0.75       0.73       (0.01 )     (0.38 )     (0.39 )     10.42    
    10/31/2003     10.00       0.09       0.08       0.17       (0.09 )     –       (0.09 )     10.08    
Class C   4/30/2005     10.39       0.04       0.18       0.22       (0.03 )     (0.17 )     (0.20 )     10.41    
    10/31/2004     10.08       (0.06 )     0.76       0.70       (0.01 )     (0.38 )     (0.39 )     10.39    
    10/31/2003     10.00       0.09       0.08       0.17       (0.09 )     –       (0.09 )     10.08    
Class I   4/30/2005     10.45       0.12       0.23       0.35       (0.09 )     (0.17 )     (0.26 )     10.54    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     2.74 %   $ 275,963       1.10 %     1.10 %     1.72 %     561 %  
    10/31/2004     7.94       330,282       1.15       1.15       0.20       1,438    
    10/31/2003     2.09       36,531       1.65       2.03       2.07       480    
Class B   4/30/2005     2.19       9,274       1.98       1.98       0.99       561    
    10/31/2004     7.51       7,496       1.51       1.51       (0.20 )     1,438    
    10/31/2003     1.72       3,194       2.30       2.68       1.42       480    
Class C   4/30/2005     2.11       8,102       2.30       2.35       0.70       561    
    10/31/2004     7.20       6,601       1.87       1.87       (0.52 )     1,438    
    10/31/2003     1.72       3,148       2.30       2.68       1.42       480    
Class I   4/30/2005     3.42       265,771       0.71       0.71       2.35       561    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding,

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX PIMCO Real Return TIPS ("The Fund") commenced operations on March 1, 2003. The inception date of the Fund's offering of share Class I was November 8, 2004.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX PIMCO Real Return TIPS ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2003. 

The Fund is "non-diversified" under the 1940 Act.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The fund currently offers four classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities

traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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, 2005, are listed in the Schedule of Investments.

Swap agreements: The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

Swaps are marked to market daily based upon quotations from market makers and vendors and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of realized gain or loss on the Statement of Operations.

Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Open swap agreements at April 30, 2005, are listed in the Schedule of Investments.

Futures, options and swaptions contracts: The Fund may enter into futures and/or options contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Option contracts 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 futures contracts and options are imperfect correlation between the change in value of the securities held and the prices of futures contracts and options; the possibility of an illiquid market and inability of the counterparty to meet the contract terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written.

The Fund is authorized to write swaption contracts to manage exposure to fluctuations in interest rates and to enhance fund yield. Swaption contracts written by the Fund represents an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call option is exercised, the writer will enter a swap and is obligated to pay the fixed rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers.

When the Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current value of the swaption. Changes in the value of the swaption are reported as Unrealized gains or losses in written options in the Statement of Assets and Liabilities. Gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from written options. The difference between the premium and the amount paid on affecting a closing purchase transaction is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, the Fund enters into swaption contracts with counterparties whose creditworthiness has been approved by the Board of Trustees. The Fund bears the market risk arising from any changes in index values or interest rates.

The underlying face amount of open futures, option, and swaption contracts at April 30, 2005, are listed in the Schedule of Investments. The variation margin receivable or payable, as applicable, is included in the accompanying Statement of Assets and Liabilities. Variation margin represents the additional payment due or excess deposits made in order to maintain the equity account at the required margin level.

Transactions in written options were as follows:

    Premium   Contracts*  
Beginning Balance October 31, 2004   $ 24       100    
Sales     188       698    
Expirations     (89 )     (248 )  
Balance at April 30, 2005   $ 123       550    

 

*  Contracts not in thousands

Transactions in written swaptions were as follows:

    Premium   Notional
Amount		  
Beginning Balance October 31, 2004   $ 41       4,800    
Expirations     (41 )     (4,800 )  
Balance at April 30, 2005   $ –       –    

 

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no account maintenance fees.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

For the six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a AEGON/Transamerica Series Fund, Inc.) asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–Conservative
Portfolio		   $ 42,142       7.54 %  
TA IDEX Asset Allocation–Moderate
Growth Portfolio		     100,273       17.93 %  
TA IDEX Asset Allocation–Moderate
Portfolio		     127,366       22.78 %  
Asset Allocation–Conservative
Portfolio		     59,133       10.58 %  
Asset Allocation–Moderate
Growth Portfolio		     86,614       15.49 %  
Asset Allocation–Moderate Portfolio     119,725       21.41 %  
Total   $ 535,253       95.73 %  

 

Investment advisory fees: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004:

0.70% of ANA

From January 1, 2005 on:

0.70% of the first $250 million of ANA
0.65% of the next $500 million of ANA
0.60% of ANA over $750 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit for Classes A, B and C:

1.30% Expense Limit
1.00% Expense Limit–Class I

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  
Class I     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 154    
Retained by Underwriter     10    
Contingent Deferred Sales Charge     15    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $15 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $7. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 30,000    
U.S. Government     3,651,123    
Proceeds from maturities and sales of securities      
Long-Term excluding U.S. Government     11,133    
U.S. Government     3,421,422    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 669,787    
Unrealized Appreciation   $ 9,687    
Unrealized (Depreciation)     (553 )  
Net Unrealized Appreciation (Depreciation)   $ 9,134    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX PIMCO Real Return TIPS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX PIMCO Real Return TIPS (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Pacific Investment Management LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds and to the Fund's benchmark index. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the performance of the Fund, the management fees of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule would appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate and lower level of Fund operating expenses as the level of Fund assets increases. Accordingly, the Board and TFAI agreed to implement advisory fee breakpoints as a means to eventually lower the level of the Fund's operating expense. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX PIMCO Real Return TIPS 14


TA IDEX PIMCO Real Return TIPS

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX PIMCO Real Return TIPS

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  37,320,187.526       15,545.572       855,530.196    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX PIMCO Real Returns TIPS.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      37,336,818.668       12,528.626       841,916.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      37,335,896.668       13,450.626       841,916.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      37,336,818.668       12,528.626       841,916.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      37,336,818.668       12,528.626       841,916.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      37,336,818.668       12,528.626       841,916.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      37,335,004.668       14,342.626       841,916.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      37,335,896.668       13,450.626       841,916.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      37,335,896.668       13,450.626       841,916.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX PIMCO Real Return TIPS 15


TA IDEX PIMCO Total Return

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,010.00       1.21 %   $ 6.03    
Hypothetical (b)     1,000.00       1,018.79       1.21       6.06    
Class B                                  
Actual     1,000.00       1,006.60       1.94       9.65    
Hypothetical (b)     1,000.00       1,015.17       1.94       9.69    
Class C                                  
Actual     1,000.00       1,005.30       2.15       10.69    
Hypothetical (b)     1,000.00       1,014.13       2.15       10.74    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Bond Sector
At April 30, 2005

This chart shows the percentage breakdown by bond sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
U.S. GOVERNMENT OBLIGATIONS (15.8%)      
U.S. Treasury Bond
7.50%, due 11/15/2016		   $ 4,600     $ 5,909    
6.00%, due 02/15/2026     530       627    
U.S. Treasury Inflation Indexed Bond
3.63%, due 01/15/2008
1.88%, due 07/15/2013
2.38%, due 01/15/2025
3.88%, due 04/15/2029		     1,305
157
366
397		       1,404
161
400
554		    
U.S. Treasury Inflation Indexed Note
2.00%, due 07/15/2014		     1,322       1,372    
U.S. Treasury Note
4.88%, due 02/15/2012		     13,925       14,630    
Total U.S. Government Obligations (cost: $24,674)             25,057    
U.S. GOVERNMENT AGENCY OBLIGATIONS (36.9%)      
Fannie Mae
5.50%, due 07/01/2016
5.50%, due 12/01/2016
5.50%, due 01/01/2017
5.50%, due 02/01/2017
5.50%, due 05/01/2017
5.00%, due 11/01/2017
5.00%, due 02/01/2018
5.50%, due 02/01/2018
5.00%, due 03/01/2018
5.00%, due 05/01/2018
5.00%, due 06/01/2018
5.00%, due 08/01/2018
5.00%, due 05/01/2019
5.00%, due 09/01/2019
5.00%, due 12/01/2019
4.14%, due 01/01/2028 (a)
5.50%, due 11/01/2032
5.50%, due 01/01/2033
5.16%, due 04/01/2033 (a)
5.50%, due 07/01/2033
5.50%, due 08/01/2033
5.50%, due 01/01/2034
5.00%, due 05/01/2034
5.50%, due 01/01/2035
5.50%, due 02/01/2035
5.50%, due 03/01/2035
5.50%, due 04/01/2035		     351
118
137
135
156
903
281
392
851
655
648
239
364
300
486
152
2,966
921
58
255
306
432
2,495
1,693
1,786
1,267
206		       360
121
140
138
160
911
284
401
858
660
653
241
367
302
490
156
3,001
931
59
258
309
437
2,473
1,711
1,804
1,280
208		    

 

    Principal   Value  
Fannie Mae–May TBA
                  
5.00%, due 05/01/2019   $ 1,000     $ 1,007    
5.00%, due 05/01/2035     500       495    
5.50%, due 05/01/2035     25,300       25,537    
Fannie Mae–June TBA
5.00%, due 06/01/2035		     7,500       7,406    
Fannie Mae, Series 2003-88 TB
3.00%, due 08/25/2009		     100       100    
Freddie Mac
6.00%, due 12/15/2007
6.50%, due 04/15/2029
6.50%, due 02/15/2030
6.50%, due 07/25/2043		     8
23
23
70		       8
24
23
73		    
Freddie Mac, Series 2572, Class HA
5.00%, due 06/15/2013		     160       161    
Ginnie Mae
6.50%, due 07/15/2023
6.50%, due 02/15/2028
6.50%, due 06/15/2029
6.50%, due 01/15/2030
5.50%, due 03/15/2032
5.50%, due 12/15/2032
5.50%, due 12/15/2033
5.50%, due 02/15/2034		     8
285
360
13
90
227
448
1,788		       9
299
377
13
92
231
457
1,820		    
Ginnie Mae–May TBA
5.50%, due 05/01/2035		     1,500       1,525    
Ginnie Mae–Series 2020-40
6.50%, due 06/20/2032		     48       51    
Total U.S. Government Agency Obligations (cost: $58,217)             58,421    
FOREIGN GOVERNMENT OBLIGATIONS (6.7%)      
French Republic
4.00%, due 04/25/2055		     500       646    
French T-Bill
Zero Coupon, due 07/28/2005		     500       645    
Hong Kong Government–144A
5.13%, due 08/01/2014		     400       408    
Italian Republic
3.75%, due 10/10/2006		     45,000       431    
Kingdom of Spain
3.10%, due 09/20/2006
5.75%, due 07/30/2032
4.20%, due 01/31/2037		     30,000
1,580
300		       298
2,642
401		    
Malaysia Government
7.50%, due 07/15/2011		     10       12    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Republic of Brazil
                  
3.06%, due 04/15/2006 (a)   $ 144     $ 144    
11.50%, due 03/12/2008   122             138    
4.31%, due 04/15/2009 (a)   259             254    
8.84%, due 06/29/2009 (a)   350             400    
11.00%, due 01/11/2012   200             232    
4.31%, due 04/15/2012 (a)   264             247    
8.00%, due 04/15/2014   264             262    
11.00%, due 08/17/2040   150             170    
Republic of Panama
8.25%, due 04/22/2008		     390       422    
Republic of Peru
9.13%, due 02/21/2012
5.00%, due 03/07/2017 (a)		     170
149		       195
138		    
Republic of South Africa
5.25%, due 05/16/2013
6.50%, due 06/02/2014		     90
200		       124
216		    
Russian Federation, Reg S
8.25%, due 03/31/2010
5.00%, due 03/31/2030 (b)		     750
1,009		       820
1,073		    
United Mexican States
3.84%, due 01/13/2009 (a)
9.88%, due 02/01/2010
6.38%, due 01/16/2013		     65
75
75		       66
90
78		    
Total Foreign Government Obligations (cost: $10,191)             10,552    
MORTGAGE-BACKED SECURITIES (1.0%)      
Bank of America Mortgage Securities,
Series 2002-K, Class 2A1
5.60%, due 10/20/2032 (a)		     87       88    
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2002-5, Class VIA
5.93%, due 06/25/2032 (a)		     14       14    
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-8, Class 1A1
4.43%, due 01/25/2034 (a)		     324       322    
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-8, Class 2A1
4.88%, due 01/25/2034 (a)		     104       103    
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-8, Class 4A1
4.73%, due 01/25/2034 (a)		     157       154    
Carrington Mortgage Loan Trust,
Series 2004-NC1, Class A2A
3.13%, due 05/25/2034 (a)		     24       24    

 

    Principal   Value  
CDC Mortgage Capital Trust,
Series 2002-BE2, Class A
3.31%, due 01/25/2033 (a)		   $ 5     $ 5    
Centex Home Equity,
Series 2004-A, Class AV2
3.30%, due 01/25/2034 (a)		     85       85    
Countrywide Alternative Loan Trust,
Series 2003-J11, Class 4A1
6.00%, due 10/25/2032		     25       25    
Countrywide Home Loan Mortgage
Pass Through Trust, Series 2004-7, Class 1A2
3.29%, due 05/25/2034 (a)		     39       39    
Credit Suisse First Boston Mortgage
Securities Corp., Series 2002, Class P-3–144A
1.90%, due 08/25/2033		     267       268    
Credit Suisse First Boston Mortgage
Securities Corp., Series 2002-P1, Class A1
1.53%, due 03/28/2032		     10       10    
Credit Suisse First Boston Mortgage
Securities Corp., Series 2002-P2A, Class A2
2.14%, due 03/25/2032		     98       97    
Home Equity Asset Trust,
Series 2002-1, Class A4
3.32%, due 11/25/2032 (a)		     15       15    
KBC Bank Fund Trust III Preferred–144A
9.86%, due 11/29/2049 (d)		     15       18    
Merrill Lynch Mortgage Investors, Inc.,
Series 2002-AFC1, Class AV1
3.22%, due 04/25/2031 (a)		     1       1    
Residential Funding Mortgage Securities I,
Series 2003-S9, Class A1
6.50%, due 03/25/2032		     24       24    
Structured Asset Mortgage Investments, Inc.,
Series 2002-AR3, Class A-1
3.18%, due 09/19/2032 (a)		     182       182    
Structured Asset Securities Corp.,
Series 2002-9, Class A2
3.32%, due 10/25/2027 (a)		     40       40    
Structured Asset Securities Corp.,
Series 2002-HF1, Class A
3.31%, due 01/25/2033 (a)		     6       5    
Structured Asset Securities Trust,
Series 2002-BC4, Class A
3.31%, due 07/25/2032 (a)		     12       12    
Total Mortgage-Backed Securities (cost: $1,545)             1,531    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
ASSET-BACKED SECURITIES (3.5%)                  
Bank One Issuance Trust,
Series 2002-2, Class A
4.16%, due 01/15/2008		   $ 125     $ 125    
Bear Stearns Asset Backed Securities, Inc.,
Series 2002-2, Class A1
3.35%, due 10/25/2032 (a)		     43       43    
Countrywide Home Loan Mortgage
Pass Trust, Series 2002-30, Class M
3.90%, due 10/19/2032 (a)		     138       137    
Credit-Based Asset Servicing and Securitization, 
Series 2002-CB6, Class 2A1
3.52%, due 01/25/2033 (a)		     4       4    
Credit-Based Asset Servicing and Securitization, 
Series 2004-CB5, Class AV1
3.15%, due 09/25/2021 (a)		     75       75    
First Horizon Asset Securities, Inc.,
Series 2000-H, Class IA
7.00%, due 09/25/2030		     3       3    
Morgan Stanley ABS Capital I,
Series 2003-HE2, Class A2
3.36%, due 08/25/2033 (a)		     100       100    
Park Place Securities, Inc.,
Series 2004-MCW1, Class A3
3.05%, due 10/25/2034 (a)		     55       55    
Protective Life US Funding Trust–144A
3.19%, due 09/26/2005 (a)		     280       280    
Quest Trust, Series 2004-X2, Class A–144A
3.58%, due 06/25/2034 (a)		     119       119    
Rabobank Capital Funding II–144A
5.26%, due 12/31/2049 (e)		     210       211    
Rabobank Capital Funding Trust–144A
5.25%, due 12/31/2049 (f)		     280       280    
RACERS Series 1997-R-8-3-144A
3.09%, due 08/15/2007 (a)		     300       288    
Ras Laffan Liquefied Natural Gas Co., Ltd.–144A
3.44%, due 09/15/2009		     83       81    
Sequoia Mortgage Trust,
Series 10, Class 2A1
3.37%, due 10/20/2027 (a)		     316       317    
Small Business Administration Participation,
Series 2003-201
5.13%, due 09/01/2023		     92       94    
Small Business Administration,
Series 2004-20C
4.34%, due 03/01/2024		     566       550    

 

    Principal   Value  
Small Business Administration,
Series 2004-P10, Class A
4.50%, due 02/01/2014		   $ 291     $ 289    
Washington Mutual,
Series 2000-3, Class A
3.52%, due 12/25/2040 (a)		     148       147    
Washington Mutual,
Series 2002-AR10, Class A6
4.82%, due 10/25/2032 (a)		     28       27    
Washington Mutual,
Series 2002-AR2, Class A
3.57%, due 02/27/2034 (a)		     53       53    
Washington Mutual,
Series 2003-R1, Class A1
3.29%, due 12/25/2027 (a)		     2,202       2,198    
Total Asset-Backed Securities (cost: $5,512)             5,476    
CORPORATE DEBT SECURITIES (7.6%)      
Air Transportation (0.4%)      
Continental Airlines, Inc.
7.06%, due 09/15/2009		     200       203    
UAL Corp.
6.20%, due 09/01/2008
6.60%, due 09/01/2013		     290
126		       268
119		    
Automotive (0.8%)      
DaimlerChrysler North America Holding Corp.
3.20%, due 03/07/2007 (a)
6.50%, due 11/15/2013		     800
160		       792
163		    
General Motors Corp.
8.38%, due 07/15/2033		     325       247    
Commercial Banks (0.3%)      
Export-Import Bank of China–144A
5.25%, due 07/29/2014		     250       254    
HSBC Capital Funding LP–144A
10.18%, due 12/31/2049 (g)		     150       234    
Communication (0.2%)      
Continental Cablevision, Inc.
8.30%, due 05/15/2006		     100       104    
CSC Holdings, Inc.
7.63%, due 04/01/2011		     150       152    
Electric Services (0.4%)      
Florida Power Corp.
4.80%, due 03/01/2013		     450       449    
PSEG Power LLC
6.95%, due 06/01/2012		     210       234    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Electric, Gas & Sanitary Services (0.2%)      
Niagara Mohawk Power Corp.
7.75%, due 10/01/2008		   $ 250     $ 277    
Pacific Gas & Electric Co.
3.82%, due 04/03/2006 (a)		     45       45    
Environmental Services (0.0%)      
Waste Management, Inc.
6.38%, due 11/15/2012		     75       83    
Food & Kindred Products (0.2%)      
HJ Heinz Co.–144A
6.19%, due 12/01/2020 (a)		     300       304    
Gas Production & Distribution (0.4%)      
El Paso Energy Corp.
7.75%, due 01/15/2032		     125       115    
Sonat, Inc.
7.63%, due 07/15/2011		     370       359    
Southern Natural Gas Co.
8.00%, due 03/01/2032		     100       111    
General Obligation-City (0.2%)      
Chicago, IL, Board of Education
5.00%, due 12/01/2012		     255       281    
Hotels & Other Lodging Places (0.4%)      
Harrah's Operating Co., Inc.
7.50%, due 01/15/2009		     10       11    
Park Place Entertainment Corp.
7.50%, due 09/01/2009		     350       382    
Starwood Hotels & Resorts Worldwide, Inc.
7.88%, due 05/01/2012		     200       219    
Motion Pictures (0.1%)      
Time Warner, Inc.
8.11%, due 08/15/2006
6.88%, due 05/01/2012		     200
20		       209
22		    
Municipal Obligations (0.0%)      
Fairfax County, VA
5.25%, due 04/01/2013		     45       57    
Oil & Gas Extraction (0.4%)      
Gaz Capital for Gazprom, Reg S
8.63%, due 04/28/2034		     500       573    
Paper & Allied Products (0.0%)      
Bowater Canada Finance Corp.
7.95%, due 11/15/2011		     10       10    
Personal Credit Institutions (1.2%)      
Ford Motor Credit Co.
6.88%, due 02/01/2006		     700       708    

 

    Principal   Value  
Personal Credit Institutions (continued)      
General Motors Acceptance Corp.                  
4.39%, due 10/20/2005 (a)   $ 1,220     $ 1,217    
6.75%, due 01/15/2006     50       50    
Railroads (0.0%)      
Burlington Northern Santa Fe Corp.                  
6.38%, due 12/15/2005     40       41    
Revenue-Education (0.1%)      
Michigan State Building Authority                  
5.25%, due 10/15/2013     180       203    
Revenue-Tobacco (0.9%)      
Golden State Tobacco Securitization Corp.
6.75%, due 06/01/2039		     80       85    
7.90%, due 06/01/2042     35       40    
Tobacco Settlement Authority
5.60%, due 06/01/2035		     100       95    
Tobacco Settlement Financing Corp.
6.00%, due 06/01/2037
5.88%, due 05/15/2039
6.38%, due 06/01/2032		     730
40
420		       730
40
433		    
Revenue-Utilities (0.4%)      
New York, NY, City Municipal
Water Finance Authority
5.00%, due 06/15/2035		     90       94    
San Antonio, Texas, Texas Water Utility
Improvements, Revenue Bonds, Series A
5.00%, due 05/15/2032		     450       465    
Telecommunications (1.0%)      
Cingular Wireless LLC
6.50%, due 12/15/2011		     180       196    
Deutsche Telekom International Finance BV
7.75%, due 06/15/2005 (h)
8.13%, due 05/29/2012		     205
124		       206
205		    
France Telecom SA
6.75%, due 03/14/2008 (i)		     307       441    
SBC Communications, Inc.
4.13%, due 09/15/2009		     575       566    
Total Corporate Debt Securities (cost: $11,499)             12,092    
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (13.4%)      
Fannie Mae
2.74%, due 05/02/2005
2.73%, due 06/01/2005
2.66%, due 06/13/2005
2.68%, due 06/13/2005
2.95%, due 06/22/2005		     1,300
1,900
2,200
300
4,200		       1,300
1,895
2,192
299
4,182		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
2.88%, due 06/27/2005   $ 2,100     $ 2,090    
2.96%, due 06/29/2005     400       398    
Federal Home Loan Bank
3.03%, due 08/08/2005		     700       694    
Freddie Mac
2.97%, due 06/28/2005		     300       298    
2.92%, due 06/30/2005     1,100       1,094    
3.02%, due 08/09/2005 3.00%, due 08/08/2005     3,000
3,100		       2,975
3,075		    
U.S. Treasury Bill
2.68%, due 06/02/2005 (j)(k)		     30       30    
2.71%, due 06/02/2005
2.74%, due 06/16/2005 (j)(k)
2.75%, due 06/16/2005 2.69%, due 06/02/2005		     80
470
15
50		       80
469
15
50		    
      Total Short-Term U.S. Government Obligations (cost: $21,136)       21,136    
COMMERCIAL PAPER (35.1%)      
Commercial Banks (28.0%)      
ANZ (Delaware), Inc.
2.84%, due 06/03/2005		     500       499    
ANZ National International, Ltd.–144A
2.72%, due 05/23/2005
2.83%, due 05/31/2005
2.90%, due 06/08/2005		     600
800
1,900		       599
798
1,894		    
Barclays U.S. Funding Corp.
2.67%, due 05/02/2005
2.97%, due 05/25/2005		     200
1,400		       200
1,397		    
Danske Corp.
2.79%, due 06/20/2005
2.98%, due 06/30/2005
3.01%, due 07/07/2005
3.02%, due 07/15/2005		     1,500
800
400
300		       1,494
796
398
298		    
Dexia Delaware LLC
3.00%, due 07/05/2005		     400       398    
DNB NOR Bank ASA
2.78%, due 06/15/2005
2.98%, due 07/14/2005		     2,400
1,600		       2,392
1,590		    
Governor & Co. (The) of The Bank of Ireland
2.56%, due 05/05/2005		     4,200       4,199    
HBOS Treasury Services
2.71%, due 05/11/2005
2.87%, due 05/17/2005
2.83%, due 05/31/2005
2.95%, due 06/16/2005		     500
100
2,100
1,400		       500
100
2,095
1,395		    

 

    Principal   Value  
Commercial Banks (continued)      
ING (US) Funding LLC
                  
2.96%, due 06/21/2005   $ 4,200     $ 4,183    
2.98%, due 06/30/2005     400       398    
3.04%, due 07/19/2005     100       99    
KFW International Finance–144A
2.85%, due 05/16/2005		     1,400       1,398    
Skandinaviska Enskilda Banken AB–144A
2.68%, due 05/03/2005
2.88%, due 06/09/2005
2.85%, due 06/24/2005		     500
500
3,600		       500
498
3,585		    
Svenska Handelsbanken, Inc.
3.05%, due 07/20/2005		     3,700       3,676    
Swedbank
3.01%, due 07/01/2005		     600       597    
UBS Finance Delaware LLC
2.83%, due 05/09/2005
2.73%, due 06/02/2005
2.84%, due 06/22/2005
3.02%, due 07/22/2005		     100
300
2,700
1,600		       100
299
2,689
1,589		    
Westpac Capital Corp.
3.01%, due 07/08/2005		     3,600       3,580    
Holding & Other Investment Offices (2.5%)      
Rabobank USA Finance Corp.
2.95%, due 06/21/2005		     3,900       3,883    
Mortgage Bankers & Brokers (1.2%)      
Spintab AB
2.75%, due 06/03/2005
3.18%, due 09/01/2005		     400
1,600		       399
1,582		    
Personal Credit Institutions (0.8%)      
General Electric Capital Corp.
2.97%, due 06/20/2005
3.04%, due 07/11/2005		     200
1,000		       199
994		    
Security & Commodity Brokers (2.6%)      
IXIS–144A
2.89%, due 06/21/2005		     4,200       4,183    
Total Commercial Paper (cost: $21,136)             55,473    
PURCHASED OPTIONS (0.0%)      
Put Options (0.0%)      
90-Day Euro Dollar Futures     94       1    
Put Strike $93.75
                  
Expires 12/19/2005                  
Total Purchased Options (cost: $1)             1    
Total Investment Securities (cost: $188,248)           $ 189,739    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Contracts (l)   Value  
WRITTEN OPTIONS (-0.1%)                  
Covered Call Options (-0.1%)                  
U.S. 10 Year Treasury Note Futures     71     $ (9 )  
Call Strike $113.00
                  
Expires 05/20/2005                  
U.S. 10 Year Treasury Note Futures
Call Strike $115.00
Expires 05/20/2005		     59       (1 )  
U.S. 10 Year Treasury Note Futures
Call Strike $111.00
Expires 05/20/2005		     50       (41 )  
U.S. 10 Year Treasury Note Futures
Call Strike $112.00
Expires 08/26/2005		     45       (49 )  
Put Options (-0.0%)                  
U.S. 10 Year Treasury Note Futures
Put Strike $108.00
Expires 05/20/2005		     71       (2 )  
U.S. 10 Year Treasury Note Futures
Put Strike $109.00
Expires 05/20/2005		     59       (4 )  
U.S. 10 Year Treasury Note Futures
Put Strike $105.00
Expires 05/20/2005		     50       (1 )  
U.S. 10 Year Treasury Note Futures
Put Strike $107.00
Expires 08/26/2005		     45       (9 )  
U.S. Treasury Bond Futures
Put Strike $108.00
Expires 05/20/2005		     11       – (c)  
Total Written Options (premium: -$135)             (116 )  
SUMMARY:                  
Investments, at value     120.0 %   $ 189,739    
Written options     (0.1 )%     (116 )  
Liabilities in excess of other assets     (19.9 )%     (31,480 )  
Net assets     100.0 %   $ 158,143    

 

SWAP AGREEMENTS:                      
    Expiration
Date		   Notional
Amount		   Net Unrealized
Appreciation
(Depreciation)		  
Receive a fixed rate equal to 6.00%
and pay a floating rate based on
6-month EURIBOR
(Euro Interbank Offered Rate).
Counterparty: Lehman Brothers
Special Financing Inc.		   06/18/2014   $ 1,000     $ 122    
Receive a floating rate based on
6-month Great British Pound – LIBOR
(London Interbank Offered Rate) and
pay a fixed rate equal to 5.00%.
Counterparty: UBS AG		   06/18/2014     500       (20 )  
Receive a fixed rate equal to 0.70%
and the Fund will pay to the
counterparty at par in the event of
default of Russian Federation,
5.00%, due 03/31/2030.
Counterparty: Morgan Stanley		   05/24/2005     1,590       – (c)  
Receive a fixed rate equal to 0.61%
and the Fund will pay to the
counterparty at par in the event of
default of Russian Federation,
5.00%, due 03/31/2030.
Counterparty: Goldman Sachs
International		   03/20/2007     425       (1 )  
Receive a fixed rate equal to 0.70%
and the Fund will pay to the
counterparty at par in the event of
default of Russian Federation,
5.00%, due 03/31/2030.
Counterparty: Goldman Sachs
International		   03/20/2007     175       – (c)  
Receive a fixed rate equal to 0.625%
and the Fund will pay to the
counterparty at par in the event of
default of Mexican Government
International Bond,
11.50%, due 05/15/2026.
Counterparty: Morgan Stanley		   05/20/2005     180       – (c)  
Receive a fixed rate equal to 0.65%
and the Fund will pay to the
counterparty at par in the event of
default of United Mexican States,
7.50%, due 04/08/2033.
Counterparty: Barclays PLC		   05/20/2005     60       – (c)  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Expiration
Date		   Notional
Amount		   Net Unrealized
Appreciation
(Depreciation)		  
Receive a floating rate based on
3-month United States Dollar – LIBOR
(London Interbank Offered Rate) and
pay a fixed rate equal to 5.00%.
Counterparty: Morgan Stanley		   06/15/2005   $ 2,000     $ (6 )  
Receive a floating rate based on
3-month United States Dollar – LIBOR
(London Interbank Offered Rate) and
pay a fixed rate equal to 5.00%.
Counterparty: Goldman Sachs
Capital Markets, LP		   06/15/2005     1,000       (6 )  
Receive a floating rate based on
6-month Great British Pound – LIBOR
(London Interbank Offered Rate) and
pay a fixed rate equal to 5.00%.
Counterparty: Barclays PLC		   06/18/2034     200       (10 )  
Receive a floating rate based on
6-month Japanese Yen – LIBOR
(London Interbank Offered Rate)
and pay a fixed rate equal to 2.00%.
Counterparty: Morgan Stanley		   06/15/2012     130,000       (70 )  
Receive a fixed rate equal to 3.20%
and the Fund will pay to the
counterparty at par in the event of
default of General Motors Acceptance
Corp, 6.875%, due 8/28/2012
Counterparty: Lehman Brothers
Special Financing Inc.		   06/20/2007     300       (8 )  
Receive a fixed rate equal to 2.80%
and the Fund will pay to the
counterparty at par in the event of
default of General Motors Acceptance
Corp, 6.875%, due 8/28/2012
Counterparty: JP Morgan		   06/20/2006     800       (7 )  
Total Swap Agreements
(premium -$66)		               $ (6 )  
REVERSE REPURCHASE AGREEMENT:                      

 

$ 280     Lehman Brothers, 0.20%, dated 4/7/05,    
   
        to be repurchased on demand by Lehman    
   
        Brothers at face value plus accrued interest.   $ 280    

 

Face Value   Description   Market
Value		  
FUTURES CONTRACTS:      

 

    Contracts   Settlement
Date		   Amount   Net Unrealized
Appreciation
(Depreciation)		  
10 Year U.S. Treasury Note     13     06/30/2005   $ 1,448     $ 38    
2 Year U.S. Treasury Note     108     06/30/2005     22,432       25    
5 Year U.S. Treasury Note     37     06/30/2005     4,013       (1 )  
90-Day Euro Dollar     47     06/13/2005     11,348       (57 )  
90-Day Euro Dollar     173     09/19/2005     41,630       (317 )  
90-Day Euro Dollar     81     12/19/2005     19,453       (43 )  
Japanese 10 Year Bond     1     06/20/2005     1,339       31    
U.S. Long Bond     55     06/30/2005     6,316       192    
                $ 107,979     $ (132 )  
FORWARD FOREIGN CURRENCY CONTRACTS:                      
Currency   Bought
(Sold)		   Settlement
Date		   Amount in
U.S. Dollars
Bought (Sold)		   Net
Unrealized
Appreciation
(Depreciation)		  
Euro     406     05/18/2005   $ 529     $ (4 )  
Euro     (1,213 )   05/18/2005     (1,568 )     1    
Euro     (2,728 )   05/25/2005     (3,573 )     49    
Euro     (498 )   05/25/2005     (643 )     (1 )  
    $ (5,255 )   $ 45    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(b)  Securities are stepbonds. Russian Federation has a coupon rate of 5.00% until 03/31/2007, thereafter the coupon rate will become 7.50%.

(c)  Value is less than $1.

(d)  Securities are stepbonds. KBC Bank Fund Trust III Preferred-144A has a coupon rate of 9.86% until 11/02/2009, thereafter the coupon rate will become the 3 Month LIBOR (London Interbank Offer Rate) + 405 BP.

(e)  Rabobank Capital Funding II–144A has a fixed coupon rate 5.26% until 12/31/2013, thereafter the coupon rate will reset quarterly at the 3-month US$LIBOR + 162.75BP, if not called.

(f)  Rabobank Capital Funding Trust–144A has a fixed coupon rate 5.25% until 12/31/2016, thereafter the coupon rate will reset quarterly at the 3-month US$LIBOR + 159BP, if not called.

(g)  HSBC Capital Funding LP–144A has a fixed coupon rate 10.18% until 06/30/2030, thereafter the coupon rate will reset quarterly at the 3-month US$LIBOR + 498BP, if not called.

(h)  Securities are stepbonds. Deutche Telekom International Finance BV coupon steps up by 50 BP for each rating downgrade by Standard and Poor's or Moody's for each notch below BBB+/Baa1. Coupon steps down by 50 BP for each rating upgrade.

(i)  Securities are stepbonds. France Telecom SA coupon steps up or down by 25 BP for each rating upgrade or downgrade by Standard and Poor's or Moody's for each notch below A-/A3.

(j)  At April 30, 2005, all or a portion of this security is segregated with the custodian to cover margin requirements for open option contracts. The value of all securities segregated at April 30, 2005, is $229.

(k)  At April 30, 2005, all or a portion of this security is segregated with the custodian to cover open future contracts. The value of all securities segregated at April 30, 2005, is $414.

(l)  Contract amounts are not in thousands.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $16,200 or 10.2% of the net assets of the Fund.

TBA  Mortgage-backed securities traded under delay delivery commitments. Income on TBA's are not earned until settlement date.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX PIMCO Total Return

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $188,248)   $ 189,739    
Cash     2,778    
Foreign cash (cost: $1,604)     1,604    
Receivables:          
Investment securities sold     7,510    
Shares of beneficial interest sold     187    
Interest     836    
Unrealized appreciation on forward currency contracts     50    
Other     37    
      202,741    
Liabilities:      
Investment securities purchased     43,690    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     144    
Management and advisory fees     90    
Transfer agent fees     23    
Distribution and service fees     64    
Variation margin     85    
Unrealized depreciation on forward currency contracts     5    
Written options (premiums $135)     116    
Swap agreements at value (premium $66)     72    
Payable for reverse repurchase agreement     280    
Other     29    
      44,598    
Net Assets   $ 158,143    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 156,298    
Undistributed net investment income (loss)     122    
Undistributed net realized gain (loss) from investment
securities, futures contracts, foreign currency
transactions, written options and swaps		     307    
Net unrealized appreciation (depreciation) on:          
Investment securities     1,489    
Futures contracts     (132 )  
Written option contracts     19    
Swap agreements     (6 )  
Translation of assets and liabilites denominated in
foreign currencies		     46    
Net Assets   $ 158,143    
Net Assets by Class:      
Class A   $ 122,308    
Class B     24,932    
Class C     10,903    
Shares Outstanding:      
Class A     11,800    
Class B     2,403    
Class C     1,054    
Net Asset Value Per Share:      
Class A   $ 10.37    
Class B     10.37    
Class C     10.34    
Maximum Offering Price Per Share (a):      
Class A   $ 10.89    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 2,454    
Income from loaned securities–net     2    
      2,456    
Expenses:      
Management and advisory fees     534    
Transfer agent fees:          
Class A     10    
Class B     12    
Class C     8    
Printing and shareholder reports     11    
Custody fees     42    
Administration fees     14    
Legal fees     3    
Audit fees     12    
Trustees fees     3    
Registration fees:          
Class A     18    
Class B     4    
Class C     12    
Distribution and service fees:          
Class A     201    
Class B     131    
Class C     58    
Total expenses     1,073    
Net Investment Income (Loss)     1,383    
Net Realized Gain (Loss) from:      
Investment securities     168    
Futures contracts     (124 )  
Written option contracts     138    
Swap agreements     175    
Foreign currency transactions     142    
      499    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     317    
Futures contracts     (498 )  
Written option contracts     (29 )  
Swap agreements     (189 )  
Translation of assets and liabilities denominated in
foreign currencies		     47    
      (352 )  
Net Gain (Loss) on Investments, Futures
Contracts, Foreign Currency Transactions,
Written Options and Swaps		     147    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 1,530    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX PIMCO Total Return

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:                  
Operations:                  
Net investment income (loss)   $ 1,383     $ 1,081    
Net realized gain (loss) from
investment securities, futures
contracts, foreign currency
transactions, written options
and swaps		     499       4,124    
Net unrealized appreciation
(depreciation) on investment
securities, futures contracts,
foreign currency translations,
written options and swaps		     (352 )     64    
      1,530       5,269    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (1,061 )     (924 )  
Class B     (137 )     (223 )  
Class C     (63 )     (49 )  
Class C2     –       (45 )  
Class M     –       (18 )  
      (1,261 )     (1,259 )  
From net realized gains:                  
Class A     (1,399 )     (2,206 )  
Class B     (336 )     (1,143 )  
Class C     (150 )     (180 )  
Class C2     –       (313 )  
Class M     –       (93 )  
      (1,885 )     (3,935 )  
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     16,587       53,387    
Class B     1,412       6,093    
Class C     742       1,432    
Class C2     –       431    
Class M     –       57    
      18,741       61,400    
Dividends and distributions
reinvested:		                  
Class A     2,438       3,077    
Class B     352       1,079    
Class C     185       181    
Class C2     –       313    
Class M     –       107    
      2,975       4,757    
Cost of shares redeemed:                  
Class A     (1,933 )     (6,832 )  
Class B     (4,737 )     (13,382 )  
Class C     (2,722 )     (3,016 )  
Class C2     –       (3,748 )  
Class M     –       (1,377 )  
      (9,392 )     (28,355 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Class level exchanges:                  
Class C   $ –     $ 8,804    
Class C2     –       (6,831 )  
Class M     –       (1,973 )  
      –       –    
      12,324       37,802    
Net increase (decrease) in net assets     10,708       37,877    
Net Assets:                  
Beginning of period     147,435       109,558    
End of period   $ 158,143     $ 147,435    
Undistributed Net Investment Income
(Loss)		   $ 122     $ –    
Share Activity:                  
Shares issued:                  
Class A     1,597       5,141    
Class B     136       586    
Class C     71       138    
Class C2     –       41    
Class M     –       5    
      1,804       5,911    
Shares issued–reinvested from
distributions:		                  
Class A     236       299    
Class B     34       105    
Class C     18       17    
Class C2     –       31    
Class M     –       11    
      288       463    
Shares redeemed:                  
Class A     (186 )     (655 )  
Class B     (457 )     (1,287 )  
Class C     (263 )     (291 )  
Class C2     –       (357 )  
Class M     –       (133 )  
      (906 )     (2,723 )  
Class level exchanges:                  
Class C     –       866    
Class C2     –       (677 )  
Class M     –       (189 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     1,647       4,785    
Class B     (287 )     (596 )  
Class C     (174 )     730    
Class C2     –       (962 )  
Class M     –       (306 )  
      1,186       3,651    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX PIMCO Total Return

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.48     $ 0.10     $ 0.01     $ 0.11     $ (0.09 )   $ (0.13 )   $ (0.22 )   $ 10.37    
    10/31/2004     10.52       0.12       0.36       0.48       (0.14 )     (0.38 )     (0.52 )     10.48    
    10/31/2003     10.32       0.20       0.39       0.59       (0.25 )     (0.14 )     (0.39 )     10.52    
    10/31/2002     10.00       0.13       0.28       0.41       (0.09 )     –       (0.09 )     10.32    
Class B   4/30/2005     10.48       0.06       0.01       0.07       (0.05 )     (0.13 )     (0.18 )     10.37    
    10/31/2004     10.51       0.07       0.36       0.43       (0.08 )     (0.38 )     (0.46 )     10.48    
    10/31/2003     10.32       0.13       0.38       0.51       (0.18 )     (0.14 )     (0.32 )     10.51    
    10/31/2002     10.00       0.09       0.29       0.38       (0.06 )     –       (0.06 )     10.32    
Class C   4/30/2005     10.47       0.05       0.01       0.06       (0.06 )     (0.13 )     (0.19 )     10.34    
    10/31/2004     10.51       0.04       0.38       0.42       (0.08 )     (0.38 )     (0.46 )     10.47    
    10/31/2003     10.38       0.13       0.32       0.45       (0.18 )     (0.14 )     (0.32 )     10.51    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     1.00 %   $ 122,308       1.21 %     1.21 %     2.01 %     203 %  
    10/31/2004     4.78       106,366       1.34       1.34       1.19       385    
    10/31/2003     5.88       56,452       1.43       1.43       1.91       326    
    10/31/2002     4.13       40,767       1.65       1.81       2.28       240    
Class B   4/30/2005     0.66       24,932       1.94       1.94       1.26       203    
    10/31/2004     4.30       28,219       1.92       1.92       0.64       385    
    10/31/2003     5.08       34,547       2.08       2.08       1.26       326    
    10/31/2002     3.80       30,909       2.30       2.46       1.63       240    
Class C   4/30/2005     0.53       10,903       2.15       2.15       1.05       203    
    10/31/2004     4.10       12,850       2.09       2.09       0.41       385    
    10/31/2003     4.47       5,231       2.08       2.08       1.25       326    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX PIMCO Total Return ("the Fund") commenced operations on March 1, 2002. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX PIMCO Total Return ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

TBA purchase commitments: The Fund may enter into "TBA" (to be announced) purchase commitments to purchase securities for a fixed price at a future date, typically not to exceed 45 days. TBA purchase commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Fund's other assets. Unsettled TBA purchase commitments are valued

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

at the current value of the underlying securities, according to the procedures described under Security Valuations. TBA purchase commitments are included in the Schedule of Investments.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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.

Reverse repurchase agreements: The Fund may enter into reverse repurchase agreements with certain banks and broker/dealers whereby the Fund sells portfolio assets concurrent with an agreement by the Fund to repurchase the same assets at a later date at a fixed price. In connection with these agreements, the Fund establishes segregated accounts with its custodian in which the Fund maintains cash, U.S. Government securities or other liquid high grade debt obligations in the name of the counterparty equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities the Fund sold may decline below the price at which it is obligated to repurchase them under the agreement. The market value of the securities the Fund has sold is determined daily and any additional required collateral is allocated to or sent by the Fund on the next business day. As of April 30, 2005, the Fund had entered into reverse repurchase agreements having a market value plus accrued interest of $280,039, collateralized by securities with a market value of $280,039. Open reverse repurchase agreements held by the Fund as of April 30, 2005 are listed in the Schedule of Investments. A summary of reverse repurchase agreements held during the six months ended April 30, 2005 follows:

Average balance outstanding   $ 280,000    
Average interest rate     0.2 %  
Maximum balance outstanding   $ 280,000    
Average shares outstanding     14,871,534    
Average balance per share outstanding   $ 0.02    

 

Average balance outstanding was calculated based on daily balances outstanding during the period that the Fund had entered into reverse repurchase agreements.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. There were no securities on loan at April 30, 2005.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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, 2005, are listed in the Schedule of Investments.

Swap agreements: The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

Swaps are marked to market daily based upon quotations from market makers and vendors and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of realized gain or loss on the Statement of Operations.

Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Open swaps agreements at April 30, 2005, are listed in the Schedule of Investments.

Futures, options and swaptions contracts: The Fund may enter into futures and/or options contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Option contracts 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 futures contracts and options are imperfect correlation between the change in value of the securities held and the prices of futures contracts and options; the possibility of an illiquid market and inability of the counterparty to meet the contract terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written.

The Fund is authorized to write swaption contracts to manage exposure to fluctuations in interest rates and to enhance fund yield. Swaption contracts written by the Fund represents an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call option is exercised, the writer will enter a swap and is obligated to pay the fixed rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers.

When the Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current value of the swaption. Changes in the value of the swaption are reported as Unrealized gains or losses in written options in the Statement of Assets and Liabilities. Gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from written options. The difference between the premium and the amount paid on affecting a closing purchase transaction is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, the Fund enters into swaption contracts with counterparties whose creditworthiness has been approved by the Board of Trustees. The Fund bears the market risk arising from any changes in index values or interest rates.

The underlying face amounts of open futures, option, and swaption contracts at April 30, 2005, are listed in the Schedule of Investments. The variation margin receivable or payable, as applicable, is included in the Statement of Assets and Liabilities. Variation margin represents the additional payment due or excess deposits made in order to maintain the equity account at the required margin level.

Transactions in options were as follows:

    Premium   Contracts*  
Beginning Balance
October 31, 2004		   $ 11       23    
Sales     170       537    
Expirations     (47 )     (99 )  
Balance at April 30, 2005   $ 134       461    

 

*  Contracts not in thousands

Transactions in swaptions were as follows:

    Premium   Notional
Amount		  
Beginning Balance
October 31, 2004		   $ 55       3,700    
Sales     35       7,000    
Expirations     (90 )     (10,700 )  
Balance at April 30, 2005   $ –       –    

 

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no account maintenance fees.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

16


TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 25,630       16.21 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     37,764       23.88 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     48,829       30.87 %  
Total   $ 112,223       70.96 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following rate:

From November 1, 2004 through December 31, 2004:  

 

0.70% of ANA

From January 1, 2005 on:  

 

0.70% of the first $250 million of ANA
0.65% of the next $500 million of ANA
0.60% of ANA over $750 million

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

1.30% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 54    
Retained by Underwriter     3    
Contingent Deferred Sales Charge     46    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $44 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 19,819    
U.S. Government     200,430    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     20,936    
U.S. Government     159,255    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

17


TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and foreign currency transactions.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 188,343    
Unrealized Appreciation   $ 1,682    
Unrealized (Depreciation)     (286 )  
Net Unrealized Appreciation (Depreciation)   $ 1,396    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

18


TA IDEX PIMCO Total Return

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX PIMCO Total Return (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Pacific Investment Management LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the SubAdviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over trailing one- and two-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the performance of the Fund, the management fees of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule would appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate and lower level of Fund operating expenses as the level of Fund assets increases. Accordingly, the Board and TFAI agreed to implement advisory fee breakpoints as a means to eventually lower the level of the Fund's operating expense. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

19


TA IDEX PIMCO Total Return

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX PIMCO Total Return

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  11,111,550.975       25,793.351       2,755,172.348    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX PIMCO Total Return.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      11,185,990.898       42,426.776       2,664,099.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      11,177,213.011       51,204.663       2,664,099.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      11,186,795.114       41,622.560       2,664,099.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      11,186,795.114       41,622.560       2,664,099.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      11,186,795.114       41,622.560       2,664,099.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      11,178,025.148       50,392.526       2,664,099.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      11,181,865.114       46,552.560       2,664,099.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      11,183,189.795       45,227.879       2,664,099.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

20


TA IDEX Protected Principal Stock

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,016.00       2.13 %   $ 10.65    
Hypothetical (b)     1,000.00       1,014.23       2.13       10.64    
Class B      
Actual     1,000.00       1,014.20       2.49       12.44    
Hypothetical (b)     1,000.00       1,012.45       2.49       12.42    
Class C      
Actual     1,000.00       1,013.20       2.73       13.63    
Hypothetical (b)     1,000.00       1,011.26       2.73       13.61    
Class M      
Actual     1,000.00       1,012.30       2.80       13.97    
Hypothetical (b)     1,000.00       1,010.91       2.80       13.96    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (97.2%) (a)      
Aerospace (1.6%)      
Boeing Co. (The)     3,900     $ 232    
General Dynamics Corp.     900       95    
Goodrich Corp.     500       20    
Lockheed Martin Corp.     1,800       110    
Northrop Grumman Corp.     1,570       86    
Textron, Inc.     600       45    
United Technologies Corp.     2,500       254    
Air Transportation (0.3%)      
Delta Airlines, Inc. (b)     600       2    
FedEx Corp.     1,400       119    
Southwest Airlines Co.     3,600       54    
Amusement & Recreation Services (0.6%)      
Disney (Walt) Co. (The)     9,800       259    
Harrah's Entertainment, Inc.     500       33    
Apparel & Accessory Stores (0.4%)      
Gap (The), Inc.     3,600       77    
Kohl's Corp. (b)     1,500       71    
Ltd. Brands     1,700       37    
Nordstrom, Inc.     500       25    
Apparel Products (0.2%)      
Cintas Corp.     600       23    
Jones Apparel Group, Inc.     500       15    
Liz Claiborne, Inc.     500       18    
V.F. Corp.     500       28    
Auto Repair, Services & Parking (0.0%)      
Ryder System, Inc.     300       11    
Automotive (0.7%)      
Dana Corp.     700       8    
Delphi Corp.     2,700       9    
Ford Motor Co.     8,700       79    
General Motors Corp.     2,700       72    
Genuine Parts Co.     800       34    
Harley-Davidson, Inc.     1,300       61    
ITT Industries, Inc.     400       36    
Navistar International Corp. (b)     300       9    
PACCAR, Inc.     800       54    
Automotive Dealers & Service Stations (0.1%)      
AutoNation, Inc. (b)     1,050       19    
AutoZone, Inc. (b)     300       25    
Beverages (2.3%)      
Anheuser-Busch Cos., Inc.     3,600       169    
Brown-Forman Corp.–Class B     400       22    
Coca-Cola Co. (The)     10,800       469    

 

    Shares   Value  
Beverages (continued)                  
Coca-Cola Enterprises, Inc.     1,600     $ 32    
Molson Coors Brewing Co.–Class B     400       25    
Pepsi Bottling Group, Inc.     900       26    
PepsiCo, Inc.     8,000       445    
Business Credit Institutions (0.9%)                  
CIT Group, Inc.     900       36    
Fannie Mae     4,600       248    
Freddie Mac     3,300       203    
Business Services (1.3%)                  
Cendant Corp.     5,000       100    
Clear Channel Communications, Inc.     2,600       83    
Convergys Corp. (b)     600       8    
eBay, Inc. (b)     5,600       178    
Equifax, Inc.     600       20    
First Data Corp.     3,795       144    
Interpublic Group of Cos., Inc. (b)     1,800       23    
Monster Worldwide, Inc. (b)     500       12    
Moody's Corp.     600       49    
Omnicom Group, Inc.     800       66    
Robert Half International, Inc.     700       17    
Chemicals & Allied Products (3.4%)                  
Air Products & Chemicals, Inc.     1,000       59    
Alberto Culver Co.–Class B     400       18    
Avon Products, Inc.     2,300       92    
Clorox Co.     700       44    
Colgate-Palmolive Co.     2,500       124    
Dow Chemical Co. (The)     4,500       207    
du Pont (E.I.) de Nemours & Co.     4,700       221    
Eastman Chemical Co.     400       22    
Ecolab, Inc.     1,000       33    
Great Lakes Chemical Corp.     200       6    
International Flavors & Fragrances, Inc.     400       15    
Monsanto Co.     1,271       75    
PPG Industries, Inc.     800       54    
Praxair, Inc.     1,500       70    
Procter & Gamble Co.     11,900       644    
Rohm & Haas Co.     900       39    
Sherwin-Williams Co. (The)     500       22    
Commercial Banks (10.0%)                  
AmSouth Bancorp     1,600       42    
Bank of America Corp.     19,318       870    
Bank of New York Co., Inc. (The)     3,600       101    
BB&T Corp.     2,600       102    
Citigroup, Inc.     24,900       1,169    
Comerica, Inc.     800       46    
Compass Bancshares, Inc.     500       22    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Commercial Banks (continued)      
Fifth Third Bancorp     2,600     $ 113    
First Horizon National Corp.     500       21    
Huntington Bancshares, Inc.     1,100       26    
JPMorgan Chase & Co.     16,948       601    
KeyCorp     1,800       60    
M&T Bank Corp.     500       52    
Marshall & IIsley Corp.     900       38    
MBNA Corp.     6,100       120    
Mellon Financial Corp.     1,800       50    
National City Corp.     2,900       98    
North Fork Bancorp, Inc.     2,300       65    
Northern Trust Corp.     900       41    
PNC Financial Services Group, Inc.     1,300       69    
Providian Financial Corp. (b)     1,400       23    
Regions Financial Corp.     2,281       76    
State Street Corp.     1,600       74    
SunTrust Banks, Inc.     1,600       117    
Synovus Financial Corp.     1,500       42    
US Bancorp     8,800       246    
Wachovia Corp.     7,502       384    
Wells Fargo & Co.     8,000       480    
Zions Bancorp     400       28    
Communication (1.2%)      
Comcast Corp.–Class A (b)     10,519       338    
Viacom, Inc.–Class B     8,100       280    
Communications Equipment (1.6%)      
ADC Telecommunications, Inc. (b)     3,800       9    
Andrew Corp. (b)     700       9    
Avaya, Inc. (b)     2,300       20    
CIENA Corp. (b)     2,800       6    
Comverse Technology, Inc. (b)     900       21    
Corning, Inc. (b)     6,700       92    
L-3 Communications Holdings, Inc.     500       35    
Lucent Technologies, Inc. (b)     21,100       51    
Motorola, Inc.     11,500       176    
Network Appliance, Inc. (b)     1,700       45    
QUALCOMM, Inc.     7,800       272    
Rockwell Collins, Inc.     800       37    
Scientific-Atlanta, Inc.     700       21    
Tellabs, Inc. (b)     2,200       17    
Computer & Data Processing Services (5.0%)      
Adobe Systems, Inc.     1,100       65    
Affiliated Computer Services, Inc.–Class A (b)     550       26    
Autodesk, Inc.     1,100       35    
Automatic Data Processing, Inc.     2,800       122    
BMC Software, Inc. (b)     1,000       16    

 

    Shares   Value  
Computer & Data Processing Services (continued)                  
Citrix Systems, Inc. (b)     700     $ 16    
Computer Associates International, Inc.     2,700       73    
Computer Sciences Corp. (b)     800       35    
Compuware Corp. (b)     1,700       10    
Electronic Arts, Inc. (b)     1,400       75    
Electronic Data Systems Corp.     2,500       48    
Fiserv, Inc. (b)     800       34    
IMS Health, Inc.     1,000       24    
Intuit, Inc. (b)     800       32    
Mercury Interactive Corp. (b)     400       17    
Microsoft Corp.     48,100       1,217    
NCR Corp. (b)     800       26    
Novell, Inc. (b)     1,700       10    
Oracle Corp. (b)     21,400       247    
Parametric Technology Corp. (b)     1,200       6    
Sabre Holdings Corp.     600       12    
Siebel Systems, Inc. (b)     2,500       23    
Sun Microsystems, Inc. (b)     16,100       58    
SunGard Data Systems, Inc. (b)     1,100       37    
Symantec Corp. (b)     3,400       64    
Unisys Corp. (b)     1,600       10    
VERITAS Software Corp. (b)     1,800       37    
Yahoo!, Inc. (b)     6,300       217    
Computer & Office Equipment (4.3%)                  
Apple Computer, Inc. (b)     3,800       137    
Cisco Systems, Inc. (b)     30,600       529    
Dell, Inc. (b)     11,600       404    
EMC Corp. (b)     11,400       150    
Gateway, Inc. (b)     1,400       5    
Hewlett-Packard Co.     13,600       278    
International Business Machines Corp.     7,700       588    
Jabil Circuit, Inc. (b)     800       22    
Lexmark International, Inc. (b)     500       35    
Pitney Bowes, Inc.     1,000       45    
Symbol Technologies, Inc.     1,100       15    
Construction (0.2%)                  
Centex Corp.     500       29    
Fluor Corp.     400       21    
KB Home     400       23    
Pulte Homes, Inc.     500       36    
Cosmetics/Personal Care (0.5%)                  
Gillette Co. (The)     4,700       243    
Department Stores (0.4%)                  
Dillard's, Inc.–Class A     400       9    
Federated Department Stores, Inc.     800       46    
JC Penney Co., Inc.     1,300       62    
May Department Stores Co. (The)     1,400       49    
TJX Cos., Inc.     2,300       52    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Diversified (0.3%)                  
Honeywell International, Inc.     4,000     $ 143    
Drug Stores & Proprietary Stores (0.6%)                  
CVS Corp.     1,800       93    
Walgreen Co.     4,800       207    
Educational Services (0.1%)                  
Apollo Group, Inc.–Class A (b)     700       50    
Electric Services (2.2%)                  
AES Corp. (The) (b)     3,100       50    
Allegheny Energy, Inc. (b)     600       15    
American Electric Power Co., Inc.     1,700       60    
Calpine Corp. (b)     2,600       5    
CenterPoint Energy, Inc.     1,300       15    
CMS Energy Corp. (b)     900       12    
Consolidated Edison, Inc.     1,100       48    
Constellation Energy Group, Inc.     800       42    
Dominion Resources, Inc.     1,600       121    
DTE Energy Co.     800       37    
Duke Energy Corp.     4,400       128    
Edison International     1,500       54    
FirstEnergy Corp.     1,500       65    
FPL Group, Inc.     1,700       69    
Pinnacle West Capital Corp.     400       17    
PPL Corp.     800       43    
Progress Energy, Inc.     1,100       46    
Sempra Energy     1,100       44    
Southern Co. (The)     3,500       115    
TECO Energy, Inc.     900       15    
TXU Corp.     1,100       94    
Xcel Energy, Inc.     1,800       31    
Electric, Gas & Sanitary Services (0.9%)                  
Ameren Corp.     900       47    
Cinergy Corp.     800       32    
Entergy Corp.     1,000       73    
Exelon Corp.     3,200       158    
NiSource, Inc.     1,300       30    
PG&E Corp.     1,600       56    
Public Service Enterprise Group, Inc.     1,100       64    
Electronic & Other Electric Equipment (3.8%)                  
Cooper Industries, Ltd.–Class A     400       25    
Emerson Electric Co.     1,800       113    
General Electric Co.     50,500       1,828    
Maytag Corp.     400       4    
Whirlpool Corp.     300       19    
Electronic Components & Accessories (3.3%)                  
Advanced Micro Devices, Inc. (b)     1,800       26    
Altera Corp. (b)     1,700       35    

 

    Shares   Value  
Electronic Components & Accessories (continued)                  
American Power Conversion Corp.     800     $ 19    
Analog Devices, Inc.     1,700       58    
Applied Micro Circuits Corp. (b)     1,400       4    
Broadcom Corp.–Class A (b)     1,400       42    
Freescale Semiconductor, Inc.–Class B (b)     1,758       33    
Intel Corp.     29,500       694    
JDS Uniphase Corp. (b)     6,900       10    
Linear Technology Corp.     1,400       50    
LSI Logic Corp. (b)     1,700       9    
Maxim Integrated Products, Inc.     1,500       56    
Micron Technology, Inc. (b)     3,000       29    
Molex, Inc.     700       18    
National Semiconductor Corp.     1,600       31    
Novellus Systems, Inc.     600       14    
NVIDIA Corp. (b)     700       15    
PMC-Sierra, Inc. (b)     800       6    
QLogic Corp. (b)     400       13    
Sanmina-SCI Corp. (b)     2,500       10    
Solectron Corp. (b)     4,600       15    
Texas Instruments, Inc.     8,200       205    
Tyco International, Ltd.     9,600       301    
Xilinx, Inc.     1,600       43    
Entertainment (0.1%)                  
International Game Technology     1,600       43    
Environmental Services (0.2%)                  
Allied Waste Industries, Inc. (b)     1,300       10    
Waste Management, Inc.     2,700       77    
Fabricated Metal Products (0.2%)                  
Fortune Brands, Inc.     600       51    
Parker Hannifin Corp.     500       30    
Finance (1.2%)                  
SPDR Trust Series 1     5,465       633    
Food & Kindred Products (2.4%)                  
Altria Group, Inc.     9,900       643    
Archer-Daniels-Midland Co.     3,100       56    
Campbell Soup Co.     1,500       45    
ConAgra Foods, Inc.     2,500       67    
General Mills, Inc.     1,600       79    
Hercules, Inc. (b)     500       7    
Hershey Co. (The)     1,000       64    
HJ Heinz Co.     1,600       59    
Kellogg Co.     1,600       72    
McCormick & Co., Inc.     600       21    
Sara Lee Corp.     3,700       79    
WM Wrigley Jr. Co.     900       62    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Food Stores (0.3%)                  
Albertson's, Inc.     1,600     $ 32    
Kroger Co. (b)     3,500       55    
Safeway, Inc. (b)     2,200       47    
Furniture & Fixtures (0.3%)                  
Johnson Controls, Inc.     900       49    
Leggett & Platt, Inc.     800       22    
Masco Corp.     2,200       69    
Furniture & Home Furnishings Stores (0.1%)                  
Bed Bath & Beyond, Inc. (b)     1,400       52    
Gas Production & Distribution (0.3%)                  
Dynegy, Inc.–Class A (b)     1,500       5    
El Paso Corp.     3,100       31    
KeySpan Corp.     700       27    
Kinder Morgan, Inc.     500       38    
Nicor, Inc.     200       7    
Peoples Energy Corp.     200       8    
Williams Cos., Inc. (The)     2,700       46    
Health Services (0.7%)                  
Caremark Rx, Inc. (b)     2,200       88    
Express Scripts, Inc. (b)     350       31    
HCA, Inc.     1,800       101    
Health Management Associates, Inc.–Class A     1,100       27    
Laboratory Corp. of America Holdings (b)     600       30    
Manor Care, Inc.     400       13    
Quest Diagnostics, Inc.     500       53    
Tenet Healthcare Corp. (b)     2,300       28    
Holding & Other Investment Offices (0.2%)                  
Apartment Investment & 
Management Co.–Class A		     440       17    
Archstone-Smith Trust REIT     900       32    
Equity Residential     1,300       45    
Plum Creek Timber Co., Inc.     800       28    
Hotels & Other Lodging Places (0.3%)                  
Hilton Hotels Corp.     1,700       37    
Marriott International, Inc.–Class A     900       56    
Starwood Hotels & Resorts Worldwide, Inc.     1,000       54    
Industrial Machinery & Equipment (1.5%)                  
American Standard Cos., Inc.     800       36    
Applied Materials, Inc. (b)     7,900       117    
Baker Hughes, Inc.     1,600       71    
Black & Decker Corp.     400       33    
Caterpillar, Inc.     1,600       141    
Cummins, Inc.     200       14    
Deere & Co.     1,100       69    

 

    Shares   Value  
Industrial Machinery & Equipment (continued)                  
Dover Corp.     900     $ 33    
Eaton Corp.     700       41    
Illinois Tool Works, Inc.     1,300       109    
Ingersoll-Rand Co.–Class A     800       62    
National Oilwell Varco, Inc. (b)     700       28    
Pall Corp.     500       13    
Stanley Works (The)     400       17    
Instruments & Related Products (1.0%)                  
Agilent Technologies, Inc. (b)     1,800       37    
Applera Corp.–Applied Biosystems Group     900       19    
Bausch & Lomb, Inc.     300       23    
Danaher Corp.     1,300       66    
Eastman Kodak Co.     1,300       33    
Fisher Scientific International (b)     500       30    
KLA-Tencor Corp.     900       35    
Millipore Corp. (b)     200       10    
PerkinElmer, Inc.     500       9    
Raytheon Co.     2,200       83    
Rockwell Automation, Inc.     800       37    
Snap-On, Inc.     300       10    
Tektronix, Inc.     400       9    
Teradyne, Inc. (b)     900       10    
Thermo Electron Corp. (b)     700       18    
Waters Corp. (b)     500       20    
Xerox Corp. (b)     4,500       60    
Insurance (4.2%)                  
ACE, Ltd.     1,300       56    
Aetna, Inc.     1,400       103    
AFLAC, Inc.     2,400       98    
Allstate Corp. (The)     3,300       185    
AMBAC Financial Group, Inc.     500       33    
American International Group, Inc.     12,300       625    
Chubb Corp.     900       74    
Cigna Corp.     600       55    
Cincinnati Financial Corp.     682       27    
Loews Corp.     700       50    
MBIA, Inc.     600       31    
MGIC Investment Corp.     500       30    
Principal Financial Group     1,400       55    
Progressive Corp. (The)     900       82    
SAFECO Corp.     500       26    
St. Paul Travelers Cos., Inc. (The)     3,247       116    
UnitedHealth Group, Inc.     3,100       293    
UnumProvident Corp.     1,400       23    
WellPoint, Inc. (b)     1,400       179    
XL Capital, Ltd.–Class A     600       42    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Insurance Agents, Brokers & Service (0.4%)      
AON Corp.     1,500     $ 31    
Hartford Financial Services Group, Inc. (The)     1,400       101    
Humana, Inc. (b)     700       24    
Marsh & McLennan Cos., Inc.     2,500       70    
Leather & Leather Products (0.1%)      
Coach, Inc. (b)     1,800       48    
Life Insurance (0.7%)      
Jefferson Pilot Corp.     600       30    
Lincoln National Corp.     800       36    
Metlife, Inc.     3,500       136    
Prudential Financial, Inc.     2,500       143    
Torchmark Corp.     500       27    
Lumber & Other Building Materials (1.1%)      
Home Depot, Inc. (The)     10,500       371    
Lowe's Cos., Inc.     3,600       188    
Lumber & Wood Products (0.2%)      
Georgia-Pacific Corp.     1,200       41    
Louisiana-Pacific Corp.     500       12    
Weyerhaeuser Co.     1,100       75    
Management Services (0.1%)      
Paychex, Inc.     1,600       49    
Medical Instruments & Supplies (2.0%)      
Bard, (C.R.) Inc.     500       36    
Baxter International, Inc.     3,000       111    
Becton Dickinson & Co.     1,200       70    
Biomet, Inc.     1,200       46    
Boston Scientific Corp. (b)     3,700       109    
Guidant Corp.     1,500       111    
Medtronic, Inc.     5,700       300    
St. Jude Medical, Inc. (b)     1,600       62    
Stryker Corp.     1,700       83    
Zimmer Holdings, Inc. (b)     1,100       90    
Metal Cans & Shipping Containers (0.0%)      
Ball Corp.     500       20    
Metal Mining (0.3%)      
Freeport-McMoRan Copper & Gold, Inc.–Class B     800       28    
Newmont Mining Corp.     2,100       80    
Phelps Dodge Corp.     500       43    
Mining (0.0%)      
Vulcan Materials Co.     500       27    
Mortgage Bankers & Brokers (0.2%)      
Countrywide Financial Corp.     2,800       101    

 

    Shares   Value  
Motion Pictures (1.1%)      
News Corp., Inc.–Class A     12,000     $ 183    
Time Warner, Inc. (b)     21,900       368    
Motor Vehicles, Parts & Supplies (0.0%)      
Visteon Corp.     600       2    
Office Property (0.1%)      
Equity Office Properties Trust     1,800       57    
Oil & Gas Extraction (2.3%)      
Anadarko Petroleum Corp.     1,100       80    
Apache Corp.     1,510       85    
BJ Services Co.     700       34    
Burlington Resources, Inc.     1,700       83    
Devon Energy Corp.     2,300       104    
EOG Resources, Inc.     1,100       52    
Halliburton Co.     2,400       100    
Kerr-McGee Corp.     700       54    
Nabors Industries, Ltd. (b)     600       32    
Noble Corp.     600       31    
Occidental Petroleum Corp.     1,800       124    
Rowan Cos., Inc.     500       13    
Schlumberger, Ltd.     2,800       192    
Transocean, Inc. (b)     1,500       70    
Unocal Corp.     1,300       71    
XTO Energy, Inc.     1,533       46    
Paper & Allied Products (1.2%)      
3M Co.     3,600       275    
Avery Dennison Corp.     500       26    
Bemis Co.     500       14    
International Paper Co.     2,400       82    
Kimberly-Clark Corp.     2,300       144    
MeadWestvaco Corp.     900       27    
OfficeMax, Inc.     400       13    
Pactiv Corp. (b)     600       13    
Temple-Inland, Inc.     600       20    
Personal Credit Institutions (0.3%)      
Capital One Financial Corp.     1,100       78    
SLM Corp.     1,800       86    
Personal Services (0.1%)      
H&R Block, Inc.     700       35    
Petroleum Refining (5.5%)      
Amerada Hess Corp.     400       37    
Ashland, Inc.     300       20    
ChevronTexaco Corp.     10,000       520    
ConocoPhillips     3,304       346    
Exxon Mobil Corp.     30,300       1,728    
Marathon Oil Corp.     1,600       75    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Petroleum Refining (continued)                  
Sunoco, Inc.     300     $ 30    
Valero Energy Corp.     1,200       82    
Pharmaceuticals (9.1%)                  
Abbott Laboratories     7,400       364    
Allergan, Inc.     600       42    
AmerisourceBergen Corp.     500       31    
Amgen, Inc. (b)     5,972       348    
Biogen Idec, Inc. (b)     1,600       58    
Bristol-Myers Squibb Co.     9,300       242    
Cardinal Health, Inc.     2,100       117    
Chiron Corp. (b)     600       21    
Forest Laboratories, Inc. (b)     1,600       57    
Genzyme Corp. (b)     1,200       70    
Gilead Sciences, Inc. (b)     2,100       78    
Hospira, Inc. (b)     720       24    
Johnson & Johnson     14,200       975    
King Pharmaceuticals, Inc. (b)     1,100       9    
Lilly (Eli) & Co.     5,300       310    
McKesson Corp.     1,400       52    
Medco Health Solutions, Inc. (b)     1,253       64    
MedImmune, Inc. (b)     1,100       28    
Merck & Co., Inc.     10,500       356    
Mylan Laboratories     1,200       20    
Pfizer, Inc.     35,540       966    
Schering-Plough Corp.     7,000       146    
Sigma-Aldrich Corp.     300       18    
Watson Pharmaceuticals, Inc. (b)     500       15    
Wyeth     6,300       283    
Primary Metal Industries (0.4%)                  
Alcoa, Inc.     4,100       119    
Allegheny Technologies, Inc.     400       9    
Engelhard Corp.     500       15    
Nucor Corp.     700       36    
United States Steel Corp.     500       21    
Printing & Publishing (0.6%)                  
Dow Jones & Co., Inc.     400       13    
Gannett Co., Inc.     1,100       85    
Knight-Ridder, Inc.     400       26    
McGraw-Hill Cos., Inc. (The)     900       78    
Meredith Corp.     200       9    
New York Times Co.–Class A     600       20    
RR Donnelley & Sons Co.     1,000       33    
Tribune Co.     1,400       54    
Radio & Television Broadcasting (0.1%)                  
Univision Communications, Inc.–Class A (b)     1,400       37    

 

    Shares   Value  
Radio, Television & Computer Stores (0.2%)      
Best Buy Co., Inc.     1,400     $ 70    
Circuit City Stores, Inc.     800       13    
RadioShack Corp.     700       17    
Railroads (0.5%)      
Burlington Northern Santa Fe Corp.     1,600       77    
CSX Corp.     1,000       40    
Norfolk Southern Corp.     1,800       57    
Union Pacific Corp.     1,200       77    
Regional Mall (0.1%)      
Simon Property Group, Inc.     1,000       66    
Restaurants (0.7%)      
Darden Restaurants, Inc.     600       18    
McDonald's Corp.     6,000       176    
Starbucks Corp. (b)     1,800       89    
Wendy's International, Inc.     500       21    
Yum! Brands, Inc.     1,400       66    
Retail Trade (0.3%)      
Office Depot, Inc. (b)     1,500       29    
Staples, Inc.     3,550       68    
Tiffany & Co.     600       18    
Toys R US, Inc. (b)     1,000       25    
Rubber & Misc. Plastic Products (0.3%)      
Cooper Tire & Rubber Co.     300       5    
Goodyear Tire & Rubber Co. (The) (b)     800       10    
Newell Rubbermaid, Inc.     1,300       28    
NIKE, Inc.–Class B     1,000       77    
Reebok International, Ltd.     300       12    
Sealed Air Corp. (b)     400       19    
Savings Institutions (0.5%)      
Golden West Financial Corp.     1,300       81    
Sovereign Bancorp, Inc.     1,700       35    
Washington Mutual, Inc.     4,100       169    
Security & Commodity Brokers (2.7%)      
American Express Co.     5,500       290    
Bear Stearns Cos. Inc. (The)     500       47    
Charles Schwab Corp. (The)     5,300       55    
E*TRADE Financial Corp. (b)     1,650       18    
Federated Investors, Inc.–Class B     450       13    
Franklin Resources, Inc.     900       62    
Goldman Sachs Group, Inc. (The)     2,200       235    
Janus Capital Group, Inc.     1,100       14    
Lehman Brothers Holdings, Inc.     1,300       119    
Merrill Lynch & Co., Inc.     4,400       237    
Morgan Stanley     5,100       268    
T. Rowe Price Group, Inc.     500       28    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Telecommunications (3.1%)                  
ALLTEL Corp.     1,400     $ 80    
AT&T Corp.     3,800       73    
BellSouth Corp.     8,600       228    
CenturyTel, Inc.     600       18    
Citizens Communications Co.     1,600       20    
Nextel Communications, Inc.–Class A (b)     5,200       146    
Qwest Communications International (b)     8,100       28    
SBC Communications, Inc.     15,800       376    
Sprint Corp. (FON Group)     7,050       157    
Verizon Communications, Inc.     13,100       469    
Tobacco Products (0.1%)                  
Reynolds American, Inc.     500       39    
UST, Inc.     700       32    
Toys, Games & Hobbies (0.1%)                  
Hasbro, Inc.     700       13    
Mattel, Inc.     1,800       33    
Transportation Equipment (0.0%)                  
Brunswick Corp.     500       21    
Trucking & Warehousing (0.7%)                  
United Parcel Service, Inc.–Class B     5,200       371    
Variety Stores (2.2%)                  
Big Lots, Inc. (b)     500       5    
Costco Wholesale Corp.     2,300       93    
Dollar General Corp.     1,400       29    
Family Dollar Stores, Inc.     700       19    
Sears Holdings Corp. (b)     283       38    
Target Corp.     4,200       195    
Wal-Mart Stores, Inc.     16,100       759    
Warehouse (0.1%)                  
Prologis     850       34    
Water Transportation (0.3%)                  
Carnival Corp.     2,700       132    
Wholesale Trade Durable Goods (0.0%)                  
Grainger (W.W.), Inc.     400       22    
Wholesale Trade Nondurable Goods (0.2%)                  
SUPERVALU, Inc.     600       19    
SYSCO Corp.     3,100       107    
Total Common Stocks (cost: $41,371)             50,306    

 

    Contracts (c)   Value  
PURCHASED OPTIONS (0.6%)      
Put Options (0.6%)      
S & P 500 Index     60     $ 16    
Put Strike $1,100.00
                  
Expires 05/21/2005                  
S & P 500 Index
Put Strike $1,100.00
Expires 06/18/2005		     166       129    
S & P 500 Index
Put Strike $1,075.00
Expires 06/18/2005		     82       41    
S & P 500 Index
Put Strike $1,125.00
Expires 06/18/2005		     123       153    
Total Purchased Options (cost: $269)             339    
Total Investment Securities (cost: $41,640)           $ 50,645    
WRITTEN OPTIONS (-0.9%)      
Covered Call Options (-0.9%)      
S & P 500 Index
Call Strike $1,225.00
Expires 06/18/2005		     34       (7 )  
S & P 500 Index
Call Strike $1,150.00
Expires 05/21/2005		     47       (91 )  
S & P 500 Index
Call Strike $1,175.00
Expires 05/21/2005		     96       (65 )  
S & P 500 Index
Call Strike $1,200.00
Expires 05/21/2005		     49       (7 )  
S & P 500 Index
Call Strike $1,200.00
Expires 06/18/2005		     104       (65 )  
S & P 500 Index
Call Strike $1,150.00
Expires 06/18/2005		     49       (138 )  
S & P 500 Index
Call Strike $1,175.00
Expires 06/18/2005		     52       (77 )  
Total Written Options (premiums: -$924)             (450 )  
SUMMARY:      
Investments, at value     97.8 %   $ 50,645    
Written options     (0.9 %)     (450 )  
Other assets in excess of liabilities     3.1 %     1,613    
Net assets     100.0 %   $ 51,808    

 

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

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  Substantially all of the Fund's common stocks are memo pledged as collateral by the custodian for the listed short index option contracts written by the Fund (see Note 1).

(b)  No dividends were paid during the preceding twelve months.

(c)  Contract amounts are not in thousands.

DEFINITIONS:

REIT  Real Estate Investment Trust

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Protected Principal Stock

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $41,640)   $ 50,645    
Cash     1,734    
Receivables:          
Interest     2    
Dividends     70    
Other     4    
      52,455    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     108    
Management and advisory fees     29    
Distribution and service fees     39    
Transfer agent fees     14    
Written options (premiums $924)     450    
Other     7    
      647    
Net Assets   $ 51,808    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 45,865    
Undistributed net investment income (loss)     8    
Accumulated net realized gain (loss) from investment
securities and written option contracts		     (3,544 )  
Net unrealized appreciation (depreciation) on:
Investment securities		     9,005    
Written option contracts     474    
Net Assets   $ 51,808    
Net Assets by Class:      
Class A   $ 7,453    
Class B     36,694    
Class C     5,717    
Class M     1,944    
Shares Outstanding:      
Class A     689    
Class B     3,412    
Class C     533    
Class M     181    
Net Asset Value Per Share:      
Class A   $ 10.81    
Class B     10.75    
Class C     10.72    
Class M     10.72    
Maximum Offering Price Per Share (a):      
Class A   $ 11.44    
Class M     10.83    

 

(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 and C shares represents offering price. The redemption price for Classes B and M shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 11    
Dividends     674    
      685    
Expenses:      
Management and advisory fees     355    
Transfer agent fees:          
Class A     1    
Class B     5    
Class C     1    
Custody fees     13    
Administration fees     5    
Audit fees     14    
Trustees fees     1    
Registration fees:          
Class A     9    
Class C     7    
Class M     4    
Other     16    
Distribution and service fees:          
Class A     13    
Class B     194    
Class C     30    
Class M     9    
Total expenses     677    
Net Investment Income (Loss)     8    
Net Realized Gain (Loss) from:      
Investment securities     976    
Written option contracts     (563 )  
      413    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     (41 )  
Written option contracts     472    
      431    
Net Gain (Loss) on Investments and Written
Option Contracts		     844    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 852    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Protected Principal Stock

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 8     $ (572 )  
Net realized gain (loss) from
investment securities and
written option contracts		     413       477    
Net unrealized appreciation
(depreciation) on investment securities
and written option contracts		     431       2,835    
      852       2,740    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     –       5    
Class B     –       2    
Class C     –       2    
      –       9    
Cost of shares redeemed:                  
Class A     (684 )     (1,733 )  
Class B     (4,663 )     (7,872 )  
Class C     (793 )     (907 )  
Class M     (405 )     (1,382 )  
      (6,545 )     (11,894 )  
      (6,545 )     (11,885 )  
Net increase (decrease) in net assets     (5,693 )     (9,145 )  
Net Assets:      
Beginning of period     57,501       66,646    
End of period   $ 51,808     $ 57,501    
Undistributed Net Investment Income
(Loss)		   $ 8     $ –    
Share Activity:      
Shares redeemed:                  
Class A     (63 )     (167 )  
Class B     (432 )     (760 )  
Class C     (74 )     (87 )  
Class M     (38 )     (133 )  
      (607 )     (1,147 )  
Net increase (decrease) in shares
outstanding:		                  
Class A     (63 )     (167 )  
Class B     (432 )     (760 )  
Class C     (74 )     (87 )  
Class M     (38 )     (133 )  
      (607 )     (1,147 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Protected Principal Stock

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.64     $ 0.02     $ 0.15     $ 0.17     $ –     $ –     $ –     $ 10.81    
    10/31/2004     10.15       (0.05 )     0.54       0.49       –       –       –       10.64    
    10/31/2003     10.01       (0.04 )     0.92       0.88       –       (0.74 )     (0.74 )     10.15    
    10/31/2002     10.00       (0.02 )     0.03       0.01       –       –       –       10.01    
Class B   4/30/2005     10.60       0.00       0.15       0.15       –       –       –       10.75    
    10/31/2004     10.15       (0.10 )     0.55       0.45       –       –       –       10.60    
    10/31/2003     10.01       (0.11 )     0.99       0.88       –       (0.74 )     (0.74 )     10.15    
    10/31/2002     10.00       (0.04 )     0.05       0.01       –       –       –       10.01    
Class C   4/30/2005     10.58       (0.01 )     0.15       0.14       –       –       –       10.72    
    10/31/2004     10.15       (0.12 )     0.55       0.43       –       –       –       10.58    
    10/31/2003     10.01       (0.11 )     0.99       0.88       –       (0.74 )     (0.74 )     10.15    
    10/31/2002     10.00       (0.04 )     0.05       0.01       –       –       –       10.01    
Class M   4/30/2005     10.59       (0.01 )     0.14       0.13       –       –       –       10.72    
    10/31/2004     10.14       (0.10 )     0.55       0.45       –       –       –       10.59    
    10/31/2003     10.01       (0.10 )     0.97       0.87       –       (0.74 )     (0.74 )     10.14    
    10/31/2002     10.00       (0.04 )     0.05       0.01       –       –       –       10.01    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     1.60 %   $ 7,453       2.13 %     2.13 %     0.36 %     2 %  
    10/31/2004     4.82       8,006       2.22       2.16       (0.53 )     1    
    10/31/2003     9.44       9,320       2.25       2.25       (0.46 )     3    
    10/31/2002     0.10       10,381       2.25       2.62       (0.70 )     14    
Class B   4/30/2005     1.42       36,694       2.49       2.49       0.01       2    
    10/31/2004     4.43       40,756       2.69       2.63       (0.97 )     1    
    10/31/2003     9.44       46,709       2.90       2.90       (1.11 )     3    
    10/31/2002     0.10       47,170       2.90       3.28       (1.35 )     14    
Class C   4/30/2005     1.32       5,717       2.73       2.73       (0.22 )     2    
    10/31/2004     4.24       6,423       2.82       2.76       (1.12 )     1    
    10/31/2003     9.44       7,041       2.90       2.90       (1.11 )     3    
    10/31/2002     0.10       6,969       2.90       3.28       (1.35 )     14    
Class M   4/30/2005     1.23       1,944       2.80       2.80       (0.26 )     2    
    10/31/2004     4.44       2,316       2.80       2.73       (1.01 )     1    
    10/31/2003     9.33       3,576       2.80       2.80       (1.01 )     3    
    10/31/2002     0.10       4,076       2.80       3.18       (1.25 )     14    

 

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and includes the recapture of previously waived expenses (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers, reimbursements and recapture of previously waived expenses by the investment adviser.

(g)  TA IDEX Protected Principal Stock commenced operations on July 1, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Protected Principal Stock

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Protected Principal Stock ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on July 1, 2002.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers four classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares converted to Class C. Class B shares will convert to Class A shares eight years after purchase. Currently all share classes are closed to new investors. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost 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.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Option contracts: The Fund may enter into options contracts to manage exposure to 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 imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount is subsequently marked-to-market to reflect the current value of the option written.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Protected Principal Stock

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

The underlying face amounts of open contracts at April 30, 2005, are listed in the Schedule of Investments.

Substantially all of the Fund's common stocks are memo pledged as collateral by the custodian for the listed short index option contracts written by the Fund. The custodian uses escrow receipt depository of the Option Clearing Corporation ("OCC") to effect pledging while maintaining custody of the stock positions, rather than delivering them to the broker-dealers. The OCC guarantees the obligations of the contracts that they clear are fulfilled.

Transactions in written call and put options were as follows:

    Premium   Contracts*  
Beginning Balance October 31, 2004   $ 849       501    
Sales     4,446       1,589    
Closing Buys     (4,033 )     (1,551 )  
Expirations     (338 )     (108 )  
Balance at April 30, 2005   $ 924       431    

 

*  Contracts not in thousands

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to
A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no account maintenance fee.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

TA IDEX Protected Principal Stock Guarantee: The Fund's investment adviser, TFAI, guarantees shareholders a Guaranteed Amount five years after the end of the Offering Period. The Guaranteed amount will be no less than the value of that shareholder's account on the Investment Date, less extraordinary charges, provided that shareholders have reinvested all dividends and distributions in additional shares and have redeemed no shares ("Guarantee"). Please see the Prospectus and Statement of Additional Information for further information on the Guarantee.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

1.30% of the first $100 million of ANA
1.25% of ANA over $100 million

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

1.90% Expense Limit

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Protected Principal Stock

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

If 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 that adviser a portion or all of the waived advisory fees.

    Advisory Fee
Waived		   Available for
Recapture Through		  
Fiscal Year 2003   $ 9       10/31/2006    
Fiscal Year 2002     43       10/31/2005    

 

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  
Class M     0.90 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, M, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ –    
Retained by Underwriter     –    
Contingent Deferred Sales Charge     124    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $21 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $3. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 1,219    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     8,989    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforward is available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 4,061     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 41,637    
Unrealized Appreciation   $ 9,008    
Unrealized (Depreciation)     –    
Net Unrealized Appreciation (Depreciation)   $ 9,008    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser,

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX Protected Principal Stock

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 5.–(continued)

TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX Protected Principal Stock

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Protected Principal Stock (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Gateway Investment Advisers, LP (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, the level and nature of services provided by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the unique management style employed with respect to a protected principal fund. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board noted the low investment performance of the Fund over the past year relative to the Fund's benchmark index. However, the Board considered the unique nature of the Fund, which is structured with a guarantee feature and the effect of the Fund's structure on its performance, and concluded that the Fund's performance was acceptable in light of its mandate.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the unique guarantee feature of the Fund, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Board noted that the Fund is closed to new investments due, in part, to the Fund's guarantee feature. Consequently, the Board concluded that there is limited opportunity for the Fund to realize economies of scale and increase its assets through issuance of shares to new investors, and concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. Under the circumstances, the Board determined that it was appropriate that the Fund's investment advisory fees do not reduce should Fund assets grow meaningfully. The Board also noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale by virtue of asset growth due to investment performance, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and that the Sub-Adviser engaged in "soft dollar" arrangements consistent with applicable law and "best execution" requirements.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

16


TA IDEX Protected Principal Stock

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Protected Principal Stock

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  1,948,454.551       74,645.058       848,975.577    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Protected Principal Stock.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      1,973,094.974       122,234.212       776,746.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      1,964,939.050       130,390.136       776,746.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      1,973,525.747       121,803.439       776,746.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      1,974,713.966       120,615.220       776,746.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      1,972,506.039       122,823.147       776,746.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      1,952,148.747       143,684.439       776,242.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      1,956,538.143       138,791.043       776,746.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      1,936,984.966       158,344.220       776,746.000    
Short Selling   K. Margin Activities and
For		   Against   Abstentions/Broker-Non-Votes  
      1,950,815.758       145,017.428       776,242.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

17


TA IDEX Salomon All Cap

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,006.80       1.27 %   $ 6.32    
Hypothetical (b)     1,000.00       1,018.50       1.27       6.36    
Class B      
Actual     1,000.00       1,002.70       2.07       10.27    
Hypothetical (b)     1,000.00       1,014.53       2.07       10.34    
Class C      
Actual     1,000.00       1,002.50       2.11       10.48    
Hypothetical (b)     1,000.00       1,014.33       2.11       10.54    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Salomon All Cap

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (92.3%)                  
Aerospace (1.0%)                  
Boeing Co. (The)     59,600     $ 3,547    
Air Transportation (1.5%)                  
Southwest Airlines Co.     354,400       5,274    
Amusement & Recreation Services (1.2%)                  
Disney (Walt) Co. (The)     159,900       4,221    
Business Services (1.0%)                  
Clear Channel Communications, Inc.     54,400       1,738    
Interpublic Group of Cos., Inc. (a)(b)     153,800       1,978    
Chemicals & Allied Products (2.4%)                  
Dow Chemical Co. (The)     101,200       4,648    
du Pont (E.I.) de Nemours & Co.     84,400       3,976    
Commercial Banks (6.5%)                  
Bank of New York Co., Inc. (The)     154,700       4,322    
JPMorgan Chase & Co.     192,900       6,846    
MBNA Corp.     129,900       2,566    
Mitsubishi Tokyo Financial Group, Inc.     690       5,961    
State Street Corp.     76,700       3,546    
Communication (2.5%)                  
Comcast Corp.–Special Class A (a)     164,200       5,210    
Viacom, Inc.–Class B     110,100       3,812    
Communications Equipment (3.1%)                  
Lucent Technologies, Inc. (a)     1,320,200       3,208    
Motorola, Inc.     266,500       4,088    
Nokia Corp., ADR     241,000       3,851    
Computer & Data Processing Services (4.5%)                  
Electronics for Imaging (a)(b)     169,000       2,775    
Micromuse, Inc. (a)     466,600       2,412    
Microsoft Corp.     290,500       7,350    
RealNetworks, Inc. (a)     586,700       3,614    
Computer & Office Equipment (0.8%)                  
Cisco Systems, Inc. (a)     175,900       3,040    
Diversified (0.9%)                  
Honeywell International, Inc.     86,900       3,108    
Electronic & Other Electric Equipment (1.4%)                  
Samsung Electronics Co., Ltd., GDR–144A     22,400       5,051    
Electronic Components & Accessories (4.1%)                  
Maxwell Technologies, Inc. (a)     90,200       697    
Novellus Systems, Inc.     75,000       1,757    
Solectron Corp. (a)     960,500       3,170    
Taiwan Semiconductor
Manufacturing Co., Ltd., ADR		     508,245       4,376    
Texas Instruments, Inc.     158,000       3,944    
Tyco International, Ltd.     28,100       880    

 

    Shares   Value  
Food & Kindred Products (1.0%)      
Unilever PLC, Sponsored ADR (b)     96,300     $ 3,694    
Food Stores (1.3%)      
Safeway, Inc. (a)(b)     214,200       4,560    
Gas Production & Distribution (1.5%)      
Dynegy, Inc.–Class A (a)     53,100       178    
Williams Cos., Inc. (The)     298,400       5,079    
Health Services (0.9%)      
Enzo Biochemical, Inc. (a)(b)     248,899       3,390    
Holding & Other Investment Offices (0.6%)      
Digital Realty Trust, Inc. REIT     142,800       2,038    
Industrial Machinery & Equipment (4.3%)      
Applied Materials, Inc. (a)(b)     254,500       3,784    
Baker Hughes, Inc.     64,400       2,841    
Caterpillar, Inc.     59,800       5,265    
Deere & Co.     54,300       3,396    
Instruments & Related Products (2.5%)      
Agilent Technologies, Inc. (a)     153,500       3,185    
Raytheon Co.     157,300       5,916    
Insurance (6.3%)      
AMBAC Financial Group, Inc.     54,300       3,630    
American International Group, Inc.     70,800       3,600    
Chubb Corp.     58,580       4,791    
MGIC Investment Corp. (b)     61,600       3,634    
PMI Group, Inc. (The)     196,200       6,898    
Insurance Agents, Brokers & Service (1.0%)      
Hartford Financial Services Group, Inc. (The)     48,300       3,495    
Lumber & Other Building Materials (1.1%)      
Home Depot, Inc. (The)     111,100       3,930    
Lumber & Wood Products (1.4%)      
Weyerhaeuser Co.     71,700       4,919    
Medical Instruments & Supplies (0.3%)      
Boston Scientific Corp. (a)     33,000       976    
Metal Mining (0.9%)      
Newmont Mining Corp. (b)     83,200       3,159    
Mining (0.1%)      
WGI Heavy Minerals, Inc. (a)     104,300       249    
Motion Pictures (3.2%)      
News Corp., Inc.–Class A     124,800       1,907    
News Corp., Inc.–Class B (b)     290,000       4,617    
Time Warner, Inc. (a)     303,300       5,099    
Motor Vehicles, Parts & Supplies (0.6%)      
BorgWarner, Inc.     51,100       2,336    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Oil & Gas Extraction (5.0%)                  
Anadarko Petroleum Corp.     63,900     $ 4,667    
Canadian Natural Resources, Ltd.     54,100       2,680    
GlobalSantaFe Corp.     88,400       2,970    
Halliburton Co.     101,900       4,238    
Schlumberger, Ltd.     51,500       3,523    
Petroleum Refining (5.3%)                  
BP PLC, ADR     28,600       1,742    
ChevronTexaco Corp.     62,400       3,245    
ConocoPhillips     18,400       1,929    
Exxon Mobil Corp.     63,000       3,593    
Murphy Oil Corp.     93,900       8,366    
Pharmaceuticals (11.0%)                  
Abbott Laboratories     120,300       5,914    
Amgen, Inc. (a)     50,800       2,957    
Aphton Corp. (a)(b)     553,200       498    
GlaxoSmithKline PLC, ADR     99,700       5,040    
Johnson & Johnson     101,700       6,980    
Lilly (Eli) & Co.     30,800       1,801    
Novartis AG, ADR     121,100       5,901    
Pfizer, Inc.     187,400       5,092    
Wyeth     117,700       5,289    
Primary Metal Industries (3.5%)                  
Alcoa, Inc.     152,900       4,437    
Allegheny Technologies, Inc.     39,100       876    
Engelhard Corp.     130,500       3,997    
RTI International Metals, Inc. (a)     153,700       3,457    
Radio & Television Broadcasting (1.0%)                  
IAC/InterActive Corp. (a)(b)     71,900       1,563    
Pearson PLC     155,100       1,890    
Security & Commodity Brokers (3.2%)                  
American Express Co.     88,400       4,659    
Merrill Lynch & Co., Inc.     72,700       3,921    
Morgan Stanley     58,800       3,094    
Telecommunications (2.3%)                  
SBC Communications, Inc.     155,900       3,710    
Vodafone Group PLC, ADR     177,800       4,648    
Toys, Games & Hobbies (2.0%)                  
Hasbro, Inc.     194,500       3,680    
Mattel, Inc.     186,800       3,372    
Transportation Equipment (0.0%)                  
Fleetwood Enterprises, Inc. (a)(b)     11,900       91    
Variety Stores (1.0%)                  
Costco Wholesale Corp.     88,400       3,587    
Wholesale Trade Durable Goods (0.1%)                  
IKON Office Solutions, Inc.     33,200       287    
Total Common Stocks (cost: $318,768)             331,226    

 

    Principal   Value  
SECURITY LENDING COLLATERAL (7.6%)                  
Debt (6.6%)                  
Bank Notes (0.9%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 858     $ 858    
2.80%, due 06/09/2005 (c)     214       214    
2.77%, due 07/18/2005 (c)     858       858    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     858       858    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     214
214		       214
214		    
Euro Dollar Overnight (1.1%)                  
Bank of Montreal
2.94%, due 05/04/2005		     644       644    
BNP Paribas
2.80%, due 05/05/2005		     888       888    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     772
429		       772
429		    
Dexia Group
2.80%, due 05/05/2005		     379       379    
Royal Bank of Canada
2.80%, due 05/04/2005		     880       880    
Svenska Handlesbanken
2.80%, due 05/06/2005		     141       141    
Euro Dollar Terms (2.7%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     429
1,200		       429
1,200		    
Barclays
3.02%, due 06/27/2005		     765       765    
BNP Paribas
2.93%, due 06/07/2005		     687       687    
Branch Banker & Trust
2.94%, due 06/06/2005		     183       183    
Calyon
2.93%, due 06/03/2005		     709       709    
Citigroup
2.87%, due 06/06/2005		     891       891    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     879       879    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     429       429    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     833
463		       833
463		    
Societe Generale
2.80%, due 05/03/2005		     821       821    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Terms (continued)      
Toronto Dominion Bank
                  
2.75%, due 05/09/2005   $ 644     $ 644    
3.01%, due 06/24/2005     238       238    
UBS AG
2.81%, due 05/03/2005		     429       429    
Promissory Notes (0.7%)      
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     901
1,502		       901
1,502		    
Repurchase Agreements (1.2%) (d)      
Goldman Sachs Group, Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $1,931
on 05/02/2005		     1,931       1,931    
Merrill Lynch & Co., Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $2,317
on 05/02/2005		     2,317       2,317    

 

    Shares   Value  
Investment Companies (1.0%)                  
Money Market Funds (1.0%)                  
American Beacon Funds
1-day yield of 2.84%		     340,741     $ 341    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     2,017,719       2,018    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     454,051       454    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     830,452       830    
Total Security Lending Collateral (cost: $27,243)             27,243    
Total Investment Securities (cost: $346,011)           $ 358,469    
SUMMARY:                  
Investments, at value     99.9 %   $ 358,469    
Other assets in excess of liabilities     0.1 %     257    
Net assets     100.0 %   $ 358,726    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $25,069.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $4,321, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $5,051 or 1.4% of the net assets of the Fund.

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

REIT  Real Estate Investment Trust

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Salomon All Cap

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $346,011)
(including securities loaned of $25,069)		   $ 358,469    
Cash     26,982    
Receivables:          
Investment securities sold     1,465    
Shares of beneficial interest sold     74    
Interest     49    
Dividends     457    
Dividend reclaims receivable     14    
Other     147    
      387,657    
Liabilities:      
Investment securities purchased     493    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     501    
Management and advisory fees     285    
Distribution and service fees     210    
Transfer agent fees     144    
Payable for collateral for securities on loan     27,243    
Other     55    
      28,931    
Net Assets   $ 358,726    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 349,801    
Undistributed net investment income (loss)     512    
Accumulated net realized gain (loss) from investment
securities and foreign currency transactions		     (4,038 )  
Net unrealized appreciation (depreciation) on
investment securities		     12,451    
Net Assets   $ 358,726    
Net Assets by Class:      
Class A   $ 169,741    
Class B     133,917    
Class C     55,068    
Shares Outstanding:      
Class A     11,390    
Class B     9,357    
Class C     3,850    
Net Asset Value Per Share:      
Class A   $ 14.90    
Class B     14.31    
Class C     14.30    
Maximum Offering Price Per Share (a):      
Class A   $ 15.77    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 269    
Dividends     4,725    
Income from loaned securities–net     45    
Less withholding taxes on foreign dividends     (33 )  
      5,006    
Expenses:      
Management and advisory fees     2,217    
Transfer agent fees:          
Class A     101    
Class B     157    
Class C     71    
Printing and shareholder reports     59    
Custody fees     42    
Administration fees     51    
Legal fees     18    
Audit fees     7    
Trustees fees     17    
Registration fees:          
Class A     29    
Class B     10    
Class C     11    
Distribution and service fees:          
Class A     625    
Class B     740    
Class C     314    
Total expenses     4,469    
Net Investment Income (Loss)     537    
Net Realized Gain (Loss) from:      
Investment securities     45,909    
Foreign currency transactions     (23 )  
      45,886    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (30,535 )  
Net Gain (Loss) on Investments and
Foreign Currency Transactions		     15,351    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 15,888    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Salomon All Cap

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 537     $ (2,597 )  
Net realized gain (loss) from
investment securities and
foreign currency transactions		     45,886       25,144    
Net unrealized appreciation
(depreciation) on investment
securities		     (30,535 )     6,182    
      15,888       28,729    
Distributions to Shareholders:      
From net investment income:                  
Class A     (19 )     –    
      (19 )     –    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     2,960       172,341    
Class B     4,054       20,598    
Class C     1,682       8,093    
Class C2     –       2,046    
Class M     –       2,231    
      8,696       205,309    
Dividends and distributions
reinvested:		                  
Class A     19       –    
      19       –    
Cost of shares redeemed:                  
Class A     (285,580 )     (22,683 )  
Class B     (21,977 )     (36,255 )  
Class C     (12,568 )     (7,530 )  
Class C2     –       (7,820 )  
Class M     –       (9,325 )  
      (320,125 )     (83,613 )  
Class level exchanges:                  
Class C     –       62,362    
Class C2     –       (30,201 )  
Class M     –       (32,161 )  
      –       –    
Automatic conversions:                  
Class A     88       98    
Class B     (88 )     (98 )  
      –       –    
      (311,410 )     121,696    
Net increase (decrease) in net assets     (295,541 )     150,425    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Net Assets:      
Beginning of period   $ 654,267     $ 503,842    
End of period   $ 358,726     $ 654,267    
Undistributed Net Investment
Income (Loss)		   $ 512     $ (6 )  
Share Activity:      
Shares issued:                  
Class A     191       11,625    
Class B     272       1,436    
Class C     113       567    
Class C2     –       143    
Class M     –       154    
      576       13,925    
Shares issued–reinvested from
distributions:		                  
Class A     1       –    
      1       –    
Shares redeemed:                  
Class A     (18,398 )     (1,535 )  
Class B     (1,477 )     (2,548 )  
Class C     (847 )     (536 )  
Class C2     –       (542 )  
Class M     –       (650 )  
      (20,722 )     (5,811 )  
Class level exchanges:                  
Class C     –       4,365    
Class C2     –       (2,082 )  
Class M     –       (2,271 )  
      –       12    
Automatic conversions:                  
Class A     6       6    
Class B     (6 )     (6 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (18,200 )     10,096    
Class B     (1,211 )     (1,118 )  
Class C     (734 )     4,396    
Class C2     –       (2,481 )  
Class M     –       (2,767 )  
      (20,145 )     8,126    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Salomon All Cap

FINANCIAL HIGHLIGHTS

(unaudited for period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 14.80     $ 0.04     $ 0.06     $ 0.10     $ – (h)   $ –     $ –     $ 14.90    
    10/31/2004     13.95       (0.03 )     0.88       0.85       –       –       –       14.80    
    10/31/2003     10.34       (0.04 )     3.65       3.61       –       –       –       13.95    
    10/31/2002     13.63       –       (3.15 )     (3.15 )     –       (0.14 )     (0.14 )     10.34    
    10/31/2001     15.51       0.12       (1.58 )     (1.46 )     –       (0.42 )     (0.42 )     13.63    
    10/31/2000     11.70       0.08       3.92       4.00       –       (0.19 )     (0.19 )     15.51    
Class B   4/30/2005     14.27       (0.03 )     0.07       0.04       –       –       –       14.31    
    10/31/2004     13.53       (0.11 )     0.85       0.74       –       –       –       14.27    
    10/31/2003     10.08       (0.12 )     3.57       3.45       –       –       –       13.53    
    10/31/2002     13.41       (0.10 )     (3.09 )     (3.19 )     –       (0.14 )     (0.14 )     10.08    
    10/31/2001     15.36       0.02       (1.55 )     (1.53 )     –       (0.42 )     (0.42 )     13.41    
    10/31/2000     11.66       (0.03 )     3.92       3.89       –       (0.19 )     (0.19 )     15.36    
Class C   4/30/2005     14.26       (0.03 )     0.07       0.04       –       –       –       14.30    
    10/31/2004     13.53       (0.12 )     0.85       0.73       –       –       –       14.26    
    10/31/2003     10.26       (0.12 )     3.39       3.27       –       –       –       13.53    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     0.68 %   $ 169,741       1.27 %     1.27 %     0.51 %     15 %  
    10/31/2004     6.09       438,047       1.33       1.33       (0.17 )     25    
    10/31/2003     34.91       271,958       1.55       1.64       (0.36 )     30    
    10/31/2002     (23.44 )     57,528       1.55       1.65       (0.03 )     162    
    10/31/2001     (9.49 )     77,791       1.58       1.68       0.75       82    
    10/31/2000     34.50       25,575       1.55       2.41       0.45       91    
Class B   4/30/2005     0.27       133,917       2.07       2.07       (0.35 )     15    
    10/31/2004     5.48       150,829       1.97       1.97       (0.80 )     25    
    10/31/2003     34.23       158,147       2.20       2.29       (1.01 )     30    
    10/31/2002     (24.11 )     130,709       2.20       2.30       (0.68 )     162    
    10/31/2001     (10.09 )     167,214       2.23       2.33       0.10       82    
    10/31/2000     33.72       38,203       2.20       3.06       (0.20 )     91    
Class C   4/30/2005     0.25       55,068       2.11       2.11       (0.38 )     15    
    10/31/2004     5.43       65,391       1.99       1.99       (0.83 )     25    
    10/31/2003     31.87       2,547       2.20       2.29       (1.01 )     30    

 

NOTES TO FINANCIAL HIGHLIGHTS
(unaudited)

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the years ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004, and for the six months ended April 30, 2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Salomon All Cap ("the Fund") commenced operations on March 1, 1999. The inception date for the Fund's offering of share Class C was November 11, 2002.

(h)  Distributions from net investment income were less than $0.01 per share.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Salomon All Cap ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.

The Fund is "non-diversified" under the 1940 act.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $99 are included in net realized gains on the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $21 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost 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.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $7. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 11       0.01 %  
TA IDEX Asset Allocation–
Growth Portfolio		     36,341       10.13 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     47,711       6.57 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     23,573       13.30 %  
Total   $ 107,636       30.01 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

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

1.20% Expense Limit

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 329    
Retained by Underwriter     15    
Contingent Deferred Sales Charge     204    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $402 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $27. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the six months ended April 30, 2005, were $15.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 76,374    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     383,686    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 35,550     October 31, 2010  
  14,057     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 346,205    
Unrealized Appreciation   $ 33,079    
Unrealized (Depreciation)     (20,815 )  
Net Unrealized Appreciation (Depreciation)   $ 12,264    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Salomon All Cap

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Salomon All Cap (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Salomon Brothers Asset Management, Inc. (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one-, two-, three-, and five-year periods and to the Fund's benchmark index over one- and five-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees of the Fund were consistent with industry averages, although the Board decided to monitor the Fund's expense ratio periodically in light of the Fund's higher-than-average level of operating expenses.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and that the Sub-Adviser is participating in a brokerage program pursuant to which a certain 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Salomon All Cap

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Salomon All Cap

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  31,982,458.431       180,265.144       9,471,292.554    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Salomon All Cap.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      32,163,056.133       204,547.235       9,266,412.761    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      32,148,109.047       219,494.321       9,266,412.761    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      32,160,366.019       207,237.349       9,266,412.761    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      32,160,783.400       206,819.968       9,266,412.761    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      32,158,879.979       208,723.389       9,266,412.761    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      32,146,308.604       221,294.764       9,266,412.761    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      32,157,703.075       209,900.293       9,266,412.761    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      32,145,584.472       221,905.896       9,266,525.761    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX Salomon Investors Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,023.40       1.22 %   $ 6.12    
Hypothetical (b)     1,000.00       1,018.74       1.22       6.11    
Class B                                  
Actual     1,000.00       1,019.30       2.12       10.61    
Hypothetical (b)     1,000.00       1,014.28       2.12       10.59    
Class C                                  
Actual     1,000.00       1,018.40       2.20       11.01    
Hypothetical (b)     1,000.00       1,013.88       2.20       10.99    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Salomon Investors Value

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (98.1%)                  
Aerospace (5.1%)                  
Boeing Co. (The)     63,300     $ 3,768    
Lockheed Martin Corp.     59,600       3,633    
United Technologies Corp.     27,600       2,807    
Business Credit Institutions (1.5%)                  
Freddie Mac     50,300       3,094    
Chemicals & Allied Products (1.2%)                  
Air Products & Chemicals, Inc.     40,500       2,379    
Commercial Banks (11.5%)                  
Bank of America Corp.     161,200       7,260    
Bank of New York Co., Inc. (The)     49,400       1,380    
Comerica, Inc.     37,800       2,164    
JPMorgan Chase & Co.     71,600       2,541    
MBNA Corp.     48,200       952    
US Bancorp     98,100       2,737    
Wachovia Corp.     62,700       3,209    
Wells Fargo & Co.     46,400       2,781    
Communication (5.0%)                  
Comcast Corp.–Class A (a)     109,500       3,516    
Liberty Media Corp.–Class A     278,100       2,792    
Liberty Media International, Inc.–Class A (a)     13,960       579    
Viacom, Inc.–Class B     89,300       3,092    
Communications Equipment (4.6%)                  
Comverse Technology, Inc. (a)     76,500       1,743    
Nokia Corp., ADR     244,500       3,907    
Nortel Networks Corp. (a)(b)     1,018,100       2,535    
SES GLOBAL     74,100       1,020    
Computer & Data Processing Services (2.0%)                  
Microsoft Corp.     158,800       4,018    
Computer & Office Equipment (2.6%)                  
Hewlett-Packard Co.     47,100       964    
International Business Machines Corp.     26,000       1,986    
Lexmark International, Inc. (a)     33,500       2,327    
Department Stores (1.4%)                  
JC Penney Co., Inc. (b)     57,400       2,721    
Diversified (1.8%)                  
Honeywell International, Inc.     100,900       3,608    
Electric Services (1.1%)                  
Sempra Energy (b)     54,800       2,213    
Electronic Components & Accessories (0.5%)                  
Solectron Corp. (a)     320,500       1,058    
Environmental Services (0.9%)                  
Waste Management, Inc.     62,600       1,784    

 

    Shares   Value  
Food & Kindred Products (4.9%)      
Altria Group, Inc.     110,300     $ 7,168    
Sara Lee Corp.     128,500       2,749    
Food Stores (1.9%)      
Kroger Co. (a)     238,200       3,756    
Gas Production & Distribution (1.3%)      
El Paso Corp.     257,600       2,573    
Holding & Other Investment Offices (1.3%)      
Equity Residential     77,600       2,666    
Instruments & Related Products (1.1%)      
Raytheon Co.     58,900       2,215    
Insurance (5.5%)      
Aetna, Inc.     10,300       756    
American International Group, Inc.     75,500       3,839    
Chubb Corp. (b)     27,100       2,216    
Loews Corp.     37,800       2,679    
St. Paul Travelers Cos., Inc. (The)     44,700       1,600    
Motion Pictures (3.4%)      
News Corp., Inc.–Class B (b)     245,100       3,902    
Time Warner, Inc. (a)     171,500       2,883    
Office Property (1.4%)      
Equity Office Properties Trust     91,400       2,876    
Oil & Gas Extraction (6.7%)      
ENSCO International, Inc.     97,000       3,162    
EOG Resources, Inc.     16,500       785    
GlobalSantaFe Corp.     55,800       1,875    
Nabors Industries, Ltd. (a)     27,600       1,487    
Noble Corp.     24,500       1,247    
Total SA, ADR (b)     44,600       4,947    
Paper & Allied Products (2.6%)      
Avery Dennison Corp.     40,800       2,136    
International Paper Co.     17,100       586    
Kimberly-Clark Corp.     39,200       2,448    
Personal Credit Institutions (2.0%)      
Capital One Financial Corp.     56,200       3,984    
Petroleum Refining (3.5%)      
BP PLC, ADR     34,300       2,089    
Marathon Oil Corp.     61,400       2,859    
Royal Dutch Petroleum Co.–NY Shares     36,200       2,109    
Pharmaceuticals (5.2%)      
Johnson & Johnson     38,500       2,642    
Novartis AG, ADR     44,500       2,169    
Pfizer, Inc.     92,900       2,524    
Sanofi-Aventis, ADR (b)     72,500       3,217    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Salomon Investors Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Restaurants (1.7%)                  
McDonald's Corp.     114,300     $ 3,350    
Rubber & Misc. Plastic Products (1.0%)                  
Newell Rubbermaid, Inc. (b)     92,300       2,006    
Savings Institutions (1.0%)                  
Washington Mutual, Inc.     48,900       2,021    
Security & Commodity Brokers (5.5%)                  
American Express Co.     54,900       2,893    
Goldman Sachs Group, Inc. (The)     25,400       2,712    
Merrill Lynch & Co., Inc.     72,800       3,926    
Morgan Stanley     27,600       1,452    
Telecommunications (6.9%)                  
ALLTEL Corp. (b)     47,800       2,723    
AT&T Corp.     53,000       1,014    
Nextel Communications, Inc.–Class A (a)     144,600       4,047    
SBC Communications, Inc. (b)     128,900       3,068    
Sprint Corp. (FON Group) (b)     47,500       1,057    
Verizon Communications, Inc. (b)     55,600       1,991    
Toys, Games & Hobbies (0.2%)                  
Mattel, Inc.     21,700       392    
Variety Stores (1.8%)                  
Target Corp.     36,300       1,684    
Wal-Mart Stores, Inc.     42,400       1,999    
Total Common Stocks (cost: $193,831)             197,047    
    Principal   Value  
SECURITY LENDING COLLATERAL (14.6%)                  
Debt (12.6%)                  
Bank Notes (1.7%)                  
Bank of America
                 
2.82%, due 05/16/2005   $ 923     $ 923    
2.80%, due 06/09/2005 (c)     231       231    
2.77%, due 07/18/2005 (c)     923       923    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     923       923    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     231
231		       231 
231		    
Euro Dollar Overnight (2.2%)                  
Bank of Montreal
2.94%, due 05/04/2005		     692       692    
BNP Paribas
2.80%, due 05/05/2005		     955       955    

 

    Principal   Value  
Euro Dollar Overnight (continued)                  
Den Danske Bank
2.93%, due 05/02/2005		   $ 831     $ 831    
2.80%, due 05/06/2005     462       462    
Dexia Group
2.80%, due 05/05/2005		     408       408    
Royal Bank of Canada
2.80%, due 05/04/2005		     947       947    
Svenska Handlesbanken
2.80%, due 05/06/2005		     152       152    
Euro Dollar Terms (5.1%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     461
1,290		       461 
1,290		    
Barclays
3.02%, due 06/27/2005		     822       822    
BNP Paribas
2.93%, due 06/07/2005		     739       739    
Branch Banker & Trust
2.94%, due 06/06/2005		     197       197    
Calyon
2.93%, due 06/03/2005		     762       762    
Citigroup
2.87%, due 06/06/2005		     958       958    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     945       945    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     461       461    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     896
498		       896 
498		    
Societe Generale
2.80%, due 05/03/2005		     883       883    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     692
256		       692 
256		    
UBS AG
2.81%, due 05/03/2005		     461       461    
Promissory Notes (1.3%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     969
1,615		       969
1,615		    
Repurchase Agreements (2.3%) (d)                  
Goldman Sachs Group, Inc. 3.04%,
Repurchase Agreement dated
04/29/2005 to be repurchased at $2,077
on 05/02/2005		     2,076       2,076    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Salomon Investors Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Repurchase Agreements (continued)      
Merrill Lynch & Co., Inc.
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $2,492 
on 05/02/2005		   $ 2,492     $ 2,492    
    Shares   Value  
Investment Companies (2.0%)      
Money Market Funds (2.0%)      
American Beacon Funds
1-day yield of 2.84%		     366,468       367    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     2,170,062       2,170    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     488,333       488    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     893,153       893    
Total Security Lending Collateral (cost: $29,300)             29,300    
Total Investment Securities (cost: $223,131)           $ 226,347    
SUMMARY:      
Investments, at value     112.7 %   $ 226,347    
Liabilities in excess of other assets     (12.7 )%     (25,514 )  
Net assets     100.0 %   $ 200,833    

 

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

Transamerica IDEX Mutual Funds

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $28,210.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $4,648, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

ADR  American Depositary Receipt

Semi-Annual Report 2005

4


TA IDEX Salomon Investors Value

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $223,131)
(including securities loaned of $28,210)		   $ 226,347    
Cash     4,005    
Receivables:          
Investment securities sold     176    
Shares of beneficial interest sold     2    
Interest     10    
Dividends     290    
Dividend reclaims receivable     19    
Other     30    
      230,879    
Liabilities:      
Investment securities purchased     378    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     124    
Management and advisory fees     148    
Distribution and service fees     72    
Transfer agent fees     24    
Payable for collateral for securities on loan     29,300    
      30,046    
Net Assets   $ 200,833    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 157,799    
Undistributed net investment income (loss)     779    
Undistributed net realized gain (loss) from
investment securities and foreign currency
transactions		     39,043    
Net unrealized appreciation (depreciation) on:
Investment securities		     3,213    
Translation of assets and liabilites denominated
in foreign currencies		     (1 )  
Net Assets   $ 200,833    
Net Assets by Class:      
Class A   $ 176,495    
Class B     18,728    
Class C     5,610    
Shares Outstanding:      
Class A     13,238    
Class B     1,480    
Class C     445    
Net Asset Value Per Share:      
Class A   $ 13.33    
Class B     12.65    
Class C     12.61    
Maximum Offering Price Per Share (a):      
Class A   $ 14.11    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 113    
Dividends     5,190    
Income from loaned securities–net     9    
Less withholding taxes on foreign dividends     (68 )  
      5,244    
Expenses:      
Management and advisory fees     1,555    
Transfer agent fees:          
Class A     21    
Class B     21    
Class C     9    
Custody fees     26    
Administration fees     35    
Legal fees     12    
Audit fees     6    
Trustees fees     11    
Registration fees:          
Class A     28    
Class B     9    
Class C     11    
Distribution and service fees:          
Class A     636    
Class B     103    
Class C     30    
Total expenses     2,513    
Less:          
Reimbursement of class expenses:          
Class C     (8 )  
Net expenses     2,505    
Net Investment Income (Loss)     2,739    
Net Realized Gain (Loss) from:      
Investment securities     39,817    
Foreign currency transactions     1    
      39,818    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		          
Investment securities     (23,407 )  
Translation of assets and liabilities denominated
in foreign currencies		     (1 )  
      (23,408 )  
Net Gain (Loss) on Investments and Foreign
Currency Transactions		     16,410    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 19,149    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Salomon Investors Value

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:                  
Operations:                  
Net investment income (loss)   $ 2,739     $ 2,595    
Net realized gain (loss) from
investment securities and foreign
currency transactions		     39,818       17,527    
Net unrealized appreciation
(depreciation) on investment
securities and foreign currency
translations		     (23,408 )     5,314    
      19,149       25,436    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (2,600 )     (2,368 )  
Class B     (57 )     (158 )  
Class C     (24 )     (10 )  
Class C2     –       (21 )  
Class M     –       (17 )  
      (2,681 )     (2,574 )  
From net realized gains:                  
Class A     (6,313 )     (8,881 )  
Class B     (331 )     (495 )  
Class C     (97 )     (37 )  
Class C2     –       (61 )  
Class M     –       (50 )  
      (6,741 )     (9,524 )  
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     842       154,680    
Class B     893       3,454    
Class C     378       1,228    
Class C2     –       287    
Class M     –       254    
      2,113       159,903    
Dividends and distributions reinvested:                  
Class A     8,905       11,237    
Class B     370       624    
Class C     112       43    
Class C2     –       73    
Class M     –       65    
      9,387       12,042    
Cost of shares redeemed:                  
Class A     (248,869 )     (6,237 )  
Class B     (2,559 )     (4,752 )  
Class C     (865 )     (814 )  
Class C2     –       (584 )  
Class M     –       (626 )  
      (252,293 )     (13,013 )  
Class level exchanges:                  
Class C     –       4,670    
Class C2     –       (2,688 )  
Class M     –       (1,982 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 518     $ 48    
Class B     (518 )     (48 )  
      –       –    
      (240,793 )     158,932    
Net increase (decrease) in net assets     (231,066 )     172,270    
Net Assets:      
Beginning of period     431,899       259,629    
End of period   $ 200,833     $ 431,899    
Undistributed Net Investment Income
(Loss)		   $ 779     $ 721    
Share Activity:      
Shares issued:                  
Class A     60       11,405    
Class B     68       270    
Class C     29       97    
Class C2     –       22    
Class M     –       19    
      157       11,813    
Shares issued–reinvested from
distributions:		                  
Class A     639       858    
Class B     28       50    
Class C     8       3    
Class C2     –       6    
Class M     –       5    
      675       922    
Shares redeemed:                  
Class A     (17,982 )     (467 )  
Class B     (195 )     (375 )  
Class C     (66 )     (65 )  
Class C2     –       (45 )  
Class M     –       (48 )  
      (18,243 )     (1,000 )  
Class level exchanges:                  
Class C     –       373    
Class C2     –       (214 )  
Class M     –       (157 )  
      –       2    
Automatic conversions:                  
Class A     37       4    
Class B     (39 )     (4 )  
      (2 )     –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (17,246 )     11,800    
Class B     (138 )     (59 )  
Class C     (29 )     408    
Class C2     –       (231 )  
Class M     –       (181 )  
      (17,413 )     11,737    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Salomon Investors Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 13.30     $ 0.10     $ 0.23     $ 0.33     $ (0.09 )   $ (0.21 )   $ (0.30 )   $ 13.33    
    10/31/2004     12.51       0.10       1.09       1.19       (0.10 )     (0.30 )     (0.40 )     13.30    
    10/31/2003     10.21       0.08       2.31       2.39       (0.02 )     (0.07 )     (0.09 )     12.51    
    10/31/2002     12.55       0.04       (2.10 )     (2.06 )     –       (0.28 )     (0.28 )     10.21    
    10/31/2001     12.91       0.07       (0.42 )     (0.35 )     –       (0.01 )     (0.01 )     12.55    
    10/31/2000     11.28       0.09       1.54       1.63       –       –       –       12.91    
Class B   4/30/2005     12.65       0.03       0.22       0.25       (0.04 )     (0.21 )     (0.25 )     12.65    
    10/31/2004     11.99       0.01       1.05       1.06       (0.10 )     (0.30 )     (0.40 )     12.65    
    10/31/2003     9.84       0.01       2.23       2.24       (0.02 )     (0.07 )     (0.09 )     11.99    
    10/31/2002     12.19       (0.01 )     (2.06 )     (2.07 )     –       (0.28 )     (0.28 )     9.84    
    10/31/2001     12.61       (0.02 )     (0.39 )     (0.41 )     –       (0.01 )     (0.01 )     12.19    
    10/31/2000     11.09       (0.02 )     1.54       1.52       –       –       –       12.61    
Class C   4/30/2005     12.62       0.03       0.22       0.25       (0.05 )     (0.21 )     (0.26 )     12.61    
    10/31/2004     11.99       (0.05 )     1.08       1.03       (0.10 )     (0.30 )     (0.40 )     12.62    
    10/31/2003     9.77       0.01       2.30       2.31       (0.02 )     (0.07 )     (0.09 )     11.99    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     2.34 %   $ 176,495       1.22 %     1.22 %     1.47 %     26 %  
    10/31/2004     9.52       405,455       1.25       1.25       0.72       33    
    10/31/2003     23.57       233,779       1.42       1.42       0.71       32    
    10/31/2002     (16.90 )     46,960       1.55       1.91       0.56       101    
    10/31/2001     (2.68 )     12,176       1.55       1.93       0.48       29    
    10/31/2000     14.38       8,431       1.55       2.20       0.40       50    
Class B   4/30/2005     1.93       18,728       2.12       2.12       0.48       26    
    10/31/2004     8.82       20,463       1.86       1.86       0.11       33    
    10/31/2003     22.93       20,102       2.07       2.07       0.06       32    
    10/31/2002     (17.47 )     16,980       2.20       2.56       (0.09 )     101    
    10/31/2001     (3.31 )     20,034       2.20       2.58       (0.17 )     29    
    10/31/2000     13.72       10,448       2.20       2.85       (0.25 )     50    
Class C   4/30/2005     1.84       5,610       2.20       2.48       0.40       26    
    10/31/2004     8.62       5,981       2.20       2.30       (0.37 )     33    
    10/31/2003     23.81       797       2.07       2.07       0.05       32    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 04/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Salomon Investors Value

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Salomon Investors Value ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1997.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004,
Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $6 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Salomon Investors Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to
A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–Conservative
Portfolio		   $ 7,883       3.92 %  
TA IDEX Asset Allocation–Growth
Portfolio		     36,026       17.94 %  
TA IDEX Asset Allocation–Moderate
Growth Portfolio		     73,050       36.37 %  
TA IDEX Asset Allocation–Moderate
Portfolio		     47,127       23.47 %  
Total   $ 164,086       81.70 %  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Salomon Investors Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

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

1.20% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 48    
Retained by Underwriter     3    
Contingent Deferred Sales Charge     17    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $64 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $11. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the six months ended April 30, 2005, were $10.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 93,490    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     336,764    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 224,105    
Unrealized Appreciation   $ 10,725    
Unrealized (Depreciation)     (8,483 )  
Net Unrealized Appreciation (Depreciation)   $ 2,242    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Salomon Investors Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Salomon Investors Value

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Salomon Investors Value (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Salomon Brothers Asset Management, Inc. (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's long-term investment performance was competitive relative to comparable funds although its performance had lagged over the past year. The Board noted that the Sub-Adviser was appointed to manage the Fund in 2002 and, consequently, that some of the Fund's long-term performance was attributable to another sub-adviser. Thus, the Board decided to monitor the Fund's performance periodically for improvements. Nevertheless, on the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, including steps to be taken to improve recent performance, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and that the Sub-Adviser engaged in "soft dollar" arrangements consistent with applicable law and "best execution" requirements.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Salomon Investors Value

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Salomon Investors Value

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  30,893,899.469       23,114.099       1,041,226.751    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Salomon Investors Value.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      30,912,760.789       28,991.530       1,016,488.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      30,907,423.884       34,328.435       1,016,488.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      30,912,760.789       28,991.530       1,016,488.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      30,912,081.207       29,671.112       1,016,488.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      30,912,760.789       28,991.530       1,016,488.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      30,908,198.795       33,553.524       1,016,488.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      30,909,607.258       32,145.061       1,016,488.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      30,910,493.207       31,259.112       1,016,488.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX T. Rowe Price Health Sciences

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,019.30       1.42 %   $ 7.11    
Hypothetical (b)     1,000.00       1,017.75       1.42       7.10    
Class B      
Actual     1,000.00       1,013.90       2.51       12.53    
Hypothetical (b)     1,000.00       1,012.35       2.51       12.52    
Class C      
Actual     1,000.00       1,014.50       2.60       12.99    
Hypothetical (b)     1,000.00       1,011.90       2.60       12.97    
Class I      
Actual     1,000.00       985.70       1.05       4.94    
Hypothetical (b)     1,000.00       1,018.72       1.05       5.02    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Industry
At April 30, 2005

This chart shows the percentage breakdown by industry of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
CONVERTIBLE PREFERRED STOCKS (0.3%)      
Pharmaceuticals (0.0%)      
NeoRx Corp.     3     $ 4    
Security & Commodity Brokers (0.3%)      
Morgan Stanley–144A (a)     26,000       788    
Total Convertible Preferred Stocks (cost: $1,146)             792    
COMMON STOCKS (93.6%)      
Chemicals & Allied Products (0.4%)      
Solvay SA     9,500       1,084    
Furniture & Fixtures (1.6%)      
Kinetic Concepts, Inc. (a)(b)     68,900       4,234    
Select Comfort Corp. (a)     37,500       829    
Health Services (9.0%)      
Caremark Rx, Inc. (a)     12,289       492    
Community Health Systems, Inc. (a)     140,700       5,129    
Coventry Health Care, Inc. (a)     32,000       2,190    
CryoLife, Inc. (a)     113,600       683    
DaVita, Inc. (a)(b)     74,200       2,990    
Edwards Lifesciences Corp. (a)     51,200       2,255    
HCA, Inc.     18,000       1,005    
Healthsouth Corp. (a)     150,100       758    
Human Genome Sciences, Inc. (a)     122,300       1,265    
LabOne, Inc. (a)     30,300       1,063    
LCA-Vision, Inc.     36,800       1,442    
Manor Care, Inc.     2,700       90    
NeighborCare, Inc. (a)     50,400       1,447    
Nektar Therapeutics (a)     53,500       763    
Omnicare, Inc.     12,140       421    
Sunrise Senior Living, Inc. (a)     55,800       2,859    
Symbion, Inc. (a)     64,431       1,371    
Triad Hospitals, Inc. (a)     30,800       1,578    
Instruments & Related Products (1.4%)      
Alcon, Inc. (a)     29,600       2,871    
Bausch & Lomb, Inc.     20,600       1,545    
Insurance (13.2%)      
UnitedHealth Group, Inc.     194,200       18,354    
WellChoice, Inc. (a)     38,200       2,147    
WellPoint, Inc. (a)(b)     158,500       20,248    
Medical Instruments & Supplies (4.8%)      
Aspect Medical Systems, Inc. (a)     23,600       591    
Bard, (C.R.) Inc.     5,900       420    
Baxter International, Inc.     11,600       430    
Biomet, Inc.     24,600       952    
Boston Scientific Corp. (a)     12,500       370    
Conmed Corp. (a)     17,400       517    

 

    Shares   Value  
Medical Instruments & Supplies (continued)                  
Endologix, Inc. (a)     89,200     $ 452    
Fischer Imaging Corp. (a)     45,380       229    
Integra LifeSciences Holdings Corp. (a)     11,900       422    
Kyphon, Inc. (a)     24,200       633    
Medtronic, Inc.     36,670       1,933    
Resmed, Inc. (a)     24,600       1,528    
Respironics, Inc. (a)     5,100       322    
St. Jude Medical, Inc. (a)(b)     48,800       1,905    
Stryker Corp.     53,400       2,593    
Zimmer Holdings, Inc. (a)     18,400       1,498    
Pharmaceuticals (59.6%)                  
Abgenix, Inc. (a)     165,200       1,151    
Able Laboratories, Inc. (a)     42,200       1,006    
Alexion Pharmaceuticals, Inc. (a)     83,880       1,740    
Alkermes, Inc. (a)     289,460       3,256    
American Pharmaceutical Partners, Inc. (a)     5,900       308    
AmerisourceBergen Corp. (b)     18,200       1,115    
Amgen, Inc. (a)     181,620       10,572    
Amylin Pharmaceuticals, Inc. (a)(b)     63,680       1,083    
Andrx Corp. (a)     85,200       1,696    
Array Biopharma, Inc. (a)     23,600       147    
Astellas Pharma, Inc.     72,000       2,606    
AtheroGenics, Inc. (a)     67,300       723    
BioCryst Pharmaceuticals, Inc. (a)     142,700       569    
Biogen Idec, Inc. (a)(b)     73,500       2,664    
BioSphere Medical, Inc. (a)     112,400       455    
Cardinal Health, Inc.     30,900       1,717    
Celgene Corp. (a)     118,200       4,481    
Cephalon, Inc. (a)(b)     207,140       9,093    
Chiron Corp. (a)(b)     7,000       239    
Cubist Pharmaceuticals, Inc. (a)     248,100       2,245    
CV Therapeutics, Inc. (a)(b)     86,600       1,716    
Cytokinetics, Inc. (a)     17,700       87    
Dade Behring Holdings, Inc. (a)     42,300       2,609    
Discovery Laboratories, Inc. (a)     29,100       165    
Dynavax Technologies Corp. (a)     11,700       47    
Elan Corp. PLC, ADR (a)     265,800       1,465    
Encysive Pharmaceuticals, Inc. (a)     177,900       1,736    
Eyetech Pharmaceuticals, Inc. (a)(b)     117,400       2,699    
Favrille, Inc. (a)     23,600       91    
Forest Laboratories, Inc. (a)     12,600       450    
Genentech, Inc. (a)(b)     177,640       12,602    
Genzyme Corp. (a)     3,700       217    
Gilead Sciences, Inc. (a)(b)     416,771       15,462    
GlaxoSmithKline PLC     20,100       509    
ICOS Corp. (a)     25,200       569    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Pharmaceuticals (continued)                  
Idenix Pharmaceuticals, Inc. (a)     80,600     $ 1,524    
ImClone Systems, Inc. (a)(b)     188,190       5,994    
Immucor, Inc. (a)(b)     67,400       2,011    
Indevus Pharmaceuticals, Inc. (a)     77,300       189    
Inspire Pharmaceuticals, Inc. (a)     42,600       301    
Invitrogen Corp. (a)     60,900       4,462    
IVAX Corp. (a)(b)     127,925       2,418    
Johnson & Johnson     48,600       3,335    
Keryx Biopharmaceuticals, Inc. (a)     8,000       116    
Keryx Biopharmaceuticals, Inc.,
Foreign shares (a)		     51,800       751    
Lilly (Eli) & Co. (b)     62,700       3,666    
Martek Biosciences Corp. (a)(b)     49,300       1,887    
Medicines Co. (a)(b)     191,250       4,083    
Medicis Pharmaceutical Corp.–Class A     19,000       534    
MedImmune, Inc. (a)     73,120       1,855    
MGI PHARMA, Inc. (a)     148,200       3,268    
Myogen, Inc. (a)     62,400       405    
Myogen, Inc. Warrants (a)(e)     2,900       – (c)  
Myriad Genetics, Inc. (a)     40,100       648    
NeoRx Corp. (a)(e)     4,600       3    
NeoRx Corp. Warrants, Expires 12/8/2008 (a)(e)     1,200       – (c)  
Neurocrine Biosciences, Inc. (a)     115,060       4,022    
Novartis AG, ADR     19,600       955    
Noven Pharmaceuticals, Inc. (a)     46,000       765    
NPS Pharmaceuticals, Inc. (a)     132,400       1,609    
Onyx Pharmaceuticals, Inc. (a)(b)     48,000       1,483    
OraSure Technologies, Inc. (a)     59,500       474    
OSI Pharmaceuticals, Inc. (a)(b)     83,830       3,968    
Penwest Pharmaceuticals Co. (a)     25,100       321    
Pfizer, Inc. (b)     138,280       3,757    
Pharmion Corp. (a)     23,500       543    
Protein Design Labs, Inc. (a)     153,000       2,736    
Rigel Pharmaceuticals, Inc. (a)     49,900       856    
Roche Holding AG–Genusschein     26,000       3,159    
Salix Pharmaceuticals, Ltd. (a)     11,650       167    
Sanofi-Aventis     24,400       2,168    
Schering-Plough Corp.     86,380       1,803    
Schwarz Pharma AG     27,500       1,237    
Sepracor, Inc. (a)(b)     160,900       9,641    
Serologicals Corp. (a)     36,500       786    
Shire Pharmaceuticals PLC, ADR (b)     43,600       1,355    
Taro Pharmaceuticals Industries (a)     14,000       407    
Teva Pharmaceutical Industries, Ltd., ADR     73,980       2,311    
Theravance, Inc. (a)     71,100       1,258    
Transkaryotic Therapies, Inc. (a)     18,800       637    

 

    Shares   Value  
Pharmaceuticals (continued)                  
Trimeris, Inc. (a)     165,720     $ 1,649    
UCB SA     6,200       302    
United Therapeutics Corp. (a)(b)     11,700       561    
Valeant Pharmaceuticals International (b)     43,500       903    
Vertex Pharmaceuticals, Inc. (a)(b)     149,300       1,424    
Vicuron Pharmaceuticals, Inc. (a)     35,900       587    
Vion Pharmaceuticals, Inc. (a)     222,700       599    
ViroLogic, Inc. (a)     17,300       42    
Viropharma, Inc. (a)     83,733       141    
Wyeth (b)     165,700       7,447    
Research & Testing Services (2.2%)                  
Affymetrix, Inc. (a)     6,300       290    
DeCODE Genetics, Inc. (a)     138,400       747    
Exelixis, Inc. (a)     185,580       1,271    
Gen-Probe, Inc. (a)(b)     54,800       2,750    
Incyte Corp. (a)     94,600       619    
Kosan Biosciences, Inc. (a)     46,500       250    
Regeneration Technologies, Inc. (a)     105,700       971    
Wholesale Trade Durable Goods (1.4%)                  
Patterson Cos., Inc. (a)     32,900       1,663    
Symyx Technologies, Inc. (a)     114,200       2,783    
Total Common Stocks (cost: $289,933)             290,065    
    Principal   Value  
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (7.6%)                  
U.S. Treasury Bill
                  
2.69%, due 07/07/2005 (b)   $ 2,273     $ 2,262    
2.77%, due 07/07/2005 (b)     20,045       19,940    
2.79%, due 07/07/2005 (b)     500       497    
2.81%, due 07/07/2005 (b)     300       299    
2.82%, due 07/07/2005 (b)     700       696    
Total Short-Term U.S. Government Obligations
(cost: $23,694)		             23,694    
    Contracts (d)   Value  
PURCHASED OPTIONS (0.0%)                  
Call Options (0.0%)                  
Vertex Pharmaceuticals, Inc.     193     $ 9    
Call Strike $10.00
                  
Expires 05/21/2005                  
Total Purchased Options (cost: $10)             9    
Total Investment Securities (cost: $314,783)           $ 314,560    
WRITTEN OPTIONS (-1.4%)                  
Covered Call Options (-0.5%)                  
AmerisourceBergen Corp.
Call Strike $60.00
Expires 05/21/2005		     173       (38 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Contracts (d)   Value  
Covered Call Options (continued)                  
Amylin Pharmaceuticals, Inc.     92     $ (2 )  
Call Strike $20.00
                  
Expires 05/21/2005                  
Amylin Pharmaceuticals, Inc.
Call Strike $25.00
Expires 01/21/2006		     90       (11 )  
Amylin Pharmaceuticals, Inc.
Call Strike $22.50
Expires 01/21/2006		     42       (7 )  
Biogen Idec, Inc.
Call Strike $40.00
Expires 07/16/2005		     114       (13 )  
Biogen Idec, Inc.
Call Strike $45.00
Expires 07/16/2005		     121       (5 )  
Cephalon, Inc.
Call Strike $45.30
Expires 06/18/2005		     37       (7 )  
Chiron Corp.
Call Strike $45.00
Expires 10/22/2005		     70       (2 )  
CV Therapeutics, Inc.
Call Strike $20.00
Expires 06/18/2005		     62       (9 )  
CV Therapeutics, Inc.
Call Strike $30.00
Expires 07/16/2005		     100       (3 )  
CV Therapeutics, Inc.
Call Strike $22.50
Expires 10/22/2005		     52       (10 )  
DaVita, Inc.
Call Strike $45.00
Expires 07/16/2005		     119       (6 )  
Eyetech Pharmaceuticals, Inc.
Call Strike $40.00
Expires 09/17/2005		     228       (24 )  
Genentech, Inc.
Call Strike $60.00
Expires 06/18/2005		     185       (220 )  
Genentech, Inc.
Call Strike $65.00
Expires 06/18/2005		     37       (29 )  
Genentech, Inc.
Call Strike $70.00
Expires 09/17/2005		     401       (295 )  
Gen-Probe, Inc.
Call Strike $60.00
Expires 08/20/2005		     142       (15 )  

 

    Contracts (d)   Value  
Covered Call Options (continued)      
Gilead Sciences, Inc.     357     $ (54 )  
Call Strike $40.00
                  
Expires 08/20/2005                  
ImClone Systems, Inc.
Call Strike $50.00
Expires 08/20/2005		     282       (13 )  
ImClone Systems, Inc.
Call Strike $40.00
Expires 11/19/2005		     73       (17 )  
ImClone Systems, Inc.
Call Strike $45.00
Expires 01/21/2006		     92       (17 )  
ImClone Systems, Inc.
Call Strike $50.00
Expires 01/21/2006		     227       (27 )  
Immucor, Inc.
Call Strike $35.00
Expires 09/17/2005		     94       (13 )  
IVAX Corp.
Call Strike $17.50
Expires 06/18/2005		     47       (9 )  
Kinetic Concepts, Inc.
Call Strike $65.00
Expires 06/18/2005		     56       (8 )  
Kinetic Concepts, Inc.
Call Strike $70.00
Expires 09/17/2005		     22       (4 )  
Lilly (Eli) & Co.
Call Strike $60.00
Expires 07/16/2005		     25       (4 )  
Martek Biosciences Corp.
Call Strike $50.00
Expires 06/18/2005		     54       (3 )  
Medicines Co.
Call Strike $25.00
Expires 07/16/2005		     181       (8 )  
Onyx Pharmaceuticals, Inc.
Call Strike $45.00
Expires 08/20/2005		     86       (7 )  
OSI Pharmaceuticals, Inc.
Call Strike $45.00
Expires 07/16/2005		     122       (74 )  
OSI Pharmaceuticals, Inc.
Call Strike $50.00
Expires 07/16/2005		     122       (47 )  
OSI Pharmaceuticals, Inc.
Call Strike $55.00
Expires 07/16/2005		     53       (13 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Contracts (d)   Value  
Covered Call Options (continued)      
Pfizer, Inc.     163     $ (17 )  
Call Strike $30.00
                  
Expires 01/21/2006                  
Sepracor, Inc.
Call Strike $70.00
Expires 07/16/2005		     48       (6 )  
Sepracor, Inc.
Call Strike $75.00
Expires 07/16/2005		     237       (14 )  
Shire Pharmaceuticals
Call Strike $37.50
Expires 10/22/2005		     96       (5 )  
St. Jude Medical, Inc.
Call Strike $40.00
Expires 07/16/2005		     35       (5 )  
United Therapeutics Corp.
Call Strike $50.00
Expires 05/21/2005		     46       (6 )  
Valeant Pharmaceuticals International
Call Strike $25.00
Expires 09/17/2005		     142       (6 )  
WellPoint, Inc.
Call Strike $90.00
Expires 06/18/2005		     24       (91 )  
Wyeth
Call Strike $40.00
Expires 07/16/2005		     92       (49 )  
Wyeth
Call Strike $45.00
Expires 07/16/2005		     270       (45 )  
Wyeth
Call Strike $45.00
Expires 01/21/2006		     365       (135 )  
Wyeth
Call Strike $50.00
Expires 01/21/2006		     118       (19 )  
Put Options (-0.9%)      
Abbott Laboratories
Put Strike $55.00
Expires 01/21/2006		     62       (41 )  
Alexion Pharmaceuticals, Inc.
Put Strike $22.50
Expires 05/21/2005		     30       (6 )  
Allergan, Inc.
Put Strike $80.00
Expires 07/16/2005		     19       (19 )  
Allergan, Inc.
Put Strike $80.00
Expires 01/21/2006		     33       (36 )  

 

    Contracts (d)   Value  
Put Options (continued)      
Amgen, Inc.     144     $ (43 )  
Put Strike $60.00
                  
Expires 07/16/2005                  
AstraZeneca
Put Strike $45.00
Expires 10/22/2005		     37       (12 )  
Bausch & Lomb, Inc.
Put Strike $65.00
Expires 01/21/2006		     48       (9 )  
Bausch & Lomb, Inc.
Put Strike $70.00
Expires 01/21/2006		     28       (9 )  
Bausch & Lomb, Inc.
Put Strike $75.00
Expires 01/21/2006		     60       (30 )  
Bausch & Lomb, Inc.
Put Strike $80.00
Expires 01/21/2006		     48       (36 )  
Baxter International, Inc.
Put Strike $35.00
Expires 01/21/2006		     56       (11 )  
Baxter International, Inc.
Put Strike $40.00
Expires 01/21/2006		     29       (12 )  
Biogen Idec, Inc.
Put Strike $45.00
Expires 07/16/2005		     55       (50 )  
Biomet, Inc.
Put Strike $45.00
Expires 07/16/2005		     39       (26 )  
Boston Scientific Corp.
Put Strike $40.00
Expires 01/21/2006		     90       (94 )  
Celgene Corp.
Put Strike $35.00
Expires 01/21/2006		     63       (25 )  
Community Health Systems, Inc.
Put Strike $35.00
Expires 09/17/2005		     94       (11 )  
Coventry Health Care, Inc.
Put Strike $50.00
Expires 01/21/2006		     50       (7 )  
Coventry Health Care, Inc.
Put Strike $60.00
Expires 01/21/2006		     42       (15 )  
Coventry Health Care, Inc.
Put Strike $65.00
Expires 01/21/2006		     59       (31 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Contracts (d)   Value  
Put Options (continued)      
DaVita, Inc.     86     $ (83 )  
Put Strike $50.00
                  
Expires 07/16/2005                  
DaVita, Inc.
Put Strike $50.00
Expires 01/21/2006		     75       (73 )  
Edwards Lifesciences Corp.
Put Strike $50.00
Expires 08/20/2005		     64       (39 )  
Elan Corp.
Put Strike $25.00
Expires 01/21/2006		     45       (88 )  
Elan Corp.
Put Strike $30.00
Expires 01/21/2006		     91       (223 )  
Encysive Pharmaceuticals, Inc.
Put Strike $15.00
Expires 10/22/2005		     60       (32 )  
Eyetech Pharmaceuticals, Inc.
Put Strike $45.00
Expires 06/18/2005		     111       (245 )  
Eyetech Pharmaceuticals, Inc.
Put Strike $45.00
Expires 09/17/2005		     24       (54 )  
Genentech, Inc.
Put Strike $60.00
Expires 06/18/2005		     27       (2 )  
Genentech, Inc.
Put Strike $70.00
Expires 06/18/2005		     62       (20 )  
Genentech, Inc.
Put Strike $75.00
Expires 06/18/2005		     62       (38 )  
Genentech, Inc.
Put Strike $70.00
Expires 09/17/2005		     83       (47 )  
Genentech, Inc.
Put Strike $75.00
Expires 09/17/2005		     24       (20 )  
Genentech, Inc.
Put Strike $65.00
Expires 01/21/2006		     268       (142 )  
Genentech, Inc.
Put Strike $50.00
Expires 01/21/2006		     48       (8 )  
Gen-Probe, Inc.
Put Strike $50.00
Expires 08/20/2005		     40       (15 )  

 

    Contracts (d)   Value  
Put Options (continued)                  
Gilead Sciences, Inc.     124     $ (99 )  
Put Strike $45.00
                  
Expires 08/20/2005                  
Gilead Sciences, Inc.
Put Strike $45.00
Expires 01/21/2006		     83       (73 )  
HCA, Inc.
Put Strike $50.00
Expires 01/21/2006		     93       (21 )  
HCA, Inc.
Put Strike $55.00
Expires 01/21/2006		     90       (36 )  
Henry Schein, Inc.
Put Strike $30.00
Expires 01/21/2006		     16       (1 )  
ICOS Corp.
Put Strike $30.00
Expires 01/21/2006		     49       (38 )  
Immucor, Inc.
Put Strike $35.00
Expires 09/17/2005		     33       (21 )  
Invitrogen Corp.
Put Strike $75.00
Expires 01/21/2006		     60       (42 )  
Kinetic Concepts, Inc.
Put Strike $65.00
Expires 06/18/2005		     65       (31 )  
Kinetic Concepts, Inc.
Put Strike $65.00
Expires 09/17/2005		     24       (15 )  
LCA-Vision, Inc.
Put Strike $35.00
Expires 09/17/2005		     22       (5 )  
Martek Biosciences Corp.
Put Strike $60.00
Expires 06/18/2005		     39       (84 )  
Martek Biosciences Corp.
Put Strike $30.00
Expires 12/17/2005		     52       (13 )  
Medtronic, Inc.
Put Strike $55.00
Expires 01/21/2006		     33       (15 )  
Merck & Co., Inc.
Put Strike $30.00
Expires 01/21/2006		     50       (7 )  
MGI PHARMA, Inc.
Put Strike $22.50
Expires 01/21/2006		     35       (11 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Contracts (d)   Value  
Put Options (continued)      
Neurocrine Biosciences, Inc.     67     $ (69 )  
Put Strike $45.00
                  
Expires 08/20/2005                  
OSI Pharmaceuticals, Inc.
Put Strike $50.00
Expires 07/16/2005		     78       (49 )  
Patterson Cos., Inc.
Put Strike $45.00
Expires 07/16/2005		     28       (1 )  
Pharmion Corp.
Put Strike $80.00
Expires 01/21/2006		     31       (20 )  
Resmed, Inc.
Put Strike $65.00
Expires 10/22/2005		     87       (46 )  
Respironics, Inc.
Put Strike $65.00
Expires 10/22/2005		     95       (45 )  
Sepracor, Inc.
Put Strike $60.00
Expires 07/16/2005		     84       (36 )  
Sepracor, Inc.
Put Strike $55.00
Expires 01/21/2006		     80       (46 )  
Sepracor, Inc.
Put Strike $60.00
Expires 01/21/2006		     101       (77 )  
Sepracor, Inc.
Put Strike $65.00
Expires 01/21/2006		     75       (76 )  
Sepracor, Inc.
Put Strike $70.00
Expires 01/21/2006		     19       (25 )  
Shire Pharmaceuticals
Put Strike $40.00
Expires 07/16/2005		     53       (48 )  

 

    Contracts (d)   Value  
Put Options (continued)                  
Shire Pharmaceuticals     123     $ (111 )  
Put Strike $40.00
                  
Expires 01/21/2006                  
St. Jude Medical, Inc.
Put Strike $40.00
Expires 07/16/2005		     50       (10 )  
St. Jude Medical, Inc.
Put Strike $40.00
Expires 01/21/2006		     37       (13 )  
Stryker Corp.
Put Strike $50.00
Expires 01/21/2006		     48       (22 )  
Sunrise Senior Living, Inc.
Put Strike $45.00
Expires 07/16/2005		     35       (1 )  
Triad Hospitals, Inc.
Put Strike $40.00
Expires 01/21/2006		     28       (3 )  
Triad Hospitals, Inc.
Put Strike $50.00
Expires 01/21/2006		     18       (6 )  
Wellchoice, Inc.
Put Strike $65.00
Expires 10/22/2005		     12       (11 )  
WellPoint, Inc.
Put Strike $105.00
Expires 06/18/2005		     28       (1 )  
Total Written Options (premiums: -$4,395)             (4,292 )  
SUMMARY:                  
Investments, at value     101.5 %   $ 314,560    
Written options     (1.4 )%     (4,292 )  
Liabilities in excess of other assets     (0.1 )%     (196 )  
Net assets     100.0 %   $ 310,072    

 

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

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is segregated with the custodian to cover margin requirements for open option contracts. The value of all securities segregated at April 30, 2005 is $50,146.

(c)  Value is less than $1.

(d)  Contract amounts are not in thousands.

(e)  Securities valued as determined in good faith in accordance with procedures established by the Fund's Board of Trustees.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $788 or 0.3% of the net assets of the Fund.

ADR  American Depositary Receipt

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX T. Rowe Price Health Sciences

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $314,783)   $ 314,560    
Receivables:          
Investment securities sold     2,140    
Shares of beneficial interest sold     16    
Dividends     17    
Dividend reclaims receivable     1    
Other     3    
      316,737    
Liabilities:      
Investment securities purchased     764    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     37    
Management and advisory fees     252    
Distribution and service fees     53    
Transfer agent fees     7    
Due to custodian     1,249    
Written options (premiums $4,395)     4,292    
Other     11    
      6,665    
Net Assets   $ 310,072    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 307,738    
Accumulated net investment income (loss)     (1,374 )  
Undistributed net realized gain (loss) from investment
securities and written option contracts		     3,828    
Net unrealized appreciation (depreciation) on:          
Investment securities     (223 )  
Written option contracts     103    
Net Assets   $ 310,072    
Net Assets by Class:      
Class A   $ 166,850    
Class B     4,337    
Class C     2,301    
Class I     136,584    
Shares Outstanding:      
Class A     15,218    
Class B     404    
Class C     215    
Class I     12,403    
Net Asset Value Per Share:      
Class A   $ 10.96    
Class B     10.72    
Class C     10.69    
Class I     11.01    
Maximum Offering Price Per Share (a):      
Class A   $ 11.60    

 

(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.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 191    
Dividends     322    
Less withholding taxes on foreign dividends     (5 )  
      508    
Expenses:      
Management and advisory fees     1,426    
Transfer agent fees:          
Class A     7    
Class B     7    
Class C     3    
Class I     2    
Custody fees     44    
Administration fees     27    
Legal fees     7    
Audit fees     5    
Trustees fees     5    
Registration fees:          
Class A     11    
Class B     4    
Class C     12    
Other     1    
Distribution and service fees:          
Class A     294    
Class B     23    
Class C     12    
Total expenses     1,890    
Less:          
Reimbursement of class expenses:          
Class C     (8 )  
Net expenses     1,882    
Net Investment Income (Loss)     (1,374 )  
Net Realized Gain (Loss) from:      
Investment securities     3,089    
Written option contracts     1,474    
Foreign currency transactions     (38 )  
      4,525    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     (2,562 )  
Written option contracts     (323 )  
      (2,885 )  
Net Gain (Loss) on Investments, Written Option
Contracts and Foreign Currency Transactions		     1,640    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 266    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX T. Rowe Price Health Sciences

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ (1,374 )   $ (1,415 )  
Net realized gain (loss) from
investment securities, foreign
currency transactions and written
option contracts		     4,525       6,889    
Net unrealized appreciation
(depreciation) on investment
securities and written
option contracts		     (2,885 )     (746 )  
      266       4,728    
Distributions to Shareholders:      
From net realized gains:                  
Class A     (1,404 )     (3,559 )  
Class B     (39 )     (143 )  
Class C     (19 )     (23 )  
Class C2     –       (30 )  
Class M     –       (15 )  
Class I     (1,010 )     –    
      (2,472 )     (3,770 )  
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     10,542       93,348    
Class B     498       2,436    
Class C     467       849    
Class C2     –       326    
Class M     –       146    
Class I     139,195       –    
      150,702       97,105    
Dividends and distributions
reinvested:		                  
Class A     1,404       3,555    
Class B     38       140    
Class C     14       14    
Class C2     –       23    
Class M     –       15    
Class I     1,010       –    
      2,466       3,747    
Cost of shares redeemed:                  
Class A     (1,455 )     (1,910 )  
Class B     (808 )     (1,004 )  
Class C     (255 )     (320 )  
Class C2     –       (413 )  
Class M     –       (64 )  
      (2,518 )     (3,711 )  
Class level exchanges:                  
Class C     –       1,419    
Class C2     –       (942 )  
Class M     –       (477 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 5     $ 6    
Class B     (5 )     (6 )  
      –       –    
      150,650       97,141    
Net increase (decrease) in net assets     148,444       98,099    
Net Assets:                  
Beginning of period     161,628       63,529    
End of period   $ 310,072     $ 161,628    
Accumulated Net Investment Income
(Loss)		   $ (1,374 )   $ –    
Share Activity:                  
Shares issued:                  
Class A     927       8,337    
Class B     44       218    
Class C     41       77    
Class C2     –       30    
Class M     –       13    
Class I     12,317       –    
      13,329       8,675    
Shares issued–reinvested from
distributions:		                  
Class A     120       308    
Class B     3       13    
Class C     1       1    
Class C2     –       2    
Class M     –       1    
Class I     86       –    
      210       325    
Shares redeemed:                  
Class A     (130 )     (175 )  
Class B     (74 )     (93 )  
Class C     (23 )     (30 )  
Class C2     –       (38 )  
Class M     –       (6 )  
      (227 )     (342 )  
Class level exchanges:                  
Class C     –       128    
Class C2     –       (84 )  
Class M     –       (44 )  
      –       –    
Automatic conversions:                  
Class A     –       1    
Class B     –       (1 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     917       8,471    
Class B     (27 )     137    
Class C     19       176    
Class C2     –       (90 )  
Class M     –       (36 )  
Class I     12,403       –    
      13,312       8,658    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX T. Rowe Price Health Sciences

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.84     $ (0.06 )   $ 0.28     $ 0.22     $ –     $ (0.10 )   $ (0.10 )   $ 10.96    
    10/31/2004     10.14       (0.13 )     1.18       1.05       –       (0.35 )     (0.35 )     10.84    
    10/31/2003     8.28       (0.16 )     2.02       1.86       –       –       –       10.14    
    10/31/2002     10.00       (0.08 )     (1.64 )     (1.72 )     –       –       –       8.28    
Class B   4/30/2005     10.66       (0.12 )     0.28       0.16       –       (0.10 )     (0.10 )     10.72    
    10/31/2004     10.03       (0.17 )     1.15       0.98       –       (0.35 )     (0.35 )     10.66    
    10/31/2003     8.24       (0.21 )     2.00       1.79       –       –       –       10.03    
    10/31/2002     10.00       (0.11 )     (1.65 )     (1.76 )     –       –       –       8.24    
Class C   4/30/2005     10.63       (0.12 )     0.28       0.16       –       (0.10 )     (0.10 )     10.69    
    10/31/2004     10.03       (0.24 )     1.19       0.95       –       (0.35 )     (0.35 )     10.63    
    10/31/2003     8.10       (0.22 )     2.15       1.93       –       –       –       10.03    
Class I   4/30/2005     11.26       (0.04 )     (0.11 )     (0.15 )     –       (0.10 )     (0.10 )     11.01    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     1.93 %   $ 166,845       1.42 %     1.42 %     (1.06 )%     26 %  
    10/31/2004     10.19       154,957       1.53       1.53       (1.15 )     35    
    10/31/2003     22.46       59,115       1.95       2.19       (1.61 )     30    
    10/31/2002     (17.20 )     3,804       1.95       8.76       (1.51 )     43    
Class B   4/30/2005     1.39       4,337       2.51       2.51       (2.14 )     26    
    10/31/2004     9.59       4,590       2.09       2.09       (1.58 )     35    
    10/31/2003     21.72       2,952       2.60       2.84       (2.26 )     30    
    10/31/2002     (17.60 )     758       2.60       9.41       (2.16 )     43    
Class C   4/30/2005     1.45       2,301       2.60       3.31       (2.23 )     26    
    10/31/2004     9.28       2,081       2.60       3.41       (1.61 )     35    
    10/31/2003     23.83       201       2.60       2.84       (2.26 )     30    
Class I   4/30/2005     (1.43 )     136,581       1.05       1.05       (0.72 )     26    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser and includes the recapture of previously waived expenses, if any ( see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers, reimbursements and recapture of previously waived expenses by the investment adviser.

(g)  TA IDEX T. Rowe Price Health Sciences ("the Fund") commenced operations on March 1, 2002. The inception date for the Fund's offering of share classes are as follows:

Class C – November 11, 2002
Class I – November 8, 2004

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX T. Rowe Price Health Sciences

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX T. Rowe Price Health Sciences ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002. The Fund is "non diversified" under the 1940 Act.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The fund currently offers four classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on days when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially effect the value of investments.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX T. Rowe Price Health Sciences

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $9 are included in net realized gains in the Statement of Operations.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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.

There were no open forward foreign currency contracts at April 30, 2005

Option contracts: The Fund may enter into options contracts to manage exposure to 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 imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount is subsequently marked-to-market to reflect the current value of the option written.

The underlying face amounts of open option contracts at April 30, 2005, are listed in the Schedule of Investments.

Transactions in written call and put options were as follows:

    Premium   Contracts*  
Beginning Balance October 31, 2004   $ 2,326       5,569    
Sales     7,816       21,739    
Closing Buys     (5,137 )     (16,393 )  
Expirations     (28 )     (180 )  
Exercised     (582 )     (840 )  
Balance at April 30, 2005   $ 4,395       9,895    

 

*  Contracts not in thousands

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX T. Rowe Price Health Sciences

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no fees.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a) AEGON/Transamerica Series Fund, Inc.) asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 14,911       4.81 %  
TA IDEX Asset Allocation–
Growth Portfolio		     40,232       12.98 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     61,615       19.87 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     46,602       15.03 %  
Asset Allocation–Conservative Portfolio     6,250       2.02 %  
Asset Allocation–Growth Portfolio     33,053       10.66 %  
Asset Allocation–Moderate
Growth Portfolio		     62,705       20.22 %  
Asset Allocation–Moderate Portfolio     34,545       11.14 %  
Total   $ 299,913       96.73 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

1.00% of the first $500 million of ANA
0.95% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit for Class A, B and C:

1.60% Expense Limit
1.30% Expense Limit–Class I

If 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 that adviser a portion or all of the waived advisory fees.

If total class 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 that adviser a portion or all of the reimbursed class expenses.

    Reimbusement of
Class Expenses		   Available for
Recapture Through		  
Fiscal Year 2004–Class C   $ 8       10/31/2007    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX T. Rowe Price Health Sciences

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in the Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at April 30, 2005 was $11.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C 1.00%
Class I		     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 35    
Retained by Underwriter     2    
Contingent Deferred Sales Charge     9    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $43 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 210,572    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     70,115    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. 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, foreign currency transactions and net operating losses and straddles.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 316,737    
Unrealized Appreciation   $ 27,442    
Unrealized (Depreciation)     (29,619 )  
Net Unrealized Appreciation (Depreciation)   $ (2,177 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX T. Rowe Price Health Sciences

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 5.–(continued)

Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX T. Rowe Price Health Sciences

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX T. Rowe Price Health Sciences (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and T. Rowe Price Associates, Inc. (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one- and two-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

16


TA IDEX T. Rowe Price Health Sciences

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX T. Rowe Price Health Sciences

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  17,380,960.253       6,551.351       251,587.538    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX T. Rowe Price Health Sciences.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      17,388,158.209       7,440.933       243,500.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      17,387,700.209       7,898.933       243,500.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      17,388,158.209       7,440.933       243,500.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      17,388,158.209       7,440.933       243,500.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      17,388,158.209       7,440.933       243,500.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      17,388,045.734       7,553.408       243,500.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      17,388,158.209       7,440.933       243,500.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      17,387,778.856       7,820.286       243,500.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

17


TA IDEX T. Rowe Price Small Cap

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,024.00       1.41 %   $ 7.08    
Hypothetical (b)     1,000.00       1,017.80       1.41       7.05    
Class B                                  
Actual     1,000.00       1,019.10       2.36       11.81    
Hypothetical (b)     1,000.00       1,013.09       2.36       11.78    
Class C                                  
Actual     1,000.00       1,019.60       2.36       11.82    
Hypothetical (b)     1,000.00       1,013.09       2.36       11.78    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (99.7%)      
Air Transportation (1.5%)      
Airtran Holdings, Inc. (a)(b)     9,500     $ 79    
Frontier Airlines, Inc. (a)     19,500       189    
JetBlue Airways Corp.(a)(b)     1,500       30    
Skywest, Inc.     24,000       434    
Amusement & Recreation Services (1.3%)      
Alliance Gaming Corp. (a)(b)     6,800       78    
International Speedway Corp.–Class A     1,000       53    
Station Casinos, Inc.     7,900       510    
Apparel & Accessory Stores (2.5%)      
Christopher & Banks Corp.     14,000       219    
HOT Topic, Inc. (a)(b)     11,700       234    
Pacific Sunwear of California, Inc. (a)     12,550       284    
Ross Stores, Inc.     7,000       187    
Talbots, Inc. (b)     2,700       69    
Urban Outfitters, Inc. (a)     6,000       266    
Apparel Products (0.3%)      
Gymboree Corp. (a)     6,700       77    
Quiksilver, Inc. (a)     3,400       94    
Auto Repair, Services & Parking (0.5%)      
Dollar Thrifty Automotive Group (a)     6,800       230    
Automotive (1.0%)      
Group 1 Automotive, Inc. (a)     3,700       93    
Oshkosh Truck Corp.     5,400       406    
Automotive Dealers & Service Stations (0.8%)      
O'Reilly Automotive, Inc. (a)(b)     7,400       380    
Sonic Automotive, Inc.     1,600       31    
Beverages (0.1%)      
Boston Beer Co., Inc.–Class A (a)     2,700       54    
Business Services (3.8%)      
ChoicePoint, Inc. (a)     7,600       300    
Computer Programs & Systems, Inc.     17,500       553    
Forrester Research, Inc. (a)     3,200       48    
Getty Images, Inc. (a)(b)     3,500       250    
Iron Mountain, Inc. (a)(b)     9,125       271    
Jupitermedia Corp. (a)     18,900       240    
MoneyGram International, Inc.     4,800       93    
Rent-A-Center, Inc. (a)     2,750       66    
SupportSoft, Inc. (a)     12,800       61    
Commercial Banks (2.5%)      
Boston Private Financial Holdings, Inc.     9,200       206    
CapitalSource, Inc. (a)(b)     1,100       23    
East-West Bancorp, Inc.     5,500       177    

 

    Shares   Value  
Commercial Banks (continued)      
Investors Financial Services Corp. (c)     7,800     $ 327    
Silicon Valley Bancshares (a)(b)     3,600       171    
Southwest Bancorp of Texas, Inc.     7,000       116    
UCBH Holdings, Inc.     14,400       226    
Communication (0.6%)      
Global Payments, Inc. (b)     3,980       258    
Insight Communications Co., Inc. (a)     2,900       32    
Communications Equipment (1.3%)      
Inter-Tel, Inc.     11,500       219    
Plantronics, Inc.     9,400       296    
Polycom, Inc. (a)     6,506       99    
Powerwave Technologies, Inc. (a)(b)     6,800       49    
Computer & Data Processing Services (10.7%)      
Activision, Inc. (a)     18,600       269    
Actuate Corp. (a)     18,000       34    
Agile Software Corp. (a)     24,400       160    
Altiris, Inc. (a)     5,200       85    
Avocent Corp. (a)     1,200       30    
Borland Software Corp. (a)     13,700       80    
CACI International, Inc.–Class A (a)     4,800       298    
CNET Networks, Inc. (a)(b)     13,300       132    
Cognex Corp.     5,400       118    
Cognizant Technology Solutions Corp. (a)     5,400       227    
Digital Insight Corp. (a)     12,700       255    
Earthlink, Inc. (a)     3,100       28    
F5 Networks, Inc. (a)     4,900       210    
Factset Research Systems, Inc. (b)     3,750       104    
Fair Isaac Corp.     9,905       326    
Filenet Corp. (a)     2,300       61    
Hyperion Solutions Corp. (a)     8,100       329    
Informatica Corp. (a)     14,800       114    
Inforte Corp.     38,400       121    
Infospace, Inc. (a)     1,000       31    
Jack Henry & Associates, Inc.     6,400       110    
Macromedia, Inc. (a)     5,100       202    
MatrixOne, Inc. (a)     32,700       140    
Mercury Interactive Corp. (a)     500       21    
MTC Technologies, Inc. (a)     10,700       324    
National Instruments Corp. (b)     1,500       32    
NetIQ Corp. (a)     5,000       54    
Open Solutions, Inc. (a)     1,100       21    
Open Text Corp. (a)(b)     11,300       168    
Packeteer, Inc. (a)     11,800       138    
Quest Software, Inc. (a)     4,300       51    
Radiant Systems, Inc. (a)     6,450       55    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Computer & Data Processing Services (continued)                  
Red Hat, Inc. (a)(b)     7,700     $ 83    
RightNow Technologies, Inc. (a)(b)     10,000       89    
RSA Security, Inc. (a)     6,100       66    
Serena Software, Inc. (a)     8,700       166    
SkillSoft PLC, ADR (a)     600       2    
SRA International, Inc.–Class A (a)     6,400       418    
Websense, Inc. (a)     2,900       154    
Computer & Office Equipment (1.6%)                  
Maxtor Corp. (a)     28,300       137    
Sandisk Corp. (a)     6,800       161    
ScanSource, Inc. (a)     1,700       79    
Zebra Technologies Corp.–Class A (a)     8,400       401    
Construction (0.6%)                  
Insituform Technologies, Inc.–Class A (a)     4,600       69    
MDC Holdings, Inc.     3,664       240    
Drug Stores & Proprietary Stores (0.1%)                  
Drugstore.Com, Inc. (a)(b)     21,100       50    
Educational Services (1.9%)                  
Apollo Group, Inc.–Class A (a)(b)     1,873       135    
Corinthian Colleges, Inc. (a)(b)     5,500       78    
DeVry, Inc. (a)(b)     4,000       91    
Education Management Corp. (a)     12,300       344    
ITT Educational Services, Inc. (a)(b)     6,800       313    
Electrical Goods (0.3%)                  
Hughes Supply, Inc.     6,400       167    
Electronic & Other Electric Equipment (1.1%)                  
Aeroflex, Inc. (a)     32,100       255    
Digital Theater Systems, Inc. (a)     9,400       159    
Harman International Industries, Inc.     1,200       94    
SBS Technologies, Inc. (a)     3,500       33    
Electronic Components & Accessories (6.2%)                  
Advanced Energy Industries, Inc. (a)     30,800       326    
AMIS Holdings, Inc. (a)     6,100       69    
ATMI, Inc. (a)     5,100       117    
Cymer, Inc. (a)(b)     10,600       263    
Dolby Laboratories, Inc.–Class A (a)     4,000       82    
Exar Corp. (a)     7,600       96    
Integrated Circuit Systems, Inc. (a)     7,600       139    
Integrated Silicon Solutions, Inc. (a)(b)     16,100       104    
Intersil Corp.–Class A     11,596       202    
Lattice Semiconductor Corp. (a)     7,800       36    
Mercury Computer Systems, Inc. (a)     7,400       195    
Micrel, Inc. (a)     5,200       49    
Microchip Technology, Inc.     1,775       51    

 

    Shares   Value  
Electronic Components & Accessories (continued)      
Omnivision Technologies, Inc. (a)(b)     15,500     $ 217    
Pericom Semiconductor Corp. (a)     8,400       70    
Plexus Corp. (a)     1,800       22    
Semtech Corp. (a)     9,000       152    
Silicon Storage Technology, Inc. (a)     14,500       38    
Skyworks Solutions, Inc. (a)     6,900       36    
Tessera Technologies, Inc. (a)     1,500       40    
Trident Microsystems, Inc. (a)     2,600       44    
Triquint Semiconductor, Inc. (a)     6,226       18    
TTM Technologies, Inc. (a)     25,000       225    
Varian Semiconductor Equipment
Associates, Inc. (a)		     6,800       254    
Virage Logic Corp. (a)     5,800       53    
Zoran Corp. (a)     14,897       158    
Environmental Services (1.0%)      
Stericycle, Inc. (a)     5,700       277    
Waste Connections, Inc. (a)     6,900       243    
Fabricated Metal Products (0.2%)      
Simpson Manufacturing Co., Inc.     4,000       108    
Food & Kindred Products (0.1%)      
Peet's Coffee & Tea, Inc. (a)(b)     2,800       71    
Food Stores (0.2%)      
Whole Foods Market, Inc.     1,000       100    
Furniture & Home Furnishings Stores (0.3%)      
Williams-Sonoma, Inc. (a)     4,800       161    
Health Services (6.0%)      
Amedisys, Inc. (a)     2,400       72    
Amsurg Corp. (a)     1,700       44    
Community Health Systems, Inc. (a)     4,200       153    
Coventry Health Care, Inc. (a)     6,700       458    
DaVita, Inc. (a)     9,100       367    
Gentiva Health Services, Inc. (a)     12,200       239    
Human Genome Sciences, Inc. (a)     2,800       29    
LCA-Vision, Inc.     2,000       78    
LifePoint Hospitals, Inc. (a)     4,000       178    
Manor Care, Inc.     4,400       147    
Matria Healthcare, Inc. (a)(b)     3,950       109    
Omnicare, Inc.     9,200       319    
Renal Care Group, Inc. (a)     4,100       156    
Symbion, Inc. (a)(b)     9,000       192    
Triad Hospitals, Inc. (a)(b)     2,800       143    
United Surgical Partners International, Inc. (a)     6,100       270    
Holding & Other Investment Offices (0.7%)      
Affiliated Managers Group (a)(b)     4,400       275    
First Marblehead Corp. (The) (a)(b)     2,200       85    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Hotels & Other Lodging Places (0.3%)      
Great Wolf Resorts, Inc. (a)     7,100     $ 151    
Industrial Machinery & Equipment (2.7%)      
Actuant Corp.–Class A (a)     3,700       158    
Axcelis Technologies, Inc. (a)     17,200       107    
Brooks Automation, Inc. (a)     5,000       64    
Engineered Support Systems, Inc. (b)     12,975       458    
Entegris, Inc. (a)     10,100       87    
FMC Technologies, Inc. (a)     3,200       97    
National Oilwell Varco, Inc. (a)     5,359       213    
Oil States International, Inc. (a)     8,300       169    
Instruments & Related Products (3.3%)      
Anaren, Inc. (a)     5,600       54    
August Technology Corp. (a)     2,100       25    
Cohu, Inc.     4,600       82    
Cyberoptics Corp. (a)     28,200       349    
Dionex Corp. (a)     1,650       71    
Flir Systems, Inc. (a)(b)     11,700       311    
Fossil, Inc. (a)     11,730       273    
Herley Industries, Inc. (a)     3,400       62    
II-VI, Inc. (a)     5,500       78    
Mine Safety Appliances Co.     2,700       96    
Orbotech, Ltd. (a)     4,800       98    
Pinnacle Systems, Inc. (a)     5,700       28    
Rudolph Technologies, Inc. (a)(b)     2,300       30    
Varian, Inc. (a)     2,500       83    
Insurance (2.1%)      
Max Reinsurance Capital, Ltd.     7,300       160    
RenaissanceRe Holdings, Ltd.     4,000       179    
Stancorp Financial Group, Inc.     2,800       214    
Triad Guaranty, Inc. (a)     3,700       186    
WellChoice, Inc. (a)     5,500       309    
Insurance Agents, Brokers & Service (0.3%)      
Brown & Brown, Inc.     3,200       140    
Leather & Leather Products (0.3%)      
Timberland Co.–Class A (a)(b)     2,100       145    
Management Services (1.9%)      
Corporate Executive Board Co.     9,000       592    
Resources Connection, Inc. (a)(b)     18,400       352    
Manufacturing Industries (0.4%)      
Daktronics, Inc. (a)     4,400       90    
RC2 Corp. (a)     900       31    
Shuffle Master, Inc. (a)(b)     3,400       86    

 

    Shares   Value  
Medical Instruments & Supplies (6.0%)      
Advanced Neuromodulation Systems, Inc. (a)(b)     4,900     $ 148    
Aspect Medical Systems, Inc. (a)     6,600       165    
Coherent, Inc. (a)     3,900       125    
DENTSPLY International, Inc.     4,750       260    
ICU Medical, Inc. (a)(b)     6,800       241    
Inamed Corp. (a)     4,950       301    
Integra LifeSciences Holdings Corp. (a)(b)     3,700       131    
Kyphon, Inc. (a)(b)     3,000       78    
Mentor Corp.     4,400       161    
Merit Medical Systems, Inc. (a)     4,000       51    
Respironics, Inc. (a)     6,400       404    
Steris Corp. (a)     15,900       376    
Techne Corp. (a)(b)     5,400       226    
Thoratec Corp. (a)(b)     16,200       210    
Wright Medical Group, Inc. (a)     3,000       74    
Motion Pictures (1.4%)      
Avid Technology, Inc. (a)(b)     9,100       451    
Macrovision Corp. (a)     11,100       227    
Oil & Gas Extraction (4.7%)      
Atwood Oceanics, Inc. (a)     1,700       97    
Bill Barrett Corp. (a)     3,000       80    
Cabot Oil & Gas Corp.     7,200       212    
CAL Dive International, Inc. (a)     8,900       396    
Comstock Resources, Inc. (a)     14,900       377    
Forest Oil Corp. (a)(b)     2,400       92    
Global Industries, Ltd. (a)     7,400       71    
Grey Wolf, Inc. (a)(b)     18,000       108    
Helmerich & Payne, Inc.     1,900       73    
Patterson-UTI Energy, Inc.     9,400       225    
Spinnaker Exploration Co. (a)     5,400       173    
Stone Energy Corp. (a)     3,800       171    
Unit Corp. (a)     6,100       234    
Personal Services (0.1%)      
Jackson Hewitt Tax Service, Inc.     3,600       66    
Pharmaceuticals (6.2%)      
Abgenix, Inc. (a)(b)     7,500       52    
Alkermes, Inc. (a)(b)     4,800       54    
Andrx Corp. (a)     8,200       163    
Bradley Pharmaceuticals, Inc. (a)     3,200       29    
Celgene Corp. (a)(b)     3,200       121    
Cephalon, Inc. (a)(b)     2,924       128    
Charles River Laboratories International,
Inc. (a)(b)		     6,100       289    
D&K Healthcare Resources, Inc.     6,900       53    
Digene Corp. (a)     12,300       234    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Pharmaceuticals (continued)                  
Henry Schein, Inc. (a)     2,000     $ 75    
ICOS Corp. (a)(b)     2,100       47    
Idexx Laboratories, Inc. (a)(b)     1,500       85    
Invitrogen Corp. (a)     4,100       300    
Martek Biosciences Corp. (a)(b)     5,600       214    
Medicis Pharmaceutical Corp.–Class A (b)     9,600       270    
Neurocrine Biosciences, Inc. (a)     4,800       168    
Noven Pharmaceuticals, Inc. (a)     11,900       198    
Par Pharmaceutical Cos., Inc. (a)(b)     1,700       51    
Priority Healthcare Corp.–Class B (a)     3,400       77    
Protein Design Labs, Inc. (a)     18,600       333    
Taro Pharmaceuticals Industries (a)(b)     4,400       128    
Vertex Pharmaceuticals, Inc. (a)(b)     2,294       22    
Primary Metal Industries (0.6%)                  
Lone Star Technologies, Inc. (a)     700       27    
Maverick Tube Corp. (a)     5,300       154    
Steel Dynamics, Inc.     4,100       111    
Printing & Publishing (0.5%)                  
Scholastic Corp. (a)     4,800       167    
Valassis Communications, Inc. (a)     2,000       70    
Radio & Television Broadcasting (1.5%)                  
COX Radio, Inc.–Class A (a)     6,100       96    
Emmis Communications Corp.–Class A (a)     9,600       148    
Entercom Communications Corp. (a)(b)     3,900       126    
Radio One, Inc.–Class D (a)     14,900       195    
Regent Communications, Inc. (a)     13,200       70    
Spanish Broadcasting System, Inc.–Class A (a)     10,400       87    
Radio, Television & Computer Stores (0.4%)                  
GameStop Corp.–Class A (a)(b)     7,100       175    
Research & Testing Services (1.8%)                  
Advisory Board Co. (The) (a)     14,200       578    
Incyte Corp. (a)     3,300       22    
Pharmaceutical Product Development, Inc. (a)     6,100       277    
Residential Building Construction (0.7%)                  
Toll Brothers, Inc. (a)(b)     4,300       326    
Restaurants (2.8%)                  
BJ's Restaurants, Inc. (a)     3,400       60    
CEC Entertainment, Inc. (a)(b)     7,050       255    
Cheesecake Factory (The) (a)(b)     6,000       184    
PF Chang's China Bistro, Inc. (a)(b)     6,300       350    
Rare Hospitality International, Inc. (a)     10,300       287    
Sonic Corp. (a)     7,475       239    

 

    Shares   Value  
Retail Trade (2.7%)      
AC Moore Arts & Crafts, Inc. (a)(b)     12,000     $ 312    
Coldwater Creek, Inc. (a)     6,000       100    
Dollar Tree Stores, Inc. (a)(b)     3,300       81    
Hibbett Sporting Goods, Inc. (a)     3,400       92    
Marvel Enterprises, Inc. (a)(b)     12,450       244    
Michaels Stores, Inc.     9,100       302    
Petsmart, Inc.     8,300       221    
Savings Institutions (0.2%)      
IndyMac Bancorp, Inc.     2,000       77    
Security & Commodity Brokers (1.1%)      
Eaton Vance Corp.     7,000       164    
Greenhill & Co., Inc.     1,200       38    
Legg Mason, Inc. (b)     1,900       135    
Raymond James Financial, Inc.     6,900       186    
Waddell & Reed Financial, Inc.–Class A     2,550       44    
Social Services (0.8%)      
Bright Horizons Family Solutions, Inc. (a)(b)     11,200       380    
Stone, Clay & Glass Products (0.5%)      
Gentex Corp. (b)     8,200       266    
Telecommunications (2.2%)      
Adtran, Inc.     10,200       211    
Alamosa Holdings, Inc. (a)(b)     2,000       26    
Nextel Partners, Inc.–Class A (a)(b)     25,700       604    
NII Holdings, Inc.–Class B (a)(b)     2,700       135    
Novatel Wireless, Inc. (a)(b)     1,700       15    
Ubiquitel, Inc. (a)     6,700       48    
Wireless Facilities, Inc. (a)     12,900       68    
Transportation & Public Utilities (0.9%)      
UTI Worldwide, Inc.     6,700       430    
Transportation Equipment (0.2%)      
Thor Industries, Inc.     3,300       89    
Trucking & Warehousing (1.0%)      
Forward Air Corp.     5,250       126    
Old Dominion Freight Line, Inc. (a)     6,800       191    
US Xpress Enterprises, Inc.–Class A (a)     3,400       38    
Werner Enterprises, Inc.     7,300       136    
Variety Stores (0.4%)      
Family Dollar Stores, Inc.     1,300       35    
Fred's, Inc. (b)     11,750       170    
Wholesale Trade Durable Goods (2.9%)      
Conceptus, Inc. (a)(b)     1,500       9    
Cytyc Corp. (a)     8,800       188    
Insight Enterprises, Inc. (a)     12,900       233    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Wholesale Trade Durable Goods (continued)      
Patterson Cos., Inc. (a)(b)     5,500     $ 278    
Reliance Steel & Aluminum Co.     2,700       102    
SCP Pool Corp.     9,930       324    
Symyx Technologies, Inc. (a)     9,600       234    
West Marine, Inc. (a)(b)     3,400       56    
Wholesale Trade Nondurable Goods (1.6%)      
Performance Food Group Co. (a)     3,000       81    
SunOpta, Inc. (a)(b)     54,200       250    
Tractor Supply Co. (a)     4,200       169    
United Natural Foods, Inc. (a)     10,900       292    
Total Common Stocks (cost: $47,241)             49,427    
    Principal   Value  
SECURITY LENDING COLLATERAL (25.7%)      
Debt (22.3%)      
Bank Notes (3.0%)      
Bank of America
                  
2.82%, due 05/16/2005   $ 402     $ 402    
2.80%, due 06/09/2005 (d)     101       101    
2.77%, due 07/18/2005 (d)     402       402    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (d)		     402       402    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (d)
3.06%, due 03/10/2006 (d)		     101
101		       101
101		    
Euro Dollar Overnight (3.9%)      
Bank of Montreal
2.94%, due 05/04/2005		     301       301    
BNP Paribas
2.80%, due 05/05/2005		     416       416    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     362
201		       362
201		    
Dexia Group
2.80%, due 05/05/2005		     177       177    
Royal Bank of Canada
2.80%, due 05/04/2005		     412       412    
Svenska Handlesbanken
2.80%, due 05/06/2005		     66       66    
Euro Dollar Terms (9.1%)      
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     201
562		       201
562		    
Barclays
3.02%, due 06/27/2005		     358       358    

 

    Principal   Value  
Euro Dollar Terms (continued)                  
BNP Paribas
2.93%, due 06/07/2005		   $ 322     $ 322    
Branch Banker & Trust
2.94%, due 06/06/2005		     86       86    
Calyon
2.93%, due 06/03/2005		     332       332    
Citigroup
2.87%, due 06/06/2005		     417       417    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     412       412    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     201       201    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     390
217		       390
217		    
Societe Generale
2.80%, due 05/03/2005		     384       384    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     301
112		       301
112		    
UBS AG
2.81%, due 05/03/2005		     201       201    
Promissory Notes (2.3%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     422
703		       422
703		    
Repurchase Agreements (4.0%) (e)                  
Goldman Sachs Group, Inc.
3.04% Repurchase Agreement dated
4/29/2005 to be repurchased at $905
on 05/02/2005		     904       904    
Merrill Lynch & Co., Inc.
3.04% Repurchase Agreement dated
4/29/2005 to be repurchased at $1,085
on 05/02/2005		     1,085       1,085    
    Shares   Value  
Investment Companies (3.4%)                  
Money Market Funds (3.4%)                  
American Beacon Funds
1-day yield of 2.84%		     159,602     $ 160    
BGI Institutional
Money Market Fund
1-day yield of 2.93%		     945,096       945    
Merrill Lynch Premier
Institutional Fund
1-day yield of 2.65%		     212,676       213    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Money Market Funds (continued)      
Merrimac Cash Fund,
Premium Class
1-day yield of 2.74% (f)		     388,982     $ 389    
Total Security Lending Collateral (cost: $12,761)         12,761    
Total Investment Securities (cost: $60,002)       $ 62,188    

 

SUMMARY:      
Investments, at value     125.4 %   $ 62,188    
Liabilities in excess of other assets     (25.4 )%     (12,597 )  
Net assets     100.0 %   $ 49,591    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $12,246.

(c)  Investors Bank and Trust Co., a wholly-owned subsidiary of Investors Financial Services Corp., serves as the accounting, custody and lending agent for the Fund.

(d)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(e)  Cash collateral for the Repurchase Agreements, valued at $2,024, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(f)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX T. Rowe Price Small Cap

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $60,002)
(including securities loaned of $12,246)		   $ 62,188    
Cash     314    
Receivables:          
Investment securities sold     56    
Shares of beneficial interest sold     11    
Interest     5    
Dividends     5    
Other     4    
      62,583    
Liabilities:      
Investment securities purchased     86    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     33    
Management and advisory fees     48    
Distribution and service fees     23    
Transfer agent fees     22    
Payable for collateral for securities on loan     12,761    
Other     19    
      12,992    
Net Assets   $ 49,591    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 33,417    
Accumulated net investment income (loss)     (361 )  
Undistributed net realized gain (loss) from investment
securities and futures contracts		     14,349    
Net unrealized appreciation (depreciation) on
investment securities		     2,186    
Net Assets   $ 49,591    
Net Assets by Class:      
Class A   $ 33,863    
Class B     10,946    
Class C     4,782    
Shares Outstanding:      
Class A     3,051    
Class B     1,029    
Class C     450    
Net Asset Value Per Share:      
Class A   $ 11.10    
Class B     10.64    
Class C     10.62    
Maximum Offering Price Per Share (a):      
Class A   $ 11.75    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 5    
Dividends     181    
Income from loaned securities–net     10    
      196    
Expenses:      
Management and advisory fees     249    
Transfer agent fees:          
Class A     21    
Class B     22    
Class C     10    
Printing and shareholder reports     8    
Custody fees     15    
Administration fees     6    
Legal fees     3    
Audit fees     6    
Trustees fees     3    
Registration fees:          
Class A     29    
Class B     9    
Class C     11    
Other     1    
Distribution and service fees:          
Class A     88    
Class B     59    
Class C     26    
Total expenses     566    
Less:          
Class expense reimbursement:           
Class B     (2 )  
Class C     (8 )  
Net expenses     556    
Net Investment Income (Loss)     (360 )  
Net Realized Gain (Loss) from:      
Investment securities     15,248    
Futures contracts     453    
      15,701    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (7,921 )  
Net Gain (Loss) on Investments and Futures Contracts     7,780    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 7,420    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX T. Rowe Price Small Cap

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ (360 )   $ (1,650 )  
Net realized gain (loss) from
investment securities and futures
contracts		     15,701       6,447    
Net unrealized appreciation
(depreciation) on investment
securities		     (7,921 )     (3,896 )  
      7,420       901    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     1,344       46,740    
Class B     605       2,565    
Class C     752       1,843    
Class C2     –       432    
Class M     –       129    
      2,701       51,709    
Cost of shares redeemed:                  
Class A     (104,348 )     (12,651 )  
Class B     (1,696 )     (3,171 )  
Class C     (1,032 )     (1,440 )  
Class C2     –       (584 )  
Class M     –       (879 )  
      (107,076 )     (18,725 )  
Class level exchanges:                  
Class C     –       4,045    
Class C2     –       (2,406 )  
Class M     –       (1,639 )  
      –       –    
Automatic conversions:                  
Class A     19       –    
Class B     (19 )     –    
      –       –    
      (104,375 )     32,984    
Net increase (decrease) in net assets     (96,955 )     33,885    
Net Assets:      
Beginning of period     146,546       112,661    
End of period   $ 49,591     $ 146,546    
Accumulated Net Investment
Income (Loss)		   $ (361 )   $ (1 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:      
Shares issued:                  
Class A     116       4,181    
Class B     54       240    
Class C     67       173    
Class C2     –       40    
Class M     –       13    
      237       4,647    
Shares redeemed:                  
Class A     (9,045 )     (1,157 )  
Class B     (151 )     (301 )  
Class C     (93 )     (139 )  
Class C2     –       (53 )  
Class M     –       (83 )  
      (9,289 )     (1,733 )  
Class level exchanges:                  
Class C     –       381    
Class C2     –       (222 )  
Class M     –       (159 )  
      –       –    
Automatic conversions:                  
Class A     2       –    
Class B     (2 )     –    
      –       –    
Net increase (decrease) in
shares outstanding:		                  
Class A     (8,927 )     3,024    
Class B     (99 )     (61 )  
Class C     (26 )     415    
Class C2     –       (235 )  
Class M     –       (229 )  
      (9,052 )     2,914    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX T. Rowe Price Small Cap

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.84     $ (0.05 )   $ 0.31     $ 0.26     $ –     $ –     $ –     $ 11.10    
    10/31/2004     10.61       (0.12 )     0.35       0.23       –       –       –       10.84    
    10/31/2003     7.83       (0.15 )     2.93       2.78       –       –       –       10.61    
    10/31/2002     9.46       (0.16 )     (1.47 )     (1.63 )     –       –       –       7.83    
    10/31/2001     13.17       (0.14 )     (3.56 )     (3.70 )     –       (0.01 )     (0.01 )     9.46    
    10/31/2000     11.01       (0.07 )     2.51       2.44       –       (0.28 )     (0.28 )     13.17    
Class B   4/30/2005     10.44       (0.10 )     0.30       0.20       –       –       –       10.64    
    10/31/2004     10.28       (0.18 )     0.34       0.16       –       –       –       10.44    
    10/31/2003     7.63       (0.19 )     2.84       2.65       –       –       –       10.28    
    10/31/2002     9.29       (0.22 )     (1.44 )     (1.66 )     –       –       –       7.63    
    10/31/2001     13.05       (0.21 )     (3.54 )     (3.75 )     –       (0.01 )     (0.01 )     9.29    
    10/31/2000     10.97       (0.15 )     2.51       2.36       –       (0.28 )     (0.28 )     13.05    
Class C   4/30/2005     10.42       (0.10 )     0.30       0.20       –       –       –       10.62    
    10/31/2004     10.28       (0.22 )     0.36       0.14       –       –       –       10.42    
    10/31/2003     7.52       (0.20 )     2.96       2.76       –       –       –       10.28    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     2.40 %   $ 33,863       1.41 %     1.41 %     (0.83 )%     10 %  
    10/31/2004     2.17       129,809       1.36       1.36       (1.08 )     29    
    10/31/2003     35.50       95,018       1.75       1.93       (1.55 )     25    
    10/31/2002     (17.22 )     6,487       1.74       2.67       (1.52 )     55    
    10/31/2001     (28.11 )     7,067       1.55       2.56       (1.30 )     49    
    10/31/2000     22.31       8,262       1.55       2.83       (1.14 )     53    
Class B   4/30/2005     1.91       10,946       2.36       2.40       (1.80 )     10    
    10/31/2004     1.56       11,776       1.94       1.94       (1.67 )     29    
    10/31/2003     34.73       12,227       2.40       2.58       (2.20 )     25    
    10/31/2002     (17.85 )     8,860       2.39       3.32       (2.17 )     55    
    10/31/2001     (28.73 )     9,496       2.20       3.21       (1.95 )     49    
    10/31/2000     21.63       8,119       2.20       3.48       (1.79 )     53    
Class C   4/30/2005     1.96       4,782       2.36       2.68       (1.80 )     10    
    10/31/2004     1.32       4,961       2.40       2.40       (2.13 )     29    
    10/31/2003     36.70       628       2.40       2.58       (2.20 )     25    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX T. Rowe Price Small Cap ("the Fund") commenced operations on March 1, 1999. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX T. Rowe Price Small Cap ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of less than $1 are included in net realized gains in the Statement of Operations.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $5 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

At April 30, 2005, there were no open futures contracts.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $2. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 1,843       3.72 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     22,445       45.26 %  
Total   $ 24,288       48.98 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

From January 1, 2005 on:

0.75% of the first $500 million of ANA
0.70% of ANA over $500 million

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

From November 1, 2004 to December 31, 2004:

1.40% Expense Limit

From January 1, 2005 on:

1.35% Expense Limit

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in the Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at April 30, 2005 was $3.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 72    
Retained by Underwriter     3    
Contingent Deferred Sales Charge     13    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $66 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 6,682    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     109,298    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the period listed:

Capital Loss
Carryforward		   Available through  
$ 818     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 60,349    
Unrealized Appreciation   $ 6,439    
Unrealized (Depreciation)     (4,600 )  
Net Unrealized Appreciation (Depreciation)   $ 1,839    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX T. Rowe Price Small Cap

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX T. Rowe Price Small Cap (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and T. Rowe Price Associates, Inc. (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over trailing two- and three-year periods although it had lagged in the past year. However, on the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, including steps to be taken to improve recent performance, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of comparative information, the Board concluded that the advisory fees were lower than industry averages, although the estimated overall expenses of the Fund were relatively higher than certain industry averages. The Board also noted that the advisory fees have breakpoints and that fees and expenses may decrease as the level of Fund assets increase. Overall, on the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, TFAI's limitation and fee waiver arrangement for the Fund, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the entirety of the services provided and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX T. Rowe Price Small Cap

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX T. Rowe Price Small Cap

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  12,268,148.089       18,115.668       701,646.098    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX T. Rowe Price Small Cap.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      12,288,338.264       11,628.591       687,943.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      12,286,056.304       13,910.551       687,943.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      12,287,690.420       12,276.435       687,943.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      12,287,389.403       12,577.452       687,943.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      12,287,976.686       11,990.169       687,943.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      12,284,151.036       15,815.819       687,943.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      12,286,860.737       13,106.118       687,943.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      12,285,448.001       14,518.854       687,943.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

16


TA IDEX T. Rowe Price Tax-Efficient Growth

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,004.90       1.70 %   $ 8.45    
Hypothetical (b)     1,000.00       1,016.36       1.70       8.50    
Class B      
Actual     1,000.00       1,001.10       2.34       11.61    
Hypothetical (b)     1,000.00       1,013.19       2.34       11.68    
Class C      
Actual     1,000.00       1,001.40       2.35       11.66    
Hypothetical (b)     1,000.00       1,013.14       2.35       11.73    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX T. Rowe Price Tax-Efficient Growth

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (99.9%)                  
Aerospace (0.6%)                  
Boeing Co. (The)     2,600     $ 155    
Amusement & Recreation Services (1.7%)                  
Disney (Walt) Co. (The)     8,900       235    
Station Casinos, Inc.     2,900       187    
Apparel Products (0.6%)                  
Cintas Corp. (a)     3,600       139    
Automotive (0.6%)                  
Harley-Davidson, Inc.     3,000       141    
Beverages (3.0%)                  
Anheuser-Busch Cos., Inc.     1,900       89    
Coca-Cola Co. (The)     6,800       295    
PepsiCo, Inc.     6,670       371    
Business Credit Institutions (1.2%)                  
Fannie Mae     2,500       135    
Freddie Mac     2,600       160    
Business Services (7.4%)                  
ChoicePoint, Inc. (b)     1,900       75    
Clear Channel Communications, Inc.     6,400       204    
eBay, Inc. (b)     10,800       343    
Equifax, Inc.     1,700       57    
First Data Corp.     4,900       186    
Monster Worldwide, Inc. (b)     4,300       99    
Moody's Corp. (a)     3,800       312    
Omnicom Group, Inc. (a)     2,800       232    
Robert Half International, Inc. (a)     6,200       154    
WPP Group PLC, ADR     3,300       179    
Chemicals & Allied Products (3.8%)                  
Avon Products, Inc.     4,200       168    
Colgate-Palmolive Co.     2,700       134    
Ecolab, Inc.     3,600       118    
Monsanto Co.     1,000       59    
Procter & Gamble Co. (a)     7,200       390    
Valspar Corp.     2,000       83    
Commercial Banks (8.7%)                  
Bank of New York Co., Inc. (The)     7,600       212    
Citigroup, Inc.     14,459       679    
Mellon Financial Corp.     4,000       111    
Northern Trust Corp.     9,100       410    
State Street Corp. (a)     9,800       453    
Wells Fargo & Co.     5,200       312    
Communication (1.3%)                  
Certegy, Inc.     3,900       142    
Viacom, Inc.–Class B     5,500       190    

 

    Shares   Value  
Communications Equipment (0.3%)      
Nokia Corp., ADR     5,000     $ 80    
Computer & Data Processing Services (7.1%)      
Adobe Systems, Inc.     800       48    
Automatic Data Processing, Inc.     4,200       182    
Computer Associates International, Inc.     3,905       105    
Electronic Arts, Inc. (a)(b)     500       27    
Intuit, Inc. (b)     2,400       97    
Microsoft Corp.     25,800       653    
Oracle Corp. (b)     21,000       243    
SAP AG, ADR     4,000       158    
Yahoo!, Inc. (a)(b)     7,800       269    
Computer & Office Equipment (4.9%)      
Cisco Systems, Inc. (b)     31,300       541    
Dell, Inc. (b)     16,900       589    
EMC Corp. (b)     7,700       101    
Cosmetics/Personal Care (0.8%)      
Gillette Co. (The)     3,600       186    
Drug Stores & Proprietary Stores (1.3%)      
CVS Corp.     2,400       124    
Walgreen Co.     4,900       211    
Educational Services (0.7%)      
Apollo Group, Inc.–Class A (b)     2,350       169    
Electronic & Other Electric Equipment (3.5%)      
General Electric Co.     24,350       881    
Electronic Components & Accessories (11.6%)      
Altera Corp. (a)(b)     14,700       305    
Analog Devices, Inc. (a)     7,400       252    
Broadcom Corp.–Class A (b)     3,500       105    
Intel Corp.     23,200       546    
Linear Technology Corp.     11,600       415    
Maxim Integrated Products, Inc. (a)     10,800       404    
Microchip Technology, Inc.     6,300       179    
Molex, Inc.–Class A     3,500       80    
Texas Instruments, Inc.     10,000       250    
Xilinx, Inc.     13,400       361    
Entertainment (0.5%)      
International Game Technology     4,300       116    
Food & Kindred Products (0.9%)      
General Mills, Inc.     2,300       114    
WM Wrigley Jr. Co.     1,700       117    
Furniture & Home Furnishings Stores (1.0%)      
Bed Bath & Beyond, Inc. (b)     3,300       123    
Williams-Sonoma, Inc. (b)     3,600       121    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX T. Rowe Price Tax-Efficient Growth  2


TA IDEX T. Rowe Price Tax-Efficient Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Hotels & Other Lodging Places (0.6%)                  
Marriott International, Inc.–Class A     2,500     $ 157    
Industrial Machinery & Equipment (1.0%)                  
Applied Materials, Inc. (b)     9,100       135    
Illinois Tool Works, Inc.     1,200       101    
Insurance (7.0%)                  
AMBAC Financial Group, Inc.     1,700       114    
American International Group, Inc.     6,663       339    
UnitedHealth Group, Inc.     6,100       576    
WellPoint, Inc. (b)     5,700       728    
Insurance Agents, Brokers & Service (0.3%)                  
Marsh & McLennan Cos., Inc.     2,800       78    
Lumber & Other Building Materials (1.7%)                  
Home Depot, Inc. (The)     12,100       428    
Management Services (0.6%)                  
Paychex, Inc.     5,200       159    
Medical Instruments & Supplies (3.8%)                  
Baxter International, Inc.     2,800       104    
Guidant Corp.     1,700       126    
Medtronic, Inc.     10,700       564    
Stryker Corp.     3,400       165    
Motion Pictures (0.9%)                  
Time Warner, Inc. (b)     13,900       234    
Paper & Allied Products (0.7%)                  
3M Co.     600       46    
Kimberly-Clark Corp.     1,900       119    
Personal Credit Institutions (0.6%)                  
SLM Corp.     3,200       152    
Pharmaceuticals (9.1%)                  
Abbott Laboratories     4,900       241    
Amgen, Inc. (b)     3,900       227    
AstraZeneca PLC, ADR     1,900       83    
GlaxoSmithKline PLC, ADR     2,600       131    
Johnson & Johnson     8,400       576    
Lilly (Eli) & Co.     2,900       170    
Medco Health Solutions, Inc. (b)     1,109       56    
Merck & Co., Inc.     2,300       78    
Pfizer, Inc.     18,985       516    
Wyeth     4,100       184    
Printing & Publishing (1.2%)                  
McGraw-Hill Cos., Inc. (The)     3,400       296    
Radio & Television Broadcasting (0.8%)                  
IAC/InterActive Corp. (a)(b)     3,700       80    
Univision Communications, Inc.–Class A (a)(b)     4,100       108    

 

    Shares   Value  
Restaurants (0.5%)      
Starbucks Corp. (b)     2,500     $ 124    
Retail Trade (1.5%)      
Amazon.com, Inc. (b)     7,400       239    
Tiffany & Co.     4,100       124    
Rubber & Misc. Plastic Products (0.4%)      
NIKE, Inc.–Class B     1,300       100    
Security & Commodity Brokers (2.6%)      
American Express Co.     4,000       211    
Charles Schwab Corp. (The) (a)     14,600       151    
Franklin Resources, Inc.     4,200       288    
Telecommunications (0.5%)      
Vodafone Group PLC, ADR     5,000       131    
Transportation & Public Utilities (0.6%)      
Expeditors International of Washington, Inc. (a)     2,800       137    
Variety Stores (2.8%)      
Dollar General Corp.     9,600       195    
Family Dollar Stores, Inc.     3,900       105    
Wal-Mart Stores, Inc.     8,700       410    
Water Transportation (0.2%)      
Carnival Corp.     900       44    
Wholesale Trade Nondurable Goods (1.0%)      
SYSCO Corp.     7,300       253    
Total Common Stocks (cost: $18,635)             24,944    
    Principal   Value  
SECURITY LENDING COLLATERAL (13.6%)      
Debt (11.8%)      
Bank Notes (1.6%)      
Bank of America
                  
2.82%, due 05/16/2005   $ 107     $ 107    
2.80%, due 06/09/2005 (c)     27       27    
2.77%, due 07/18/2005 (c)     107       107    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     107       107    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     27
27		       27
27		    
Euro Dollar Overnight (2.1%)      
Bank of Montreal
2.94%, due 05/04/2005		     80       80    
BNP Paribas
2.80%, due 05/05/2005		     111       111    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     96
54		       96
54		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

TA IDEX T. Rowe Price Tax-Efficient Growth  3


TA IDEX T. Rowe Price Tax-Efficient Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Overnight (continued)                  
Dexia Group
2.80%, due 05/05/2005		   $ 47     $ 47    
Royal Bank of Canada
2.80%, due 05/04/2005		     110       110    
Svenska Handlesbanken
2.80%, due 05/06/2005		     18       18    
Euro Dollar Terms (4.8%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     54
150		       54
150		    
Barclays
3.02%, due 06/27/2005		     96       96    
BNP Paribas
2.93%, due 06/07/2005		     86       86    
Branch Banker & Trust
2.94%, due 06/06/2005		     23       23    
Calyon
2.93%, due 06/03/2005		     89       89    
Citigroup
2.87%, due 06/06/2005		     111       111    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     110       110    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     54       54    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     104
58		       104
58		    
Societe Generale
2.80%, due 05/03/2005		     103       103    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     80
30		       80
30		    
UBS AG
2.81%, due 05/03/2005		     54       54    

 

    Principal   Value  
Promissory Notes (1.2%)      
Goldman Sachs Group, Inc.
                  
2.99%, due 06/27/2005   $ 113     $ 113    
3.01%, due 07/27/2005     188       188    
Repurchase Agreements (2.1%) (d)      
Goldman Sachs Group, Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $242
on 05/02/2005		     241       241    
Merrill Lynch & Co. Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $290
on 05/02/2005		     290       290    
    Shares   Value  
Investment Companies (1.8%)      
Money Market Funds (1.8%)      
American Beacon Funds
1-day yield of 2.84%		     42,623     $ 43    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     252,394       252    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     56,797       57    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     103,880       104    
Total Security Lending Collateral (cost: $3,408)             3,408    
Total Investment Securities (cost: $22,043)           $ 28,352    
SUMMARY:      
Investments, at value     113.5 %   $ 28,352    
Liabilities in excess of other assets     (13.5 )%     (3,369 )  
Net assets     100.0 %   $ 24,983    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $3,283.

(b)  No dividends were paid during the preceding twelve months.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $541, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX T. Rowe Price Tax-Efficient Growth

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $22,043)
(including securities loaned of $3,283)		   $ 28,352    
Cash     110    
Receivables:          
Shares of beneficial interest sold     2    
Interest     1    
Dividends     21    
Other     2    
      28,488    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     15    
Management and advisory fees     37    
Distribution and service fees     15    
Transfer agent fees     16    
Payable for collateral for securities on loan     3,408    
Other     14    
      3,505    
Net Assets   $ 24,983    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 23,399    
Accumulated net investment income (loss)     (7 )  
Accumulated net realized gain (loss) from investment
securities		     (4,718 )  
Net unrealized appreciation (depreciation) on
investment securities		     6,309    
Net Assets   $ 24,983    
Net Assets by Class:      
Class A   $ 10,438    
Class B     11,187    
Class C     3,358    
Shares Outstanding:      
Class A     1,046    
Class B     1,154    
Class C     347    
Net Asset Value Per Share:      
Class A   $ 9.98    
Class B     9.69    
Class C     9.69    
Maximum Offering Price Per Share (a):      
Class A   $ 10.56    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Dividends   $ 280    
Income from loaned securities–net     1    
      281    
Expenses:      
Management and advisory fees     101    
Transfer agent fees:          
Class A     11    
Class B     15    
Class C     7    
Printing and shareholder reports     9    
Custody fees     6    
Administration fees     3    
Legal fees     1    
Audit fees     13    
Registration fees:          
Class A     14    
Class B     9    
Class C     12    
Distribution and service fees:          
Class A     20    
Class B     62    
Class C     20    
Total expenses     303    
Less:          
Reimbursement of class expenses:          
Class A     (4 )  
Class C     (12 )  
Net expenses     287    
Net Investment Income (Loss)     (6 )  
Net Realized and Unrealized Gain (Loss)      
Realized gain (loss) from investment securities     1,120    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (894 )  
Net Gain (Loss) on Investments     226    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 220    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX T. Rowe Price Tax-Efficient Growth

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:                  
Operations:                  
Net investment income (loss)   $ (6 )   $ (300 )  
Net realized gain (loss) from
investment securities		     1,120       211    
Net unrealized appreciation
(depreciation) on investment
securities		     (894 )     303    
      220       214    
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     425       1,616    
Class B     278       2,611    
Class C     137       217    
Class C2     –       386    
Class M     –       146    
      840       4,976    
Cost of shares redeemed:                  
Class A     (1,357 )     (3,590 )  
Class B     (2,214 )     (3,729 )  
Class C     (1,095 )     (691 )  
Class C2     –       (653 )  
Class M     –       (526 )  
      (4,666 )     (9,189 )  
Class level exchanges:                  
Class C     –       4,376    
Class C2     –       (3,084 )  
Class M     –       (1,292 )  
      –       –    
Automatic conversions:                  
Class A     1       49    
Class B     (1 )     (49 )  
      –       –    
      (3,826 )     (4,213 )  
Net increase (decrease) in net assets     (3,606 )     (3,999 )  
Net Assets:                  
Beginning of period     28,589       32,588    
End of period   $ 24,983     $ 28,589    
Accumulated Net Investment Income
(Loss)		   $ (7 )   $ (1 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:                  
Shares issued:                  
Class A     41       159    
Class B     27       261    
Class C     14       22    
Class C2     –       39    
Class M     –       14    
      82       495    
Shares redeemed:                  
Class A     (131 )     (353 )  
Class B     (220 )     (377 )  
Class C     (108 )     (71 )  
Class C2     –       (66 )  
Class M     –       (52 )  
      (459 )     (919 )  
Class level exchanges:                  
Class C     –       441    
Class C2     –       (305 )  
Class M     –       (135 )  
      –       1    
Automatic conversions:                  
Class A     –       5    
Class B     –       (5 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (90 )     (189 )  
Class B     (193 )     (121 )  
Class C     (94 )     392    
Class C2     –       (332 )  
Class M     –       (173 )  
      (377 )     (423 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX T. Rowe Price Tax-Efficient Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 9.93     $ 0.02     $ 0.03     $ 0.05     $ –     $ –     $ –     $ 9.98    
    10/31/2004     9.85       (0.06 )     0.14       0.08       –       –       –       9.93    
    10/31/2003     8.09       (0.05 )     1.81       1.76       –       –       –       9.85    
    10/31/2002     9.54       (0.02 )     (1.43 )     (1.45 )     –       –       –       8.09    
    10/31/2001     10.64       0.05       (1.13 )     (1.08 )     (0.02 )     –       (0.02 )     9.54    
    10/31/2000     10.20       0.08       0.44       0.52       (0.08 )     –       (0.08 )     10.64    
Class B   4/30/2005     9.68       (0.01 )     0.02       0.01       –       –       –       9.69    
    10/31/2004     9.66       (0.12 )     0.14       0.02       –       –       –       9.68    
    10/31/2003     7.99       (0.10 )     1.77       1.67       –       –       –       9.66    
    10/31/2002     9.49       (0.09 )     (1.41 )     (1.50 )     –       –       –       7.99    
    10/31/2001     10.63       (0.02 )     (1.12 )     (1.14 )     –       –       –       9.49    
    10/31/2000     10.19       0.02       0.44       0.46       (0.02 )     –       (0.02 )     10.63    
Class C   4/30/2005     9.68       (0.01 )     0.02       0.01       –       –       –       9.69    
    10/31/2004     9.66       (0.12 )     0.14       0.02       –       –       –       9.68    
    10/31/2003     7.91       (0.11 )     1.86       1.75       –       –       –       9.66    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     0.49 %   $ 10,438       1.70 %     1.77 %     0.32 %     4 %  
    10/31/2004     0.83       11,281       1.70       1.78       (0.56 )     5    
    10/31/2003     21.76       13,057       1.70       1.85       (0.56 )     50    
    10/31/2002     (15.20 )     21,389       1.68       1.95       (0.27 )     76    
    10/31/2001     (10.14 )     8,552       1.55       2.07       0.47       30    
    10/31/2000     5.14       5,452       1.55       2.68       0.66       58    
Class B   4/30/2005     0.11       11,187       2.34       2.34       (0.30 )     4    
    10/31/2004     0.20       13,038       2.31       2.31       (1.18 )     5    
    10/31/2003     21.05       14,181       2.35       2.50       (1.21 )     50    
    10/31/2002     (15.84 )     11,897       2.33       2.60       (0.92 )     76    
    10/31/2001     (10.75 )     15,500       2.20       2.72       (0.18 )     30    
    10/31/2000     4.49       7,597       2.20       3.33       0.01       58    
Class C   4/30/2005     0.14       3,358       2.35       2.93       (0.28 )     4    
    10/31/2004     0.07       4,270       2.35       3.00       (1.21 )     5    
    10/31/2003     22.12       473       2.35       2.50       (1.21 )     50    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less that one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the years ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004, and period ended 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX T. Rowe Price Tax-Efficient Growth ("the Fund") commenced operations on March 1, 1999. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX T. Rowe Price Tax-Efficient Growth

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX T. Rowe Price Tax-Efficient Growth ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that maybe made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX T. Rowe Price Tax-Efficient Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 3,960       15.85 %  
Total   $ 3,960       15.85 %  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX T. Rowe Price Tax-Efficient Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Investment advisory fees: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of the first $500 million of ANA
0.65% of ANA over $500 million

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

1.35% Expense Limit

The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in the Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund for the six months ended April 30, 2005 was $1.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 28    
Retained by Underwriter     2    
Contingent Deferred Sales Charge     15    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $43 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 1,049    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     5,635    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 251     October 31, 2008  
  219     October 31, 2009  
  1,972     October 31, 2010  
  3,180     October 31, 2011  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX T. Rowe Price Tax-Efficient Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.–(continued)

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 22,218    
Unrealized Appreciation   $ 6,378    
Unrealized (Depreciation)     (244 )  
Net Unrealized Appreciation (Depreciation)   $ 6,134    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing
investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX T. Rowe Price Tax-Efficient Growth

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX T. Rowe Price Tax-Efficient Growth (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and T. Rowe Price Associates, Inc. (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's long-term investment performance was competitive or superior relative to comparable funds over trailing two-, three- and five-year periods and to the Fund's benchmark index over a five-year period, although the Fund's investment performance over the past year had lagged. However, on the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, including steps to be taken to improve recent performance, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and that the Sub-Adviser engaged in "soft dollar" arrangements consistent with applicable law and "best execution" requirements.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX T. Rowe Price Tax-Efficient Growth

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX T. Rowe Price Tax-Efficient Growth

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  1,538,265.987       11,574.015       852,574.814    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX T. Rowe Price Tax-Efficient Growth.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      1,557,509.519       18,724.297       826,181.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      1,556,062.888       20,170.928       826,181.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      1,557,509.519       18,724.297       826,181.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      1,557,412.888       18,820.928       826,181.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      1,557,509.519       18,724.297       826,181.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      1,557,509.519       18,724.297       826,181.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      1,556,551.888       19,681.928       826,181.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      1,557,387.867       18,845.949       826,181.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Templeton Great Companies Global

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,042.60       1.38 %   $ 6.99    
Hypothetical (b)     1,000.00       1,017.95       1.38       6.90    
Class B      
Actual     1,000.00       1,038.30       2.19       11.07    
Hypothetical (b)     1,000.00       1,013.93       2.19       10.94    
Class C      
Actual     1,000.00       1,037.90       2.20       11.12    
Hypothetical (b)     1,000.00       1,013.88       2.20       10.99    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At April 30, 2005

This chart shows the percentage breakdown by region of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Templeton Great Companies Global

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (96.8%)                  
Australia (1.6%)                  
Alumina, Ltd.     418,920     $ 1,897    
AMP, Ltd.     504,431       2,665    
BHP Billiton, Ltd.     80,350       1,018    
National Australia Bank, Ltd.     135,570       3,105    
Brazil (0.6%)                  
Cia Vale do Rio Doce, ADR     12,500       290    
Cia Vale do Rio Doce, ADR (a)     60,840       1,640    
Empresa Brasileira de Aeronautica SA, ADR     40,910       1,180    
Canada (0.9%)                  
Alcan, Inc.     60,070       1,954    
BCE, Inc. (a)     121,510       2,923    
Cayman Islands (0.9%)                  
ACE, Ltd.     58,730       2,523    
XL Capital, Ltd.–Class A (a)     34,340       2,414    
Denmark (1.3%)                  
ISS A/S     50,700       4,067    
Vestas Wind Systems A/S (a)(b)     208,816       2,650    
Finland (1.0%)                  
Stora Enso OYJ–Class R     149,230       1,985    
UPM-Kymmene OYJ     169,220       3,381    
France (3.4%)                  
Accor SA     52,500       2,411    
AXA     116,200       2,913    
Michelin (C.G.D.E.)–Class B     40,857       2,487    
Sanofi-Aventis     41,719       3,707    
Suez SA, ADR (a)(b)     95,150       2,610    
Total SA     11,223       2,505    
Valeo SA     31,470       1,382    
Germany (2.6%)                  
BASF AG, ADR     40,250       2,612    
Bayer AG, ADR     40,090       1,293    
Deutsche Post AG     189,960       4,472    
E.ON AG, ADR     131,310       3,716    
Volkswagen AG, ADR     196,630       1,637    
Hong Kong (0.9%)                  
Cheung Kong Holdings, Ltd.     280,000       2,647    
Hutchison Whampoa, Ltd.     206,000       1,840    
Israel (0.5%)                  
Check Point Software Technologies, Ltd. (b)     122,020       2,556    
Italy (1.1%)                  
ENI SpA, ADR (a)     30,390       3,813    
Riunione Adriatica di Sicurta SpA     100,190       2,188    

 

    Shares   Value  
Japan (4.2%)                  
East Japan Railway Co.     432     $ 2,247    
Hitachi, Ltd.     504,000       2,956    
KDDI Corp.     396       1,824    
Nintendo Co., Ltd.     31,200       3,538    
Nippon Telegraph & Telephone Corp.     533       2,232    
Nomura Holdings, Inc.     117,000       1,488    
Sompo Japan Insurance, Inc.     259,000       2,509    
Sony Corp., ADR     72,000       2,643    
Takeda Pharmaceutical Co., Ltd.     57,000       2,773    
Mexico (0.5%)                  
Telefonos de Mexico SA de CV–Class L, ADR     71,890       2,437    
Netherlands (2.5%)                  
Akzo Nobel NV, ADR     73,910       3,033    
IHC Caland NV     3,690       241    
ING Groep NV     91,490       2,530    
ING Groep NV, ADR     26,300       721    
Koninklijke Philips Electronics NV     110,830       2,759    
Reed Elsevier NV     258,320       3,732    
Norway (0.6%)                  
Telenor ASA     397,510       3,331    
Portugal (0.6%)                  
Portugal Telecom SGPS SA (b)     281,960       3,115    
Singapore (0.6%)                  
DBS Group Holdings, Ltd.     295,600       2,588    
DBS Group Holdings, Ltd., ADR     13,610       476    
South Korea (2.7%)                  
Kookmin Bank, ADR (a)     51,850       2,217    
Korea Electric Power Corp., ADR (a)     148,580       2,199    
KT Corp., ADR     107,955       2,180    
Samsung Electronics Co., Ltd., GDR–144A     23,130       5,216    
SK Telecom Co., Ltd., ADR (a)     121,900       2,372    
Spain (2.2%)                  
Banco Santander Central Hispano SA     283,790       3,317    
Iberdrola SA     53,440       1,397    
Repsol YPF SA     152,030       3,869    
Telefonica SA     161,540       2,756    
Sweden (3.3%)                  
Atlas Copco AB–Class A     78,770       3,592    
Electrolux AB–Class B     89,570       1,820    
Nordic Baltic Holding, FDR     334,230       3,180    
Securitas AB–Class B     246,260       3,967    
Svenska Cellulosa AB–Class B     62,590       2,189    
Volvo AB–Class B (a)     59,810       2,429    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Switzerland (2.9%)      
Lonza Group AG     52,120     $ 3,150    
Nestle SA, ADR     46,510       3,057    
Novartis AG, ADR     64,230       3,130    
Swiss Reinsurance     46,000       3,068    
UBS AG (a)     26,130       2,098    
UBS AG (Foreign Registered)     7,560       607    
Taiwan (0.5%)      
Chunghwa Telecom Co., Ltd., ADR     120,570       2,444    
United Kingdom (11.2%)      
Alliance Unichem PLC     256,600       3,924    
BAE Systems PLC     675,000       3,312    
Boots Group PLC     207,950       2,394    
BP PLC, ADR     58,450       3,560    
British Airways PLC (b)     273,070       1,251    
British Sky Broadcasting PLC     299,630       3,114    
Cadbury Schweppes PLC     328,480       3,308    
Compass Group PLC     813,970       3,651    
GlaxoSmithKline PLC     156,359       3,956    
HSBC Holdings PLC     108,699       1,741    
HSBC Holdings PLC, ADR (a)     10,800       864    
National Grid Transco PLC     268,733       2,647    
Pearson PLC     196,520       2,394    
Rentokil Initial PLC     836,620       2,511    
Rolls-Royce Group PLC (b)     503,400       2,292    
Royal Bank of Scotland Group PLC     82,880       2,506    
Shell Transport & Trading Co. PLC     397,520       3,576    
Smiths Group PLC     227,110       3,735    
Standard Chartered PLC     137,890       2,491    
Unilever PLC     254,540       2,425    
Vodafone Group PLC     1,234,981       3,233    
United States (50.2%)      
3M Co.     137,200       10,492    
Abbott Laboratories     96,500       4,744    
Advanced Neuromodulation
Systems, Inc. (a)(b)		     89,600       2,698    
AFLAC, Inc.     211,400       8,593    
American Express Co.     173,100       9,122    
American International Group, Inc.     105,910       5,385    
Amgen, Inc. (b)     131,080       7,630    
Apache Corp.     35,000       1,970    
Citigroup, Inc.     230,000       10,801    
Colgate-Palmolive Co.     78,400       3,903    
ConocoPhillips     20,000       2,097    
Danaher Corp.     89,810       4,547    
Dell, Inc. (b)     146,100       5,089    
Donaldson Co., Inc.     176,100       5,239    

 

    Shares   Value  
United States (continued)      
eBay, Inc. (b)     209,800     $ 6,657    
Ecolab, Inc.     96,200       3,147    
EMC Corp. (b)     326,000       4,277    
Emerson Electric Co.     149,400       9,363    
Exxon Mobil Corp.     35,000       1,996    
First Data Corp.     151,700       5,769    
Fortune Brands, Inc.     60,000       5,075    
Genentech, Inc. (b)     63,600       4,512    
General Electric Co.     396,900       14,368    
Genzyme Corp. (a)(b)     141,900       8,317    
Goldman Sachs Group, Inc. (The)     98,500       10,519    
IMS Health, Inc.     338,900       8,127    
International Game Technology     284,500       7,650    
Johnson & Johnson     88,000       6,039    
Linear Technology Corp.     175,900       6,287    
Medtronic, Inc.     219,300       11,557    
Microsoft Corp.     367,975       9,310    
Moody's Corp. (a)     27,300       2,242    
Omnicom Group, Inc. (a)     99,100       8,215    
PepsiCo, Inc.     219,700       12,224    
Procter & Gamble Co.     123,700       6,698    
QUALCOMM, Inc.     166,400       5,806    
United Technologies Corp.     73,100       7,436    
Xilinx, Inc.     206,900       5,574    
Yahoo!, Inc. (b)     113,820       3,928    
Zimmer Holdings, Inc. (b)     75,190       6,122    
Total Common Stocks (cost: $492,111)             508,318    
    Principal   Value  
SECURITY LENDING COLLATERAL (6.9%)      
Debt (6.0%)      
Bank Notes (0.8%)      
Bank of America
                  
2.82%, due 05/16/2005   $ 1,145     $ 1,145    
2.80%, due 06/09/2005 (c)     286       286    
2.77%, due 07/18/2005 (c)     1,145       1,145    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     1,145       1,145    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     286
286		       286
286		    
Euro Dollar Overnight (1.1%)      
Bank of Montreal
2.94%, due 05/04/2005		     859       859    
BNP Paribas
2.80%, due 05/05/2005		     1,185       1,185    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Overnight (continued)      
Den Danske Bank
2.93%, due 05/02/2005		   $ 1,031     $ 1,031    
2.80%, due 05/06/2005     573       573    
Dexia Group
2.80%, due 05/05/2005		     506       506    
Royal Bank of Canada
2.80%, due 05/04/2005		     1,175       1,175    
Svenska Handlesbanken
2.80%, due 05/06/2005		     189       189    
Euro Dollar Terms (2.4%)      
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     573
1,602		       573
1,602		    
Barclays
3.02%, due 06/27/2005		     1,021       1,021    
BNP Paribas
2.93%, due 06/07/2005		     917       917    
Branch Banker & Trust
2.94%, due 06/06/2005		     245       245    
Calyon
2.93%, due 06/03/2005		     946       946    
Citigroup
2.87%, due 06/06/2005		     1,189       1,189    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     1,173       1,173    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     573       573    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     1,113
618		       1,113
618		    
Societe Generale
2.80%, due 05/03/2005		     1,095       1,095    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     859
318		       859
318		    

 

    Principal   Value  
Euro Dollar Terms (continued)      
UBS AG
2.81%, due 05/03/2005		   $ 573     $ 573    
Promissory Notes (0.6%)      
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     1,203
2,004		       1,203
2,004		    
Repurchase Agreements (1.1%) (d)      
Goldman Sachs Group, Inc. (The)
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $2,578
on 05/02/2005		     2,577       2,577    
Merrill Lynch & Co., Inc. 3.04%
Repurchase Agreement dated
04/29/2005 to be repurchased at $3,093
on 05/02/2005		     3,093       3,093    
    Shares   Value  
Investment Companies (0.9%)      
Money Market Funds (0.9%)      
American Beacon Funds
1-day yield of 2.84%		     454,842     $ 455    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     2,693,375       2,693    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     606,095       606    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     1,108,538       1,109    
Total Security Lending Collateral (cost: $36,366)             36,366    
Total Investment Securities (cost: $528,477)           $ 544,684    
SUMMARY:      
Investments, at value     103.7 %   $ 544,684    
Liabilities in excess of other assets     (3.7 )%     (19,303 )  
Net assets     100.0 %   $ 525,381    

 

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

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $34,980.

(b)  No dividends were paid during the preceding twelve months.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $5,768, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $5,216 or 1.0% of the net assets of the Fund.

ADR  American Depositary Receipt

FDR  Finnish Depositary Receipt

GDR  Global Depositary Receipt

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Percentage of
Net Assets		   Value  
INVESTMENTS BY INDUSTRY:                  
Pharmaceuticals     9.3 %   $ 48,732    
Business Services     7.1 %     37,163    
Commercial Banks     6.9 %     35,991    
Electronic & Other Electric Equipment     6.3 %     33,417    
Insurance     5.0 %     26,680    
Telecommunications     4.9 %     25,732    
Computer & Data Processing Services     4.5 %     23,921    
Chemicals & Allied Products     4.5 %     23,836    
Security & Commodity Brokers     4.0 %     21,129    
Medical Instruments & Supplies     3.9 %     20,377    
Electronic Components & Accessories     2.8 %     14,620    
Aerospace     2.7 %     14,220    
Paper & Allied Products     2.6 %     13,873    
Oil & Gas Extraction     2.5 %     13,228    
Computer & Office Equipment     2.3 %     12,322    
Beverages     2.3 %     12,224    
Communications Equipment     2.2 %     11,564    
Petroleum Refining     1.9 %     10,158    
Electric Services     1.9 %     9,959    
Industrial Machinery & Equipment     1.7 %     8,831    
Life Insurance     1.7 %     8,829    
Entertainment     1.5 %     7,650    
Food & Kindred Products     1.2 %     6,365    
Fabricated Metal Products     1.0 %     5,075    
Metal Mining     0.9 %     4,845    
Instruments & Related Products     0.9 %     4,547    
Transportation & Public Utilities     0.9 %     4,472    
Paper & Paper Products     0.8 %     4,174    
Automotive     0.8 %     4,066    
Printing & Publishing     0.7 %     3,732    
Restaurants     0.7 %     3,651    
Manufacturing Industries     0.6 %     3,538    
Communication     0.6 %     3,114    
Specialty–Real Estate     0.5 %     2,647    
Electric, Gas & Sanitary Services     0.5 %     2,610    
Rubber & Misc. Plastic Products     0.5 %     2,487    
Wholesale Trade Nondurable Goods     0.5 %     2,425    
Hotels & Other Lodging Places     0.5 %     2,411    
Radio & Television Broadcasting     0.5 %     2,394    
Drug Stores & Proprietary Stores     0.5 %     2,394    
Railroads     0.4 %     2,247    
Primary Metal Industries     0.4 %     1,954    
Holding & Other Investment Offices     0.4 %     1,840    
Motor Vehicles, Parts & Supplies     0.3 %     1,382    
Air Transportation     0.2 %     1,251    
Water Transportation     0.0 %     241    
Investments, at value     96.8 %     508,318    
Short-Term investments     6.9 %     36,366    
Liabilities in excess of other assets     (3.7 )%     (19,303 )  
Net assets     100.0 %   $ 525,381    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Templeton Great Companies Global

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $528,477)
(including securities loaned of $34,980)		   $ 544,684    
Cash     16,068    
Receivables:          
Investment securities sold     182    
Shares of beneficial interest sold     20    
Interest     37    
Dividends     1,400    
Dividend reclaims receivable     615    
Other     612    
      563,618    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     633    
Management and advisory fees     533    
Distribution and service fees     233    
Transfer agent fees     267    
Payable for collateral for securities on loan     36,366    
Other     205    
      38,237    
Net Assets   $ 525,381    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 897,482    
Undistributed net investment income (loss)     1,769    
Accumulated net realized gain (loss) from investment
securities and foreign currency transactions		     (390,167 )  
Net unrealized appreciation (depreciation) on:          
Investment securities     16,181    
Translation of assets and liabilites denominated in
foreign currencies		     116    
Net Assets   $ 525,381    
Net Assets by Class:      
Class A   $ 380,958    
Class B     102,938    
Class C     41,485    
Shares Outstanding:      
Class A     16,190    
Class B     4,672    
Class C     1,885    
Net Asset Value Per Share:      
Class A   $ 23.53    
Class B     22.04    
Class C     22.01    
Maximum Offering Price Per Share (a):      
Class A   $ 24.90    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 136    
Dividends     6,165    
Income from loaned securities–net     34    
Less withholding taxes on foreign dividends     (390 )  
      5,945    
Expenses:      
Management and advisory fees     1,880    
Transfer agent fees:          
Class A     179    
Class B     172    
Class C     98    
Printing and shareholder reports     167    
Custody fees     38    
Administration fees     44    
Legal fees     8    
Audit fees     3    
Trustees fees     7    
Registration fees:          
Class A     1    
Class C     10    
Distribution and service fees:          
Class A     549    
Class B     573    
Class C     232    
Total expenses     3,962    
Less:          
Reimbursement of class expenses:          
Class C     (40 )  
Net expenses     3,922    
Net Investment Income (Loss)     2,023    
Net Realized Gain (Loss) from:      
Investment securities     3,946    
Foreign currency transactions     (246 )  
      3,700    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		          
Investment securities     7,851    
Translation of assets and liabilities denominated in
foreign currencies		     (100 )  
      7,751    
Net Gain (Loss) on Investments and Foreign
Currency Transactions		     11,451    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 13,474    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Templeton Great Companies Global

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 2,023     $ (2,434 )  
Net realized gain (loss) from
investment securities and foreign
currency transactions		     3,700       54,690    
Net unrealized appreciation
(depreciation) on investment
securities and foreign currency
translation		     7,751       (30,035 )  
      13,474       22,221    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     173,032       9,922    
Class B     1,704       3,635    
Class C     640       505    
Class C2     –       833    
Class M     –       771    
      175,376       15,666    
Proceeds from fund acquisition:                  
Class A     –       85,329    
Class B     –       4,841    
Class C     –       436    
Class C2     –       1,244    
Class M     –       838    
      –       92,688    
Cost of shares redeemed:                  
Class A     (26,288 )     (70,094 )  
Class B     (19,919 )     (50,478 )  
Class C     (9,566 )     (2,995 )  
Class C2     –       (6,874 )  
Class M     –       (20,371 )  
      (55,773 )     (150,812 )  
Class level exchanges:                  
Class C     –       49,193    
Class C2     –       (14,403 )  
Class M     –       (34,790 )  
      –       –    
Automatic conversions:                  
Class A     1,146       1,159    
Class B     (1,146 )     (1,159 )  
      –       –    
      119,603       (42,458 )  
Net increase (decrease) in net assets     133,077       (20,237 )  
Net Assets:      
Beginning of period     392,304       412,541    
End of period   $ 525,381     $ 392,304    
Undistributed Net Investment Income
(Loss)		   $ 1,769     $ (254 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:      
Shares issued:                  
Class A     7,201       438    
Class B     75       169    
Class C     29       24    
Class C2     –       38    
Class M     –       36    
      7,305       705    
Shares issued on fund acquisition:                  
Class A     –       3,817    
Class B     –       230    
Class C     –       21    
Class C2     –       59    
Class M     –       39    
      –       4,166    
Shares redeemed:                  
Class A     (1,095 )     (3,098 )  
Class B     (884 )     (2,370 )  
Class C     (425 )     (144 )  
Class C2     –       (321 )  
Class M     –       (950 )  
      (2,404 )     (6,883 )  
Class level exchanges:                  
Class C     –       2,372    
Class C2     –       (689 )  
Class M     –       (1,675 )  
      –       8    
Automatic conversions:                  
Class A     47       51    
Class B     (50 )     (54 )  
      (3 )     (3 )  
Net increase (decrease) in shares
outstanding:		                  
Class A     6,153       1,208    
Class B     (859 )     (2,025 )  
Class C     (396 )     2,273    
Class C2     –       (913 )  
Class M     –       (2,550 )  
      4,898       (2,007 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Templeton Great Companies Global

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 22.57     $ 0.14     $ 0.82     $ 0.96     $ –     $ –     $ –     $ 23.53    
    10/31/2004     21.41       (0.07 )     1.23       1.16       –       –       –       22.57    
    10/31/2003     19.06       (0.05 )     2.40       2.35       –       –       –       21.41    
    10/31/2002     23.67       (0.08 )     (4.53 )     (4.61 )     –       –       –       19.06    
    10/31/2001     40.20       (0.07 )     (13.99 )     (14.06 )     –       (2.47 )     (2.47 )     23.67    
    10/31/2000     33.80       –       7.53       7.53       –       (1.13 )     (1.13 )     40.20    
Class B   4/30/2005     21.23       0.03       0.78       0.81       –       –       –       22.04    
    10/31/2004     20.25       (0.20 )     1.18       0.98       –       –       –       21.23    
    10/31/2003     18.14       (0.17 )     2.28       2.11       –       –       –       20.25    
    10/31/2002     22.71       (0.22 )     (4.35 )     (4.57 )     –       –       –       18.14    
    10/31/2001     38.97       (0.27 )     (13.52 )     (13.79 )     –       (2.47 )     (2.47 )     22.71    
    10/31/2000     32.98       (0.41 )     7.53       7.12       –       (1.13 )     (1.13 )     38.97    
Class C   4/30/2005     21.21       0.03       0.77       0.80       –       –       –       22.01    
    10/31/2004     20.25       (0.15 )     1.11       0.96       –       –       –       21.21    
    10/31/2003     18.00       (0.17 )     2.42       2.25       –       –       –       20.25    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     4.26 %   $ 380,958       1.38 %     1.38 %     1.16 %     22 %  
    10/31/2004     5.41       226,517       1.85       1.85       (0.31 )     140    
    10/31/2003     12.33       189,046       2.07       2.07       (0.26 )     103    
    10/31/2002     (19.46 )     225,722       1.88       1.88       (0.34 )     72    
    10/31/2001     (37.08 )     374,626       1.63       1.63       (0.24 )     79    
    10/31/2000     22.26       749,671       1.64       1.64       (0.56 )     53    
Class B   4/30/2005     3.83       102,938       2.19       2.19       0.25       22    
    10/31/2004     4.83       117,409       2.49       2.49       (0.93 )     140    
    10/31/2003     11.57       153,046       2.72       2.72       (0.91 )     103    
    10/31/2002     (20.09 )     193,259       2.53       2.53       (0.99 )     72    
    10/31/2001     (37.58 )     320,693       2.28       2.28       (0.89 )     79    
    10/31/2000     21.62       614,789       2.29       2.29       (1.21 )     53    
Class C   4/30/2005     3.79       41,486       2.20       2.37       0.24       22    
    10/31/2004     4.74       48,378       2.18       2.18       (0.72 )     140    
    10/31/2003     12.50       163       2.72       2.72       (0.92 )     103    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Templeton Great Companies Global ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on October 1, 1992.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

On May 28, 2004, the Fund acquired all of the net assets of TA IDEX Templeton Great Companies Global pursuant to a plan of reorganization. TA IDEX Janus Global is the accounting survivor. At the same time, the Fund changed sub-advisers from Janus Capital Management, LLC to Templeton Investment Counsel, LLC and Great Companies, LLC and was renamed from TA IDEX Janus Global to TA IDEX Templeton Great Companies Global.

The acquisition was accomplished by a tax free exchange of 4,196 shares of the Fund for 12,556 shares of TA IDEX Templeton Great Companies Global outstanding on May 27, 2004. TA IDEX Great Companies Global's net assets at that date, $92,688, including $3,609 unrealized appreciation, were combined with those of the Fund. The aggregate net assets of TA IDEX Janus Global immediately before the acquisition was $341,594. The combined net assets of the Fund immediately after the acquisition was $434,282. Proceeds in connection with the acquisition were as follows:

    Shares   Amount  
Proceeds in connection with the acquisition                  
Class A     3,817     $ 85,329    
Class B     230       4,841    
Class C     21       436    
Class C2     59       1,244    
Class M     39       838    
            $ 92,688    

 

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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.

Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $45 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $16 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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.

At April 30, 2005, there were no outstanding forward foreign currency contracts.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $16. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold during the first five (5) New York Stock Exchange 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

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

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation –
Conservatiave Portfolio		   $ 27,392       5.22 %  
TA IDEX Asset Allocation –
Growth Portfolio		     72,174       13.74 %  
TA IDEX Asset Allocation –
Moderate Growth Portfolio		     100,215       19.07 %  
TA IDEX Asset Allocation –
Moderate Portfolio		     47,718       9.08 %  
Total   $ 247,499       47.11 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.70% of ANA over $500 million

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

1.20% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 162    
Retained by Underwriter     10    
Contingent Deferred Sales Charge     103    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

The Fund paid TFS $586 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $103. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 210,723    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     99,324    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 130,090     October 31, 2009  
  205,203     October 31, 2010  
  57,944     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 529,115    
Unrealized Appreciation   $ 31,950    
Unrealized (Depreciation)     (16,381 )  
Net Unrealized Appreciation (Depreciation)   $ 15,569    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Templeton Great Companies Global

INVESTMENT ADVISORY AGREEMENT – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Templeton Great Companies Global (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI"). In approving the renewal of this agreement, the Board concluded that the Investment Advisory Agreement enables shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI is capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, and TFAI's management oversight process. The Board also concluded that TFAI would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's obligations will remain the same in all respects.

The investment performance of the Fund. The Board reviewed the Fund's investment performance since the Fund's sub-advisers, Great Companies, LLC and Templeton Investment Counsel, LLC (the "Sub-Advisers") were appointed to manage the Fund pursuant to a vote of the Fund's shareholders on May 21, 2004. The Trustees concluded that the performance of the new Sub-Advisers was acceptable, although they would closely monitor the Fund's future investment performance in light of the Fund's investment objective, policies and strategies and the Fund's historical below-average performance relative to certain comparable investment companies to verify that the Fund achieves an acceptable level of performance following the change of Sub-Adviser.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Advisers for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, and the estimated profitability of TFAI's relationships with the Fund and TA IDEX, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund and TFAI.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX Templeton Great Companies Global

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Templeton Great Companies Global

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  9,871,343.481       147,479.983       4,580,688.510    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Templeton Great Companies Global.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      10,007,679.287       180,811.073       4,411,021.614    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      9,993,135.953       195,354.407       4,411,021.614    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      10,005,843.479       182,646.881       4,411,021.614    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      10,006,133.279       182,357.081       4,411,021.614    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      10,007,542.600       180,947.760       4,411,021.614    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      9,992,882.754       195,607.606       4,411,021.614    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      10,004,742.185       183,748.175       4,411,021.614    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      9,995,977.762       192,512.598       4,411,021.614    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX Transamerica Balanced

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,022.30       1.38 %   $ 6.92    
Hypothetical (b)     1,000.00       1,017.95       1.38       6.90    
Class B                                  
Actual     1,000.00       1,018.80       2.04       10.21    
Hypothetical (b)     1,000.00       1,014.68       2.04       10.19    
Class C                                  
Actual     1,000.00       1,018.50       2.11       10.56    
Hypothetical (b)     1,000.00       1,014.33       2.11       10.54    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At April 30, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Balanced

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
U.S. GOVERNMENT OBLIGATIONS (6.6%)      
U.S. Treasury Bond
                  
6.25%, due 08/15/2023 (a)   $ 1,566     $ 1,882    
5.38%, due 02/15/2031 (a)     1,546       1,746    
U.S. Treasury Note
3.50%, due 11/15/2009
3.50%, due 02/15/2010 (a)
4.75%, due 05/15/2014
4.25%, due 08/15/2014 (a)
4.00%, due 02/15/2015 (a)		     1,540
7,250
2,725
2,000
300		       1,517
7,129
2,841
2,009
295		    
Total U.S. Government Obligations (cost: $17,235)             17,419    
U.S. GOVERNMENT AGENCY OBLIGATIONS (1.6%)      
Fannie Mae
6.00%, due 08/01/2034
6.00%, due 09/01/2034		     2,212
1,933		       2,272
1,986		    
Total U.S. Government Agency Obligations
(cost: $4,293)		             4,258    
CORPORATE DEBT SECURITIES (19.5%)      
Aerospace (0.6%)      
Honeywell International, Inc.
5.13%, due 11/01/2006
6.13%, due 11/01/2011		     910
660		       925
716		    
Amusement & Recreation Services (0.9%)      
Harrah's Operating Co., Inc.
5.50%, due 07/01/2010		     1,750       1,789    
Mandalay Resort Group
6.50%, due 07/31/2009		     585       591    
Beverages (1.0%)      
Coca-Cola Enterprises, Inc.
5.38%, due 08/15/2006		     950       966    
Diageo Capital PLC
3.50%, due 11/19/2007		     1,750       1,722    
Business Services (0.4%)      
Clear Channel Communications, Inc.
6.00%, due 11/01/2006
4.63%, due 01/15/2008		     555
545		       564
538		    
Chemicals & Allied Products (0.2%)      
Lubrizol Corp.
5.50%, due 10/01/2014		     500       508    
Commercial Banks (0.9%)      
BAC Capital Trust VI
5.63%, due 03/08/2035		     972       962    
US Bank NA
3.75%, due 02/06/2009		     1,400       1,372    

 

    Principal   Value  
Communication (0.1%)                  
Echostar DBS Corp.
5.75%, due 10/01/2008		   $ 255     $ 251    
Communications Equipment (0.6%)                  
Motorola, Inc.
4.61%, due 11/16/2007		     1,750       1,762    
Computer & Office Equipment (0.3%)                  
Hewlett-Packard Co.
3.63%, due 03/15/2008		     765       755    
Electric Services (0.4%)                  
Duke Capital LLC
5.67%, due 08/15/2014		     1,000       1,028    
Food & Kindred Products (0.1%)                  
Dean Foods Co.
6.75%, due 06/15/2005		     230       230    
Furniture & Fixtures (0.6%)                  
Lear Corp.
7.96%, due 05/15/2005		     1,550       1,552    
Holding & Other Investment Offices (0.3%)                  
iStar Financial, Inc.
4.88%, due 01/15/2009		     875       867    
Hotels & Other Lodging Places (1.0%)                  
John Q. Hammons Hotels, Inc., Series B
8.88%, due 05/15/2012		     315       335    
Starwood Hotels & Resorts Worldwide, Inc.
7.38%, due 05/01/2007		     1,900       1,966    
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp.–144A
6.63%, due 12/01/2014		     500       468    
Lumber & Wood Products (0.3%)                  
Weyerhaeuser Co.
7.38%, due 03/15/2032		     750       816    
Metal Mining (0.4%)                  
Phelps Dodge Corp.
9.50%, due 06/01/2031		     688       1,045    
Mortgage Bankers & Brokers (0.7%)                  
Countrywide Home Loans, Inc.
5.50%, due 08/01/2006		     1,800       1,832    
Mortgage-Backed (0.3%)                  
Countrywide Home Loans, Inc., Series L
2.88%, due 02/15/2007		     865       845    
Motion Pictures (0.5%)                  
Time Warner, Inc.
9.13%, due 01/15/2013		     1,120       1,406    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Oil & Gas Extraction (1.6%)      
Chesapeake Energy Corp.
7.00%, due 08/15/2014		   $ 500     $ 513    
Husky Oil, Ltd.
8.90%, due 08/15/2028 (b)		     870       971    
Kerr-McGee Corp.
6.95%, due 07/01/2024		     500       459    
Nexen, Inc.
5.88%, due 03/10/2035		     2,325       2,241    
Paper & Allied Products (0.3%)      
International Paper Co.
6.75%, due 09/01/2011		     773       843    
Personal Credit Institutions (1.5%)      
Capital One Bank
5.00%, due 06/15/2009		     875       885    
General Electric Capital Corp.
2.85%, due 01/30/2006
5.35%, due 03/30/2006		     940
1,570		       935
1,592		    
General Motors Acceptance Corp.
4.38%, due 12/10/2007		     575       530    
Petroleum Refining (1.1%)      
Amerada Hess Corp.
7.13%, due 03/15/2033		     1,300       1,462    
Enterprise Products Operating, LP, Series B
5.60%, due 10/15/2014		     500       503    
Valero Energy Corp.
7.50%, due 04/15/2032		     750       886    
Primary Metal Industries (0.7%)      
Alcoa, Inc.
4.25%, due 08/15/2007		     1,825       1,827    
Printing & Publishing (1.0%)      
News America Holdings, Inc.
7.75%, due 12/01/2045		     1,085       1,296    
Viacom, Inc.
7.75%, due 06/01/2005		     1,520       1,525    
Restaurants (0.2%)      
Landry's Restaurants, Inc.–144A
7.50%, due 12/15/2014		     500       465    
Security & Commodity Brokers (0.9%)      
E*Trade Financial Corp.
8.00%, due 06/15/2011		     500       513    
Merrill Lynch & Co., Inc., Series B
6.13%, due 05/16/2006		     1,900       1,942    

 

    Principal   Value  
Telecommunications (2.4%)      
SBC Communications, Inc.
5.75%, due 05/02/2006		   $ 1,900     $ 1,934    
Sprint Capital Corp.
4.78%, due 08/17/2006		     1,780       1,792    
Telefonica SA
7.35%, due 09/15/2005		     1,750       1,774    
Verizon Global Funding Corp.
4.00%, due 01/15/2008		     955       949    
Variety Stores (0.2%)      
Target Corp.
5.50%, due 04/01/2007		     435       446    
Total Corporate Debt Securities (cost: $52,130)             52,094    
    Shares   Value  
COMMON STOCKS (71.4%)      
Automotive (4.3%)      
Harley-Davidson, Inc.     100,000     $ 4,702    
PACCAR, Inc.     100,000       6,790    
Chemicals & Allied Products (0.7%)      
Ecolab, Inc. (a)     60,000       1,963    
Commercial Banks (1.8%)      
JPMorgan Chase & Co.     134,435       4,771    
Communication (1.3%)      
XM Satellite Radio Holdings, Inc.–Class A (a)(c)     125,000       3,467    
Communications Equipment (2.6%)      
QUALCOMM, Inc.     200,000       6,978    
Computer & Data Processing Services (3.4%)      
Microsoft Corp.     153,465       3,883    
Yahoo!, Inc. (c)     146,100       5,042    
Computer & Office Equipment (2.4%)      
Diebold, Inc. (a)     100,000       4,837    
Sandisk Corp. (c)     60,000       1,422    
Cosmetics/Personal Care (1.9%)      
Gillette Co. (The)     100,000       5,164    
Electronic & Other Electric Equipment (3.7%)      
General Electric Co.     270,045       9,776    
Engineering & Management Services (2.4%)      
Jacobs Engineering Group, Inc. (a)(c)     130,000       6,332    
Hotels & Other Lodging Places (6.6%)      
Marriott International, Inc.–Class A     280,060       17,574    
Industrial Machinery & Equipment (11.1%)      
American Standard Cos., Inc. (a)     114,600       5,124    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Industrial Machinery & Equipment (continued)                  
Caterpillar, Inc.     100,000     $ 8,805    
Donaldson Co., Inc.     120,000       3,570    
Graco, Inc.     100,000       3,377    
Illinois Tool Works, Inc. (a)     50,000       4,191    
Kennametal, Inc.     100,000       4,530    
Insurance (2.4%)                  
WellPoint, Inc. (c)     50,000       6,387    
Medical Instruments & Supplies (1.5%)                  
Zimmer Holdings, Inc. (c)     50,000       4,071    
Motor Vehicles, Parts & Supplies (1.4%)                  
BorgWarner, Inc.     80,000       3,658    
Oil & Gas Extraction (3.8%)                  
Anadarko Petroleum Corp.     70,000       5,113    
Apache Corp. (a)     90,000       5,066    
Paper & Allied Products (1.9%)                  
3M Co.     67,620       5,171    
Pharmaceuticals (5.0%)                  
Amgen, Inc. (a)(c)     70,495       4,104    
Roche Holding AG–Genusschein     75,698       9,198    
Primary Metal Industries (1.6%)                  
Hubbell, Inc.–Class B     100,000       4,345    
Printing & Publishing (4.1%)                  
McGraw-Hill Cos., Inc. (The)     125,000       10,885    
Telecommunications (1.3%)                  
Verizon Communications, Inc.     100,000       3,580    
Transportation & Public Utilities (0.9%)                  
Expeditors International of
Washington, Inc. (a)		     50,000       2,455    
Trucking & Warehousing (2.0%)                  
United Parcel Service, Inc.–Class B     75,000       5,348    
Wholesale Trade Durable Goods (3.3%)                  
Grainger (W.W.), Inc.     160,000       8,846    
Total Common Stocks (cost: $168,415)             190,525    
    Principal   Value  
SECURITY LENDING COLLATERAL (7.1%)                  
Debt (6.2%)                  
Bank Notes (0.9%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 598     $ 598    
2.80%, due 06/09/2005 (d)     149       149    
2.77%, due 07/18/2005 (d)     598       598    

 

    Principal   Value  
Bank Notes (continued)      
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (d)		   $ 598     $ 598    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (d)
3.06%, due 03/10/2006 (d)		     149
149		       149
149		    
Euro Dollar Overnight (1.1%)      
Bank of Montreal
2.94%, due 05/04/2005		     448       448    
BNP Paribas
2.80%, due 05/05/2005		     618       618    
Den Danske Bank
2.93%, due 05/02/2005 538 538
2.80%, due 05/06/2005		     299       299    
Dexia Group
2.80%, due 05/05/2005		     264       264    
Royal Bank of Canada
2.80%, due 05/04/2005		     613       613    
Svenska Handlesbanken
2.80%, due 05/06/2005		     99       99    
Euro Dollar Terms (2.5%)      
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     299
836		       299
836		    
Barclays
3.02%, due 06/27/2005		     533       533    
BNP Paribas
2.93%, due 06/07/2005		     478       478    
Branch Banker & Trust
2.94%, due 06/06/2005		     128       128    
Calyon
2.93%, due 06/03/2005		     494       494    
Citigroup
2.87%, due 06/06/2005		     620       620    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     612       612    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     299       299    
Royal Bank of Scotland
2.94%, due 06/07/2005 580 580
2.95%, due 06/10/2005		     322       322    
Societe Generale
2.80%, due 05/03/2005		     572       572    
Toronto Dominion Bank
2.75%, due 05/09/2005 448 448
3.01%, due 06/24/2005		     166       166    
UBS AG
2.81%, due 05/03/2005		     299       299    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Promissory Notes (0.6%)      
Goldman Sachs Group, Inc.
                  
2.99%, due 06/27/2005   $ 627     $ 627    
3.01%, due 07/27/2005     1,047       1,047    
Repurchase Agreements (1.1%) (e)      
Goldman Sachs Group, Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $1,345
on 05/02/2005		     1,345       1,345    
Merrill Lynch & Co., Inc.
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $1,613
on 05/02/2005		     1,613       1,613    
    Shares   Value  
Investment Companies (0.9%)      
Money Market Funds (0.9%)      
American Beacon Funds
1-day yield of 2.84%		     237,310     $ 237    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     1,405,248       1,405    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     316,225       316    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (f)		     578,371       578    
Total Security Lending Collateral (cost: $18,974)             18,974    
Total Investment Securities (cost: $261,047)           $ 283,270    
SUMMARY:      
Investments, at value     106.2 %   $ 283,270    
Liabilities in excess of other assets     (6.2 )%     (16,532 )  
Net assets     100.0 %   $ 266,738    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $18,515.

(b)  Husky Oil, Ltd. has a fixed coupon rate of 8.90% until 8/15/2008, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 550BP, if not called.

(c)  No dividends were paid during the preceding twelve months.

(d)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(e)  Cash collateral for the Repurchase Agreements, valued at $3,010, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(f)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $933 or 0.3% of the net assets of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Balanced

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $261,047)
(including securities loaned of $18,515)		   $ 283,270    
Receivables:          
Investment securities sold     3,347    
Shares of beneficial interest sold     64    
Interest     1,088    
Dividends     175    
Dividend reclaims receivable     51    
Other     205    
      288,200    
Liabilities:      
Investment securities purchased     891    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     775    
Management and advisory fees     179    
Distribution and service fees     189    
Transfer agent fees     86    
Due to custodian     298    
Payable for collateral for securities on loan     18,974    
Other     70    
      21,462    
Net Assets   $ 266,738    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 284,841    
Undistributed net investment income (loss)     220    
Accumulated net realized gain (loss) from investment 
securities and foreign currency
transactions		     (40,539 )  
Net unrealized appreciation (depreciation) on:
Investment securities		     22,214    
Translation of assets and liabilities denominated
in foreign currencies		     2    
Net Assets   $ 266,738    
Net Assets by Class:      
Class A   $ 65,737    
Class B     153,434    
Class C     47,567    
Shares Outstanding:      
Class A     3,492    
Class B     8,166    
Class C     2,539    
Net Asset Value Per Share:      
Class A   $ 18.82    
Class B     18.79    
Class C     18.73    
Maximum Offering Price Per Share (a):      
Class A   $ 19.92    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 1,730    
Dividends     2,016    
Income from loaned securities–net     31    
Less withholding taxes on foreign dividends     (29 )  
      3,748    
Expenses:      
Management and advisory fees     1,168    
Transfer agent fees:          
Class A     42    
Class B     121    
Class C     45    
Printing and shareholder reports     86    
Custody fees     14    
Administration fees     27    
Legal fees     6    
Audit fees     3    
Trustees fees     5    
Registration fees:          
Class A     1    
Class C     10    
Distribution and service fees:          
Class A     125    
Class B     836    
Class C     260    
Total expenses     2,749    
Net Investment Income (Loss)     999    
Net Realized Gain (Loss) from:      
Investment securities     3,745    
Foreign currency transactions     36    
      3,781    
Net Increase (Decrease) in Unrealized Appreciation
(Depreciation) on:		      
Investment securities     2,112    
Translation of assets and liabilities denominated in
foreign currencies		     (36 )  
      2,076    
Net Gain (Loss) on Investments and Foreign
Currency Transactions		     5,857    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 6,856    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Balanced

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:                  
Operations:                  
Net investment income (loss)   $ 999     $ 1,052    
Net realized gain (loss) from
investment securities and foreign
currency transactions		     3,781       33,174    
Net unrealized appreciation
(depreciation) on investment
securities and foreign currency
translation		     2,076       (13,114 )  
      6,856       21,112    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (482 )     (579 )  
Class B     (254 )     (399 )  
Class C     (174 )     (10 )  
Class C2     –       (53 )  
Class M     –       (98 )  
      (910 )     (1,139 )  
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     3,183       9,645    
Class B     3,171       7,041    
Class C     1,696       1,114    
Class C2     –       769    
Class M     –       480    
      8,050       19,049    
Proceeds from fund acquisition:                  
Class A     –       6,534    
Class B     –       17,187    
Class C     –       879    
Class C2     –       2,271    
Class M     –       1,338    
      –       28,209    
Dividends and distributions
reinvested:		                  
Class A     464       558    
Class B     234       368    
Class C     159       9    
Class C2     –       47    
Class M     –       90    
      857       1,072    
Cost of shares redeemed:                  
Class A     (12,387 )     (38,320 )  
Class B     (24,032 )     (64,412 )  
Class C     (9,313 )     (6,563 )  
Class C2     –       (9,893 )  
Class M     –       (13,324 )  
      (45,732 )     (132,512 )  
Class level exchanges:                  
Class C     –       52,877    
Class C2     –       (23,753 )  
Class M     –       (29,124 )  
      –       –    
Automatic conversions:                  
Class A     113       134    
Class B     (113 )     (134 )  
      –       –    
      (36,825 )     (84,182 )  
Net increase (decrease) in net assets     (30,879 )     (64,209 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Net Assets:      
Beginning of period   $ 297,617     $ 361,826    
End of period   $ 266,738     $ 297,617    
Undistributed Net Investment
Income (Loss)		   $ 216     $ 131    
Share Activity:      
Shares issued:                  
Class A     164       540    
Class B     164       393    
Class C     88       62    
Class C2     –       43    
Class M     –       27    
      416       1,065    
Shares issued on fund acquisition:                  
Class A     –       362    
Class B     –       956    
Class C     –       49    
Class C2     –       126    
Class M     –       74    
      –       1,567    
Shares issued–reinvested from
distributions:		                  
Class A     24       31    
Class B     12       21    
Class C     8       1    
Class C2     –       3    
Class M     –       5    
      44       61    
Shares redeemed:                  
Class A     (640 )     (2,128 )  
Class B     (1,243 )     (3,597 )  
Class C     (483 )     (365 )  
Class C2     –       (553 )  
Class M     –       (745 )  
      (2,366 )     (7,388 )  
Class level exchanges:                  
Class C     –       2,929    
Class C2     –       (1,321 )  
Class M     –       (1,608 )  
      –       –    
Automatic conversions:                  
Class A     6       7    
Class B     (6 )     (7 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (446 )     (1,188 )  
Class B     (1,073 )     (2,234 )  
Class C     (387 )     2,676    
Class C2     –       (1,702 )  
Class M     –       (2,247 )  
      (1,906 )     (4,695 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Balanced

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 18.53     $ 0.12     $ 0.30     $ 0.42     $ (0.13 )   $ –     $ (0.13 )   $ 18.82    
    10/31/2004     17.43       0.14       1.08       1.22       (0.12 )     –       (0.12 )     18.53    
    10/31/2003     16.23       0.19       1.21       1.40       (0.20 )     –       (0.20 )     17.43    
    10/31/2002     17.31       0.29       (1.09 )     (0.80 )     (0.28 )     –       (0.28 )     16.23    
    10/31/2001     19.75       0.37       (2.18 )     (1.81 )     (0.35 )     (0.28 )     (0.63 )     17.31    
    10/31/2000     18.96       0.25       1.03       1.28       (0.24 )     (0.25 )     (0.49 )     19.75    
Class B   4/30/2005     18.47       0.05       0.30       0.35       (0.03 )     –       (0.03 )     18.79    
    10/31/2004     17.39       0.04       1.08       1.12       (0.04 )     –       (0.04 )     18.47    
    10/31/2003     16.22       0.08       1.18       1.26       (0.09 )     –       (0.09 )     17.39    
    10/31/2002     17.30       0.18       (1.09 )     (0.91 )     (0.17 )     –       (0.17 )     16.22    
    10/31/2001     19.73       0.25       (2.17 )     (1.92 )     (0.23 )     (0.28 )     (0.51 )     17.30    
    10/31/2000     18.95       0.21       1.03       1.24       (0.21 )     (0.25 )     (0.46 )     19.73    
Class C   4/30/2005     18.45       0.04       0.30       0.34       (0.06 )     –       (0.06 )     18.73    
    10/31/2004     17.39       (0.01 )     1.11       1.10       (0.04 )     –       (0.04 )     18.45    
    10/31/2003     16.22       0.08       1.18       1.26       (0.09 )     –       (0.09 )     17.39    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		  
Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     2.23 %   $ 65,737       1.38 %     1.38 %     1.20 %     9 %  
    10/31/2004     7.03       72,997       1.70       1.70       0.76       107    
    10/31/2003     8.71       89,335       1.73       1.73       1.13       69    
    10/31/2002     (4.72 )     100,923       1.68       1.70       1.70       87    
    10/31/2001     (9.35 )     126,369       1.64       1.66       1.96       114    
    10/31/2000     7.23       133,445       1.67       1.69       1.73       71    
Class B   4/30/2005     1.88       153,434       2.04       2.04       0.54       9    
    10/31/2004     6.44       170,630       2.26       2.26       0.19       107    
    10/31/2003     7.84       199,472       2.37       2.37       0.48       69    
    10/31/2002     (5.31 )     214,019       2.33       2.35       1.05       87    
    10/31/2001     (9.93 )     243,387       2.29       2.31       1.31       114    
    10/31/2000     6.58       229,160       2.32       2.34       1.08       71    
Class C   4/30/2005     1.85       47,567       2.11       2.11       0.47       9    
    10/31/2004     6.33       53,990       2.28       2.28       (0.08 )     107    
    10/31/2003     7.84       4,354       2.38       2.39       0.48       69    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less that one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the years ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004, and the period ended 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Balanced ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on December 2, 1994.

On May 28, 2004, the Fund acquired all of the net assets of TA IDEX Janus Growth & Income pursuant to a plan of reorganization. TA IDEX Transamerica Balanced is the accounting survior. At the same time, the Fund changed sub-advisers from Janus Capital Management, LLC to Transamerica Investment Management, LLC and was renamed from TA IDEX Janus Balanced to TA IDEX Transamerica Balanced.

The acquisition was accomplished by a tax free exchange of 1,567 shares of the Fund for 3,232 shares of TA IDEX Janus Growth & Income outstanding on May 27, 2004. TA IDEX Janus Growth & Income's net assets at that date, $28,209, including $4,682 unrealized appreciation, were combined with those of the Fund. The aggregate net assets of TA IDEX Transamerica Balanced immediately before the acquisition was $302,562, the combined net assets of the Fund immediately after the acquisition was $330,771. Proceeds in connection with the acquisition were as follows:

    Shares   Amount  
Proceeds in connection with the acquisition                  
Class A     362     $ 6,534    
Class B     956       17,187    
Class C     49       879    
Class C2     126       2,271    
Class M     74       1,338    
            $ 28,209    

 

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $2 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $14 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

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, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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.

There were no open forward foreign currency contracts at April 30, 2005.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $9. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fees: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004:

0.85% of the first $250 million of ANA
0.80% of the next $250 million of ANA
0.75% of the next $1 billion of ANA
0.65% of ANA over $1.5 billion

From January 1, 2005 on:

0.80% of the first $250 million of ANA
0.75% of the next $250 million of ANA
0.70% of the next $1 billion of ANA
0.625% of ANA over $1.5 billion

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

From November 1, 2004 to December 31, 2004:

1.50% Expense Limit

From January 1, 2005 on:

1.45% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 237    
Retained by Underwriter     12    
Contingent Deferred Sales Charge     188    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $281 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $36. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 14,845    
U.S. Government     11,565    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     52,096    
U.S. Government     13,784    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Transamerica Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.–(continued)

due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 2,279     October 31, 2009  
  32,287     October 31, 2010  
  9,071     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 261,660    
Unrealized Appreciation   $ 25,720    
Unrealized (Depreciation)     (4,110 )  
Net Unrealized Appreciation (Depreciation)   $ 21,610    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Transamerica Balanced

INVESTMENT ADVISORY AGREEMENT – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Balanced (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI"). In approving the renewal of this agreement, the Board concluded that the Investment Advisory Agreement enables shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI is capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, and TFAI's management oversight process. The Board also concluded that TFAI would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's obligations will remain the same in all respects.

The investment performance of the Fund. The Board reviewed the Fund's investment performance since the Fund's sub-adviser, Transamerica Investment Management, LLC (the "Sub-Adviser") was appointed to manage the Fund pursuant to a vote of the Fund's shareholders on May 21, 2004. The Trustees concluded that the performance of the new Sub-Adviser was acceptable, although they would closely monitor the Fund's investment performance in light of the Fund's investment objective, policies and strategies and the Fund's historical below-average performance relative to certain comparable investment companies to verify that the Fund achieves an acceptable level of performance following the change of Sub-Adviser.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the recent reorganization of the Fund and the Fund's portfolio, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund and TFAI. In this regard, the Board noted that the Fund was recently reorganized, a new sub-adviser was appointed to manage the Fund's portfolio, and that such reorganization of the Fund and its portfolio may have increased the Fund's overall expense ratio on a short term basis.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX Transamerica Balanced

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Balanced

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  6,714,216.979       163,374.901       2,956,654.095    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Balanced.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      6,911,920.157       202,943.440       2,719,382.378    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      6,894,964.875       219,898.722       2,719,382.378    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      6,912,489.462       202,374.135       2,719,382.378    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      6,912,565.537       202,515.060       2,719,165.378    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      6,910,358.993       204,721.604       2,719,165.378    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      6,892,622.971       222,457.626       2,719,165.378    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      6,908,128.871       206,951.726       2,719,165.378    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      6,906,343.128       208,737.469       2,719,165.378    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX Transamerica Conservative High-Yield Bond

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 991.80       1.03 %   $ 5.09    
Hypothetical (b)     1,000.00       1,019.69       1.03       5.16    
Class B                                  
Actual     1,000.00       987.10       1.78       8.77    
Hypothetical (b)     1,000.00       1,015.97       1.78       8.90    
Class C                                  
Actual     1,000.00       988.10       1.87       9.22    
Hypothetical (b)     1,000.00       1,015.52       1.87       9.35    
Class I                                  
Actual     1,000.00       992.50       0.66       3.12    
Hypothetical (b)     1,000.00       1,020.57       0.66       3.16    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Bond Credit Quality (Moody Ratings)
At April 30, 2005

This chart shows the percentage breakdown by Bond Credit Quality of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Conservative High-Yield Bond

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
(continued)

Credit Rating   Description  
Aaa   Prime grade obligations. Exceptional financial security and ability to meet senior financial obligations.  
Aa3   High grade obligations. Strong capacity to pay interest and repay principal.  
A1   Upper medium grade obligations. Interest payments and principal are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.  
A2   Upper medium grade obligations. Interest payments and principal are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.  
A3   Upper medium grade obligations. Interest payments and principal are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.  
Baa1   Medium grade obligations. Interest payments and principal security are adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.  
Baa2   Medium grade obligations. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.  
Baa3   Medium grade obligations. Interest payments and principal security are not as adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.  
Ba1   Moderate vulnerability in the near-term but faces major ongoing uncertainties in the event of adverse business, financial and economic conditions.  
Ba2   Vulnerable in the near-term but faces major ongoing uncertainties in the event of adverse business, financial and economic conditions.  
Ba3   More vulnerable in the near-term but faces major ongoing uncertainties in the event of adverse business, financial and economic conditions.  
B1   Moderate vulnerability to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.  
B2   More vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.  
B3   Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.  
Ca   Speculative in a high degree. Such issues are often in default or have other marked shortcomings.  
Caa1   Highly vulnerable may be in default on their policyholder obligations or there may be present elements of danger with respect to payment of policyholder obligations and claims.  
Caa2   Extremely vulnerable may be in default on their policyholder obligations or there may be present elements of danger with respect to payment of policyholder obligations and claims.  
Caa3   Speculative, may be in default on their policyholder obligations or have other marked shortcomings.  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
U.S. GOVERNMENT OBLIGATIONS (2.2%)                  
U.S. Treasury Bond
7.50%, due 11/15/2016 (a)		   $ 1,000     $ 1,285    
7.88%, due 02/15/2021     1,000       1,373    
5.25%, due 11/15/2028     1,000       1,091    
5.38%, due 02/15/2031 (a)     5,000       5,647    
Total U.S. Government Obligations (cost: $9,127)             9,396    
FOREIGN GOVERNMENT OBLIGATIONS (0.2%)                  
Republic of Colombia
9.75%, due 04/23/2009		     1,000       1,102    
Total Foreign Government Obligations (cost: $945)             1,102    
CORPORATE DEBT SECURITIES (93.5%)                  
Aerospace (0.2%)                  
Textron, Inc.
4.50%, due 08/01/2010		     1,000       997    
Agriculture (0.8%)                  
Dole Food Co., Inc.
8.63%, due 05/01/2009		     3,055       3,215    
Air Transportation (0.7%)                  
American Airlines, Inc., Series 2003-1, Class G
3.86%, due 07/09/2010		     894       872    
Delta Air Lines, Inc., Series 2003-1, Class G
3.91%, due 01/25/2008 (b)		     2,123       2,125    
Piedmont Aviation, Inc., Series K
10.10%, due 05/13/2007 (c)(i)		     1,048       – (d)  
Amusement & Recreation Services (4.6%)                  
Argosy Gaming Co.
9.00%, due 09/01/2011		     2,500       2,731    
Harrah's Operating Co., Inc.
5.50%, due 07/01/2010		     3,000       3,067    
International Speedway Corp.
4.20%, due 04/15/2009		     2,000       1,968    
Isle of Capri Casinos, Inc.
7.00%, due 03/01/2014		     3,000       2,910    
MGM Mirage
6.75%, due 09/01/2012
5.88%, due 02/27/2014		     1,000
2,500		       1,000
2,341		    
Mohegan Tribal Gaming Authority
6.38%, due 07/15/2009		     1,000       997    
Mohegan Tribal Gaming Authority–144A
6.13%, due 02/15/2013		     2,000       1,970    
Speedway Motorsports, Inc.
6.75%, due 06/01/2013		     1,000       1,006    
Station Casinos, Inc.
6.88%, due 03/01/2016		     2,000       2,020    

 

    Principal   Value  
Automotive (3.1%)      
DaimlerChrysler North America
Holding Corp.
4.05%, due 06/04/2008		   $ 1,000     $ 963    
Ford Motor Co.
7.45%, due 07/16/2031 (a)		     2,000       1,643    
General Motors Acceptance Corp.
6.75%, due 12/01/2014 (a)		     1,000       838    
General Motors Corp.
7.13%, due 07/15/2013 (a)		     2,000       1,588    
Meritor Automotive, Inc.
6.80%, due 02/15/2009		     3,000       2,767    
Navistar International Corp.
7.50%, due 06/15/2011 (a)		     1,000       945    
Navistar International Corp.–144A
6.25%, due 03/01/2012		     2,000       1,760    
Tenneco Automotive, Inc.
10.25%, due 07/15/2013		     2,500       2,731    
Beverages (0.2%)      
Cadbury Schweppes US Finance LLC–144A
3.88%, due 10/01/2008		     1,000       980    
Business Credit Institutions (0.6%)      
Ford Motor Credit Co.
6.50%, due 01/25/2007
5.80%, due 01/12/2009		     500
1,000		       500
930		    
HVB Funding Trust III–144A
9.00%, due 10/22/2031		     1,000       1,303    
Business Services (3.0%)      
Clear Channel Communications, Inc.
4.63%, due 01/15/2008
7.65%, due 09/15/2010		     1,000
1,000		       988
1,080		    
Quintiles Transnational Corp.
10.00%, due 10/01/2013		     1,000       1,080    
R.H. Donnelley Corp.–144A
6.88%, due 01/15/2013		     2,500       2,481    
R.H. Donnelley Finance Corp I–144A
10.88%, due 12/15/2012		     2,000       2,285    
United Rentals North America, Inc.
6.50%, due 02/15/2012		     1,000       952    
Universal Compression, Inc.
7.25%, due 05/15/2010		     2,000       2,030    
Universal Hospital Services, Inc.
10.13%, due 11/01/2011		     2,000       2,025    
Chemicals & Allied Products (4.0%)      
Airgas, Inc.
6.25%, due 07/15/2014		     1,500       1,462    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Chemicals & Allied Products (continued)                  
Eastman Chemical Co.
3.25%, due 06/15/2008		   $ 1,000     $ 964    
Equistar Chemicals, LP/Equistar
Funding Corp.
10.13%, due 09/01/2008
10.63%, due 05/01/2011		     1,000
2,000		       1,100
2,230		    
Huntsman International LLC
9.88%, due 03/01/2009
11.63%, due 10/15/2010		     1,000
965		       1,075
1,115		    
Huntsman International LLC–144A
7.38%, due 01/01/2015 (a)		     2,000       1,995    
Lyondell Chemical Co.
10.50%, due 06/01/2013		     1,000       1,152    
Monsanto Co.
4.00%, due 05/15/2008		     2,000       1,992    
Nalco Co.
8.88%, due 11/15/2013		     2,000       2,050    
NOVA Chemicals Corp.
6.50%, due 01/15/2012		     1,000       1,011    
Scotts Co. (The)
6.63%, due 11/15/2013		     1,000       1,010    
Commercial Banks (0.9%)                  
Mizuho Financial Group Cayman, Ltd.–144A
5.79%, due 04/15/2014		     1,000       1,035    
Popular North America, Inc.
6.13%, due 10/15/2006		     1,000       1,027    
Wachovia Corp.
3.63%, due 02/17/2009		     2,000       1,954    
Communication (4.2%)                  
Adelphia Communications Corp.
10.25%, due 11/01/2006 (a)(c)		     1,000       855    
Cablevision Systems Corp.–144A
8.00%, due 04/15/2012 (a)		     1,000       986    
Charter Communications Holdings, Inc.
8.63%, due 04/01/2009
9.92%, due 04/01/2011		     1,500
1,000		       1,084
705		    
Comcast Cable Communications
6.75%, due 01/30/2011		     1,000       1,098    
CSC Holdings, Inc.–144A
6.75%, due 04/15/2012		     2,000       1,935    
Intelsat Bermuda, Ltd.–144A
8.63%, due 01/15/2015		     8,000       8,120    
Liberty Media Corp.
7.88%, due 07/15/2009		     1,000       1,089    
News America Holdings, Inc.
6.63%, due 01/09/2008		     1,000       1,053    

 

    Principal   Value  
Communication (continued)      
PanAmSat Corp.
9.00%, due 08/15/2014		   $ 1,300     $ 1,352    
Communications Equipment (0.9%)      
L-3 Communications Corp.
7.63%, due 06/15/2012
6.13%, due 07/15/2013
6.13%, due 01/15/2014		     1,000
2,000
1,000		       1,057
1,975
982		    
Computer & Office Equipment (1.0%)      
Seagate Technology Holdings Corp.
8.00%, due 05/15/2009		     1,000       1,050    
Solectron Corp.
9.63%, due 02/15/2009 (a)		     3,000       3,270    
Construction (2.4%)      
Beazer Homes USA, Inc.
6.50%, due 11/15/2013		     2,000       1,940    
Centex Corp.
5.80%, due 09/15/2009		     750       776    
DR Horton, Inc.
5.88%, due 07/01/2013
6.13%, due 01/15/2014
5.25%, due 02/15/2015		     3,000
1,000
1,000		       2,998
1,008
932		    
KB Home
5.75%, due 02/01/2014		     1,000       971    
Standard-Pacific Corp.
6.25%, due 04/01/2014		     2,000       1,910    
Department Stores (0.0%)      
Saks, Inc.
8.25%, due 11/15/2008		     –       – (d)  
7.00%, due 12/01/2013     56       51    
Drug Stores & Proprietary Stores (0.9%)      
Jean Coutu Group, Inc.
8.50%, due 08/01/2014 (a)		     2,000       1,885    
Medco Health Solutions, Inc.
7.25%, due 08/15/2013		     1,000       1,112    
Rite Aid Corp.
9.50%, due 02/15/2011		     1,000       1,015    
Electric Services (8.6%)      
AES Corp. (The)–144A
8.75%, due 05/15/2013		     2,000       2,165    
CenterPoint Energy Resources Corp., Series B
7.88%, due 04/01/2013		     2,000       2,356    
Cleveland Electric Illuminating Co., (The)
5.65%, due 12/15/2013		     1,000       1,031    
CMS Energy Corp.
7.50%, due 01/15/2009		     2,000       2,050    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Electric Services (continued)      
Dynegy Holdings, Inc.–144A
10.13%, due 07/15/2013		   $ 3,000     $ 3,090    
Elwood Energy LLC
8.16%, due 07/05/2026		     1,754       1,977    
Nevada Power Co., Series A
8.25%, due 06/01/2011		     4,000       4,420    
NRG Energy, Inc.–144A
8.00%, due 12/15/2013		     2,337       2,360    
PSEG Energy Holdings LLC
7.75%, due 04/16/2007		     3,000       3,075    
Reliant Energy, Inc.
6.75%, due 12/15/2014		     2,000       1,770    
Texas Genco LLC/Texas Genco Financing
Corp.–144A
6.88%, due 12/15/2014		     5,000       4,900    
Texas New Mexico Power Co.
6.13%, due 06/01/2008		     3,000       3,074    
TXU Corp.–144A
5.55%, due 11/15/2014		     4,000       3,856    
Virginia Electric and Power Co.
4.10%, due 12/15/2008		     1,000       988    
Electric, Gas & Sanitary Services (1.8%)      
NiSource Finance Corp.
7.88%, due 11/15/2010		     1,000       1,155    
Northern States Power Co.
4.75%, due 08/01/2010		     4,000       4,048    
Pacific Gas & Electric Co.
3.82%, due 04/03/2006 (b)
3.60%, due 03/01/2009		     443
2,000		       444
1,945		    
Electronic & Other Electric Equipment (0.8%)      
Celestica Inc.
7.88%, due 07/01/2011		     1,450       1,443    
Rayovac Corp.
8.50%, due 10/01/2013		     2,000       2,055    
Electronic Components & Accessories (1.9%)      
Amkor Technology, Inc.
9.25%, due 02/15/2008 (a)		     1,000       887    
Flextronics International, Ltd.
6.50%, due 05/15/2013		     1,000       955    
Tyco International Group SA
6.38%, due 02/15/2006
6.00%, due 11/15/2013		     2,000
4,000		       2,038
4,272		    
Environmental Services (0.4%)      
Allied Waste North America, Inc.
6.50%, due 11/15/2010 (a)
7.88%, due 04/15/2013		     1,000
1,000		       940
972		    

 

    Principal   Value  
Food & Kindred Products (1.6%)      
Bunge Ltd Finance Corp.
4.38%, due 12/15/2008		   $ 2,000     $ 1,994    
Del Monte Corp.
8.63%, due 12/15/2012		     3,000       3,210    
General Mills, Inc.
6.00%, due 02/15/2012		     804       865    
Kraft Foods, Inc.
4.00%, due 10/01/2008		     1,000       987    
Food Stores (0.9%)      
Safeway, Inc.
7.25%, due 02/01/2031		     2,000       2,207    
Stater Brothers Holdings, Inc.
8.13%, due 06/15/2012		     2,000       1,860    
Gas Production & Distribution (1.2%)      
Dynegy-Roseton/Danskammer,
Series 2001, Class B
7.67%, due 11/08/2016		     2,000       1,780    
Northern Border Partners-LP, Series A
8.88%, due 06/15/2010		     1,000       1,181    
Northwest Pipeline Corp.
8.13%, due 03/01/2010		     2,000       2,152    
Health Services (3.8%)      
Community Health Systems, Inc.
6.50%, due 12/15/2012		     1,000       980    
Coventry Health Care, Inc.
5.88%, due 01/15/2012
6.13%, due 01/15/2015		     1,750
2,250		       1,741
2,239		    
Extendicare Health Services, Inc.
6.88%, due 05/01/2014		     3,000       2,872    
HCA, Inc.
5.75%, due 03/15/2014
6.38%, due 01/15/2015		     2,000
3,000		       1,930
3,011		    
Manor Care, Inc.
6.25%, due 05/01/2013		     2,000       2,140    
NeighborCare, Inc.
6.88%, due 11/15/2013		     1,500       1,567    
Holding & Other Investment Offices (2.3%)      
Developers Diversified Realty Corp. REIT
3.88%, due 01/30/2009		     3,000       2,900    
General Growth Properties, Inc.
4.94%, due 11/01/2007		     1,991       2,001    
iStar Financial, Inc.
4.88%, due 01/15/2009		     1,000       991    
iStar Financial, Inc., Series B
5.70%, due 03/01/2014		     1,500       1,490    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Holding & Other Investment Offices (continued)                  
Simon Property Group, LP REIT
3.75%, due 01/30/2009		   $ 1,000     $ 966    
Ventas Realty, LP/Ventas Capital Corp. REIT
6.63%, due 10/15/2014		     1,500       1,474    
Hotels & Other Lodging Places (3.5%)                  
Hilton Hotels Corp.
7.63%, due 12/01/2012		     2,000       2,297    
John Q. Hammons Hotels, Inc., Series B
8.88%, due 05/15/2012		     1,500       1,597    
Kerzner International, Ltd.
8.88%, due 08/15/2011		     4,000       4,280    
Mandalay Resort Group
6.38%, due 12/15/2011		     1,000       1,009    
Station Casinos, Inc.
6.00%, due 04/01/2012
6.50%, due 02/01/2014		     1,000
2,000		       993
1,995		    
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp.–144A
6.63%, due 12/01/2014		     3,000       2,805    
Industrial Machinery & Equipment (1.3%)                  
Case New Holland, Inc.–144A
6.00%, due 06/01/2009		     1,000       923    
Dresser-Rand Group–144A
7.38%, due 11/01/2014		     3,000       2,925    
Grant Prideco, Inc.
9.63%, due 12/01/2007		     500       546    
Terex Corp.
7.38%, due 01/15/2014		     1,000       1,005    
Lumber & Other Building Materials (0.5%)                  
Builders Firstsource, Inc.–144A
7.02%, due 02/15/2012 (b)		     2,000       1,940    
Lumber & Wood Products (0.3%)                  
Georgia-Pacific Corp.
8.88%, due 02/01/2010		     1,000       1,110    
Management Services (0.2%)                  
Corrections Corp. of America
7.50%, due 05/01/2011		     1,000       1,031    
Medical Instruments & Supplies (0.4%)                  
Bard (C.R.), Inc.
6.70%, due 12/01/2026		     1,500       1,693    
Metal Cans & Shipping Containers (1.0%)                  
Ball Corp.
7.75%, due 08/01/2006
6.88%, due 12/15/2012		     1,000
2,000		       1,028
2,055		    

 

    Principal   Value  
Metal Cans & Shipping Containers (continued)      
Crown European Holdings SA
10.88%, due 03/01/2013		   $ 1,000     $ 1,143    
Metal Mining (0.2%)      
Rio Tinto Finance USA, Ltd.
2.63%, due 09/30/2008		     1,000       948    
Mining (0.9%)      
Massey Energy Co.
6.63%, due 11/15/2010		     3,000       3,000    
Peabody Energy Corp.
6.88%, due 03/15/2013		     1,000       1,035    
Mortgage Bankers & Brokers (0.7%)      
Crystal US Holdings LLC/Crystal US Sub 3
Corp.–144A
0.00%, due 10/01/2014 (e)		     1,300       871    
Mantis Reef, Ltd.–144A
4.69%, due 11/14/2008		     2,000       1,995    
Motion Pictures (0.9%)      
Time Warner Entertainment Co., LP
10.15%, due 05/01/2012		     1,000       1,290    
Time Warner, Inc.
7.75%, due 06/15/2005
7.48%, due 01/15/2008		     1,000
1,500		       1,005
1,619		    
Motor Vehicles, Parts & Supplies (0.7%)      
Dura Operating Corp., Series B
8.63%, due 04/15/2012 (a)		     1,750       1,488    
TRW Automotive, Inc.
11.00%, due 02/15/2013 (a)		     1,300       1,398    
Oil & Gas Extraction (4.4%)      
Chesapeake Energy Corp.
8.13%, due 04/01/2011
7.50%, due 09/15/2013		     71
1,000		       75
1,055		    
Chesapeake Energy Corp.–144A
6.38%, due 06/15/2015		     3,000       2,940    
Forest Oil Corp.
8.00%, due 12/15/2011
7.75%, due 05/01/2014		     500
1,000		       543
1,045		    
Kerr-McGee Corp.
7.00%, due 11/01/2011		     1,370       1,343    
Key Energy Services, Inc.
6.38%, due 05/01/2013		     1,000       970    
Louisiana Land & Exploration
7.63%, due 04/15/2013		     2,000       2,308    
Newfield Exploration Co.
6.63%, due 09/01/2014		     1,500       1,485    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Oil & Gas Extraction (continued)                  
Petroleum Geo-Services ASA
10.00%, due 11/05/2010		   $ 2,500     $ 2,788    
Pride International, Inc.
7.38%, due 07/15/2014		     2,000       2,100    
XTO Energy, Inc.
6.25%, due 04/15/2013		     2,000       2,170    
Paper & Allied Products (0.9%)                  
Cascades, Inc.
7.25%, due 02/15/2013		     2,000       1,970    
Graphic Packaging International Corp.
8.50%, due 08/15/2011		     2,000       1,990    
Paper & Paper Products (0.9%)                  
Boise Cascade LLC–144A
7.13%, due 10/15/2014		     2,000       1,900    
MDP Acquisitions PLC
9.63%, due 10/01/2012		     2,000       1,980    
Paperboard Containers & Boxes (0.7%)                  
Jefferson Smurfit Corp.
7.50%, due 06/01/2013		     2,000       1,870    
Jefferson Smurfit-Stone Container Corp.
8.25%, due 10/01/2012		     1,000       980    
Personal Credit Institutions (2.1%)                  
Capital One Financial Corp.
6.25%, due 11/15/2013		     3,000       3,200    
Erac USA Finance Co.–144A
7.95%, due 12/15/2009		     1,000       1,141    
Household Finance Corp.
4.13%, due 11/16/2009		     5,000       4,907    
Personal Services (0.5%)                  
Service Corp. International
7.70%, due 04/15/2009		     2,000       2,075    
Petroleum Refining (1.1%)                  
Giant Industries, Inc.
8.00%, due 05/15/2014 (a)		     1,500       1,508    
Premcor Refining Group (The), Inc.
6.75%, due 02/01/2011
6.13%, due 05/01/2011		     2,000
1,000		       2,120
1,033		    
Pharmaceuticals (1.0%)                  
Elan Finance PLC/Elan Finance Corp.–144A
7.75%, due 11/15/2011		     3,000       2,325    
Leiner Health Products, Inc.
11.00%, due 06/01/2012		     2,000       2,110    

 

    Principal   Value  
Primary Metal Industries (1.4%)                  
International Steel Group, Inc.
6.50%, due 04/15/2014		   $ 1,000     $ 993    
Novelis, Inc.–144A
7.25%, due 02/15/2015		     3,500       3,386    
U.S. Steel Corp.
9.75%, due 05/15/2010		     1,682       1,850    
Printing & Publishing (2.9%)                  
American Color Graphics, Inc.
10.00%, due 06/15/2010		     2,000       1,280    
Dex Media East LLC/Dex Media East
Finance Co.
9.88%, due 11/15/2009		     1,000       1,095    
Dex Media West LLC/Dex Media Finance
Co., Series B
8.50%, due 08/15/2010		     2,000       2,145    
Dex Media, Inc.
8.00%, due 11/15/2013		     1,000       1,030    
Houghton Mifflin Co.
9.88%, due 02/01/2013 (a)		     2,000       2,020    
Jostens IH Corp.
7.63%, due 10/01/2012		     1,000       1,000    
Primedia, Inc.
8.88%, due 05/15/2011		     2,000       2,070    
Quebecor World Capital Corp.
4.88%, due 11/15/2008		     2,000       1,983    
Radio & Television Broadcasting (1.6%)                  
British Sky Broadcasting Group PLC
6.88%, due 02/23/2009		     1,000       1,077    
CanWest Media, Inc.
10.63%, due 05/15/2011		     1,000       1,085    
CanWest Media, Inc., Series B
7.63%, due 04/15/2013		     1,000       1,048    
Corus Entertainment, Inc.
8.75%, due 03/01/2012		     2,005       2,125    
Videotron Ltee
6.88%, due 01/15/2014		     1,500       1,478    
Railroads (0.9%)                  
Progress Rail Services Corp./Progress Metal
Reclamation Co.–144A
7.75%, due 04/01/2012		     4,000       3,980    
Restaurants (0.3%)                  
Yum! Brands, Inc.
7.70%, due 07/01/2012		     1,000       1,172    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Rubber & Misc. Plastic Products (0.9%)                  
Jarden Corp.
5.09%, due 01/03/2011		   $ 1,995     $ 2,002    
Sealed Air Corp.–144A
5.38%, due 04/15/2008		     2,000       2,038    
Savings Institutions (0.5%)                  
Washington Mutual, Inc.
4.00%, due 01/15/2009		     2,000       1,964    
Security & Commodity Brokers (0.5%)                  
Goldman Sachs Group, Inc.
5.15%, due 01/15/2014		     1,000       1,006    
Morgan Stanley
4.75%, due 04/01/2014		     1,000       967    
Stone, Clay & Glass Products (1.6%)                  
Anchor Glass Container Corp., Series B
11.00%, due 02/15/2013		     1,000       810    
Owens-Brockway
7.75%, due 05/15/2011		     1,000       1,055    
Owens-Brockway Glass Container
8.75%, due 11/15/2012		     1,000       1,090    
Owens-Brockway Glass Container–144A
6.75%, due 12/01/2014		     2,000       1,950    
Owens-Illinois, Inc.
7.35%, due 05/15/2008		     2,000       2,055    
Telecommunications (7.1%)                  
AT&T Corp.
9.05%, due 11/15/2011		     3,000       3,424    
BellSouth Corp.
5.20%, due 09/15/2014		     2,000       2,026    
Citizens Communications Co.
6.25%, due 01/15/2013		     2,000       1,865    
Hawaiian Telcom Communications, Inc.–144A
9.75%, due 05/01/2013		     4,500       4,472    
MCI, Inc.
5.91%, due 05/01/2007		     4,000       4,060    
Nextel Communications, Inc.
5.95%, due 03/15/2014		     7,000       7,088    
Qwest Capital Funding, Inc.
7.00%, due 08/03/2009 (a)
7.90%, due 08/15/2010 (a)		     2,000
2,000		       1,805
1,840		    
Rogers Wireless Communications, Inc.
8.00%, due 12/15/2012 (a)
6.38%, due 03/01/2014		     1,500
2,500		       1,538
2,394		    
Tobacco Products (0.6%)                  
Philip Morris Cos., Inc.
7.20%, due 02/01/2007		     2,256       2,360    

 

    Principal   Value  
Transportation Equipment (1.0%)                  
Trinity Industries, Inc.
6.50%, due 03/15/2014		   $ 2,500     $ 2,400    
Westinghouse Air Brake Co.
6.88%, due 07/31/2013		     2,000       2,010    
Trucking & Warehousing (0.4%)                  
Iron Mountain, Inc.
6.63%, due 01/01/2016		     2,000       1,780    
Water Transportation (0.8%)                  
Royal Caribbean Cruises, Ltd.
7.00%, due 10/15/2007
8.75%, due 02/02/2011		     1,000
2,000		       1,033
2,240		    
Total Corporate Debt Securities (cost: $402,104)             403,317    
    Shares   Value  
PREFERRED STOCKS (0.5%)                  
Holding & Other Investment Offices (0.5%)                  
Duke Realty Corp. REIT     40,000     $ 2,084    
Total Preferred Stocks (cost: $2,008)             2,084    
COMMON STOCKS (0.0%)                  
Air Transportation (0.0%)                  
US Airways Group, Inc.–Class A (a)(f)     1,024       1    
Printing & Publishing (0.0%)                  
Golden Books Family Entertainment, Inc. (f)     63,750       – (d)  
Total Common Stocks (cost: $168)             1    
    Principal   Value  
SECURITY LENDING COLLATERAL (7.5%)                  
Debt (6.5%)                  
Bank Notes (0.9%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 1,014     $ 1,014    
2.80%, due 06/09/2005 (b)     253       253    
2.77%, due 07/18/2005 (b)     1,014       1,014    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (b)		     1,014       1,014    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (b)
3.06%, due 03/10/2006 (b)		     253
253		       253
253		    
Euro Dollar Overnight (1.1%)                  
Bank of Montreal
2.94%, due 05/04/2005		     760       760    
BNP Paribas
2.80%, due 05/05/2005		     1,049       1,049    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     912
507		       912
507		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Overnight (continued)      
Dexia Group
2.80%, due 05/05/2005		   $ 448     $ 448    
Royal Bank of Canada
2.80%, due 05/04/2005		     1,040       1,040    
Svenska Handlesbanken
2.80%, due 05/06/2005		     167       167    
Euro Dollar Terms (2.6%)      
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     507
1,417		       507
1,417		    
Barclays
3.02%, due 06/27/2005		     903       903    
BNP Paribas
2.93%, due 06/07/2005		     811       811    
Branch Banker & Trust
2.94%, due 06/06/2005		     217       217    
Calyon
2.93%, due 06/03/2005		     837       837    
Citigroup
2.87%, due 06/06/2005		     1,052       1,052    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     1,038       1,038    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     507       507    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     985
547		       985
547		    
Societe Generale
2.80%, due 05/03/2005		     969       969    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     760
281		       760
281		    
UBS AG
2.81%, due 05/03/2005		     507       507    

 

    Principal   Value  
Promissory Notes (0.7%)                  
Goldman Sachs Group, Inc.
                  
2.99%, due 06/27/2005   $ 1,064     $ 1,064    
3.01%, due 07/27/2005     1,774       1,774    
Repurchase Agreements (1.2%) (g)                  
Goldman Sachs Group, Inc. 3.04%
Repurchase Agreement dated
04/29/2005 to be repurchased
at $2,281 on 05/02/2005		     2,281       2,281    
Merrill Lynch & Co., Inc. 3.04%
Repurchase Agreement dated
04/29/2005 to be repurchased
at $2,737 on 05/02/2005		     2,737       2,737    
    Shares   Value  
Investment Companies (1.0%)                  
Money Market Funds (1.0%)                  
American Beacon Funds
1-day yield of 2.84%		     402,502     $ 403    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     2,383,443       2,383    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     536,350       536    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (h)		     980,976       981    
Total Security Lending Collateral (cost: $32,181)             32,181    
Total Investment Securities (cost: $446,533)           $ 448,081    
SUMMARY:                  
Investments, at value     103.9 %   $ 448,081    
Liabilities in excess of other assets     (3.9 )%     (16,763 )  
Net assets     100.0 %   $ 431,318    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $31,435.

(b)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(c)  Securities are currently in default on interest payments.

(d)  Value is less than $1.

(e)  Securities are stepbonds. Crystal US Holdings LLC/Crystal US Sub 3 Corp.–144A has a coupon rate of 0.00% until 4/01/2010, thereafter a coupon rate 10.00%.

(f)  No dividends were paid during the preceding twelve months.

(g)  Cash collateral for the Repurchase Agreements, valued at $5,105, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(h)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

(i)  Securities valued as determined in good faith in accordance with procedures established by the Fund's Board of Trustees.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $76,812 or 17.8% of the net assets of the Fund.

REIT  Real Estate Investment Trust

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Conservative High-Yield Bond

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $446,533)
(including securities loaned of $31,435)		   $ 448,081    
Cash     12,065    
Receivables:          
Shares of beneficial interest sold     47    
Interest     8,327    
Other     23    
      468,543    
Liabilities:      
Investment securities purchased     4,500    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     146    
Management and advisory fees     213    
Transfer agent fees     35    
Distribution and service fees     147    
Payable for collateral for securities on loan     32,181    
Other     3    
      37,225    
Net Assets   $ 431,318    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 438,927    
Undistributed net investment income (loss)     646    
Accumulated net realized gain (loss) from investment
securities		     (9,796 )  
Net unrealized appreciation (depreciation) on
investment securities		     1,541    
Net Assets   $ 431,318    
Net Assets by Class:      
Class A   $ 330,520    
Class B     41,493    
Class C     19,670    
Class I     39,635    
Shares Outstanding:      
Class A     36,558    
Class B     4,592    
Class C     2,179    
Class I     4,359    
Net Asset Value Per Share:      
Class A   $ 9.04    
Class B     9.03    
Class C     9.03    
Class I     9.09    
Maximum Offering Price Per Share (a):      
Class A   $ 9.49    

 

(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.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 13,343    
Dividends     80    
Income from loaned securities–net     36    
      13,459    
Expenses:      
Management and advisory fees     1,240    
Transfer agent fees:          
Class A     31    
Class B     25    
Class C     15    
Class I     2    
Printing and shareholder reports     4    
Custody fees     30    
Administration fees     38    
Legal fees     10    
Audit fees     14    
Trustees fees     10    
Registration fees:          
Class A     16    
Class B     5    
Class C     10    
Distribution and service fees:          
Class A     568    
Class B     232    
Class C     114    
Total expenses     2,364    
Net Investment Income (Loss)     11,095    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment securities     2,910    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (18,258 )  
Net Gain (Loss) on Investments     (15,348 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ (4,253 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Conservative High-Yield Bond

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 11,095     $ 19,795    
Net realized gain (loss) from
investment securities		     2,910       1,691    
Net unrealized appreciation
(depreciation) on investment
securities		     (18,258 )     8,022    
      (4,253 )     29,508    
Distributions to Shareholders:      
From net investment income:                  
Class A     (9,007 )     (15,855 )  
Class B     (1,126 )     (2,484 )  
Class C     (550 )     (692 )  
Class C2     –       (457 )  
Class M     –       (230 )  
Class I     (610 )     –    
      (11,293 )     (19,718 )  
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     29,449       123,099    
Class B     1,742       11,418    
Class C     1,707       6,907    
Class C2     –       3,491    
Class M     –       1,288    
Class I     40,302       –    
      73,200       146,203    
Dividends and distributions
reinvested:		                  
Class A     8,787       15,278    
Class B     637       1,364    
Class C     308       328    
Class C2     –       139    
Class M     –       167    
Class I     610       –    
      10,342       17,276    
Cost of shares redeemed:                  
Class A     (5,016 )     (30,327 )  
Class B     (8,720 )     (16,380 )  
Class C     (6,966 )     (6,611 )  
Class C2     –       (10,227 )  
Class M     –       (2,569 )  
      (20,702 )     (66,114 )  
Class level exchanges:                  
Class C     –       15,462    
Class C2     –       (10,695 )  
Class M     –       (4,767 )  
      –       –    
      62,840       97,365    
Net increase (decrease) in net assets     47,294       107,155    
Net Assets:      
Beginning of period     384,024       276,869    
End of period   $ 431,318     $ 384,024    
Undistributed Net Investment Income
(Loss)		   $ 643     $ 844    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:                  
Shares issued:                  
Class A     3,149       13,311    
Class B     187       1,243    
Class C     183       756    
Class C2     –       377    
Class M     –       141    
Class I     4,293       –    
      7,812       15,828    
Shares issued–reinvested from
distributions:		                  
Class A     946       1,673    
Class B     68       149    
Class C     34       36    
Class C2     –       15    
Class M     –       18    
Class I     66       –    
      1,114       1,891    
Shares redeemed:                  
Class A     (540 )     (3,306 )  
Class B     (940 )     (1,790 )  
Class C     (748 )     (722 )  
Class C2     –       (1,118 )  
Class M     –       (280 )  
      (2,228 )     (7,216 )  
Class level exchanges:                  
Class C     –       1,714    
Class C2     –       (1,199 )  
Class M     –       (515 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     3,555       11,678    
Class B     (685 )     (398 )  
Class C     (531 )     1,784    
Class C2     –       (1,925 )  
Class M     –       (636 )  
Class I     4,359       –    
      6,698       10,503    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Conservative High-Yield Bond

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 9.37     $ 0.25     $ (0.32 )   $ (0.07 )   $ (0.26 )   $ –     $ (0.26 )   $ 9.04    
    10/31/2004     9.08       0.52       0.29       0.81       (0.52 )     –       (0.52 )     9.37    
    10/31/2003     7.93       0.57       1.16       1.73       (0.58 )     –       (0.58 )     9.08    
    10/31/2002     9.26       0.57       (1.31 )     (0.74 )     (0.59 )     –       (0.59 )     7.93    
    10/31/2001     9.24       0.72       0.01       0.73       (0.71 )     –       (0.71 )     9.26    
    10/31/2000     9.67       0.69       (0.37 )     0.32       (0.69 )     (0.06 )     (0.75 )     9.24    
Class B   4/30/2005     9.37       0.22       (0.34 )     (0.12 )     (0.22 )     –       (0.22 )     9.03    
    10/31/2004     9.08       0.46       0.29       0.75       (0.46 )     –       (0.46 )     9.37    
    10/31/2003     7.93       0.51       1.17       1.68       (0.53 )     –       (0.53 )     9.08    
    10/31/2002     9.26       0.52       (1.32 )     (0.80 )     (0.53 )     –       (0.53 )     7.93    
    10/31/2001     9.24       0.57       0.10       0.67       (0.65 )     –       (0.65 )     9.26    
    10/31/2000     9.67       0.63       (0.37 )     0.26       (0.63 )     (0.06 )     (0.69 )     9.24    
Class C   4/30/2005     9.36       0.21       (0.32 )     (0.11 )     (0.22 )     –       (0.22 )     9.03    
    10/31/2004     9.08       0.46       0.28       0.74       (0.46 )     –       (0.46 )     9.36    
    10/31/2003     8.08       0.51       1.02       1.53       (0.53 )     –       (0.53 )     9.08    
Class I   4/30/2005     9.39       0.26       (0.33 )     (0.07 )     (0.23 )     –       (0.23 )     9.09    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (0.82 )%   $ 330,520       1.03 %     1.03 %     5.46 %     22 %  
    10/31/2004     9.23       309,223       1.08       1.08       5.67       49    
    10/31/2003     22.74       193,708       1.22       1.22       6.57       46    
    10/31/2002     (8.48 )     60,332       1.35       1.35       6.61       64    
    10/31/2001     8.12       50,755       1.41       1.41       7.35       16    
    10/31/2000     3.37       49,259       1.36       1.36       7.34       11    
Class B   4/30/2005     (1.29 )     41,493       1.78       1.78       4.70       22    
    10/31/2004     8.52       49,422       1.72       1.72       5.05       49    
    10/31/2003     21.94       51,511       1.87       1.87       5.92       46    
    10/31/2002     (9.03 )     31,336       2.00       2.00       5.96       64    
    10/31/2001     7.45       35,471       2.06       2.06       6.70       16    
    10/31/2000     2.74       13,808       2.01       2.01       6.69       11    
Class C   4/30/2005     (1.19 )     19,670       1.87       1.87       4.60       22    
    10/31/2004     8.41       25,379       1.78       1.78       4.95       49    
    10/31/2003     19.52       8,403       1.87       1.87       5.92       46    
Class I   4/30/2005     (0.75 )     39,635       0.66       0.66       5.89       22    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Transamerica Conservative High-Yield Bond

FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the period ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  The inception date for the Fund's offering of share classes are as follows:

Class C – November 11, 2002
Class I – November 8, 2004

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Transamerica Conservative High-Yield Bond

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Conservative High-Yield Bond ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on June 14, 1985.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers four classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on days when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially effect the value of investments.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $19 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

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14


TA IDEX Transamerica Conservative High-Yield Bond

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost 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.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the

Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $2. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX Transamerica Conservative High-Yield Bond

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

AEGON USA Investment Management, Inc. is both the sub-adviser to the Fund and an affiliate of the Fund.

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a AEGON/Transamerica Series Fund, Inc.) asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 64,878       15.04 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     94,217       21.84 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     136,405       31.63 %  
Asset Allocation–Moderate
Growth Portfolio		     25,432       5.90 %  
Asset Allocation–Moderate Portfolio     14,187       3.29 %  
Total   $ 335,119       77.70 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004:

0.60% of ANA

From January 1, 2005 on:

0.60% of the first $400 million of ANA
0.575% of the next $350 million of ANA
0.55% of ANA over $750 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit for Class A, B and C:

1.25% Expense Limit
0.80% Expense Limit–Class I

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  
Class I     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 126    
Retained by Underwriter     12    
Contingent Deferred Sales Charge     140    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $89 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $23. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

16


TA IDEX Transamerica Conservative High-Yield Bond

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 141,714    
U.S. Government     5,471    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     86,365    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 354     October 31, 2008  
  1,519     October 31, 2009  
  5,464     October 31, 2010  
  5,283     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 446,620    
Unrealized Appreciation   $ 10,652    
Unrealized (Depreciation)     (9,191 )  
Net Unrealized Appreciation (Depreciation)   $ 1,461    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff

has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

17


TA IDEX Transamerica Conservative High-Yield Bond

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Conservative High-Yield Bond (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and AEGON USA Investment Management, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the SubAdviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based on information provided by Lipper Analytics, that the Fund's investment performance was acceptable, although the Board noted that the Fund had underperformed comparable investment companies as represented by Lipper Analytics. As a consequence, the Board decided to carefully monitor the Fund's investment performance, and requested that Sub-Advisory personnel attend an upcoming meeting to review the Fund's performance with the Board. However, on the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with or lower than industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

18


TA IDEX Transamerica Conservative High-Yield Bond

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Conservative High-Yield Bond

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  33,794,977.816       88,955.949       4,960,512.003    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

19


TA IDEX Transamerica Conservative High-Yield Bond

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Conservative High-Yield Bond.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      33,899,482.053       126,813.715       4,818,150.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      33,882,111.294       144,184.474       4,818,150.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      33,898,276.053       128,019.715       4,818,150.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      33,899,482.053       126,813.715       4,818,150.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      33,898,686.180       127,609.588       4,818,150.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      33,896,482.699       129,813.069       4,818,150.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      33,899,482.053       126,813.715       4,818,150.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      33,886,233.734       140,062.034       4,818,150.000    
I. Pledging, Mortgaging and
Hypothecating		  
For		  
Against		  
Abstentions/Broker-Non-Votes		  
      33,894,792.891       131,502.877       4,818,150.000    
J. Investments in Investment
Companies		  
For		  
Against		  
Abstentions/Broker-Non-Votes		  
      33,892,531.880       133,763.888       4,818,150.000    
K. Margin Activities and
Short Selling		  
For		  
Against		  
Abstentions/Broker-Non-Votes		  
      33,879,244.729       147,051.039       4,818,150.000    
L. Investments – Trustee/Officer
Invested		  
For		  
Against		  
Abstentions/Broker-Non-Votes		  
      33,897,913.874       128,381.894       4,818,150.000    
M. Investments in Mineral Leases   For   Against   Abstentions/Broker-Non-Votes  
      33,888,616.564       137,679.204       4,818,150.000    
N. Investments in Bank Deposits   For   Against   Abstentions/Broker-Non-Votes  
      33,896,408.170       129,887.598       4,818,150.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

20


TA IDEX Transamerica Convertible Securities

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 999.10       1.16 %   $ 5.75    
Hypothetical (b)     1,000.00       1,019.04       1.16       5.81    
Class B      
Actual     1,000.00       993.50       2.05       10.13    
Hypothetical (b)     1,000.00       1,014.63       2.05       10.24    
Class C      
Actual     1,000.00       993.30       2.30       11.37    
Hypothetical (b)     1,000.00       1,013.39       2.30       11.48    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
CONVERTIBLE BONDS (86.5%)                  
Business Services (1.9%)                  
Danaher Corp.
Zero Coupon, due 01/22/2021 (a)		   $ 5,500     $ 4,139    
Chemicals & Allied Products (1.5%)                  
RPM International, Inc.
1.39%, due 05/13/2033 (b)		     6,000       3,105    
Commercial Banks (7.2%)                  
Bank of America Corp.
0.25%, due 04/30/2014		     4,000       5,295    
Euronet Worldwide, Inc.–144A
1.63%, due 12/15/2024		     4,000       4,245    
Wells Fargo & Co.
0.25%, due 04/29/2014		     5,000       5,803    
Communication (3.4%)                  
American Tower Corp.
3.00%, due 08/15/2012 (a)		     3,750       3,839    
XM Satellite Radio, Inc.–144A
1.75%, due 12/01/2009 (a)		     4,000       3,380    
Computer & Data Processing Services (8.1%)                  
Openwave Systems, Inc.
2.75%, due 09/09/2008		     4,500       4,376    
Overstock.com, Inc.
3.75%, due 12/01/2011		     4,300       3,531    
RealNetworks, Inc.
Zero Coupon, due 07/01/2010		     4,800       4,674    
Terremark Worldwide, Inc.
9.00%, due 06/15/2009		     5,000       4,600    
Computer & Office Equipment (1.7%)                  
Scientific Games Corp.–144A
0.75%, due 12/01/2024		     4,000       3,680    
Electronic Components & Accessories (2.6%)                  
Cypress Semiconductor Corp.
1.25%, due 06/15/2008 (a)		     2,650       2,726    
Pixelworks, Inc.
1.75%, due 05/15/2024		     4,000       2,850    
Entertainment (1.5%)                  
International Game Technology
Zero Coupon, due 01/29/2033		     4,900       3,136    
Hotels & Other Lodging Places (5.3%)                  
Host Marriott, LP–144A
3.25%, due 04/15/2024		     2,000       2,155    
Kerzner International, Ltd.
2.38%, due 04/15/2024		     4,100       4,402    
Starwood Hotels & Resorts Worldwide, Inc.
3.50%, due 05/16/2023 (a)		     4,000       4,630    
Manufacturing Industries (6.4%)                  
K2, Inc.
5.00%, due 06/15/2010		     3,425       4,200    

 

    Principal   Value  
Manufacturing Industries (continued)      
Shuffle Master, Inc.
1.25%, due 04/15/2024		   $ 4,850     $ 5,080    
Tyco International Group SA, Series B,
3.13%, due 01/15/2023		     3,000       4,403    
Mortgage Bankers & Brokers (2.6%)      
MSFT Exchangeable Trust–144A
Zero Coupon, due 02/25/2031		     2,750       2,970    
Virgin River Casino Corp.–144A
Zero Coupon, due 01/15/2013 (c)		     4,000       2,560    
Motion Pictures (4.5%)      
Liberty Media Corp.
3.25%, due 03/15/2031 (a)		     4,550       3,663    
Lions Gate Entertainment Corp.
4.88%, due 12/15/2010
2.94%, due 10/15/2024		     1,000
3,750		       1,885
3,947		    
Oil & Gas Extraction (4.6%)      
Halliburton Co.
3.13%, due 07/15/2023		     4,750       5,938    
Quicksilver Resources, Inc.–144A
1.88%, due 11/01/2024		     3,000       3,904    
Personal Credit Institutions (2.8%)      
American Express Co.
1.85%, due 12/01/2033 (a)(d)		     5,800       5,952    
Pharmaceuticals (3.3%)      
Abgenix, Inc.–144A
1.75%, due 12/15/2011		     1,100       880    
Medarex, Inc.–144A
2.25%, due 05/15/2011		     5,085       4,176    
Teva Pharmaceutical Finance II LLC, Series B
0.25%, due 02/01/2024		     1,900       1,907    
Primary Metal Industries (1.6%)      
Inco, Ltd.
Zero Coupon, due 03/29/2021		     3,500       3,325    
Radio, Television & Computer Stores (2.0%)      
Guitar Center, Inc.
4.00%, due 07/15/2013		     2,800       4,151    
Research & Testing Services (1.1%)      
Amylin Pharmaceuticals, Inc.
2.25%, due 06/30/2008 (a)		     1,100       994    
deCODE genetics, Inc.
3.50%, due 04/15/2011		     1,650       1,310    
Residential Building Construction (0.4%)      
Walter Industries, Inc.
3.75%, due 05/01/2024 (a)		     460       941    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Retail Trade (1.4%)                  
Dick's Sporting Goods, Inc.
1.61%, due 02/18/2024 (a)(e)		   $ 4,400     $ 2,893    
Security & Commodity Brokers (10.6%)                  
Blackrock, Inc.–144A
2.63%, due 02/15/2035		     4,750       4,679    
Morgan Stanley Group, Inc.–144A
0.25%, due 07/30/2014		     5,300       5,177    
SG Structured Products, Inc.
0.25%, due 02/13/2012		     6,500       5,739    
Svensk Exportkredit AB
0.25%, due 01/31/2015		     7,000       7,000    
Telecommunications (7.7%)                  
Millicom International Cellular
Exchangeable Note Trust–144A
10.75%, due 11/20/2008		     3,650       4,989    
Nextel Partners, Inc.
1.50%, due 11/15/2008		     4,000       7,455    
NII Holdings, Inc.
2.88%, due 02/01/2034 (a)		     3,500       3,911    
Water Transportation (4.3%)                  
Carnival Corp.
1.13%, due 04/29/2033 (f)		     5,000       3,663    
OMI Corp.
2.88%, due 12/01/2024 (a)		     850       778    
Royal Caribbean Cruises, Ltd.
Zero Coupon, due 02/02/2021
Zero Coupon, due 05/18/2021		     4,000
4,000		       2,000
2,660		    
Total Convertible Bonds (cost: $183,902)             183,696    
    Shares   Value  
CONVERTIBLE PREFERRED STOCKS (10.9%)                  
Chemicals & Allied Products (3.1%)                  
Celanese Corp.     155,000     $ 3,507    
Huntsman Corp.     32,000       1,495    
Terra Industries, Inc.–144A (g)     1,950       1,627    
Electric Services (1.8%)                  
Aquila, Inc.     120,000       3,825    
Gas Production & Distribution (0.7%)                  
Southern Union Co. (a)     27,660       1,387    
Insurance (2.4%)                  
Fortis Insurance NV–144A     5,000       5,073    
Metal Mining (1.0%)                  
Freeport-McMoRan Copper & Gold, Inc. (a)     2,500       2,228    
Oil & Gas Extraction (1.9%)                  
Chesapeake Energy Corp.     20,000       2,595    
Chesapeake Energy Corp.     1,150       1,480    
Total Convertible Preferred Stocks (cost: $23,683)             23,217    

 

    Principal   Value  
SECURITY LENDING COLLATERAL (11.5%)                  
Debt (10.0%)                  
Bank Notes (1.4%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 771     $ 771    
2.80%, due 06/09/2005 (h)     193       193    
2.77%, due 07/18/2005 (h)     771       771    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (h)		     771       771    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (h)
3.06%, due 03/10/2006 (h)		     193
193		       193
193		    
Euro Dollar Overnight (1.7%)                  
Bank of Montreal
2.94%, due 05/04/2005		     578       578    
BNP Paribas
2.80%, due 05/05/2005		     798       798    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     694
386		       694
386		    
Dexia Group
2.80%, due 05/05/2005		     340       340    
Royal Bank of Canada
2.80%, due 05/04/2005		     791       791    
Svenska Handlesbanken
2.80%, due 05/06/2005		     127       127    
Euro Dollar Terms (4.1%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     386
1,078		       386
1,078		    
Barclays
3.02%, due 06/27/2005		     687       687    
BNP Paribas
2.93%, due 06/07/2005		     617       617    
Branch Banker & Trust
2.94%, due 06/06/2005		     165       165    
Calyon
2.93%, due 06/03/2005		     637       637    
Citigroup
2.87%, due 06/06/2005		     800       800    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     790       790    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     386       386    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     749
416		       749
416		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Terms (continued)                  
Societe Generale
                  
2.80%, due 05/03/2005   $ 737     $ 737    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     578
214		       578
214		    
UBS AG
2.81%, due 05/03/2005		     386       386    
Promissory Notes (1.0%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     810
1,349		       810
1,349		    
Repurchase Agreements (1.8%) (i)                  
Goldman Sachs Group, Inc. (The)
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $1,735 on
05/02/2005		     1,735       1,735    
Merrill Lynch & Co., Inc.
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $2,083 on
05/02/2005		     2,082       2,082    

 

    Shares   Value  
Investment Companies (1.5%)                  
Money Market Funds (1.5%)                  
American Beacon Funds
1-day yield of 2.84%		     306,194     $ 306    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     1,813,145       1,813    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     408,015       408    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (j)		     746,254       746    
Total Security Lending Collateral (cost: $24,481)             24,481    
Total Investment Securities (cost: $232,066)           $ 231,394    
SUMMARY:                  
Investments, at value     108.9 %   $ 231,394    
Liabilities in excess of other assets     (8.9 )%     (18,924 )  
Net assets     100.0 %   $ 212,470    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $23,927.

(b)  Securities are stepbonds. RPM International, Inc. has a coupon rate of 1.39% until 05/13/2008, thereafter the coupon rate will be 0.00%.

(c)  Securities are stepbonds. Virgin River Casino Corp. has a coupon rate of 0.00% until 01/15/2009, thereafter the coupon rate will be 12.75%.

(d)  Securities are stepbonds. American Express Co. has a coupon rate of 1.85% until 12/01/2006, thereafter the coupon rate will be 0.00%.

(e)  Securities are stepbonds. Dick's Sporting Goods, Inc. has a coupon rate of 1.61% until 02/18/2009, thereafter the coupon rate will be 0.00%.

(f)  Securities are stepbonds. Carnival Corp. has a coupon rate of 1.13% until 04/29/2008, thereafter the coupon rate will be 0.00%.

(g)  No dividends were paid during the preceding twelve months.

(h)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(i)  Cash collateral for the Repurchase Agreements, valued at $3,883, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(j)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $49,495 or 23.3% of the net assets of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Convertible Securities

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $232,066)
(including securities loaned of $23,927)		   $ 231,394    
Cash     4,495    
Receivables:          
Shares of beneficial interest sold     11    
Interest     1,220    
Dividends     107    
Other     6    
      237,233    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     41    
Management and advisory fees     139    
Distribution and service fees     69    
Transfer agent fees     4    
Payable for collateral for securities on loan     24,481    
Other     29    
      24,763    
Net Assets   $ 212,470    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 209,844    
Undistributed net investment income (loss)     255    
Undistributed net realized gain (loss) from investment
securities		     3,043    
Net unrealized appreciation (depreciation) on
investment securities		     (672 )  
Net Assets   $ 212,470    
Net Assets by Class:      
Class A   $ 201,382    
Class B     6,354    
Class C     4,734    
Shares Outstanding:      
Class A     18,841    
Class B     595    
Class C     445    
Net Asset Value Per Share:      
Class A   $ 10.69    
Class B     10.67    
Class C     10.63    
Maximum Offering Price Per Share (a):      
Class A   $ 11.22    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 2,229    
Dividends     625    
Income from loaned securities–net     77    
      2,931    
Expenses:      
Management and advisory fees     817    
Transfer agent fees:          
Class A     4    
Class B     5    
Class C     2    
Custody fees     16    
Administration fees     20    
Legal fees     6    
Audit fees     6    
Trustees fees     6    
Registration fees:          
Class A     14    
Class B     4    
Class C     11    
Other     1    
Distribution and service fees:          
Class A     365    
Class B     33    
Class C     26    
Total expenses     1,336    
Net Investment Income (Loss)     1,595    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment securities     3,079    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (6,001 )  
Net Gain (Loss) on Investments     (2,922 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ (1,327 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Convertible Securities

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 1,595     $ 3,504    
Net realized gain (loss) from
investment securities		     3,079       16,278    
Net unrealized appreciation
(depreciation) on investment
securities		     (6,001 )     (6,610 )  
      (1,327 )     13,172    
Distributions to Shareholders:      
From net investment income:                  
Class A     (1,406 )     (3,482 )  
Class B     (20 )     (85 )  
Class C     (18 )     (70 )  
Class C2     –       (11 )  
Class M     –       (6 )  
      (1,444 )     (3,654 )  
From net realized gains:                  
Class A     (4,356 )     (13,842 )  
Class B     (142 )     (501 )  
Class C     (113 )     (412 )  
Class C2     –       (92 )  
Class M     –       (37 )  
      (4,611 )     (14,884 )  
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     27,870       1,441    
Class B     651       1,806    
Class C     338       915    
Class C2     –       572    
Class M     –       174    
      28,859       4,908    
Dividends and distributions
reinvested:		                  
Class A     5,738       17,303    
Class B     121       422    
Class C     107       362    
Class C2     –       62    
Class M     –       43    
      5,966       18,192    
Cost of shares redeemed:                  
Class A     (13,239 )     (1,053 )  
Class B     (603 )     (2,085 )  
Class C     (763 )     (2,547 )  
Class C2     –       (632 )  
Class M     –       (208 )  
      (14,605 )     (6,525 )  
Class level exchanges:                  
Class C     –       1,631    
Class C2     –       (1,164 )  
Class M     –       (467 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ –     $ 61    
Class B     –       (61 )  
      –       –    
      20,220       16,575    
Net increase (decrease) in net assets     12,838       11,209    
Net Assets:      
Beginning of period     199,632       188,423    
End of period   $ 212,470     $ 199,632    
Undistributed Net Investment Income
(Loss)		   $ 255     $ 104    
Share Activity:      
Shares issued:                  
Class A     2,427       125    
Class B     58       158    
Class C     29       82    
Class C2     –       49    
Class M     –       15    
      2,514       429    
Shares issued–reinvested from
distributions:		                  
Class A     496       1,576    
Class B     10       38    
Class C     9       33    
Class C2     –       6    
Class M     –       4    
      515       1,657    
Shares redeemed:                  
Class A     (1,170 )     (93 )  
Class B     (53 )     (184 )  
Class C     (68 )     (236 )  
Class C2     –       (55 )  
Class M     –       (18 )  
      (1,291 )     (586 )  
Class level exchanges:                  
Class C     –       150    
Class C2     –       (107 )  
Class M     –       (43 )  
      –       –    
Automatic conversions:                  
Class A     –       7    
Class B     –       (7 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     1,753       1,615    
Class B     15       5    
Class C     (30 )     29    
Class C2     –       (107 )  
Class M     –       (42 )  
      1,738       1,500    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Convertible Securities

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 11.00     $ 0.08     $ (0.07 )   $ 0.01     $ (0.07 )   $ (0.25 )   $ (0.32 )   $ 10.69    
    10/31/2004     11.32       0.21       0.56       0.77       (0.22 )     (0.87 )     (1.09 )     11.00    
    10/31/2003     9.39       0.24       1.92       2.16       (0.23 )     –       (0.23 )     11.32    
    10/31/2002     10.00       0.14       (0.67 )     (0.53 )     (0.08 )     –       (0.08 )     9.39    
Class B   4/30/2005     11.00       0.03       (0.08 )     (0.05 )     (0.03 )     (0.25 )     (0.28 )     10.67    
    10/31/2004     11.31       0.14       0.57       0.71       (0.15 )     (0.87 )     (1.02 )     11.00    
    10/31/2003     9.38       0.17       1.93       2.10       (0.17 )     –       (0.17 )     11.31    
    10/31/2002     10.00       0.11       (0.68 )     (0.57 )     (0.05 )     –       (0.05 )     9.38    
Class C   4/30/2005     10.97       0.02       (0.07 )     (0.05 )     (0.04 )     (0.25 )     (0.29 )     10.63    
    10/31/2004     11.31       0.11       0.57       0.68       (0.15 )     (0.87 )     (1.02 )     10.97    
    10/31/2003     9.36       0.17       1.95       2.12       (0.17 )     –       (0.17 )     11.31    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (0.09 )%   $ 201,382       1.16 %     1.16 %     1.50 %     39 %  
    10/31/2004     7.06       188,049       1.20       1.20       1.83       157    
    10/31/2003     23.49       175,175       1.33       1.33       2.27       119    
    10/31/2002     (5.42 )     10,205       1.73       3.85       2.59       170    
Class B   4/30/2005     (0.65 )     6,354       2.05       2.05       0.61       39    
    10/31/2004     6.52       6,379       1.79       1.79       1.24       157    
    10/31/2003     22.58       6,508       1.98       1.98       1.62       119    
    10/31/2002     (5.68 )     1,138       2.38       4.50       1.94       170    
Class C   4/30/2005     (0.67 )     4,734       2.30       2.30       0.36       39    
    10/31/2004     6.33       5,204       2.05       2.05       0.98       157    
    10/31/2003     22.84       5,048       1.98       1.98       1.62       119    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Transamerica Convertible Securities ("the Fund") commenced operations on March 1, 2002. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Convertible Securities ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $35 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, there were no account maintenance fees.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–Conservative
Portfolio		   $ 33,097       15.58 %  
TA IDEX Asset Allocation–Moderate
Growth Portfolio		     77,892       36.66 %  
TA IDEX Asset Allocation–Moderate
Portfolio		     80,355       37.82 %  
Total   $ 191,344       90.06 %  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following rate:

From November 1, 2004 to December 31, 2004

0.75% of ANA

From January 1, 2005 on:

0.75% of the first $250 million of ANA
0.70% of ANA over $250 million

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

1.35% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 57    
Retained by Underwriter     1    
Contingent Deferred Sales Charge     10    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $14 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $6. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 94,866    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     82,930    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.–(continued)

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 232,101    
Unrealized Appreciation   $ 10,764    
Unrealized (Depreciation)     (11,471 )  
Net Unrealized Appreciation (Depreciation)   $ (707 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Convertible Securities

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Convertible Securities (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over trailing one- and two-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of an asset-based breakpoint in the Fund's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and that the Sub-Adviser engaged in "soft-dollar" arrangements consistent with applicable law and "best execution" requirements.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Transamerica Convertible Securities

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Convertible Securities

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  17,118,820.904       11,885.440       830,550.716    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Convertible Securities.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      17,134,162.103       7,553.957       819,541.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      17,134,162.103       7,553.957       819,541.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      17,134,162.103       7,553.957       819,541.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      17,134,162.103       7,553.957       819,541.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      17,134,162.103       7,553.957       819,541.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      17,134,162.103       7,553.957       819,541.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      17,134,162.103       7,553.957       819,541.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      17,134,162.103       7,553.957       819,541.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Transamerica Equity

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,027.20       1.38 %   $ 6.94    
Hypothetical (b)     1,000.00       1,017.95       1.38       6.90    
Class B                                  
Actual     1,000.00       1,022.20       2.18       10.93    
Hypothetical (b)     1,000.00       1,013.98       2.18       10.89    
Class C                                  
Actual     1,000.00       1,021.10       2.18       10.92    
Hypothetical (b)     1,000.00       1,013.98       2.18       10.89    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Equity

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (99.8%)                  
Business Services (10.4%)                  
eBay, Inc. (a)     210,000     $ 6,663    
First Data Corp.     350,000       13,310    
Moody's Corp. (b)     125,000       10,267    
Chemicals & Allied Products (3.8%)                  
Praxair, Inc.     235,000       11,005    
Communication (6.6%)                  
Liberty Media International,
Inc.–Class A (a)		     260,000       10,782    
XM Satellite Radio Holdings,
Inc.–Class A (a)(b)		     310,000       8,599    
Communications Equipment (5.6%)                  
QUALCOMM, Inc.     465,000       16,224    
Computer & Data Processing Services (7.7%)                  
Intuit, Inc. (a)(b)     225,000       9,068    
Microsoft Corp.     525,000       13,283    
Computer & Office Equipment (5.3%)                  
Lexmark International, Inc. (a)     110,000       7,640    
Sandisk Corp. (a)     335,000       7,940    
Cosmetics/Personal Care (3.8%)                  
Gillette Co. (The)     215,000       11,103    
Drug Stores & Proprietary Stores (4.0%)                  
Walgreen Co.     270,000       11,626    
Entertainment (3.2%)                  
International Game Technology     350,000       9,412    
Hotels & Other Lodging Places (5.7%)                  
Marriott International, Inc.–Class A     135,000       8,471    
MGM Mirage, Inc. (a)     115,000       8,028    
Insurance (5.7%)                  
WellPoint, Inc. (a)     130,000       16,608    
Management Services (3.4%)                  
Paychex, Inc.     320,000       9,792    
Medical Instruments & Supplies (4.0%)                  
Zimmer Holdings, Inc. (a)     145,000       11,806    
Personal Services (3.0%)                  
Weight Watchers International, Inc. (a)(b)     210,000       8,768    
Pharmaceuticals (9.8%)                  
Allergan, Inc.     165,000       11,614    
Genentech, Inc. (a)     240,000       17,026    
Retail Trade (3.7%)                  
Staples, Inc.     570,000       10,870    

 

    Shares   Value  
Security & Commodity Brokers (3.0%)                  
Chicago Mercantile Exchange     45,000     $ 8,798    
Transportation & Public Utilities (3.2%)                  
Expeditors International of Washington, Inc. (b)     190,000       9,331    
Trucking & Warehousing (4.5%)                  
United Parcel Service, Inc.–Class B     185,000       13,192    
Variety Stores (3.4%)                  
Wal-Mart Stores, Inc.     210,000       9,899    
Total Common Stocks (cost: $264,672)             291,125    
    Principal   Value  
SECURITY LENDING COLLATERAL (10.8%)                  
Debt (9.3%)                  
Bank Notes (1.3%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 987     $ 987    
2.80%, due 06/09/2005 (c)     247       247    
2.77%, due 07/18/2005 (c)     987       987    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     987       987    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     247
247		       247
247		    
Euro Dollar Overnight (1.6%)                  
Bank of Montreal
2.94%, due 05/04/2005		     740       740    
BNP Paribas
2.80%, due 05/05/2005		     1,021       1,021    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     888
493		       888
493		    
Dexia Group
2.80%, due 05/05/2005		     435       435    
Royal Bank of Canada
2.80%, due 05/04/2005		     1,012       1,012    
Svenska Handlesbanken
2.80%, due 05/06/2005		     163       163    
Euro Dollar Terms (3.8%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     493
1,379		       493
1,379		    
Barclays
3.02%, due 06/27/2005		     879       879    
BNP Paribas
2.93%, due 06/07/2005		     790       790    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Equity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Terms (continued)      
Branch Banker & Trust
2.94%, due 06/06/2005		   $ 211     $ 211    
Calyon
2.93%, due 06/03/2005		     815       815    
Citigroup
2.87%, due 06/06/2005		     1,024       1,024    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     1,010       1,010    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     493       493    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     958
532		       958
532		    
Societe Generale
2.80%, due 05/03/2005		     944       944    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     740
274		       740
274		    
UBS AG
2.81%, due 05/03/2005		     493       493    
Promissory Notes (0.9%)      
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     1,036
1,726		       1,036
1,726		    

 

    Principal   Value  
Repurchase Agreements (1.7%) (d)      
Goldman Sachs Group, Inc. (The)
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $2,221
on 05/02/2005		   $ 2,220     $ 2,220    
Merrill Lynch & Co., Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $2,664
on 05/02/2005		     2,664       2,664    
    Shares   Value  
Investment Companies (1.5%)      
Money Market Funds (1.5%)      
American Beacon Funds
1-day yield of 2.84%		     391,784     $ 392    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     2,319,974       2,320    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     522,067       522    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     954,854       955    
Total Security Lending Collateral (cost: $31,324)             31,324    
Total Investment Securities (cost: $295,996)           $ 322,449    
SUMMARY:      
Investments, at value     110.6 %   $ 322,449    
Liabilities in excess of other assets     (10.6 )%     (30,807 )  
Net assets     100.0 %   $ 291,642    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $30,456.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $4,969, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Equity

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $295,996)
(including securities loaned of $30,456)		   $ 322,449    
Cash     1,217    
Receivables:          
Shares of beneficial interest sold     24    
Interest     9    
Dividends     77    
Other     24    
      323,800    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     194    
Management and advisory fees     157    
Distribution and service fees     121    
Transfer agent fees     138    
Dividends to shareholders     1    
Payable for collateral for securities on loan     31,324    
Other     223    
      32,158    
Net Assets   $ 291,642    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 387,433    
Accumulated net investment income (loss)     (13 )  
Accumulated net realized gain (loss) from
investment securities		     (122,224 )  
Net unrealized appreciation (depreciation) on
investment securities		     26,446    
Net Assets   $ 291,642    
Net Assets by Class:      
Class A   $ 223,827    
Class B     45,812    
Class C     22,003    
Shares Outstanding:      
Class A     29,778    
Class B     6,339    
Class C     3,042    
Net Asset Value Per Share:      
Class A   $ 7.52    
Class B     7.23    
Class C     7.23    
Maximum Offering Price Per Share (a):      
Class A   $ 7.96    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 41    
Dividends     2,229    
Income from loaned securities–net     15    
      2,285    
Expenses:      
Management and advisory fees     1,086    
Transfer agent fees:          
Class A     172    
Class B     148    
Class C     51    
Printing and shareholder reports     113    
Custody fees     17    
Administration fees     27    
Legal fees     7    
Trustees fees     5    
Registration fees:          
Class A     6    
Class C     11    
Distribution and service fees:          
Class A     381    
Class B     243    
Class C     113    
Total expenses     2,380    
Less:          
Reimbursement of class expenses:          
Class B     (74 )  
Class C     (27 )  
Net expenses     2,279    
Net Investment Income (Loss)     6    
Net Realized and Unrealized Gain (Loss)      
Realized gain (loss) from investment securities     2,736    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     2,070    
Net Gain (Loss) on Investments     4,806    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 4,812    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Equity

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 6     $ (1,454 )  
Net realized gain (loss) from
investment securities		     2,736       13,061    
Net unrealized appreciation
(depreciation) on investment
securities		     2,070       (5,046 )  
      4,812       6,561    
Distributions to Shareholders:      
From net realized gains:                  
Class A     (3,512 )     –    
Class B     (861 )     –    
Class C     (391 )     –    
      (4,764 )     –    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     53,708       60,100    
Class B     2,533       3,345    
Class C     2,516       4,567    
Class C2     –       281    
Class M     –       197    
      58,757       68,490    
Proceeds from fund acquisition:                  
Class A     –       62,968    
Class B     –       45,759    
Class C     –       899    
Class C2     –       6,690    
Class M     –       8,963    
      –       125,279    
Dividends and distributions
reinvested:		                  
Class A     3,494       –    
Class B     840       –    
Class C     363       –    
      4,697       –    
Cost of shares redeemed:                  
Class A     (10,127 )     (9,235 )  
Class B     (5,533 )     (5,696 )  
Class C     (2,787 )     (1,786 )  
Class C2     –       (302 )  
Class M     –       (741 )  
      (18,447 )     (17,760 )  
Class level exchanges:                  
Class C     –       16,496    
Class C2     –       (7,469 )  
Class M     –       (9,027 )  
      –       –    
Automatic conversions:                  
Class A     276       327    
Class B     (276 )     (327 )  
      –       –    
      45,007       176,009    
Net increase (decrease) in net assets     45,055       182,570    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Net Assets:      
Beginning of period   $ 246,587     $ 64,017    
End of period   $ 291,642     $ 246,587    
Accumulated Net Investment Income
(Loss)		   $ (13 )   $ (19 )  
Share Activity:      
Shares issued:                  
Class A     6,838       8,273    
Class B     337       475    
Class C     334       650    
Class C2     –       40    
Class M     –       28    
      7,509       9,466    
Shares issued on fund acquisition:                  
Class A     –       8,474    
Class B     –       6,356    
Class C     –       125    
Class C2     –       929    
Class M     –       1,238    
      –       17,122    
Shares issued–reinvested from
distributions:		                  
Class A     433       –    
Class B     108       –    
Class C     47       –    
      588       –    
Shares redeemed:                  
Class A     (1,298 )     (1,268 )  
Class B     (737 )     (809 )  
Class C     (370 )     (254 )  
Class C2     –       (43 )  
Class M     –       (105 )  
      (2,405 )     (2,479 )  
Class level exchanges:                  
Class C     –       2,295    
Class C2     –       (1,035 )  
Class M     –       (1,254 )  
      –       6    
Automatic conversions:                  
Class A     36       34    
Class B     (36 )     (46 )  
      –       (12 )  
Net increase (decrease) in shares
outstanding:		                  
Class A     6,009       15,513    
Class B     (328 )     5,976    
Class C     11       2,816    
Class C2     –       (109 )  
Class M     –       (93 )  
      5,692       24,103    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Equity

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 7.44     $ 0.01     $ 0.20     $ 0.21     $ –     $ (0.13 )   $ (0.13 )   $ 7.52    
    10/31/2004     6.86       (0.07 )     0.65       0.58       –       –       –       7.44    
    10/31/2003     5.52       (0.05 )     1.39       1.34       –       –       –       6.86    
    10/31/2002     6.38       (0.07 )     (0.79 )     (0.86 )     –       –       –       5.52    
    10/31/2001     10.16       (0.10 )     (3.68 )     (3.78 )     –       –       –       6.38    
    10/31/2000     10.00       (0.02 )     0.18       0.16       –       –       –       10.16    
Class B   4/30/2005     7.19       (0.02 )     0.19       0.17       –       (0.13 )     (0.13 )     7.23    
    10/31/2004     6.68       (0.11 )     0.62       0.51       –       –       –       7.19    
    10/31/2003     5.40       (0.09 )     1.37       1.28       –       –       –       6.68    
    10/31/2002     6.29       (0.12 )     (0.77 )     (0.89 )     –       –       –       5.40    
    10/31/2001     10.12       (0.16 )     (3.67 )     (3.83 )     –       –       –       6.29    
    10/31/2000     10.00       (0.06 )     0.18       0.12       –       –       –       10.12    
Class C   4/30/2005     7.20       (0.02 )     0.18       0.16       –       (0.13 )     (0.13 )     7.23    
    10/31/2004     6.68       (0.11 )     0.63       0.52       –       –       –       7.20    
    10/31/2003     5.30       (0.09 )     1.47       1.38       –       –       –       6.68    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     2.72 %   $ 223,827       1.38 %     1.38 %     0.17 %     12 %  
    10/31/2004     8.45       176,851       1.50       1.50       (0.90 )     97    
    10/31/2003     24.28       56,618       1.56       1.56       (0.87 )     55    
    10/31/2002     (13.50 )     25,127       1.74       2.32       (1.19 )     19    
    10/31/2001     (37.20 )     2,750       1.55       2.75       (1.15 )     42    
    10/31/2000     1.60       3,053       1.55       6.10       (1.18 )     13    
Class B   4/30/2005     2.22       45,812       2.18       2.49       (0.50 )     12    
    10/31/2004     7.68       47,928       2.20       2.72       (1.62 )     97    
    10/31/2003     23.70       4,613       2.21       2.21       (1.52 )     55    
    10/31/2002     (14.22 )     2,732       2.39       2.98       (1.84 )     19    
    10/31/2001     (37.78 )     3,070       2.20       3.40       (1.80 )     42    
    10/31/2000     1.17       2,840       2.20       6.75       (1.83 )     13    
Class C   4/30/2005     2.11       22,003       2.18       2.41       (0.52 )     12    
    10/31/2004     7.78       21,808       2.20       2.55       (1.63 )     97    
    10/31/2003     26.04       1,435       2.21       2.21       (1.52 )     55    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the years ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and the period ended 4/30/2005

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Transamerica Equity ("the Fund") commenced operations on March 1, 2000. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Equity

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Equity ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2000.

On May 28, 2004, the Fund acquired all of the net assets of TA IDEX Alger Aggressive Growth pursuant to a plan of reorganization. TA IDEX Transamerica Equity is the accounting survivor. The acquisition was accomplished by a tax free exchange of 17,122 shares of the Fund for 6,508 shares of TA IDEX Alger Aggressive Growth outstanding on May 27, 2004. TA IDEX Alger Aggressive Growth's net assets at that date, $125,279, including $17,570 unrealized appreciation, were combined with those of the Fund. The aggregate net assets of TA IDEX Transamerica Equity immediately before the acquisition was $86,465, the combined net assets of the Fund immediately after the acquisition was $211,744. Proceeds in connection with the acquisition were as follows:

    Shares   Amount  
Proceeds in connection with the acquisition                  
Class A     8,474     $ 62,968    
Class B     6,356       45,759    
Class C     125       899    
Class C2     929       6,690    
Class M     1,238       8,963    
            $ 125,279    

 

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $19 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $7 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to
A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $17. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

the longest will be treated as being redeemed first and shares held the shortest as being redeemed last.

For the six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 7,973       2.73 %  
TA IDEX Asset Allocation–
Growth Portfolio		     57,066       19.57 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     63,942       21.92 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     30,626       10.50 %  
Total   $ 159,607       54.72%    

 

Investment advisory fees: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

From November 1, 2004 to December 31, 2004:

  0.775% of the first $500 million of ANA
0.70% of ANA over $500 million

From January 1, 2005 on:

  0.75% of the first $500 million of ANA
0.70% of ANA over $500 million

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

From November 1, 2004 to December 31, 2004:

  1.20% Expense Limit

From January 1, 2005 on:

  1.175% Expense Limit

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 248    
Retained by Underwriter     11    
Contingent Deferred Sales Charge     44    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $400 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $24. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 69,597    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     34,002    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 74,003     October 31, 2008  
  48,961     October 31, 2009  
  1,153     October 31, 2010  
  92     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 296,472    
Unrealized Appreciation   $ 36,125    
Unrealized (Depreciation)     (10,148 )  
Net Unrealized Appreciation (Depreciation)   $ 25,977    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Equity

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Equity (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment SubAdvisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's competitive investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the SubAdviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over trailing one-, two- and three-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of consistently generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages, and that the Fund's advisory fees had been lowered in the recent past, which will likely lower overall expenses for the benefit of shareholders.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage transactions 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Equity

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Equity

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  25,266,525.685       154,206.111       3,801,473.640    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Equity.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      25,415,764.730       159,020.706       3,647.420.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      25,404,164.283       170,621.153       3,647.420.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      25,415,764.730       159,020.706       3,647.420.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      25,418,693.833       156,091.603       3,647.420.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      25,413,835.411       160,950.025       3,647.420.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      25,391,632.060       183,153.376       3,647.420.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      25,415,371.872       159,413.564       3,647.420.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      25,405,719.046       169,066.390       3,647.420.000    
K. Margin Activities and
Short Selling		  
For		  
Against		  
Abstentions/Broker-Non-Votes		  
      25,399,405.749       175,379.687       3,647.420.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Transamerica Flexible Income

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until
April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 995.00       1.25 %   $ 6.18    
Hypothetical (b)     1,000.00       1,018.60       1.25       6.26    
Class B                                  
Actual     1,000.00       992.20       1.95       9.63    
Hypothetical (b)     1,000.00       1,015.12       1.95       9.74    
Class C                                  
Actual     1,000.00       991.20       2.12       10.47    
Hypothetical (b)     1,000.00       1,014.28       2.12       10.59    
Class I                                  
Actual     1,000.00       996.60       0.85       4.02    
Hypothetical (b)     1,000.00       1,019.67       0.85       4.07    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At April 30, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Flexible Income

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
U.S. GOVERNMENT OBLIGATIONS (18.2%)      
U.S. Treasury Bond
5.38%, due 02/15/2031 (a)		   $ 10,000     $ 11,294    
U.S. Treasury Note
2.50%, due 10/31/2006		     12,800       12,606    
3.38%, due 10/15/2009     17,400       17,051    
3.50%, due 02/15/2010     5,000       4,917    
4.00%, due 02/15/2015 (a)     5,000       4,919    
Total U.S. Government Obligations (cost: $50,619)             50,787    
FOREIGN GOVERNMENT OBLIGATIONS (0.4%)      
Ainsworth Lumber Co., Ltd., Senior Note (b)
6.84%, due 10/01/2010		     1,000       1,015    
Total Foreign Government Obligations (cost: $1,010)             1,015    
MORTGAGE-BACKED SECURITIES (0.4%)      
Gazprom International SA–144A
7.20%, due 02/01/2020		     1,000       1,040    
Total Mortgage-Backed Securities (cost: $1,000)             1,040    
CORPORATE DEBT SECURITIES (64.4%)      
Aerospace (1.0%)      
Bombardier, Inc.–144A
6.75%, due 05/01/2012 (a)		     3,000       2,700    
Agriculture (0.8%)      
Dole Food Co., Inc.
8.63%, due 05/01/2009		     1,200       1,263    
Michael Foods, Inc.
8.00%, due 11/15/2013		     1,000       1,025    
Amusement & Recreation Services (1.8%)      
Boyd Gaming Corp.
6.75%, due 04/15/2014		     2,500       2,462    
Speedway Motorsports, Inc.
6.75%, due 06/01/2013		     500       503    
Station Casinos, Inc.
6.88%, due 03/01/2016		     2,000       2,020    
Beverages (1.4%)      
Cia Brasileira de Bebidas
8.75%, due 09/15/2013		     750       859    
PepsiAmericas, Inc.
3.88%, due 09/12/2007		     3,000       2,981    
Business Credit Institutions (1.5%)      
ChevronTexaco Capital Co.
3.50%, due 09/17/2007		     1,035       1,023    
Ford Motor Credit Co.
7.00%, due 10/01/2013 (a)		     2,500       2,250    

 

    Principal   Value  
Business Credit Institutions (continued)                  
Pemex Finance, Ltd.
9.03%, due 02/15/2011		   $ 850     $ 967    
Chemicals & Allied Products (0.9%)                  
Lubrizol Corp.
5.50%, due 10/01/2014		     2,500       2,542    
Commercial Banks (3.1%)                  
Citizens Banking Corp.
5.75%, due 02/01/2013		     75       78    
Compass Bank, Subordinated Note
5.50%, due 04/01/2020		     3,000       3,087    
Royal Bank of Scotland Group PLC
7.65%, due 08/29/2049 (b)		     2,000       2,481    
US Bank NA
3.75%, due 02/06/2009		     3,000       2,941    
Communication (0.4%)                  
Echostar DBS Corp.
6.38%, due 10/01/2011		     1,000       987    
Communications Equipment (0.5%)                  
Motorola, Inc.
4.61%, due 11/16/2007		     1,250       1,259    
Department Stores (1.9%)                  
JC Penney Co., Inc.
6.88%, due 10/15/2015		     2,000       2,065    
May Department Stores Co. (The)
8.50%, due 06/01/2019		     2,500       3,128    
Electric Services (4.3%)                  
AES Gener SA
7.50%, due 03/25/2014		     2,000       1,969    
DPL, Inc.
8.25%, due 03/01/2007		     2,000       2,120    
Duke Energy Corp.
4.20%, due 10/01/2008		     3,000       2,985    
FPL Group Capital, Inc.
4.09%, due 02/16/2007		     2,000       1,997    
Reliant Energy, Inc.
6.75%, due 12/15/2014		     1,000       885    
Southwestern Public Service Co., Series B
5.13%, due 11/01/2006		     500       508    
Texas Utilities Corp.
6.38%, due 06/15/2006		     1,625       1,662    
Electric, Gas & Sanitary Services (0.0%)                  
Public Service Co. of Colorado, Series A
6.88%, due 07/15/2009		     100       109    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)

(unaudited)

    Principal   Value  
Finance (0.4%)                  
American Real Estate Partners, LP
8.13%, due 06/01/2012		   $ 1,000     $ 1,010    
Food & Kindred Products (1.8%)                  
Burns Philp Capital Property, Ltd./Burns
Philp Capital US, Inc.
9.75%, due 07/15/2012		     2,000       2,180    
ConAgra Foods, Inc.
9.75%, due 03/01/2021		     1,900       2,762    
Food Stores (0.7%)                  
Stater Brothers Holdings, Inc.
8.13%, due 06/15/2012		     2,000       1,860    
Furniture & Fixtures (1.5%)                  
Lear Corp.
7.96%, due 05/15/2005		     4,067       4,072    
Gas Production & Distribution (0.9%)                  
Dynegy Holdings, Inc.–144A
9.88%, due 07/15/2010		     1,000       1,010    
Pacific Energy Partners, LP / Pacific
Energy Finance Corp.
7.13%, due 06/15/2014		     1,500       1,564    
Holding & Other Investment Offices (2.6%)                  
EOP Operating, LP
8.38%, due 03/15/2006		     2,150       2,232    
Hutchison Whampoa International, Ltd.–144A
5.45%, due 11/24/2010		     475       486    
Noble Group, Ltd., Senior Note–144A
6.63%, due 03/17/2015		     2,000       1,783    
Raytheon Co.
3.50%, due 05/15/2006		     5,500       2,827    
Hotels & Other Lodging Places (4.4%)                  
Circus Circus Enterprises, Inc.
7.63%, due 07/15/2013		     2,000       2,065    
Host Marriott, LP
7.13%, due 11/01/2013		     2,000       2,025    
Intrawest Corp.
7.50%, due 10/15/2013		     2,000       1,990    
Starwood Hotels & Resorts, Inc.
6.75%, due 11/15/2005		     4,335       4,346    
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp.–144A
6.63%, due 12/01/2014		     2,000       1,870    
Industrial Machinery & Equipment (0.7%)                  
Case New Holland, Inc.–144A
9.25%, due 08/01/2011		     2,000       2,040    

 

    Principal   Value  
Insurance (1.5%)      
First American Capital Trust I
8.50%, due 04/15/2012		   $ 125     $ 141    
TGT Pipeline LLC–144A
5.50%, due 02/01/2017		     2,800       2,858    
Wellpoint Health Networks, Inc.
6.38%, due 06/15/2006		     1,185       1,215    
Lumber & Wood Products (0.6%)      
Weyerhaeuser Co.
7.38%, due 03/15/2032		     1,500       1,631    
Manufacturing Industries (0.2%)      
Bombardier Recreational Products, Inc.
8.38%, due 12/15/2013		     500       522    
Metal Mining (1.2%)      
Barrick Gold Finance, Inc.
7.50%, due 05/01/2007		     2,000       2,122    
Phelps Dodge Corp.
9.50%, due 06/01/2031		     847       1,286    
Mortgage Bankers & Brokers (2.1%)      
Countrywide Home Loans, Inc.
5.50%, due 08/01/2006		     2,500       2,544    
Crystal US Holdings 3 LLC/Crystal
US Sub 3 Corp., Senior Subordinated Note
9.63%, due 06/15/2014		     1,300       1,433    
Innophos Investments Holdings, Inc.–144A
10.77%, due 02/15/2015 (b)		     1,000       965    
Virgin River Casino Corp.–144A
9.00%, due 01/15/2012		     1,000       1,035    
Motion Pictures (1.3%)      
Time Warner, Inc.
7.63%, due 04/15/2031		     3,000       3,656    
Oil & Gas Extraction (3.7%)      
Chesapeake Energy Corp.
6.88%, due 01/15/2016		     2,000       1,990    
Chesapeake Energy Corp.–144A
6.38%, due 06/15/2015		     1,000       980    
El Paso CGP Co.
7.63%, due 09/01/2008		     2,000       1,985    
Evergreen Resources, Inc.
5.88%, due 03/15/2012		     2,900       2,901    
Husky Oil, Ltd.
8.90%, due 08/15/2028 (c)		     1,420       1,584    
Nexen, Inc.
5.88%, due 03/10/2035		     810       781    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)

(unaudited)

    Principal   Value  
Paper & Allied Products (0.7%)                  
Domtar, Inc.
7.88%, due 10/15/2011		   $ 1,875     $ 2,016    
Personal Credit Institutions (0.4%)                  
Capital One Bank Corp.
8.25%, due 06/15/2005		     1,246       1,253    
Petroleum Refining (3.4%)                  
Amerada Hess Corp.
7.13%, due 03/15/2033		     3,000       3,374    
Enterprise Products Operating, LP, Series B
5.60%, due 10/15/2014		     1,500       1,509    
Premcor Refining Group (The), Inc.
9.25%, due 02/01/2010		     2,500       2,756    
Valero Energy Corp.
7.50%, due 04/15/2032		     1,500       1,772    
Primary Metal Industries (2.5%)                  
Alcoa, Inc.
4.25%, due 08/15/2007		     2,750       2,754    
Noranda, Inc.
6.00%, due 10/15/2015		     2,000       2,026    
Novelis, Inc.–144A
7.25%, due 02/15/2015		     1,000       967    
Phelps Dodge Corp.
8.75%, due 06/01/2011		     1,000       1,201    
Printing & Publishing (2.2%)                  
News America Holdings, Inc.
7.75%, due 12/01/2045		     2,700       3,225    
Viacom, Inc.
7.75%, due 06/01/2005		     3,000       3,009    
Radio & Television Broadcasting (2.0%)                  
Chancellor Media Corp.
8.00%, due 11/01/2008		     3,275       3,538    
Grupo Televisa SA, Senior Note–144A
6.63%, due 03/18/2025		     2,000       1,960    
Residential Building Construction (0.8%)                  
Ryland Group, Inc.
9.75%, due 09/01/2010		     2,000       2,137    
Restaurants (1.8%)                  
Brinker International, Inc.
5.75%, due 06/01/2014		     3,000       3,151    
Landry's Restaurants, Inc.–144A
7.50%, due 12/15/2014		     2,000       1,860    
Yum! Brands, Inc.
7.70%, due 07/01/2012		     85       100    

 

    Principal   Value  
Savings Institutions (0.7%)      
Washington Mutual Bank NA
5.13%, due 01/15/2015		   $ 2,000     $ 1,991    
Security & Commodity Brokers (1.6%)      
American Real Estate Partners, LP/American
Real Estate Finance Corp.–144A
7.13%, due 02/15/2013		     1,000       967    
E*Trade Financial Corp.
8.00%, due 06/15/2011		     1,500       1,537    
Goldman Sachs Group, Inc.
6.35%, due 02/15/2034		     1,975       2,068    
Stone, Clay & Glass Products (0.3%)      
Owens-Brockway Glass Container–144A
6.75%, due 12/01/2014		     1,000       975    
Telecommunications (4.2%)      
America Movil SA de CV
5.50%, due 03/01/2014		     3,000       2,924    
Cincinnati Bell, Inc.
8.38%, due 01/15/2014 (a)		     725       691    
MCI, Inc.
5.91%, due 05/01/2007		     1,500       1,523    
Mountain States Telephone & Telegraph
7.38%, due 05/01/2030		     1,000       860    
Northwestern Bell Telephone
7.75%, due 05/01/2030		     1,235       1,093    
Qwest Corp.–144A
7.88%, due 09/01/2011		     1,000       1,015    
Rogers Wireless Communications, Inc.
6.14%, due 12/15/2010 (b)		     1,000       1,028    
Sprint Capital Corp.
7.13%, due 01/30/2006		     2,500       2,554    
Transportation & Public Utilities (0.4%)      
Plains All American Pipeline Co.
5.63%, due 12/15/2013		     1,100       1,137    
Water Transportation (0.8%)      
Royal Caribbean Cruises, Ltd.
8.75%, due 02/02/2011		     2,000       2,240    
Wholesale Trade Nondurable Goods (1.4%)      
Domino's, Inc.
8.25%, due 07/01/2011		     1,750       1,829    
Unilever Capital Corp.
6.88%, due 11/01/2005		     2,000       2,033    
Total Corporate Debt Securities (cost: $183,863)             179,680    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)

(unaudited)

    Principal   Value  
CONVERTIBLE BONDS (2.5%)                  
Aerospace (0.3%)                  
Armor Holdings, Inc.
2.00%, due 11/01/2024 (d)		   $ 1,000     $ 902    
Communications Equipment (0.3%)                  
Inmarsat Finance PLC
0.00%, due 11/15/2012 (e)		     1,000       740    
Computer & Data Processing Services (0.3%)                  
Overstock.com, Inc.
3.75%, due 12/01/2011 (a)		     1,000       821    
Computer & Office Equipment (0.3%)                  
Scientific Games Corp.–144A
0.75%, due 12/01/2024		     1,000       920    
Electronic Components & Accessories (0.5%)                  
Pixelworks, Inc.
1.75%, due 05/15/2024		     2,000       1,425    
Entertainment (0.5%)                  
International Game Technology
Zero Coupon, due 01/29/2033		     2,000       1,280    
Retail Trade (0.3%)                  
Dick's Sporting Goods, Inc.–144A
1.61%, due 02/18/2024 (f)		     1,500       986    
Total Convertible Bonds (cost: $8,494)             7,074    
    Shares   Value  
CONVERTIBLE PREFERRED STOCKS (0.1%)                  
Business Credit Institutions (0.1%)                  
Sovereign Capital Trust II (g)     9,500     $ 422    
Total Convertible Preferred Stocks (cost: $475)             422    
PREFERRED STOCKS (2.3%)                  
Holding & Other Investment Offices (1.0%)                  
Host Marriott Corp. REIT      100,000       2,710    
Saul Centers, Inc.     1,850       47    
Telecommunications (1.3%)                  
Centaur Funding Corp.–144A (g)     2,750       3,711    
Total Preferred Stocks (cost: $6,411)             6,468    
COMMON STOCKS (0.0%)                  
Telecommunications (0.0%)                  
Versatel Telecom International NV Warrants,
Expires 5/15/2008 (g)		     75       – (h)  
Total Common Stocks (cost: $1)             –    

 

    Principal   Value  
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (2.9%)      
U.S. Treasury Bill                  
2.74%, due 06/30/2005   $ 8,000     $ 7,963    
Total Short-Term U.S. Government
Obligations (cost: $7,963)		             7,963    
SECURITY LENDING COLLATERAL (8.2%)      
Debt (7.1%)      
Bank Notes (1.0%)      
Bank of America
2.82%, due 05/16/2005 722 722
2.80%, due 06/09/2005 (b) 181 181
2.77%, due 07/18/2005 (b)		     723       723    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (b)		     723       723    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (b) 181 181
3.06%, due 03/10/2006 (b)		     181       181    
Euro Dollar Overnight (1.2%)      
Bank of Montreal
2.94%, due 05/04/2005		     542       542    
BNP Paribas
2.80%, due 05/05/2005		     748       748    
Den Danske Bank
2.93%, due 05/02/2005 650 650
2.80%, due 05/06/2005		     361       361    
Dexia Group
2.80%, due 05/05/2005		     319       319    
Royal Bank of Canada
2.80%, due 05/04/2005		     741       741    
Svenska Handlesbanken
2.80%, due 05/06/2005		     119       119    
Euro Dollar Terms (2.9%)      
Bank of Nova Scotia
2.88%, due 05/11/2005 361 361
3.01%, due 05/31/2005		     1,010       1,010    
Barclays
3.02%, due 06/27/2005		     644       644    
BNP Paribas
2.93%, due 06/07/2005		     578       578    
Branch Banker & Trust
2.94%, due 06/06/2005		     154       154    
Calyon
2.93%, due 06/03/2005		     597       597    
Citigroup
2.87%, due 06/06/2005		     750       750    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     740       740    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)

(unaudited)

Principal   Value  

 

    Shares   Value  
Investment Companies (1.1%)                  
Money Market Funds (1.1%)      
American Beacon Funds
1-day yield of 2.84%		     286,921     $ 287    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     1,699,020       1,699    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     382,333       382    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (j)		     699,282       699    
Total Security Lending Collateral (cost: $22,940)             22,940    
Total Investment Securities (cost: $282,776)           $ 277,389    
SUMMARY:                  
Investments, at value     99.4 %   $ 277,389    
Other assets in excess of liabilities     0.6 %     1,560    
Net assets     100.0 %   $ 278,949    

 

Euro Dollar Terms (continued)      
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		   $ 361     $ 361    
Royal Bank of Scotland
2.94%, due 06/07/2005 702 702
2.95%, due 06/10/2005		     390       390    
Societe Generale
2.80%, due 05/03/2005		     691       691    
Toronto Dominion Bank
2.75%, due 05/09/2005 542 542
3.01%, due 06/24/2005		     201       201    
UBS AG
2.81%, due 05/03/2005		     361       361    
Promissory Notes (0.7%)      
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005 759 759
3.01%, due 07/27/2005		     1,264       1,264    
Repurchase Agreements (1.3%) (i)      
Goldman Sachs Group, Inc. (The)
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $1,626
on 05/02/2005		     1,626       1,626    
Merrill Lynch & Co., Inc.
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $1,951
on 05/02/2005		     1,951       1,951    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $22,458.

(b)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(c)  Husky Oil, Ltd. has a fixed coupon rate of 8.90% until 8/15/2008, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 550BP, if not called.

(d)  Securities are stepbonds. Armor Holding, Inc. has a coupon rate of 2.00% until 11/01/2011, thereafter the coupon rate will be 0.00%.

(e)  Securities are stepbonds. Inmarsat Finance PLC has a coupon rate of 0.00% until 11/15/2008, thereafter the coupon rate will be 10.38%.

(f)  Securities are stepbonds. Dick's Sporting Goods, Inc.–144A has a coupon rate of 1.61% until 02/18/2009, thereafter the coupon rate will be 0.00%.

(g)  No dividends were paid during the preceding twelve months.

(h)  Value is less than $1.

(i)  Cash collateral for the Repurchase Agreements, valued at $3,639, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(j)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $30,128 or 10.8% of the net assets of the Fund.

REIT  Real Estate Investment Trust

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Flexible Income

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $282,776)
(including securities loaned of $22,458)		   $ 277,389    
Cash     19,881    
Receivables:          
Investment securities sold     3,739    
Shares of beneficial interest sold     604    
Interest     3,719    
Other     81    
      305,413    
Liabilities:      
Investment securities purchased     3,060    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     130    
Management and advisory fees     165    
Transfer agent fees     46    
Distribution and service fees     82    
Payable for collateral for securities on loan     22,940    
Other     41    
      26,464    
Net Assets   $ 278,949    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 283,609    
Undistributed net investment income (loss)     417    
Undistributed net realized gain (loss) from investment 
securities		     314    
Net unrealized appreciation (depreciation) on
investment securities		     (5,391 )  
Net Assets   $ 278,949    
Net Assets by Class:      
Class A   $ 131,561    
Class B     38,204    
Class C     15,431    
Class I     93,753    
Shares Outstanding:      
Class A     13,931    
Class B     4,044    
Class C     1,637    
Class I     9,886    
Net Asset Value Per Share:      
Class A   $ 9.44    
Class B     9.45    
Class C     9.43    
Class I     9.48    
Maximum Offering Price Per Share (a):      
Class A   $ 9.91    

 

(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.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 6,176    
Dividends     193    
Income from loaned securities–net     44    
      6,413    
Expenses:      
Management and advisory fees     902    
Transfer agent fees:          
Class A     21    
Class B     21    
Class C     15    
Class I     1    
Printing and shareholder reports     24    
Custody fees     11    
Administration fees     21    
Legal fees     4    
Audit fees     6    
Trustees fees     3    
Registration fees:          
Class A     8    
Class B     3    
Class C     10    
Distribution and service fees:          
Class A     193    
Class B     209    
Class C     87    
Total expenses     1,539    
Net Investment Income (Loss)     4,874    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment securities     314    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (6,818 )  
Net Gain (Loss) on Investments     (6,504 )  
Net Increase (Decrease) in Net Assets Resulting 
from Operations		   $ (1,630 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Flexible Income

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 4,874     $ 6,454    
Net realized gain (loss) from
investment securities		     314       6,618    
Net unrealized appreciation
(depreciation) on investment
securities		     (6,818 )     (4,963 )  
      (1,630 )     8,109    
Distributions to Shareholders:      
From net investment income:                  
Class A     (2,215 )     (3,599 )  
Class B     (685 )     (1,963 )  
Class C     (287 )     (364 )  
Class C2     –       (212 )  
Class M     –       (348 )  
Class I     (1,265 )     –    
      (4,452 )     (6,486 )  
From net realized gains:                  
Class A     –       (5,266 )  
Class B     –       (3,484 )  
Class C     –       (374 )  
Class C2     –       (586 )  
Class M     –       (655 )  
      –       (10,365 )  
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     56,179       7,550    
Class B     911       4,072    
Class C     802       1,036    
Class C2     –       679    
Class M     –       218    
Class I     94,231       –    
      152,123       13,555    
Dividends and distributions
reinvested:		                  
Class A     2,151       8,515    
Class B     547       4,363    
Class C     233       537    
Class C2     –       629    
Class M     –       931    
Class I     1,265       –    
      4,196       14,975    
Cost of shares redeemed:                  
Class A     (4,040 )     (19,408 )  
Class B     (7,603 )     (29,607 )  
Class C     (4,859 )     (6,101 )  
Class C2     –       (7,240 )  
Class M     –       (4,561 )  
Class I     –       –    
      (16,502 )     (66,917 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Class level exchanges:                  
Class C   $ –     $ 15,979    
Class C2     –       (7,462 )  
Class M     –       (8,517 )  
      –       –    
      139,817       (38,387 )  
Net increase (decrease) in net assets     133,735       (47,129 )  
Net Assets:      
Beginning of period     145,214       192,343    
End of period   $ 278,949     $ 145,214    
Undistributed Net Investment Income
(Loss)		   $ 417     $ (5 )  
Share Activity:      
Shares issued:                  
Class A     5,842       761    
Class B     94       411    
Class C     83       107    
Class C2     –       68    
Class M     –       22    
Class I     9,754       –    
      15,773       1,369    
Shares issued–reinvested from
distributions:		                  
Class A     224       889    
Class B     57       455    
Class C     24       56    
Class C2     –       65    
Class M     –       98    
Class I     132       –    
      437       1,563    
Shares redeemed:                  
Class A     (421 )     (1,972 )  
Class B     (791 )     (2,995 )  
Class C     (506 )     (622 )  
Class C2     –       (718 )  
Class M     –       (464 )  
      (1,718 )     (6,771 )  
Class level exchanges:                  
Class C     –       1,693    
Class C2     –       (806 )  
Class M     –       (887 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     5,645       (322 )  
Class B     (640 )     (2,129 )  
Class C     (399 )     1,234    
Class C2     –       (1,391 )  
Class M     –       (1,231 )  
Class I     9,886       –    
      14,492       (3,839 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Flexible Income

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 9.68     $ 0.21     $ (0.26 )   $ (0.05 )   $ (0.19 )   $ –     $ (0.19 )   $ 9.44    
    10/31/2004     10.21       0.41       0.11       0.52       (0.42 )     (0.63 )     (1.05 )     9.68    
    10/31/2003     9.94       0.36       0.27       0.63       (0.36 )     –       (0.36 )     10.21    
    10/31/2002     9.99       0.40       0.02       0.42       (0.41 )     (0.06 )     (0.47 )     9.94    
    10/31/2001     9.26       0.47       0.71       1.18       (0.45 )     –       (0.45 )     9.99    
    10/31/2000     9.46       0.57       (0.19 )     0.38       (0.58 )     –       (0.58 )     9.26    
Class B   4/30/2005     9.68       0.17       (0.24 )     (0.07 )     (0.16 )     –       (0.16 )     9.45    
    10/31/2004     10.20       0.35       0.12       0.47       (0.36 )     (0.63 )     (0.99 )     9.68    
    10/31/2003     9.94       0.30       0.25       0.55       (0.29 )     –       (0.29 )     10.20    
    10/31/2002     9.99       0.34       0.02       0.36       (0.35 )     (0.06 )     (0.41 )     9.94    
    10/31/2001     9.26       0.37       0.74       1.11       (0.38 )     –       (0.38 )     9.99    
    10/31/2000     9.46       0.51       (0.19 )     0.32       (0.52 )     –       (0.52 )     9.26    
Class C   4/30/2005     9.67       0.16       (0.24 )     (0.08 )     (0.16 )     –       (0.16 )     9.43    
    10/31/2004     10.20       0.36       0.10       0.46       (0.36 )     (0.63 )     (0.99 )     9.67    
    10/31/2003     9.98       0.29       0.22       0.51       (0.29 )     –       (0.29 )     10.20    
Class I   4/30/2005     9.68       0.21       (0.24 )     (0.03 )     (0.17 )     –       (0.17 )     9.48    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (0.50 )%   $ 131,561       1.25 %     1.25 %     4.31 %     16 %  
    10/31/2004     5.72       80,201       1.43       1.43       4.25       169    
    10/31/2003     6.39       87,898       1.49       1.50       3.56       164    
    10/31/2002     4.45       61,815       1.62       1.65       4.23       245    
    10/31/2001     13.14       29,600       1.68       1.70       4.84       315    
    10/31/2000     4.10       16,530       1.84       1.87       6.17       166    
Class B   4/30/2005     (0.78 )     38,204       1.95       1.95       3.61       16    
    10/31/2004     5.13       45,338       2.03       2.03       3.61       169    
    10/31/2003     5.59       69,502       2.14       2.15       2.91       164    
    10/31/2002     3.83       67,220       2.27       2.30       3.58       245    
    10/31/2001     12.28       40,435       2.33       2.35       4.19       315    
    10/31/2000     3.46       14,008       2.49       2.51       5.52       166    
Class C   4/30/2005     (0.88 )     15,431       2.12       2.12       3.44       16    
    10/31/2004     5.02       19,675       2.10       2.10       3.74       169    
    10/31/2003     5.16       8,178       2.14       2.15       2.91       164    
Class I   4/30/2005     (0.34 )     93,753       0.85       0.85       4.71       16    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the years ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and the period ended 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before waivers and reimbursements by the investment adviser.

(g)  The inception date for the Fund's offering of share classes are as follows:

Class C – November 11, 2002
    Class I – November 8, 2004

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Flexible Income ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on June 29, 1987.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers four classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $19 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost 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.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

investments in securities denominated in foreign currencies. 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 closed 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.

There were no open forward foreign currency contracts at April 30, 2005.

Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

There were no open futures contracts at April 30, 2005.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a/ AEGON/Transamerica Series Fund, Inc.) assets allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 21,660       7.76 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     39,555       14.18 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     45,956       16.47 %  
Asset Allocation–Conservative Portfolio     47,936       17.18 %  
Asset Allocation–
Moderate Growth Portfolio		     28,982       10.39 %  
Asset Allocation–Moderate Portfolio     16,548       5.93 %  
Total   $ 200,637       71.91 %  

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Investment advisory fees: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $100 million of ANA
0.775% of the next $150 million of ANA
0.675% of ANA over $250 million

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

1.50% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  
Class I     n/a    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 74    
Retained by Underwriter     5    
Contingent Deferred Sales Charge     68    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $85 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $13. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 84,570    
U.S. Government     58,006    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     24,705    
U.S. Government     8,290    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. 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, foreign currency transactions and capital loss carryforwards.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.–(continued)

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 282,787    
Unrealized Appreciation   $ 1,964    
Unrealized (Depreciation)     (7,362 )  
Net Unrealized Appreciation (Depreciation)   $ (5,398 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX Transamerica Flexible Income

INVESTMENT ADVISORY AGREEMENT - REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Flexible Income (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI"). In approving the renewal of this agreement, the Board concluded that the Investment Advisory Agreement enables shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI is capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, and TFAI's management oversight process. The Board also concluded that TFAI would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's obligations will remain the same in all respects.

The investment performance of the Fund. The Board reviewed the Fund's investment performance since the Fund's sub-adviser, Transamerica Investment Management, LLC (the "Sub-Adviser") was appointed to manage the Fund pursuant to a vote of the Fund's shareholders on February 25, 2004. The Trustees concluded that the performance of the new Sub-Adviser was acceptable, although they would closely monitor the Fund's investment performance in light of the Fund's investment objective, policies and strategies and the Fund's historical below-average performance relative to certain comparable investment companies to verify that the Fund achieves an acceptable level of performance following the change of Sub-Adviser.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the recent reorganization of the Fund and the Fund's portfolio, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund and TFAI. In this regard, the Board noted that the Fund was recently reorganized, a new sub-adviser was appointed to manage the Fund's portfolio, and that such reorganization of the Fund and its portfolio may have increased the Fund's overall expense ratio on a short term basis.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI in the future.

Benefits (such as soft dollars) to TFAI from its relationship with the Fund. The Board concluded that other benefits derived by TFAI from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX Transamerica Flexible Income

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Flexible Income

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  10,484,614.246       64,789.250       4,255,809.074    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Flexible Income.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      10,620,616.300       74,337.270       4,110,259.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      10,612,061.324       86,378.246       4,106,773.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      10,623,564.011       74,875.559       4,106,773.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      10,625,069.802       73,369.768       4,106,773.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      10,619,304.172       75,649.398       4,110,259.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      10,620,290.543       74,663.027       4,110,259.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      10,618,531.426       76,422.144       4,110,259.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      10,609,265.441       85,688.129       4,110,259.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

16


TA IDEX Transamerica Growth Opportunities

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 984.90       1.41 %   $ 6.94    
Hypothetical (b)     1,000.00       1,017.80       1.41       7.05    
Class B      
Actual     1,000.00       979.60       2.27       11.14    
Hypothetical (b)     1,000.00       1,013.54       2.27       11.33    
Class B      
Actual     1,000.00       979.60       2.37       11.63    
Hypothetical (b)     1,000.00       1,013.04       2.37       11.83    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (98.4%)                  
Apparel & Accessory Stores (0.1%)                  
Ross Stores, Inc.     9,600     $ 256    
Automotive Dealers & Service Stations (0.3%)                  
O'Reilly Automotive, Inc. (a)(b)     17,500       898    
Communication (4.1%)                  
Global Payments, Inc. (b)     197,000       12,758    
Computer & Data Processing Services (19.5%)                  
GTECH Holdings Corp.     780,000       19,087    
McAfee, Inc. (a)(b)     290,000       6,064    
NAVTEQ Corp. (a)     170,000       6,191    
RealNetworks, Inc. (a)(b)     3,243,950       19,983    
SkillSoft PLC, ADR (a)     2,554,800       9,964    
Computer & Office Equipment (4.8%)                  
CDW Corp. (b)     13,900       760    
Sandisk Corp. (a)     550,000       13,035    
Symbol Technologies, Inc.     11,300       151    
Zebra Technologies Corp.–Class A (a)     25,425       1,214    
Electronic & Other Electric Equipment (2.8%)                  
Gemstar–TV Guide International, Inc. (a)     2,320,000       8,932    
Environmental Services (0.2%)                  
Stericycle, Inc. (a)     15,300       745    
Furniture & Home Furnishings Stores (4.4%)                  
Tuesday Morning Corp. (a)(b)     530,000       13,918    
Health Services (0.2%)                  
Lincare Holdings, Inc. (a)     10,900       465    
Industrial Machinery & Equipment (3.0%)                  
Graco, Inc.     275,000       9,287    
Management Services (5.2%)                  
ServiceMaster Co. (The)     1,275,000       16,358    
Medical Instruments & Supplies (6.3%)                  
DENTSPLY International, Inc.     15,200       831    
Integra LifeSciences Holdings Corp. (a)     5,500       195    
Resmed, Inc. (a)(b)     15,500       963    
Techne Corp. (a)(b)     400,000       16,712    
Varian Medical Systems, Inc. (a)     31,000       1,046    
Paperboard Containers & Boxes (4.4%)                  
Packaging Corp. of America (b)     612,400       13,712    
Personal Credit Institutions (4.4%)                  
Financial Federal Corp. (b)     392,100       13,841    
Personal Services (8.6%)                  
Jackson Hewitt Tax Service, Inc.     580,000       10,684    
Weight Watchers International, Inc. (a)(b)     395,000       16,491    

 

    Shares   Value  
Pharmaceuticals (0.3%)                  
Henry Schein, Inc. (a)     23,000     $ 863    
Restaurants (5.7%)                  
IHOP Corp.     440,000       17,996    
Retail Trade (2.8%)                  
Blue Nile, Inc. (a)(b)     350,000       8,809    
Security & Commodity Brokers (5.1%)                  
BlackRock, Inc.–Class A     215,000       16,116    
Stone, Clay & Glass Products (5.4%)                  
Gentex Corp. (b)     525,000       17,041    
Transportation & Public Utilities (10.8%)                  
CH Robinson Worldwide, Inc.     340,000       17,544    
Expeditors International of Washington, Inc.     335,000       16,452    
Total Common Stocks (cost: $269,910)             309,362    
    Principal   Value  
SECURITY LENDING COLLATERAL (22.7%)                  
Debt (19.7%)                  
Bank Notes (2.7%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 2,246     $ 2,246    
2.80%, due 06/09/2005 (c)     562       562    
2.77%, due 07/18/2005 (c)     2,246       2,246    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     2,246       2,246    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     561
561		       561
561		    
Euro Dollar Overnight (3.5%)                  
Bank of Montreal
2.94%, due 05/04/2005		     1,684       1,684    
BNP Paribas
2.80%, due 05/05/2005		     2,325       2,325    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     2,021
1,123		       2,021
1,123		    
Dexia Group
2.80%, due 05/05/2005		     992       992    
Royal Bank of Canada
2.80%, due 05/04/2005		     2,305       2,305    
Svenska Handlesbanken
2.80%, due 05/06/2005		     370       370    
Euro Dollar Terms (8.0%)                  
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     1,123
3,140		       1,123
3,140		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Terms (continued)      
Barclays
3.02%, due 06/27/2005		   $ 2,001     $ 2,001    
BNP Paribas
2.93%, due 06/07/2005		     1,797       1,797    
Branch Banker & Trust
2.94%, due 06/06/2005		     480       480    
Calyon
2.93%, due 06/03/2005		     1,855       1,855    
Citigroup
2.87%, due 06/06/2005		     2,332       2,332    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     2,300       2,300    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     1,123       1,123    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     2,182
1,212		       2,182
1,212		    
Societe Generale
2.80%, due 05/03/2005		     2,148       2,148    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     1,684
624		       1,684
624		    
UBS AG
2.81%, due 05/03/2005		     1,123       1,123    
Promissory Notes (2.0%)      
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     2,358
3,930		       2,358
3,930		    

 

    Principal   Value  
Repurchase Agreements (3.5%) (d)      
Goldman Sachs Group, Inc.
                 
3.04% Repurchase Agreement dated
                 
04/29/2005 to be repurchased at $5,054
                 
on 05/02/2005   $ 5,053     $ 5,053    
Merrill Lynch & Co. Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $6,065
on 05/02/2005		     6,064       6,064    
    Shares   Value  
Investment Companies (3.0%)      
Money Market Funds (3.0%)      
American Beacon Funds
1-day yield of 2.84%		     891,855     $ 892    
BGI Institutional
Money Market Fund
1-day yield of 2.93%		     5,281,172       5,281    
Merrill Lynch Premier
Institutional Fund
1-day yield of 2.65%		     1,188,431       1,188    
Merrimac Cash Fund,
Premium Class
1-day yield of 2.74% (e)		     2,173,623       2,174    
Total Security Lending Collateral (cost: $71,306)             71,306    
Total Investment Securities (cost: $341,216)           $ 380,668    
SUMMARY:      
Investments, at value     121.1 %   $ 380,668    
Liabilities in excess of other assets     (21.1 )%     (66,206 )  
Net assets     100.0 %   $ 314,462    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $68,666.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $11,311, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Growth Opportunities

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $341,216)
(including securities loaned of $68,666)		   $ 380,668    
Cash     5,726    
Receivables:          
Investment securities sold     117    
Shares of beneficial interest sold     28    
Interest     50    
Dividends     251    
Other     15    
      386,855    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     267    
Management and advisory fees     344    
Distribution and service fees     145    
Transfer agent fees     230    
Payable for collateral for securities on loan     71,306    
Other     101    
      72,393    
Net Assets   $ 314,462    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		     596,279    
Accumulated net investment income (loss)     (1,205 )  
Accumulated net realized gain (loss) from
investment securities		     (320,060 )  
Net unrealized appreciation (depreciation) on
investment securities		     39,448    
Net Assets   $ 314,462    
Net Assets by Class:      
Class A   $ 219,836    
Class B     69,768    
Class C     24,858    
Shares Outstanding:      
Class A     33,790    
Class B     11,184    
Class C     3,981    
Net Asset Value Per Share:      
Class A   $ 6.51    
Class B     6.24    
Class C     6.24    
Maximum Offering Price Per Share (a):      
Class A   $ 6.89    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 56    
Dividends     1,567    
Income from loaned securities–net     51    
      1,674    
Expenses:      
Management and advisory fees     1,363    
Transfer agent fees:          
Class A     197    
Class B     112    
Class C     70    
Printing and shareholder reports     107    
Custody fees     19    
Administration fees     31    
Legal fees     9    
Trustees fees     8    
Registration fees:          
Class A     8    
Class C     8    
Distribution and service fees:          
Class A     411    
Class B     387    
Class C     138    
Total expenses     2,868    
Reimbursement of class expenses:          
Class C     (7 )  
Net expenses     2,861    
Net Investment Income (Loss)     (1,187 )  
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment in securities     5,927    
Increase (decrease) in unrealized appreciation
(depreciation) on investment in securities		     (9,788 )  
Net Gain (Loss) on Investment Securities     (3,861 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ (5,048 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Growth Opportunities

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:                  
Operations:                  
Net investment income (loss)   $ (1,187 )   $ (2,185 )  
Net realized gain (loss) from
investment securities		     5,927       27,965    
Net unrealized appreciation
(depreciation) on investment
securities		     (9,788 )     (220 )  
      (5,048 )     25,560    
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     3,409       70,124    
Class B     3,071       5,768    
Class C     1,669       2,253    
Class C2     –       800    
Class M     –       482    
      8,149       79,427    
Proceeds from fund acquisition:                  
Class A     –       18,269    
Class B     –       28,710    
Class C     –       783    
Class C2     –       5,594    
Class M     –       3,540    
      –       56,896    
Cost of shares redeemed:                  
Class A     (11,019 )     (23,471 )  
Class B     (9,743 )     (14,231 )  
Class C     (4,482 )     (2,369 )  
Class C2     –       (2,125 )  
Class M     –       (2,585 )  
      (25,244 )     (44,781 )  
Class level exchanges:                  
Class C     –       26,644    
Class C2     –       (14,565 )  
Class M     –       (12,079 )  
      –       –    
Automatic conversions:                  
Class A     208       268    
Class B     (208 )     (268 )  
      –       –    
      (17,095 )     91,542    
Net increase (decrease) in net assets     (22,143 )     117,102    
Net Assets:                  
Beginning of period     336,605       219,503    
End of period   $ 314,462     $ 336,605    
Undistributed Net Investment Income
(Loss)		   $ (1,207 )   $ (18 )  

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Share Activity:      
Shares issued:                  
Class A     497       10,916    
Class B     464       921    
Class C     251       363    
Class C2     –       129    
Class M     –       77    
      1,212       12,406    
Shares issued on fund acquisition:                  
Class A     –       2,818    
Class B     –       4,571    
Class C     –       125    
Class C2     –       891    
Class M     –       561    
      –       8,966    
Shares redeemed:                  
Class A     (1,608 )     (3,649 )  
Class B     (1,477 )     (2,289 )  
Class C     (676 )     (377 )  
Class C2     –       (343 )  
Class M     –       (415 )  
      (3,761 )     (7,073 )  
Class level exchanges:                  
Class C     –       4,213    
Class C2     –       (2,335 )  
Class M     –       (1,874 )  
      –       4    
Automatic conversions:                  
Class A     30       33    
Class B     (31 )     (43 )  
      (1 )     (10 )  
Net increase (decrease) in shares
outstanding:		                  
Class A     (1,081 )     10,118    
Class B     (1,044 )     3,160    
Class C     (425 )     4,324    
Class C2     –       (1,658 )  
Class M     –       (1,651 )  
      (2,550 )     14,293    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Growth Opportunities

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 6.61     $ (0.01 )   $ (0.09 )   $ (0.10 )   $ –     $ –     $ –     $ 6.51    
    10/31/2004     5.95       (0.03 )     0.69       0.66       –       –       –       6.61    
    10/31/2003     4.81       (0.06 )     1.20       1.14       –       –       –       5.95    
    10/31/2002     4.81       (0.06 )     0.06       –       –       –       –       4.81    
    10/31/2001     8.70       (0.07 )     (3.82 )     (3.89 )     –       –       –       4.81    
    10/31/2000     10.00       (0.02 )     (1.28 )     (1.30 )     –       –       –       8.70    
Class B   4/30/2005     6.37       (0.04 )     (0.09 )     (0.13 )     –       –       –       6.24    
    10/31/2004     5.79       (0.09 )     0.67       0.58       –       –       –       6.37    
    10/31/2003     4.70       (0.09 )     1.18       1.09       –       –       –       5.79    
    10/31/2002     4.73       (0.11 )     0.08       (0.03 )     –       –       –       4.70    
    10/31/2001     8.66       (0.10 )     (3.83 )     (3.93 )     –       –       –       4.73    
    10/31/2000     10.00       (0.06 )     (1.28 )     (1.34 )     –       –       –       8.66    
Class C   4/30/2005     6.38       (0.05 )     (0.09 )     (0.14 )     –       –       –       6.24    
    10/31/2004     5.79       (0.10 )     0.69       0.59       –       –       –       6.38    
    10/31/2003     4.62       (0.09 )     1.26       1.17       –       –       –       5.79    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (1.51 )%   $ 219,836       1.41 %     1.41 %     (0.42 )%     7 %  
    10/31/2004     11.09       230,633       1.43       1.43       (0.47 )     43    
    10/31/2003     23.70       147,340       1.75       2.21       (1.11 )     97    
    10/31/2002     0.05       12,687       1.74       2.53       (1.35 )     32    
    10/31/2001     (44.76 )     3,807       1.55       2.83       (1.11 )     59    
    10/31/2000     (12.96 )     3,726       1.55       4.54       (1.23 )     19    
Class B   4/30/2005     (2.04 )     69,768       2.27       2.27       (1.29 )     7    
    10/31/2004     10.02       77,869       2.40       2.64       (1.44 )     43    
    10/31/2003     23.19       52,492       2.41       2.87       (1.76 )     97    
    10/31/2002     (0.70 )     5,897       2.39       3.18       (2.00 )     32    
    10/31/2001     (45.35 )     4,513       2.20       3.48       (1.76 )     59    
    10/31/2000     (13.39 )     4,366       2.20       5.19       (1.88 )     19    
Class C   4/30/2005     (2.04 )     24,858       2.37       2.42       (1.39 )     7    
    10/31/2004     10.19       28,103       2.40       2.65       (1.58 )     43    
    10/31/2003     25.32       483       2.42       2.89       (1.78 )     97    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004, and 4/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any, and includes the recapture of waived expenses. (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser and recapture of previously waived expense.

(g)  TA IDEX Transamerica Growth Opportunities ("the Fund") commenced operations on March 1, 2000. The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Growth Opportunities ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2000.

On May 28, 2004, the Fund acquired all of the net assets of TA IDEX PBHG Mid Cap Growth pursuant to a plan of reorganization. TA IDEX Transamerica Growth Opportunities is the accounting survivor. The acquisition was accomplished by a tax free exchange of 8,966 shares of the Fund for 6,421 shares of TA IDEX PBHG Mid Cap Growth outstanding on May 27, 2004. TA IDEX PBHG Mid Cap Growth's net assets at that date, $56,896, including $10,809 unrealized appreciation, were combined with those of the Fund. The aggregate net assets of TA IDEX Transamerica Growth Opportunities immediately before the acquisition was $275,349, the combined net assets of the Fund immediately after the acquisition was $332,245. Proceeds in connection with the acquisition were as follows:

    Shares   Amount  
Proceeds in connection with the acquisition                  
Class A     2,818     $ 18,269    
Class B     4,571       28,710    
Class C     125       783    
Class C2     891       5,594    
Class M     561       3,540    
            $ 56,896    

 

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $10 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $26 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $9. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation –
Conservative Portfolio		   $ 5,975       1.90 %  
TA IDEX Asset Allocation – 
Growth Portfolio		     47,760       15.19 %  
TA IDEX Asset Allocation – Moderate
Growth Portfolio		     77,492       24.64 %  
TA IDEX Asset Allocation –
Moderate Portfolio		     33,502       10.65 %  
Total   $ 164,729       52.38 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $250 million of ANA
0.75% of the next $250 million
0.70% over $500 million

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

1.40% Expense Limit

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 245    
Retained by Underwriter     11    
Contingent Deferred Sales Charge     81    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $558 for the six months ended April 30, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $15. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 24,479    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     46,710    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:

Capital Loss
Carryforward		   Available through  
$ 205,155     October 31, 2008  
  108,685     October 31, 2009  
  4,618     October 31, 2010  
  7,437     October 31, 2011  

 

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 341,307    
Unrealized Appreciation   $ 50,367    
Unrealized (Depreciation)     (11,006 )  
Net Unrealized Appreciation (Depreciation)   $ 39,361    

 

NOTE 5.  REGULATORY PROCEEDING

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Growth Opportunities

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Growth Opportunities (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, the professional qualifications and experience of the Sub-Adviser's portfolio management team, and the Fund's strong investment performance. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one-, two- and three-year periods. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages, and that the Fund's advisory fees were lowered, which will likely lower overall expenses for the benefit of shareholders.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Growth Opportunities

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Growth Opportunities

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  37,878,865.515       234,310.559       7,308,465.364    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Growth Opportunities.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      38,101,374.479       247,773.416       7,072,493.543    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      38,079,587.966       269,569.929       7,072,493.543    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      38,083,538.608       264,380.287       7,073,722.543    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      38,097,724.439       249,899.456       7,074,017.543    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      38,099,641.949       248,276.946       7,073,722.543    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      38,083,846.036       264,072.859       7,073,722.543    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      38,080,189.510       267,729.385       7,073,722.543    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      38,054,955.585       292,668.310       7,074,017.543    
K. Margin Activities and
Short Selling 		 
For 		 
Against 		 
Abstentions/Broker-Non-Votes		  
      38,041,750.707       306,168.188       7,073,722.543    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Transamerica Money Market

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,007.80       0.83 %   $ 4.13    
Hypothetical (b)     1,000.00       1,020.68       0.83       4.16    
Class B      
Actual     1,000.00       1,004.50       1.17       5.81    
Hypothetical (b)     1,000.00       1,018.99       1.17       5.86    
Class C      
Actual     1,000.00       1,006.20       1.06       5.27    
Hypothetical (b)     1,000.00       1,019.54       1.06       5.31    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Maturity Distribution
at April 30, 2005

This chart shows the percentage breakdown by maturity date of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Money Market

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
COMMERCIAL PAPER (85.0%)      
Asset-Backed (9.7%)      
CAFCO LLC–144A
2.83%, due 05/11/2005		   $ 2,000     $ 1,998    
2.84%, due 05/13/2005     2,050       2,048    
Ciesco LLC
2.75%, due 05/09/2005		     2,800       2,798    
Ciesco LLC–144A
3.02%, due 07/08/2005		     2,700       2,684    
Delaware Funding Corp.–144A
2.79%, due 05/05/2005		     2,700       2,699    
2.81%, due 05/06/2005     5,000       4,999    
2.83%, due 05/09/2005     2,000       1,999    
Beverages (4.7%)      
Anheuser-Busch Cos., Inc.–144A
2.72%, due 05/10/2005		     2,750       2,748    
Coca-Cola Co. (The)
2.73%, due 05/17/2005		     1,650       1,648    
2.98%, due 07/01/2005     5,000       4,975    
Business Credit Institutions (10.2%)      
Old Line Funding Corp.–144A
2.82%, due 05/09/2005		     1,000       999    
2.95%, due 06/02/2005     3,400       3,392    
2.97%, due 06/03/2005     2,935       2,927    
3.00%, due 06/07/2005     2,500       2,492    
Paccar Financial Corp.
2.65%, due 05/04/2005		     4,100       4,099    
3.09%, due 07/27/2005     2,600       2,580    
Sheffield Receivables Corp.–144A
2.95%, due 05/25/2005		     3,700       3,693    
Chemicals & Allied Products (0.5%)      
Dupont EI de Nemours Co.
2.91%, due 06/13/2005		     1,000       996    
Commercial Banks (25.1%)      
Bank of America Corp.
2.92%, due 06/03/2005		     4,000       3,990    
Barclays U.S. Funding Corp.
2.72%, due 05/03/2005		     1,800       1,800    
3.01%, due 07/05/2005     4,500       4,476    
Nestle Capital Corp.–144A
2.98%, due 07/01/2005		     5,200       5,174    
3.00%, due 07/01/2005     4,700       4,677    
Ranger Funding Co. LLC–144A
3.02%, due 05/31/2005		     1,241       1,238    
2.94%, due 06/15/2005     2,050       2,042    
3.05%, due 07/15/2005     2,600       2,583    

 

    Principal   Value  
Commercial Banks (continued)                  
State Street Corp.
2.79%, due 05/05/2005		   $ 3,200     $ 3,199    
2.88%, due 05/18/2005     700       699    
2.90%, due 05/19/2005     4,100       4,095    
3.01%, due 06/16/2005     1,500       1,494    
UBS Finance Delaware LLC
2.67%, due 05/06/2005		     700       700    
2.68%, due 05/06/2005     2,900       2,899    
2.90%, due 05/25/2005     1,300       1,297    
2.83%, due 06/02/2005     900       898    
2.93%, due 06/15/2005     3,050       3,039    
3.04%, due 07/14/2005     500       497    
Wells Fargo & Co.
2.87%, due 05/17/2005		     1,300       1,298    
2.93%, due 06/20/2005     3,700       3,685    
Insurance (2.6%)                  
Metlife Funding, Inc.
2.70%, due 05/20/2005		     2,700       2,696    
2.71%, due 05/20/2005     2,400       2,396    
Oil & Gas Extraction (4.0%)                  
Total Fina Elf Capital–144A
2.88%, due 05/18/2005		     5,250       5,243    
2.90%, due 05/20/2005     2,700       2,697    
Personal Credit Institutions (14.8%)                  
American Honda Finance Corp.
2.70%, due 05/04/2005		     4,300       4,299    
2.90%, due 05/23/2005     2,000       1,996    
2.92%, due 06/07/2005     1,800       1,795    
3.01%, due 07/11/2005     1,700       1,690    
General Electric Capital Corp.
2.68%, due 05/09/2005		     1,100       1,099    
2.94%, due 06/06/2005     1,000       997    
2.98%, due 06/17/2005     2,300       2,291    
3.01%, due 07/07/2005     5,450       5,420    
Toyota Motor Credit Corp.
2.78%, due 05/11/2005		     2,000       1,998    
2.91%, due 06/01/2005     5,900       5,886    
3.03%, due 06/29/2005     2,000       1,990    
Pharmaceuticals (4.9%)                  
Pfizer, Inc.–144A
2.74%, due 05/06/2005		     1,900       1,899    
2.87%, due 05/24/2005     6,600       6,588    
2.82%, due 05/31/2005     1,200       1,197    
Public Administration (0.6%)                  
Quebec Province
2.80%, due 05/06/2005		     1,300       1,299    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Money Market

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Security & Commodity Brokers (2.9%)      
Goldman Sachs Group, Inc.
2.78%, due 05/12/2005		   $ 3,050     $ 3,047    
2.83%, due 05/26/2005     2,700       2,695    
Wholesale Trade Durable Goods (5.0%)      
Procter & Gamble Co.–144A
2.69%, due 05/16/2005		     1,300       1,298    
2.77%, due 05/25/2005     2,150       2,146    
2.81%, due 05/25/2005     1,400       1,397    
3.03%, due 07/19/2005     2,100       2,086    
3.06%, due 07/25/2005     900       893    
3.07%, due 07/25/2005     2,050       2,035    
Total Commercial Paper (cost: $168,627)             168,627    
SHORT-TERM OBLIGATIONS (3.7%)      
Security & Commodity Brokers (3.7%)      
Merrill Lynch & Co., Inc.–Series B
3.30%, due 06/14/2005 (a)		     7,300       7,303    
Total Short-Term Obligations (cost: $7,303)             7,303    
CERTIFICATES OF DEPOSIT (11.3%)      
Canadian Imperial Bank of Commerce
2.70%, due 05/02/2005		     2,800       2,800    
2.55%, due 05/04/2005     1,000       1,000    
2.60%, due 05/10/2005     2,700       2,700    
2.89%, due 05/19/2005     2,300       2,300    
2.76%, due 05/23/2005     1,000       1,000    

 

    Principal   Value  
Toronto Dominion Bank, Ltd.
2.75%, due 05/09/2005		   $ 600     $ 600    
2.87%, due 06/13/2005     2,100       2,100    
3.00%, due 06/29/2005     1,100       1,100    
2.76%, due 07/05/2005     1,500       1,500    
3.02%, due 07/06/2005     4,400       4,400    
Wells Fargo Bank NA
2.80%, due 05/05/2005		     1,000       1,000    
3.02%, due 06/30/2005     1,900       1,900    
Total Certificates of Deposit (cost: $22,400)             22,400    
Total Investment Securities (cost: $198,330)           $ 198,330    
SUMMARY:                  
Investments, at value     100.0 %   $ 198,330    
Liabilities in excess of other assets     (0.0 )%     (83 )  
Net assets     100.0 %   $ 198,247    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  Floating or variable rate note. Rate is listed as of April 30, 2005.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $75,871 or 38.2% of the net assets of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Money Market

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $198,330)   $ 198,330    
Cash     58    
Receivables:          
Shares of beneficial interest sold     494    
Interest     120    
Other     120    
      199,122    
Liabilities:      
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     513    
Management and advisory fees     32    
Distribution and service fees     82    
Transfer agent fees     72    
Dividends to shareholders     148    
Other     28    
      875    
Net Assets   $ 198,247    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 198,156    
Undistributed net investment income (loss)     91    
Net Assets   $ 198,247    
Net Assets by Class:      
Class A   $ 148,263    
Class B     33,034    
Class C     16,950    
Shares Outstanding:      
Class A     148,263    
Class B     33,034    
Class C     16,946    
Net Asset Value Per Share:      
Class A   $ 1.00    
Class B     1.00    
Class C     1.00    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 2,389    
Expenses:      
Management and advisory fees     398    
Transfer agent fees:          
Class A     148    
Class B     44    
Class C     23    
Printing and shareholder reports     37    
Custody fees     11    
Administration fees     18    
Legal fees     4    
Audit fees     6    
Trustees fees     3    
Registration fees:          
Class A     17    
Class B     7    
Class C     12    
Distribution and service fees:          
Class A     261    
Class B     168    
Class C     84    
Total expenses     1,241    
Less:          
Reimbursement of class expenses:          
Class A     (164 )  
Class B     (103 )  
Class C     (70 )  
Net expenses     904    
Net Investment Income (Loss)     1,485    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 1,485    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Money Market

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 1,485     $ 710    
      1,485       710    
Distributions to Shareholders:      
From net investment income:                  
Class A     (1,168 )     (601 )  
Class B     (206 )     (56 )  
Class C     (111 )     (40 )  
Class C2     –       (9 )  
Class M     –       (4 )  
      (1,485 )     (710 )  
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     60,922       179,283    
Class B     9,247       25,310    
Class C     9,191       23,364    
Class C2     –       7,547    
Class M     –       2,473    
      79,360       237,977    
Dividends and distributions
reinvested:		                  
Class A     1,095       545    
Class B     124       54    
Class C     90       11    
Class C2     –       8    
Class M     –       4    
      1,309       622    
Cost of shares redeemed:                  
Class A     (99,090 )     (104,345 )  
Class B     (16,515 )     (39,451 )  
Class C     (14,608 )     (17,946 )  
Class C2     –       (10,452 )  
Class M     –       (3,810 )  
      (130,213 )     (176,004 )  
Class level exchanges:                  
Class C     –       13,306    
Class C2     –       (9,777 )  
Class M     –       (3,529 )  
      –       –    
Automatic conversions:                  
Class A     25       34    
Class B     (25 )     (34 )  
      –       –    
      (49,544 )     62,595    
Net increase (decrease) in net assets     (49,544 )     62,595    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Net Assets:                  
Beginning of period   $ 247,791     $ 185,196    
End of period   $ 198,247     $ 247,791    
Undistributed Net Investment
Income (Loss)		   $ 91     $ 91    
Share Activity:                  
Shares issued:                  
Class A     60,922       179,282    
Class B     9,247       25,311    
Class C     9,191       23,364    
Class C2     –       7,548    
Class M     –       2,473    
      79,360       237,978    
Shares issued–reinvested from
distributions:		                  
Class A     1,095       545    
Class B     124       54    
Class C     90       11    
Class C2     –       8    
Class M     –       4    
      1,309       622    
Shares redeemed:                  
Class A     (99,090 )     (104,345 )  
Class B     (16,515 )     (39,451 )  
Class C     (14,612 )     (17,946 )  
Class C2     –       (10,452 )  
Class M     –       (3,810 )  
      (130,217 )     (176,004 )  
Class level exchanges:                  
Class C     –       13,302    
Class C2     –       (9,777 )  
Class M     –       (3,525 )  
      –       –    
Automatic conversions:                  
Class A     25       34    
Class B     (25 )     (34 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (37,048 )     75,516    
Class B     (7,169 )     (14,120 )  
Class C     (5,331 )     18,731    
Class C2     –       (12,673 )  
Class M     –       (4,858 )  
      (49,548 )     62,596    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Money Market

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (c)(f)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 1.00     $ 0.008     $ –     $ 0.008     $ (0.008 )   $ –     $ (0.008 )   $ 1.00    
    10/31/2004     1.00       0.004       –       0.004       (0.004 )     –       (0.004 )     1.00    
    10/31/2003     1.00       0.004       –       0.004       (0.004 )     –       (0.004 )     1.00    
    10/31/2002     1.00       0.008       –       0.008       (0.008 )     –       (0.008 )     1.00    
Class B   4/30/2005     1.00       0.006       –       0.006       (0.006 )     –       (0.006 )     1.00    
    10/31/2004     1.00       0.001       –       0.001       (0.001 )     –       (0.001 )     1.00    
    10/31/2003     1.00       0.001       –       0.001       (0.001 )     –       (0.001 )     1.00    
    10/31/2002     1.00       –       –       –       –       –       –       1.00    
Class C   4/30/2005     1.00       0.007       –       0.007       (0.007 )     –       (0.007 )     1.00    
    10/31/2004     1.00       0.001       –       0.001       (0.001 )     –       (0.001 )     1.00    
    10/31/2003     1.00       0.002       –       0.002       (0.002 )     –       (0.002 )     1.00    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		  
    Ended (f)   Return (b)   (000's)   Net (d)   Total (e)   Net Assets (a)  
Class A   4/30/2005     0.78 %   $ 148,263       0.83 %     1.05 %     1.57 %  
    10/31/2004     0.42       185,311       0.83       1.19       0.45    
    10/31/2003     0.39       109,794       0.83       1.22       0.42    
    10/31/2002     0.56       131,949       0.83       1.36       0.93    
Class B   4/30/2005     0.45       33,034       1.17       1.79       1.23    
    10/31/2004     0.14       40,203       1.10       1.81 (g)     0.13    
    10/31/2003     0.12       54,324       1.16       1.87 (g)     0.08    
    10/31/2002     0.28       81,683       1.48       2.01       0.28    
Class C   4/30/2005     0.62       16,950       1.06       1.90       1.33    
    10/31/2004     0.14       22,277       0.98       1.96 (g)     0.43    
    10/31/2003     0.12       3,542       1.04       1.87 (g)     0.21    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(c)  Per share information is calculated based on average number of shares outstanding.

(d)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(e)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(f)  TA IDEX Transamerica Money Market ("the Fund") commenced operations on March 1, 2002. The inception date for the Fund's offering of share Class C was November 11, 2002.

(g)  The Fund has restated its financial statements in order to properly present waived distribution and service fees on a gross basis. The effect of this restatement was to increase the ratios of total expenses to average net assets by 0.38% and 0.32% for Class B, and 0.23% and 0.44% for Class C, for the years ended October 31, 2004 and October 31, 2003, respectively. The Fund's net asset value per share, ratios of net expenses to average net assets, and net investment income ratios were not affected by this restatement during any period.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Money Market ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on March 1,2002.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: As permitted under Rule 2a-7 of the 1940 Act, the securities held by the Fund are valued on the basis of amortized cost, which approximates market value.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds)

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 20,840       10.51 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     16,253       8.20 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     33,117       16.71 %  
Total   $ 70,210       35.42 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following rate:

0.40% of ANA

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

0.48% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

    Advisory Fee
Waived		   Available for
Recapture Through		  
Fiscal Year 2003   $ 869       10/31/2006    
Fiscal Year 2002     543       10/31/2005    

 

If total class 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 that advisor a portion or all of the reimbursed class expenses.

    Reimbursement
of Class Expenses		   Available for
Recapture Through		  
Fiscal Year 2004–Class A   $ 477     10/31/2007  
Fiscal Year 2004–Class B     145     10/31/2007  
Fiscal Year 2004–Class C     71     10/31/2007  

 

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

The Fund has waived a portion of the 12b-1 fees for all classes except Class A. The amount waived for the six months ended April 30, 2005 was $86. These waivers are not subject to the expense recapture agreement. The waivers reduced the ratio of net expenses to average net assets by 0.31% for Class B and 0.42% for Class C.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 126    
Retained by Underwriter     –    
Contingent Deferred Sales Charge     159    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $183 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $11. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. 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, excise taxes, distributions and service fee expenses.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 198,330    
Unrealized Appreciation   $ –    
Unrealized (Depreciation)     –    
Net Unrealized Appreciation (Depreciation)   $ –    

 

NOTE 4.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Money Market

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Money Market (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive relative to comparable funds over trailing one- and two-year periods and to the Fund's benchmark index over the past year. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. Further, on the basis of comparative information supplied by Lipper Analytics, the Board determined that the advisory fees and estimated overall expense ratio of the Fund were consistent with industry averages.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Board concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. While the investment advisory fees do not reduce should Fund assets grow meaningfully, the Board determined that the investment advisory fees already reflect potential future economies of scale to some extent by virtue of their competitive levels determined with reference to industry standards as reported by Lipper Analytics and the estimated profitability at current or foreseeable asset levels. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that neither TFAI nor the Sub-Adviser realizes "soft dollar" benefits from its relationship with the Fund.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI and its affiliates had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by expense limitation and fee waiver arrangements with the Fund which, as demonstrated in the past with the Fund, may result in TFAI and its affiliates waiving a substantial amount of fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Money Market

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Money Market

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  161,001,266.001       1,101,042.319       22,905,580.288    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Money Market.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      161,861,997.719       1,277,074.889       21,868,816.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      161,793,498.059       1,345,574.549       21,868,816.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      161,862,047.719       1,277,024.889       21,868,816.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      161,817,353.239       1,321,719.369       21,868,816.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      161,852,472.029       1,286,600.579       21,868,816.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      161,730,135.519       1,408,937.089       21,868,816.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      161,785,207.409       1,353,865.199       21,868,816.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      161,768,816.119       1,370,256.489       21,868,816.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Short-Term Bond

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Bond Credit Quality (Moody Ratings)
At April 30, 2005
(unaudited)

This chart shows the percentage breakdown by Bond Credit Quality of the Fund's total investment securities.

Aaa Prime grade obligations. Exceptional financial security and ability to meet senior financial obligations.

Aa1 High grade obligations. Strong capacity to pay interest and repay principal.

Aa2 High grade obligations. Strong capacity to pay interest and repay principal.

Aa3 High grade obligations. Strong capacity to pay interest and repay principal.

A1 Upper medium grade obligations. Interest payments and principal are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.

A2 Upper medium grade obligations. Interest payments and principal are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.

A3 Upper medium grade obligations. Interest payments and principal are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.

Baa1 Medium grade obligations. Interest payments and principal security are adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.

Baa2 Medium grade obligations. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.

Baa3 Medium grade obligations. Interest payments and principal security are not as adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over great length of time.

P-1 High grade short term obligations. superior ability to repay short-term debt obligations

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
U.S. GOVERNMENT OBLIGATIONS (0.6%)      
U.S. Treasury Note
2.50%, due 10/31/2006		   $ 150     $ 148    
3.38%, due 02/28/2007     1,355       1,349    
Total U.S. Government Obligations (cost: $1,492)             1,497    
CORPORATE DEBT SECURITIES (90.7%)      
Aerospace (4.7%)      
Honeywell International, Inc.
6.88%, due 10/03/2005		     5,050       5,116    
Textron Financial Corp.
5.88%, due 06/01/2007		     5,200       5,383    
Amusement & Recreation Services (2.1%)      
Harrah's Operating Co., Inc.
5.50%, due 07/01/2010		     4,500       4,601    
Automotive (1.3%)      
DaimlerChrysler North America
Holding Corp.
4.75%, due 01/15/2008		     2,950       2,910    
Beverages (6.8%)      
Bottling Group LLC
2.45%, due 10/16/2006		     3,965       3,881    
Coca-Cola Enterprises, Inc.
5.38%, due 08/15/2006		     5,000       5,083    
Diageo Capital PLC
3.50%, due 11/19/2007		     6,400       6,296    
Business Credit Institutions (1.5%)      
CIT Group, Inc.
2.88%, due 09/29/2006		     3,500       3,444    
Commercial Banks (1.2%)      
Bank One Corp.
6.88%, due 08/01/2006		     2,500       2,590    
Communications Equipment (2.2%)      
Motorola, Inc.
4.61%, due 11/16/2007		     5,000       5,035    
Department Stores (2.4%)      
Meyer (Fred) Stores, Inc.
7.45%, due 03/01/2008		     5,100       5,478    
Electric Services (8.7%)      
Dominion Resources, Inc.
3.66%, due 11/15/2006		     4,140       4,115    
Duke Energy Corp.
4.20%, due 10/01/2008		     5,000       4,975    
FPL Group Capital, Inc.
4.09%, due 02/16/2007		     5,040       5,032    

 

    Principal   Value  
TXU Electric Delivery Co.
5.00%, due 09/01/2007		     5,400       5,460    
Electric Gas & Sanitary Services (2.3%)                  
Nisource Finance Corp.
7.63%, due 11/15/2005		   $ 5,000     $ 5,102    
Gas Production & Distribution (2.2%)                  
Atmos Energy Corp.
4.00%, due 10/15/2009		     5,000       4,872    
Holding & Other Investment Offices (3.7%)                  
Berkshire Hathaway Finance Corp.
3.40%, due 07/02/2007		     4,000       3,945    
iStar Financial, Inc.
4.88%, due 01/15/2009		     4,500       4,461    
Industrial Machinery & Equipment (3.1%)                  
Caterpillar Financial Services Corp., Series F
2.65%, due 01/30/2006		     2,000       1,985    
John Deere Capital Corp.
3.90%, due 01/15/2008		     5,142       5,089    
Insurance (4.9%)                  
International Lease Finance Corp.
5.63%, due 06/01/2007		     5,790       5,946    
St. Paul Travelers Cos. (The), Inc.
5.75%, due 03/15/2007		     2,500       2,564    
Wellpoint Health Networks, Inc.
6.38%, due 06/15/2006		     2,500       2,562    
Insurance Agents, Brokers & Service (2.9%)                  
Metlife, Inc.
3.91%, due 05/15/2005		     6,500       6,502    
Metal Mining (2.4%)                  
Barrick Gold Finance, Inc.
7.50%, due 05/01/2007		     5,000       5,304    
Mortgage Bankers & Brokers (2.2%)                  
Countrywide Home Loans, Inc.
5.50%, due 08/01/2006		     2,500       2,544    
Erac USA Finance Co.–144A
8.25%, due 05/01/2005		     2,500       2,500    
Personal Credit Institutions (7.3%)                  
Capital One Bank Corp.
6.88%, due 02/01/2006		     6,500       6,645    
Ford Motor Credit Co.
6.50%, due 01/25/2007		     2,500       2,500    
General Electric Capital Corp.
5.00%, due 06/15/2007		     5,500       5,596    
General Motors Acceptance Corp.
6.75%, due 01/15/2006		     1,675       1,687    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Petroleum Refining (2.2%)                  
BP Capital Markets PLC
2.75%, due 12/29/2006		     5,100       5,014    
Primary Metal Industries (2.3%)                  
Alcoa, Inc.
4.25%, due 08/15/2007		   $ 5,200     $ 5,207    
Printing & Publishing (4.6%)                  
Gannett Co., Inc.
5.50%, due 04/01/2007		     5,000       5,128    
Viacom, Inc.
5.63%, due 05/01/2007		     5,000       5,106    
Radio & Television Broadcasting (1.9%)                  
Chancellor Media Corp.
8.00%, due 11/01/2008		     4,000       4,322    
Security & Commodity Brokers (2.2%)                  
Merrill Lynch & Co., Inc.
2.94%, due 01/30/2006		     2,500       2,489    
Morgan Stanley
3.63%, due 04/01/2008		     2,500       2,450    
Telecommunications (8.7%)                  
Alltel Corp.
4.66%, due 05/17/2007		     5,400       5,446    
SBC Communications, Inc.
5.75%, due 05/02/2006		     5,400       5,497    
Sprint Capital Corp.
4.78%, due 08/17/2006		     3,500       3,524    
Telefonica SA
7.35%, due 09/15/2005		     5,000       5,069    

 

    Principal   Value  
Variety Stores (4.7%)      
Target Corp.
5.50%, due 04/01/2007		   $ 5,160     $ 5,290    
Wal-Mart Stores, Inc.
5.45%, due 08/01/2006		     5,100       5,199    
Wholesale Trade Nondurable Goods (2.2%)      
Unilever Capital Corp.
6.88%, due 11/01/2005		     4,900       4,980    
Total Corporate Debt Securities (cost: $205,172)             203,924    
COMMERCIAL PAPER (4.5%)      
Personal Credit Institutions (2.2%)      
American Honda Finance Corp.
3.04%, due 07/07/2005		     5,000       4,972    
Pharmaceuticals (2.3%)      
Pfizer, Inc.–144A
2.90%, due 05/31/2005		     5,100       5,075    
Total Commercial Paper (cost: $10,046)             10,047    
Total Investment Securities (cost: $216,711)           $ 215,468    
SUMMARY:      
Investments, at value     95.8 %   $ 215,468    
Other assets in excess of liabilities     4.2 %     9,410    
Net assets     100.0 %   $ 224,878    

 

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $7,575 or 3.4% of the net assets of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Short-Term Bond

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $216,711)   $ 215,468    
Cash     6,918    
Receivables:          
Shares of beneficial interest sold     805    
Interest     3,023    
      226,214    
Liabilities:      
Investment securities purchased     988    
Accounts payable and accrued liabilities:          
Management and advisory fees     97    
Distribution and service fees     24    
Dividends to shareholders     221    
Other     6    
      1,336    
Net Assets   $ 224,878    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 226,332    
Undistributed net investment income (loss)     –    
Accumulated net realized gain (loss) from investment
securities		     (211 )  
Net unrealized appreciation (depreciation) on
investment securities		     (1,243 )  
Net Assets   $ 224,878    
Net Assets by Class:      
Class A   $ 87,157    
Class I     137,721    
Shares Outstanding:      
Class A     8,834    
Class I     13,958    
Net Asset Value Per Share:      
Class A   $ 9.87    
Class I     9.87    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005 (a)
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 2,133    
Expenses:      
Management and advisory fees     415    
Printing and shareholder reports     3    
Custody fees     10    
Administration fees     12    
Legal fees     2    
Audit fees     6    
Trustees fees     2    
Distribution and service fees:          
Class A     36    
Total expenses     486    
Less:          
Reimbursement of class expenses:          
Class A     (21 )  
Net expenses     465    
Net Investment Income (Loss)     1,668    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment securities     (211 )  
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (1,243 )  
Net Gain (Loss) on Investments     (1,454 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 214    

 

(a)  TA IDEX Transamerica Short-Term Bond ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Short-Term Bond

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

    April 30,
2005 (a)
(unaudited)		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 1,668    
Net realized gain (loss) from investment securities     (211 )  
Net unrealized appreciation (depreciation)
on investment securities		     (1,243 )  
      214    
Distributions to Shareholders:      
From net investment income:          
Class A     (294 )  
Class I     (1,374 )  
      (1,668 )  
Capital Share Transactions:      
Proceeds from shares sold:          
Class A     86,991    
Class I     137,895    
      224,886    
Dividends and distributions reinvested:          
Class A     211    
Class I     1,235    
      1,446    
      226,332    
Net increase (decrease) in net assets     224,878    
Net Assets:      
Beginning of period     –    
End of period   $ 224,878    
Undistributed Net Investment Income (Loss)   $ –    
Share Activity:      
Shares issued:          
Class A     8,813    
Class I     13,834    
      22,647    
Shares issued–reinvested from distributions:          
Class A     21    
Class I     124    
      145    
Net increase (decrease) in shares outstanding:          
Class A     8,834    
Class I     13,958    
      22,792    

 

(a)  TA IDEX Transamerica Short-Term Bond ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Short-Term Bond

FINANCIAL HIGHLIGHTS

(unaudited)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 9.90     $ 0.05     $ (0.03 )   $ 0.02     $ (0.05 )   $ –     $ (0.05 )   $ 9.87    
Class I   4/30/2005     10.00       0.12       (0.13 )     (0.01 )     (0.12 )     –       (0.12 )     9.87    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     0.16 %   $ 87,157       0.85 %     1.06 %     2.89 %     171 %  
Class I   4/30/2005     (0.14 )     137,721       0.71       0.71       2.56       171    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total return has been calculated for the applicable period without decuction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Transamerica Short-Term Bond ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Short-Term Bond

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Short-Term Bond ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on November 8, 2004.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers two classes of shares, Class A and Class I, each with a public offering price that reflects different sales charges, if any, and expense levels. The initial sales charge currently is waived as this Fund is available for investment only by certain strategic asset allocation funds. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period from inception through April 30, 2005, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 from inception through April 30, 2005, the Fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Short-Term Bond

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule represents the percentage of fund assets owned by affiliated mutual funds (i.e. through the Transamerica IDEX Muttual Funds and AEGON/Transamerica Series Trust (f/k/a AEGON/Transamerica Series Fund, Inc.) asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 38,802       17.25 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     48,366       21.51 %  
Asset Allocation–Conservative
Portfolio		     58,777       26.14 %  
Asset Allocation–Moderate
Portfolio		     78,829       35.05 %  
Total   $ 224,774       99.95 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following break points:

0.65% of the first $250 million of ANA
0.60% of the next $250 million of ANA
0.575% of the next $500 million of ANA
0.55% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses exceed the following stated annual limit:

0.85% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class I     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements. 

The Fund paid TFS $2 for the period from inception through April 30, 2005.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period from inception through April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 183,618    
U.S. Government     159,175    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     11,220    
U.S. Government     157,571    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Short-Term Bond

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. 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, foreign currency transactions.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 216,714    
Unrealized Appreciation   $ 106    
Unrealized (Depreciation)     (1,352 )  
Net Unrealized Appreciation (Depreciation)   $ (1,246 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Short-Term Bond

A discussion regarding the basis of Transamerica IDEX Mutual Fund's Board of Trustees' approval of the fund's advisory arrangements will be available in the fund's annual report for the fiscal year ending October 31, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Short-Term Bond

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Short-Term Bond

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  2,896,277.669       0       0    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Short-Term Bond.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      2,896,277.669       0       0    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      2,896,277.669       0       0    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      2,896,277.669       0       0    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      2,896,277.669       0       0    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      2,896,277.669       0       0    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      2,896,277.669       0       0    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      2,896,277.669       0       0    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      2,896,277.669       0       0    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Small/Mid Cap Value

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value		   Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A                                  
Actual   $ 1,000.00     $ 1,056.60       1.23 %   $ 6.27    
Hypothetical (b)     1,000.00       1,018.70       1.23       6.16    
Class B                                  
Actual     1,000.00       1,052.40       2.06       10.48    
Hypothetical (b)     1,000.00       1,014.58       2.06       10.29    
Class C                                  
Actual     1,000.00       1,051.40       2.23       11.34    
Hypothetical (b)     1,000.00       1,013.74       2.23       11.13    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (98.2%)      
Apparel Products (0.3%)      
True Religion Apparel, Inc. (a)     88,040     $ 1,308    
Automotive (2.5%)      
Gencorp, Inc. (b)     355,900       6,766    
National R.V. Holdings, Inc. (a)     302,500       2,892    
Chemicals & Allied Products (9.4%)      
Crompton Corp. (b)     418,300       5,877    
Georgia Gulf Corp.     160,000       5,906    
Olin Corp. (b)     504,900       8,957    
PolyOne Corp. (a)     1,265,500       9,770    
Terra Nitrogen Co., L.P. (b)     280,900       6,421    
Commercial Banks (4.6%)      
Corus Bankshares, Inc.     120,000       5,860    
Gold Banc Corp., Inc.     57,800       799    
North Fork Bancorp, Inc.     307,710       8,662    
Provident Bankshares Corp.     95,500       2,796    
Computer & Data Processing Services (2.2%)      
ActivCard Corp. (a)     290,100       1,517    
Fair Isaac Corp.     215,000       7,069    
SoftBrands, Inc. (a)     2,576       5    
Computer & Office Equipment (3.1%)      
Hypercom Corp. (a)     829,700       4,115    
Storage Technology Corp. (a)     295,000       8,201    
Construction (2.2%)      
Chemed Corp.     120,000       8,501    
Electric, Gas & Sanitary Services (0.7%)      
ALLETE, Inc.     66,666       2,778    
Electronic & Other Electric Equipment (5.2%)      
Acuity Brands, Inc.     310,000       7,412    
Genlyte Group, Inc. (a)     135,000       10,711    
Maytag Corp. (b)     220,000       2,132    
Electronic Components & Accessories (0.9%)      
OSI Systems, Inc. (a)(b)     240,000       3,408    
Environmental Services (1.3%)      
Republic Services, Inc.     150,000       5,190    
Fabricated Metal Products (1.1%)      
Gulf Island Fabrication, Inc.     200,000       4,208    
Gas Production & Distribution (1.0%)      
KeySpan Corp.     100,000       3,793    
Health Services (2.0%)      
LifePoint Hospitals, Inc. (a)     175,000       7,779    

 

    Shares   Value  
Holding & Other Investment Offices (5.1%)                  
Annaly Mortgage Management, Inc. REIT (b)     350,000     $ 6,692    
Education Realty Trust, Inc. REIT     225,000       3,600    
Omega Healthcare Investors, Inc. REIT     875,000       9,818    
Hotels (2.7%)                  
Host Marriott Corp. (b)     620,000       10,428    
Industrial Machinery & Equipment (0.5%)                  
EnPro Industries, Inc. (a)     75,400       1,896    
Instruments & Related Products (0.9%)                  
Analogic Corp.     83,900       3,500    
Insurance (7.0%)                  
AMBAC Financial Group, Inc.     120,000       8,022    
HCC Insurance Holdings, Inc.     255,000       9,070    
PartnerRe, Ltd.     140,000       8,159    
Triad Guaranty, Inc. (a)(b)     40,000       2,012    
Management Services (2.6%)                  
First Consulting Group, Inc. (a)     253,600       1,364    
FTI Consulting, Inc. (a)(b)     400,000       8,832    
Medical Instruments & Supplies (2.7%)                  
Orthofix International NV (a)     225,000       10,575    
Metal Mining (0.5%)                  
Western Silver Corp. (a)(b)     238,100       1,988    
Oil & Gas Extraction (18.8%)                  
Chesapeake Energy Corp.     600,000       11,544    
Edge Petroleum Corp. (a)     500,000       7,008    
GlobalSantaFe Corp.     275,000       9,240    
Harvest Natural Resources, Inc. (a)     241,200       2,603    
Newpark Resources, Inc. (a)     404,300       2,430    
Parker Drilling Co. (a)     600,000       3,204    
Patterson-UTI Energy, Inc.     385,000       9,228    
Pioneer Drilling Co. (a)     612,500       8,079    
Pride International, Inc. (a)     324,991       7,247    
Superior Energy Services, Inc. (a)     870,000       12,946    
Paper & Allied Products (0.5%)                  
Graphic Packaging Corp. (a)     581,700       1,885    
Petroleum Refining (2.3%)                  
Murphy Oil Corp.     100,000       8,909    
Pharmaceuticals (2.8%)                  
ARIAD Pharmaceuticals, Inc. (a)     975,500       5,990    
Chattem, Inc. (a)(b)     73,000       3,003    
NeoPharm, Inc. (a)(b)     134,300       1,121    
Theragenics Corp. (a)     244,600       859    
Primary Metal Industries (2.2%)                  
Aleris International, Inc. (a)     394,827       8,473    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Retail Trade (2.0%)                  
Sports Authority, Inc. (The) (a)(b)     300,000     $ 7,980    
Savings Institutions (1.6%)                  
Brookline Bancorp, Inc. (b)     160,000       2,400    
Partners Trust Financial Group, Inc.     400,000       4,064    
Telecommunications (2.3%)                  
Citizens Communications Co. (b)     700,000       8,925    
Trucking & Warehousing (3.5%)                  
Overnite Corp.     210,000       6,296    
Yellow Roadway Corp. (a)(b)     150,000       7,350    
Water Transportation (0.9%)                  
DryShips, Inc. (a)     220,000       3,491    
Wholesale Trade Durable Goods (0.7%)                  
AM Castle & Co. (a)     219,900       2,628    
Wholesale Trade Nondurable Goods (2.1%)                  
Dean Foods Co. (a)     240,000       8,246    
Total Common Stocks (cost: $344,087)             383,938    
    Principal   Value  
SECURITY LENDING COLLATERAL (17.3%)                  
Debt (15.0%)                  
Bank Notes (2.1%)                  
Bank of America
                  
2.82%, due 05/16/2005   $ 2,137     $ 2,137    
2.80%, due 06/09/2005 (c)     534       534    
2.77%, due 07/18/2005 (c)     2,137       2,137    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (c)		     2,137       2,137    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (c)
3.06%, due 03/10/2006 (c)		     534
534		       534
534		    
Euro Dollar Overnight (2.6%)                  
Bank of Montreal
2.94%, due 05/04/2005		     1,603       1,603    
BNP Paribas
2.80%, due 05/05/2005		     2,212       2,212    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     1,923
1,068		       1,923
1,068		    
Dexia Group
2.80%, due 05/05/2005		     943       943    
Royal Bank of Canada
2.80%, due 05/04/2005		     2,193       2,193    
Svenska Handlesbanken
2.80%, due 05/06/2005		     352       352    

 

    Principal   Value  
Euro Dollar Terms (6.1%)                  
Bank of Nova Scotia
                  
2.88%, due 05/11/2005   $ 1,068     $ 1,068    
3.01%, due 05/31/2005     2,988       2,988    
Barclays
3.02%, due 06/27/2005		     1,904       1,904    
BNP Paribas
2.93%, due 06/07/2005		     1,710       1,710    
Branch Banker & Trust
2.94%, due 06/06/2005		     457       457    
Calyon
2.93%, due 06/03/2005		     1,765       1,765    
Citigroup
2.87%, due 06/06/2005		     2,218       2,218    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     2,188       2,188    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     1,068       1,068    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     2,076
1,153		       2,076
1,153		    
Societe Generale
2.80%, due 05/03/2005		     2,044       2,044    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     1,603
593		       1,603
593		    
UBS AG
2.81%, due 05/03/2005		     1,068       1,068    
Promissory Notes (1.5%)                  
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     2,244
3,738		       2,244
3,738		    
Repurchase Agreements (2.7%) (d)                  
Goldman Sachs Group, Inc. (The)
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $4,809
on 05/02/2005		     4,808       4,808    
Merrill Lynch & Co., Inc.
3.04% Repurchase Agreement dated
04/29/2005 to be repurchased at $5,771
on 05/02/2005		     5,769       5,769    
    Shares   Value  
Investment Companies (2.3%)                  
Money Market Funds (2.3%)                  
American Beacon Funds
1-day yield of 2.84%		     848,524     $ 849    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     5,024,585       5,025    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Money Market Funds (continued)      
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     1,130,691     $ 1,131    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (e)		     2,068,017       2,068    
Total Security Lending Collateral (cost: $67,842)         67,842    
Total Investment Securities (cost: $411,929)       $ 451,780    

 

SUMMARY:                  
Investments, at value     115.5 %   $ 451,780    
Liabilities in excess of other assets     (15.5 )%     (60,761 )  
Net assets     100.0 %   $ 391,019    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $64,805.

(c)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(d)  Cash collateral for the Repurchase Agreements, valued at $10,761, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(e)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

DEFINITIONS:

REIT  Real Estate Investment Trust

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Small/Mid Cap Value

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $411,929)
(including securities loaned of $64,805)		   $ 451,780    
Cash     7,544    
Receivables:          
Investment securities sold     905    
Shares of beneficial interest sold     85    
Interest     122    
Dividends     419    
Other     73    
      460,928    
Liabilities:      
Investment securities purchased     1,289    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     279    
Management and advisory fees     268    
Distribution and service fees     152    
Transfer agent fees     42    
Payable for collateral for securities on loan     67,842    
Other     37    
      69,909    
Net Assets   $ 391,019    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 336,939    
Accumulated net investment income (loss)     (39 )  
Undistributed net realized gain (loss) from investment
securities		     14,272    
Net unrealized appreciation (depreciation) on
investment securities		     39,847    
Net Assets   $ 391,019    
Net Assets by Class:      
Class A   $ 328,292    
Class B     43,669    
Class C     19,058    
Shares Outstanding:      
Class A     22,361    
Class B     3,054    
Class C     1,336    
Net Asset Value Per Share:      
Class A   $ 14.68    
Class B     14.30    
Class C     14.27    
Maximum Offering Price Per Share (a):      
Class A   $ 15.53    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 40    
Dividends     2,990    
Income from loaned securities–net     357    
      3,387    
Expenses:      
Management and advisory fees     1,679    
Transfer agent fees:          
Class A     39    
Class B     41    
Class C     26    
Printing and shareholder reports     10    
Custody fees     23    
Administration fees     38    
Legal fees     11    
Audit fees     6    
Trustees fees     10    
Registration fees:          
Class A     18    
Class B     8    
Class C     14    
Distribution and service fees:          
Class A     620    
Class B     227    
Class C     102    
Total expenses     2,872    
Net Investment Income (Loss)     515    
Net Realized and Unrealized Gain (Loss):      
Realized gain (loss) from investment securities     15,144    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     8,158    
Net Gain (Loss) on Investments     23,302    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 23,817    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Small/Mid Cap Value

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:                  
Operations:                  
Net investment income (loss)   $ 515     $ 521    
Net realized gain (loss) from
investment securities		     15,144       41,838    
Net unrealized appreciation
(depreciation) on investment
securities		     8,158       10,477    
      23,817       52,836    
Distributions to Shareholders:                  
From net investment income:                  
Class A     (1,062 )     –    
Class C     (12 )     –    
      (1,074 )     –    
From net realized gains:                  
Class A     (9,811 )     (24,403 )  
Class B     (1,261 )     (3,352 )  
Class C     (591 )     (378 )  
Class C2     –       (926 )  
Class M     –       (487 )  
      (11,663 )     (29,546 )  
Capital Share Transactions:                  
Proceeds from shares sold:                  
Class A     6,152       159,364    
Class B     7,050       10,062    
Class C     2,826       5,433    
Class C2     –       915    
Class M     –       1,302    
      16,028       177,076    
Dividends and distributions
reinvested:		                  
Class A     10,826       24,237    
Class B     1,149       3,058    
Class C     542       343    
Class C2     –       809    
Class M     –       475    
      12,517       28,922    
Cost of shares redeemed:                  
Class A     (33,332 )     (16,086 )  
Class B     (5,728 )     (9,142 )  
Class C     (4,464 )     (4,965 )  
Class C2     –       (6,554 )  
Class M     –       (2,191 )  
      (43,524 )     (38,938 )  
Class level exchanges:                  
Class C     –       16,014    
Class C2     –       (10,526 )  
Class M     –       (5,488 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 114     $ 60    
Class B     (114 )     (60 )  
      –       –    
      (14,979 )     167,060    
Net increase (decrease) in net assets     (3,899 )     190,350    
Net Assets:      
Beginning of period     394,918       204,568    
End of period   $ 391,019     $ 394,918    
Accumulated Net Investment
Income (Loss)		   $ (41 )   $ 520    
Share Activity:      
Shares issued:                  
Class A     399       11,172    
Class B     471       729    
Class C     189       396    
Class C2     –       66    
Class M     –       95    
      1,059       12,458    
Shares issued–reinvested from
distributions:		                  
Class A     706       1,787    
Class B     76       230    
Class C     36       26    
Class C2     –       61    
Class M     –       36    
      818       2,140    
Shares redeemed:                  
Class A     (2,125 )     (1,144 )  
Class B     (383 )     (666 )  
Class C     (298 )     (367 )  
Class C2     –       (459 )  
Class M     –       (160 )  
      (2,806 )     (2,796 )  
Class level exchanges:                  
Class C     –       1,197    
Class C2     –       (799 )  
Class M     –       (396 )  
      –       2    
Automatic conversions:                  
Class A     7       4    
Class B     (7 )     (4 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (1,013 )     11,819    
Class B     157       289    
Class C     (73 )     1,252    
Class C2     –       (1,131 )  
Class M     –       (425 )  
      (929 )     11,804    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Small/Mid Cap Value

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 14.32     $ 0.03     $ 0.80     $ 0.83     $ (0.05 )   $ (0.42 )   $ (0.47 )   $ 14.68    
    10/31/2004     12.94       0.04       2.56       2.60       –       (1.22 )     (1.22 )     14.32    
    10/31/2003     9.09       (0.11 )     3.96       3.85       –       –       –       12.94    
    10/31/2002     10.12       (0.07 )     (0.96 )     (1.03 )     –       –       –       9.09    
    10/31/2001     10.00       (0.02 )     0.14       0.12       –       –       –       10.12    
Class B   4/30/2005     13.97       (0.03 )     0.78       0.75       – (h)     (0.42 )     (0.42 )     14.30    
    10/31/2004     12.73       (0.06 )     2.52       2.46       –       (1.22 )     (1.22 )     13.97    
    10/31/2003     8.98       (0.17 )     3.92       3.75       –       –       –       12.73    
    10/31/2002     10.08       (0.19 )     (0.91 )     (1.10 )     –       –       –       8.98    
    10/31/2001     10.00       (0.05 )     0.13       0.08       –       –       –       10.08    
Class C   4/30/2005     13.96       (0.05 )     0.79       0.74       (0.01 )     (0.42 )     (0.43 )     14.27    
    10/31/2004     12.73       (0.01 )     2.46       2.45       –       (1.22 )     (1.22 )     13.96    
    10/31/2003     9.01       (0.18 )     3.90       3.72       –       –       –       12.73    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     5.66 %   $ 328,292       1.23 %     1.23 %     0.38 %     25 %  
    10/31/2004     20.61       334,763       1.32       1.32       0.31       81    
    10/31/2003     42.35       149,557       1.73       1.73       (1.04 )     55    
    10/31/2002     (10.18 )     45,500       1.85       1.98       (0.88 )     22    
    10/31/2001     1.20       6,536       1.85       3.56       (0.32 )     8    
Class B   4/30/2005     5.24       43,669       2.06       2.06       (0.45 )     25    
    10/31/2004     19.85       40,477       1.97       1.97       (0.43 )     81    
    10/31/2003     41.76       33,196       2.38       2.38       (1.69 )     55    
    10/31/2002     (10.91 )     24,391       2.50       2.63       (1.53 )     22    
    10/31/2001     0.80       7,604       2.50       4.21       (0.97 )     8    
Class C   4/30/2005     5.14       19,058       2.23       2.23       (0.62 )     25    
    10/31/2004     19.78       19,678       2.07       2.07       (0.02 )     81    
    10/31/2003     41.29       1,995       2.38       2.38       (1.69 )     55    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adiviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Transamerica Small/Mid Cap Value ("the Fund") commenced operations on April 2, 2001. The inception date for the Fund's offering of share Class C was November 11, 2002.

(h)  Distributions from net investment calculates to less than $0.01 per share.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Small/Mid Cap Value ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on April 2, 2001.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $100 are included in net realized gains in the Statement of Operations.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $154 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

Real Estate Investment Trusts ("REITs"): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates.

Dividend income is recorded at management's estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost 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.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005 , the Fund received less than $1 in 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–
Conservative Portfolio		   $ 10,361       2.65 %  
TA IDEX Asset Allocation–
Growth Portfolio		     94,378       24.14 %  
TA IDEX Asset Allocation–
Moderate Growth Portfolio		     122,538       31.34 %  
TA IDEX Asset Allocation–
Moderate Portfolio		     69,489       17.77 %  
Total   $ 296,766       75.90 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.80% of the first $500 million of ANA
0.75% of ANA over $500 million

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

1.40% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 276    
Retained by Underwriter     15    
Contingent Deferred Sales Charge     76    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $124 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $11. Invested plan amounts and the total

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 104,340    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     126,334    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 412,533    
Unrealized Appreciation   $ 58,200    
Unrealized (Depreciation)     (18,953 )  
Net Unrealized Appreciation (Depreciation)   $ 39,247    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Small/Mid Cap Value

INVESTMENT ADVISORY AGREEMENT – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Small Mid/Cap Value (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI"). In approving the renewal of this agreement, the Board concluded that the Investment Advisory Agreement enables shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI in the past, as well as the services anticipated to be provided in the future. The Board concluded that TFAI is capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the Fund's strong investment performance. The Board also concluded that TFAI would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's obligations will remain the same in all respects.

The investment performance of the Fund. The Board concluded, based in particular on information provided by Lipper Analytics, that the Fund's investment performance was competitive or superior relative to comparable funds over trailing one-, two-, and three-periods and to the Fund's benchmark index over the past year. The Board also reviewed the Fund's investment performance since the Fund's sub-adviser, Transamerica Investment Management, LLC (the "Sub-Adviser"), was appointed to manage the Fund pursuant to a vote of the Fund's shareholders on February 25, 2004. On the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI was capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with many other investment companies.

The cost of advisory services provided and the level of profitability. On the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, and the estimated profitability of TFAI's relationships with the Fund and TA IDEX, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the anticipated profitability of the relationship between the Fund and TFAI.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefit investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Transamerica Small/Mid Cap Value

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Small/Mid Cap Value

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  23,660,706.795       52,650.721       2,797,259.190    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Small/Mid Cap Value.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      23,716,995.600       61,771.106       2,731,850.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      23,707,296.835       71,469.871       2,731,850.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      23,715,896.921       62,869.785       2,731,850.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      23,713,860.958       64,905.748       2,731,850.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      23,716,813.805       61,952.901       2,731,850.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      23,711,555.876       67,210.830       2,731,850.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      23,712,940.600       65,826.106       2,731,850.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      23,708,181.977       70,584.729       2,731,850.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Transamerica Value Balanced

UNDERSTANDING YOUR FUND'S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at November 1, 2004 and held for the entire period until April 30, 2005.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 = 8.6), then multiply the result by the number in the first line of your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, note that the expenses shown in the table are meant to highlight your ongoing costs and do not reflect any transaction costs.

    Beginning
Account
Value		   Ending
Account
Value 		  Annualized
Expense
Ratio		   Expenses Paid
During Period (a)		  
Class A      
Actual   $ 1,000.00     $ 1,034.70       1.45 %   $ 7.32    
Hypothetical (b)     1,000.00       1,017.60       1.45       7.25    
Class B      
Actual     1,000.00       1,032.60       2.10       10.58    
Hypothetical (b)     1,000.00       1,014.38       2.10       10.49    
Class C      
Actual     1,000.00       1,032.60       2.20       11.09    
Hypothetical (b)     1,000.00       1,013.88       2.20       10.99    

 

(a)  Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by 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.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Asset Type
At April 30, 2005

This chart shows the percentage breakdown by asset type of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
U.S. GOVERNMENT OBLIGATIONS (2.0%) (b)                  
U.S. Treasury Bond
5.38%, due 02/15/2031 (a)		   $ 938     $ 1,060    
U.S. Treasury Note
4.25%, due 11/15/2014 115 115
4.00%, due 02/15/2015 (a)		     300       295    
Total U.S. Government Obligations (cost: $1,366)             1,470    
U.S. GOVERNMENT AGENCY OBLIGATIONS (13.6%)                  
Fannie Mae–Conventional Pool
                  
5.00%, due 05/01/2018     161       162    
5.00%, due 04/01/2019     171       172    
5.50%, due 07/01/2019     156       160    
5.50%, due 07/01/2019     808       828    
6.00%, due 05/01/2032     340       349    
6.00%, due 04/01/2033     417       429    
6.00%, due 10/01/2033     222       228    
6.00%, due 01/01/2034     249       256    
6.00%, due 01/01/2034     303       311    
6.00%, due 02/01/2034     1,064       1,093    
6.00%, due 06/01/2034     413       424    
6.00%, due 08/01/2034     745       766    
6.00%, due 10/01/2034     265       272    
Freddie Mac–Gold Pool
5.00%, due 04/01/2018
5.50%, due 09/01/2018
5.50%, due 11/01/2018
5.50%, due 12/01/2018
7.00%, due 10/01/2028
6.50%, due 04/01/2029
6.00%, due 03/01/2033
6.00%, due 11/01/2033
6.00%, due 11/01/2033
6.00%, due 12/01/2033		     292
103
186
708
111
113
707
271
725
844		       295
106
191
726
117
117
726
278
745
867		    
Ginnie Mae–FHA/VA Pool
6.50%, due 10/15/2027
6.00%, due 06/15/2034		     122
333		       128
343		    
Total U.S. Government Agency Obligations (cost: $10,112)             10,089    
CORPORATE DEBT SECURITIES (16.2%)                  
Agriculture (0.1%)                  
Dole Food Co., Inc.
8.63%, due 05/01/2009		     100       105    
Amusement & Recreation Services (1.0%)                  
Harrah's Operating Co., Inc.
5.50%, due 07/01/2010		     700       716    

 

    Principal   Value  
Beverages (0.2%)                  
Cia Brasileira de Bebidas
8.75%, due 09/15/2013		   $ 150     $ 172    
Business Credit Institutions (0.4%)                  
eircom Funding
8.25%, due 08/15/2013		     50       54    
Textron Financial Corp.
2.69%, due 10/03/2006		     250       245    
Chemicals & Allied Products (0.1%)                  
Nalco Co.
7.75%, due 11/15/2011		     50       51    
Commercial Banks (0.8%)                  
Abbey National PLC
7.35%, due 06/15/2049 (c)		     250       261    
BAC Capital Trust VI
5.63%, due 03/08/2035		     351       347    
Communication (0.1%)                  
Echostar DBS Corp.
5.75%, due 10/01/2008		     75       74    
Communications Equipment (0.7%)                  
Motorola, Inc.
4.61%, due 11/16/2007		     500       503    
Electric Services (0.3%)                  
DPL, Inc.
8.25%, due 03/01/2007		     212       225    
Food Stores (0.5%)                  
Stater Brothers Holdings, Inc.
8.13%, due 06/15/2012		     375       349    
Holding & Other Investment Offices (0.9%)                  
Hutchison Whampoa International, Ltd.–144A
6.25%, due 01/24/2014		     275       290    
iStar Financial, Inc.
4.88%, due 01/15/2009		     375       372    
Hotels & Other Lodging Places (1.1%)                  
Mirage Resorts, Inc.
7.25%, due 08/01/2017		     150       153    
Park Place Entertainment Corp.
7.00%, due 04/15/2013		     75       81    
Starwood Hotels & Resorts Worldwide, Inc.
7.38%, due 05/01/2007		     600       621    
Insurance (1.0%)                  
International Lease Finance Corp.
5.63%, due 06/01/2007		     700       719    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Metal Mining (0.5%)                  
Phelps Dodge Corp.
9.50%, due 06/01/2031		   $ 262     $ 398    
Mortgage Bankers & Brokers (0.9%)                  
Countrywide Home Loans, Inc.
5.50%, due 08/01/2006		     700       712    
Motion Pictures (0.2%)                  
Time Warner, Inc.
9.13%, due 01/15/2013		     125       157    
Oil & Gas Extraction (1.6%)                  
Chesapeake Energy Corp.
7.00%, due 08/15/2014		     200       205    
Husky Oil, Ltd.
8.90%, due 08/15/2028 (d)		     305       340    
Kerr-McGee Corp.
6.95%, due 07/01/2024		     173       159    
Nexen, Inc.
5.88%, due 03/10/2035		     533       514    
Personal Credit Institutions (0.7%)                  
Capital One Bank
5.00%, due 06/15/2009		     375       379    
General Motors Acceptance Corp.
6.75%, due 01/15/2006		     125       126    
Petroleum Refining (0.7%)                  
Amerada Hess Corp.
7.13%, due 03/15/2033		     450       506    
Primary Metal Industries (0.2%)                  
Noranda, Inc.
6.00%, due 10/15/2015		     125       127    
Printing & Publishing (0.8%)                  
Gannett Co., Inc.
5.50%, due 04/01/2007		     500       513    
News America Holdings, Inc.
7.75%, due 12/01/2045		     65       78    
Restaurants (0.2%)                  
Landry's Restaurants, Inc.–144A
7.50%, due 12/15/2014		     150       139    
Security & Commodity Brokers (1.3%)                  
BNP U.S. Funding LLC–144A
7.74%, due 12/29/2049 (e)		     250       269    
Credit Suisse First Boston (London), Inc.–144A
7.90%, due 05/01/2049 (f)		     125       133    
E*Trade Financial Corp.
8.00%, due 06/15/2011		     150       154    
Merrill Lynch & Co., Inc., Series B
6.13%, due 05/16/2006		     400       409    

 

    Principal   Value  
Telecommunications (1.4%)                  
Cincinnati Bell, Inc.
8.38%, due 01/15/2014 (a)		   $ 50     $ 48    
SBC Communications, Inc.
5.75%, due 05/02/2006		     700       712    
Sprint Capital Corp.
4.78%, due 08/17/2006		     250       252    
Transportation & Public Utilities (0.2%)                  
Magellan Midstream Partners, LP
6.45%, due 06/01/2014		     135       146    
Water Transportation (0.3%)                  
Royal Caribbean Cruises, Ltd.
8.75%, due 02/02/2011		     235       263    
Total Corporate Debt Securities (cost: $12,115)             12,077    
    Shares   Value  
COMMON STOCKS (66.7%)                  
Amusement & Recreation Services (1.9%)                  
Disney (Walt) Co. (The)     52,200     $ 1,378    
Business Credit Institutions (0.3%)                  
Fannie Mae     4,500       243    
Chemicals & Allied Products (2.2%)                  
Colgate-Palmolive Co.     7,000       349    
du Pont (E.I.) de Nemours & Co.     12,000       565    
Praxair, Inc.     16,000       749    
Commercial Banks (7.5%)                  
Bank of America Corp.     31,256       1,408    
Citigroup, Inc.     32,540       1,528    
PNC Financial Services Group, Inc.     17,000       905    
Wachovia Corp.     24,140       1,236    
Wells Fargo & Co.     8,100       486    
Computer & Data Processing Services (5.4%)                  
Microsoft Corp.     150,000       3,795    
Sun Microsystems, Inc. (g)     51,000       185    
Electric Services (0.3%)                  
Dominion Resources, Inc. (a)     3,000       226    
Electronic & Other Electric Equipment (1.3%)                  
Cooper Industries, Ltd.–Class A     11,000       700    
General Electric Co.     8,000       290    
Electronic Components & Accessories (0.9%)                  
Intel Corp.     11,000       259    
Texas Instruments, Inc.     17,000       424    
Food & Kindred Products (6.5%)                  
Altria Group, Inc.     50,000       3,250    
HJ Heinz Co.     29,000       1,069    
Sara Lee Corp.     24,300       520    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Holding & Other Investment Offices (2.8%)      
Plum Creek Timber Co., Inc.     23,000     $ 794    
Rayonier, Inc.     26,000       1,307    
Insurance (0.9%)      
American International Group, Inc.     13,275       675    
Life Insurance (1.1%)      
Genworth Financial, Inc.–Class A     29,000       811    
Lumber & Wood Products (0.6%)      
Louisiana-Pacific Corp. (a)     17,000       418    
Motion Pictures (4.1%)      
Time Warner, Inc. (g)     183,000       3,076    
Oil & Gas Extraction (3.5%)      
Anadarko Petroleum Corp.     7,000       511    
EOG Resources, Inc.     16,000       761    
Schlumberger, Ltd. (a)     19,300       1,320    
Paper & Allied Products (1.0%)      
Kimberly-Clark Corp.     12,000       749    
Petroleum Refining (4.6%)      
BP PLC, ADR     25,050       1,526    
Exxon Mobil Corp.     14,000       798    
Marathon Oil Corp.     13,750       640    
Murphy Oil Corp.     5,000       445    
Pharmaceuticals (8.6%)      
Bristol-Myers Squibb Co.     85,000       2,210    
Merck & Co., Inc.     79,500       2,695    
Schering-Plough Corp.     72,580       1,515    
Primary Metal Industries (0.6%)      
Hubbell, Inc.–Class B     10,700       465    
Railroads (1.2%)      
Union Pacific Corp.     14,000       895    
Savings Institutions (2.8%)      
Washington Mutual, Inc.     49,890       2,061    
Security & Commodity Brokers (4.4%)      
Alliance Capital Management Holding, LP     23,700       1,065    
Jefferies Group, Inc.     20,000       724    
Raymond James Financial, Inc.     40,000       1,079    
T. Rowe Price Group, Inc.     8,000       441    
Telecommunications (3.2%)      
Sprint Corp. (FON Group) (a)     98,000       2,181    
Verizon Communications, Inc. (a)     5,000       179    
Tobacco Products (1.0%)      
Loews Corp.–Carolina Group     23,000       725    
Total Common Stocks (cost: $44,519)             49,631    

 

    Principal   Value  
SECURITY LENDING COLLATERAL (5.1%)      
Debt (4.4%)      
Bank Notes (0.6%)      
Bank of America
                  
2.82%, due 05/16/2005   $ 120     $ 120    
2.80%, due 06/09/2005 (h)     30       30    
2.77%, due 07/18/2005 (h)     120       120    
Canadian Imperial Bank of Commerce
3.02%, due 11/04/2005 (h)		     120       120    
Credit Suisse First Boston Corp.
2.88%, due 09/09/2005 (h)
3.06%, due 03/10/2006 (h)		     30
30		       30
30		    
Euro Dollar Overnight (0.8%)      
Bank of Montreal
2.94%, due 05/04/2005		     90       90    
BNP Paribas
2.80%, due 05/05/2005		     124       124    
Den Danske Bank
2.93%, due 05/02/2005
2.80%, due 05/06/2005		     108
60		       108
60		    
Dexia Group
2.80%, due 05/05/2005		     53       53    
Royal Bank of Canada
2.80%, due 05/04/2005		     123       123    
Svenska Handlesbanken
2.80%, due 05/06/2005		     20       20    
Euro Dollar Terms (1.8%)      
Bank of Nova Scotia
2.88%, due 05/11/2005
3.01%, due 05/31/2005		     60
168		       60
168		    
Barclays
3.02%, due 06/27/2005		     107       107    
BNP Paribas
2.93%, due 06/07/2005		     96       96    
Branch Banker & Trust
2.94%, due 06/06/2005		     26       26    
Calyon
2.93%, due 06/03/2005		     99       99    
Citigroup
2.87%, due 06/06/2005		     124       124    
Credit Suisse First Boston Corp.
2.91%, due 05/16/2005		     123       123    
HSBC Banking/Holdings PLC
3.01%, due 06/23/2005		     60       60    
Royal Bank of Scotland
2.94%, due 06/07/2005
2.95%, due 06/10/2005		     116
65		       116
65		    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
Euro Dollar Terms (continued)      
Societe Generale
2.80%, due 05/03/2005		   $ 115     $ 115    
Toronto Dominion Bank
2.75%, due 05/09/2005
3.01%, due 06/24/2005		     90
33		       90
33		    
UBS AG
2.81%, due 05/03/2005		     60       60    
Promissory Notes (0.4%)      
Goldman Sachs Group, Inc.
2.99%, due 06/27/2005
3.01%, due 07/27/2005		     126
210		       126
210		    
Repurchase Agreements (0.8%) (i)      
Goldman Sachs Group, Inc. (The)
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $270
on 05/02/2005		     270       270    
Merrill Lynch & Co., Inc.
3.04%, Repurchase Agreement dated
04/29/2005 to be repurchased at $324
on 05/02/2005		     324       324    
    Shares   Value  
Investment Companies (0.7%)      
Money Market Funds (0.7%)      
American Beacon Funds
1-day yield of 2.84%		     47,644     $ 48    
BGI Institutional Money Market Fund
1-day yield of 2.93%		     282,126       282    
Merrill Lynch Premier Institutional Fund
1-day yield of 2.65%		     63,487       63    
Merrimac Cash Fund, Premium Class
1-day yield of 2.74% (j)		     116,117       116    
Total Security Lending Collateral (cost: $3,809)             3,809    
Total Investment Securities (cost: $71,921)           $ 77,076    
    Contracts (k)   Value  
WRITTEN OPTIONS (–0.4%)      
Covered Call Options (–0.1%)      
American International Group, Inc.     130     $ (21 )  
Call Strike $60.00
                  
Expires 11/19/2005                  
Louisiana-Pacific Corp.
Call Strike $30.00
Expires 05/21/2005		     70       – (l)  
Louisiana-Pacific Corp.
Call Strike $30.00
Expires 08/20/2005		     80       (3 )  

 

    Contracts (k)   Value  
Covered Call Options (continued)      
Raymond James Financial, Inc.     100     $ (8 )  
Call Strike $30.00
                  
Expires 11/19/2005                  
Schering-Plough Corp.
Call Strike $22.50
Expires 01/21/2006		     175       (24 )  
Sprint Corp. (FON Group)
Call Strike $27.50
Expires 08/20/2005		     200       (3 )  
Put Options (–0.3%)      
Altria Group, Inc.
Put Strike $40.00
Expires 01/21/2006		     100       (6 )  
Bristol-Myers Squibb Co.
Put Strike $22.50
Expires 09/17/2005		     80       (3 )  
Bristol-Myers Squibb Co.
Put Strike $20.00
Expires 01/21/2006		     150       (6 )  
Colgate-Palmolive Co.
Put Strike $45.00
Expires 01/21/2006		     80       (14 )  
Duke Energy
Put Strike $15.00
Expires 01/21/2006		     20       – (l)  
General Electric Co.
Put Strike $35.00
Expires 09/17/2005		     165       (17 )  
Genworth Financial, Inc.
Put Strike $25.00
Expires 06/18/2005		     300       (3 )  
GlobalSantaFe Corp.
Put Strike $30.00
Expires 07/16/2005		     175       (11 )  
GlobalSantaFe Corp.
Put Strike $27.50
Expires 07/16/2005		     100       (2 )  
GlobalSantaFe Corp.
Put Strike $32.50
Expires 07/16/2005		     170       (24 )  
HJ Heinz Co.
Put Strike $35.00
Expires 01/21/2006		     90       (12 )  
Merck & Co., Inc.
Put Strike $40.00
Expires 01/21/2006		     100       (70 )  

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Contracts (k)   Value  
Put Options (continued)      
PNC Financial Services Group, Inc.     130     $ (12 )  
Put Strike $47.50
                  
Expires 11/19/2005                  
Sara Lee Corp.
Put Strike $22.50
Expires 07/16/2005		     80       (11 )  
Sara Lee Corp.
Put Strike $20.00
Expires 01/21/2006		     80       (6 )  
Schering-Plough Corp.
Put Strike $15.00
Expires 01/21/2006		     100       (3 )  
Sun Microsystems, Inc.
Put Strike $4.00
Expires 07/16/2005		     270       (15 )  

 

    Contracts (k)   Value  
Put Options (continued)                  
Union Pacific Corp.     25     $ (2 )  
Put Strike $55.00
                  
Expires 08/20/2005                  
Washington Mutual, Inc.
Put Strike $30.00
Expires 01/21/2006		     220       (8 )  
Total Written Options (premiums: –$397)             (284 )  
SUMMARY:                  
Investments, at value     103.6 %   $ 77,076    
Written options     (0.4 )%     (284 )  
Liabilities in excess of other assets     (3.2 )%     (2,396 )  
Net assets     100.0 %   $ 74,396    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  At April 30, 2005, all or a portion of this security is on loan (see Note 1). The value at April 30, 2005, of all securities on loan is $3,697.

(b)  Substantially all of the Fund's securities (excluding securities lending) are memo pledged as collateral by the custodian for the listed short index option contracts written by the Fund (see Note 1).

(c)  Abbey National PLC has a fixed coupon rate 7.35% until 10/15/2006, thereafter the coupon rate will reset every 5 years at the 5-year current month treasury + 178BP, if not called.

(d)  Husky Oil, Ltd. has a fixed coupon rate of 8.90% until 8/15/2008, thereafter the coupon rate will reset quarterly at the 3-month US$ LIBOR + 550BP, if not called.

(e)  BNP U.S. Funding LLC –144A has a fixed coupon rate 7.74% until 12/05/2007, thereafter the coupon rate will reset quarterly at the 1-week US$ LIBOR + 280BP, if not called.

(f)  Credit Suisse First Boston (London), Inc.,–144A has a fixed coupon rate 7.90% until 05/01/2007, thereafter the coupon rate will reset every 5 years at the 5-year current month treasury + 200BP, if not called.

(g)  No dividends were paid during the preceding twelve months.

(h)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(i)  Cash collateral for the Repurchase Agreements, valued at $604, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%–8.875% and 06/15/2005–03/15/2035, respectively.

(j)  Regulated investment company advised by Investors Bank and Trust Co. ("IBT"). IBT is also the accounting, custody and lending agent for the Fund.

(k)  Contract amounts are not in thousands.

(l)  Value is less than $1.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $831 or 1.1% of the net assets of the Fund.

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Transamerica Value Balanced

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $71,921)
(including securities loaned of $3,697)		   $ 77,076    
Cash     1,290    
Receivables:          
Investment securities sold     105    
Shares of beneficial interest sold     10    
Interest     282    
Dividends     68    
Other     14    
      78,845    
Liabilities:      
Investment securities purchased     107    
Accounts payable and accrued liabilities:          
Shares of beneficial interest redeemed     55    
Management and advisory fees     70    
Distribution and service fees     43    
Transfer agent fees     41    
Payable for collateral for securities on loan     3,809    
Written options (premiums $397)     284    
Other     40    
      4,449    
Net Assets   $ 74,396    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 72,274    
Undistributed net investment income (loss)     73    
Accumulated net realized gain (loss) from investment
securities and written option contracts		     (3,215 )  
Net unrealized appreciation (depreciation) on:
Investment securities		     5,151    
Written option contracts     113    
Net Assets   $ 74,396    
Net Assets by Class:      
Class A   $ 34,613    
Class B     26,670    
Class C     13,113    
Shares Outstanding:      
Class A     2,990    
Class B     2,311    
Class C     1,137    
Net Asset Value Per Share:      
Class A   $ 11.57    
Class B     11.54    
Class C     11.54    
Maximum Offering Price Per Share (a):      
Class A   $ 12.24    

 

(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 and C shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

STATEMENT OF OPERATIONS
For the period ended April 30, 2005
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 688    
Dividends     923    
Income from loaned securities–net     4    
      1,615    
Expenses:      
Management and advisory fees     288    
Transfer agent fees:          
Class A     42    
Class B     34    
Class C     17    
Printing and shareholder reports     28    
Custody fees     14    
Administration fees     7    
Legal fees     2    
Audit fees     2    
Trustees fees     2    
Registration fees:          
Class C     9    
Distribution and service fees:          
Class A     64    
Class B     141    
Class C     69    
Total expenses     719    
Reimbursement of class expenses:          
Class C     (5 )  
Net expenses     714    
Net Investment Income (Loss)     901    
Net Realized Gain (Loss) from:      
Investment securities     522    
Written option contracts     535    
      1,057    
Net Increase (Decrease) in Unrealized
Appreciation (Depreciation) on:		      
Investment securities     811    
Written option contracts     51    
      862    
Net Gain (Loss) on Investments and
Written Option Contracts		     1,919    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 2,820    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Transamerica Value Balanced

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

    April 30,
2005
(unaudited)		   October 31,
2004		  
Increase (Decrease) In Net Assets From:      
Operations:      
Net investment income (loss)   $ 901     $ 626    
Net realized gain (loss) from investment
securities and written options		     1,057       6,043    
Net unrealized appreciation
(depreciation) on investment
securities and written options		     862       (3,025 )  
      2,820       3,644    
Distributions to Shareholders:      
From net investment income:                  
Class A     (441 )     (371 )  
Class B     (249 )     (186 )  
Class C     (126 )     (38 )  
Class C2     –       (17 )  
Class M     –       (45 )  
      (816 )     (657 )  
From net realized gains:                  
Class A     (2,499 )     –    
Class B     (1,957 )     –    
Class C     (975 )     –    
      (5,431 )     –    
Capital Share Transactions:      
Proceeds from shares sold:                  
Class A     1,551       5,521    
Class B     1,106       3,631    
Class C     471       1,973    
Class C2     –       471    
Class M     –       328    
      3,128       11,924    
Proceeds from fund acquisition:                  
Class A     –       28,033    
Class B     –       16,163    
Class C     –       384    
Class C2     –       2,604    
Class M     –       3,202    
      –       50,386    
Dividends and distributions
reinvested:		                  
Class A     2,881       359    
Class B     2,123       180    
Class C     1,060       36    
Class C2     –       16    
Class M     –       43    
      6,064       634    
Cost of shares redeemed:                  
Class A     (6,182 )     (10,214 )  
Class B     (4,197 )     (4,870 )  
Class C     (2,077 )     (1,054 )  
Class C2     –       (803 )  
Class M     –       (921 )  
      (12,456 )     (17,862 )  
Class level exchanges:                  
Class C     –       12,159    
Class C2     –       (6,063 )  
Class M     –       (6,096 )  
      –       –    

 

    April 30,
2005
(unaudited)		   October 31,
2004		  
Automatic conversions:                  
Class A   $ 559     $ 572    
Class B     (559 )     (572 )  
      –       –    
      (3,264 )     45,082    
Net increase (decrease) in net assets     (6,691 )     48,069    
Net Assets:      
Beginning of period     81,087       33,018    
End of period   $ 74,396     $ 81,087    
Undistributed Net Investment
Income (Loss)		   $ 73     $ (12 )  
Share Activity:      
Shares issued:                  
Class A     130       467    
Class B     94       309    
Class C     40       166    
Class C2     –       40    
Class M     –       26    
      264       1,008    
Shares issued on fund acquisition:                  
Class A     –       2,371    
Class B     –       1,372    
Class C     –       33    
Class C2     –       221    
Class M     –       271    
      –       4,268    
Shares issued–reinvested from
distributions:		                  
Class A     244       30    
Class B     180       15    
Class C     90       3    
Class C2     –       1    
Class M     –       4    
      514       53    
Shares redeemed:                  
Class A     (519 )     (858 )  
Class B     (352 )     (411 )  
Class C     (176 )     (89 )  
Class C2     –       (67 )  
Class M     –       (77 )  
      (1,047 )     (1,502 )  
Class level exchanges:                  
Class C     –       1,024    
Class C2     –       (513 )  
Class M     –       (509 )  
      –       2    
Automatic conversions:                  
Class A     47       48    
Class B     (47 )     (48 )  
      –       –    
Net increase (decrease) in shares
outstanding:		                  
Class A     (98 )     2,058    
Class B     (125 )     1,237    
Class C     (46 )     1,137    
Class C2     –       (318 )  
Class M     –       (285 )  
      (269 )     3,829    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Transamerica Value Balanced

FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout each period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 12.11     $ 0.16     $ 0.29     $ 0.45     $ (0.15 )   $ (0.84 )   $ (0.99 )   $ 11.57    
    10/31/2004     11.49       0.18       0.61       0.79       (0.17 )     –       (0.17 )     12.11    
    10/31/2003     9.69       0.18       1.83       2.01       (0.21 )     –       (0.21 )     11.49    
    10/31/2002     11.67       0.18       (1.65 )     (1.47 )     (0.16 )     (0.35 )     (0.51 )     9.69    
    10/31/2001     12.75       0.26       (0.51 )     (0.25 )     (0.26 )     (0.57 )     (0.83 )     11.67    
    10/31/2000     11.79       0.30       1.01       1.31       (0.35 )     –       (0.35 )     12.75    
Class B   4/30/2005     12.07       0.12       0.30       0.42       (0.11 )     (0.84 )     (0.95 )     11.54    
    10/31/2004     11.46       0.10       0.61       0.71       (0.10 )     –       (0.10 )     12.07    
    10/31/2003     9.69       0.11       1.80       1.91       (0.14 )     –       (0.14 )     11.46    
    10/31/2002     11.66       0.11       (1.65 )     (1.54 )     (0.08 )     (0.35 )     (0.43 )     9.69    
    10/31/2001     12.74       0.18       (0.50 )     (0.32 )     (0.19 )     (0.57 )     (0.76 )     11.66    
    10/31/2000     11.78       0.23       1.01       1.24       (0.28 )     –       (0.28 )     12.74    
Class C   4/30/2005     12.07       0.11       0.31       0.42       (0.11 )     (0.84 )     (0.95 )     11.54    
    10/31/2004     11.46       0.11       0.60       0.71       (0.10 )     –       (0.10 )     12.07    
    10/31/2003     9.71       0.12       1.77       1.89       (0.14 )     –       (0.14 )     11.46    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     3.47 %   $ 34,613       1.45 %     1.45 %     2.66 %     28 %  
    10/31/2004     6.99       37,393       1.55       1.63       1.50       122    
    10/31/2003     21.04       11,832       1.55       2.20       1.75       50    
    10/31/2002     (13.20 )     11,020       1.55       1.89       1.56       82    
    10/31/2001     (2.13 )     13,880       1.55       1.95       2.04       50    
    10/31/2000     11.43       9,850       1.55       2.02       2.50       28    
Class B   4/30/2005     3.26       26,670       2.10       2.10       2.01       28    
    10/31/2004     6.23       29,409       2.20       2.30       0.81       122    
    10/31/2003     19.98       13,744       2.20       2.85       1.10       50    
    10/31/2002     (13.72 )     12,038       2.20       2.54       0.91       82    
    10/31/2001     (2.74 )     16,180       2.20       2.60       1.39       50    
    10/31/2000     10.76       9,193       2.20       2.67       1.85       28    
Class C   4/30/2005     3.26       13,113       2.20       2.26       1.92       28    
    10/31/2004     6.31       14,285       2.20       2.39       0.78       122    
    10/31/2003     19.73       530       2.20       2.86       1.10       50    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less that one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, 10/31/2004 and 04/30/2005.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any, and include the recapture of previously waived expenses (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers, reimbursements by the investment adviser and recapture of previously waived expenses.

(g)  The inception date for the Fund's offering of share Class C was November 11, 2002.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Transamerica Value Balanced ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on October 1, 1995.

On May 28, 2004, the Fund acquired all of the net assets of TA IDEX LKCM Strategic Total Return pursuant to a plan of reorganization. TA IDEX Transamerica Value Balanced is the accounting survivor. The acquisition was accomplished by a tax free exchange of 4,268 shares of the Fund for 2,942 shares of TA IDEX LKCM Strategic Total Return outstanding on May 27, 2004. TA IDEX LKCM Strategic Total Return's net assets at that date, $50,386, including $6,071 unrealized depreciation, were combined with those of the Fund. The aggregate net asset of the TA IDEX Transamerica Value Balanced immediately before the acquisition was $37,187. The combined net assets of the Fund immediately after the acquisition was $87,573. Proceeds in connection with the acquisition were as follows:

    Shares   Amount  
Proceeds in connection with the acquisition                  
Class A     2,371     $ 28,033    
Class B     1,372       16,163    
Class C     33       384    
Class C2     221       2,604    
Class M     271       3,202    
            $ 50,386    

 

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers three classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. On June 15, 2004, Class C2 shares merged into Class C. On September 24, 2004, Class M shares merged into Class C. Class B shares will convert to Class A shares eight years after purchase. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Investment company securities are valued at net asset value of the underlying portfolio.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund 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-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the six months ended April 30, 2005, of $8 are included in net realized gains in the Statement of Operations.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $2 of program income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less then 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.

While a security is on loan, the Fund does not have the right to vote that security. However, if time permits, the Fund will attempt to recall a security on loan and vote the proxy.

Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.

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 is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Option contracts: The Fund may enter into options contracts to manage exposure to 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 imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount is subsequently marked-to-market to reflect the current value of the option written.

The underlying face amounts of open option contracts at April 30, 2005, are listed in the Schedule of Investments.

Transactions in written call and put options were as follows:

    Premium   Contracts*  
Beginning Balance October 31, 2004   $ 837       6,025    
Sales     346       3,200    
Closing Buys     (53 )     (555 )  
Expirations     (535 )     (3,855 )  
Exercised     (198 )     (1,625 )  
Balance at April 30, 2005   $ 397       3,190    

 

*  Contracts not in thousands

Account maintenance fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder's account.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

No fee will be charged under the following conditions:

•  accounts opened within the preceding 24 months

•  accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund)

•  accounts owned by an individual which, when combined by social security number, have a balance of $5 or more

•  accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more

•  UTMA/UGMA accounts

•  Fiduciary accounts

•  B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1)

For the six months ended April 30, 2005, this fee totaled $5. These fees are included in Paid in Capital in the Statement of Assets and Liabilities.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 six months ended April 30, 2005, the Fund received less than $1 in 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.75% of the first $500 million of ANA
0.65% of the next $500 million of ANA
0.60% of ANA over $1 billion

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

1.20% Expense Limit

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class B     1.00 %  
Class C     1.00 %  

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the six months ended April 30, 2005, the underwriter commissions were as follows:

Received by Underwriter   $ 76    
Retained by Underwriter     6    
Contingent Deferred Sales Charge     30    

 

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $114 for the six months ended April 30, 2005.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan ("the Plan"). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2005, the value of invested plan amount was $14. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2005, are included in the accompanying Statement of Assets and Liabilities.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the six months ended April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 16,615    
U.S. Government     4,869    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     20,562    
U.S. Government     6,933    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. 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 and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 72,147    
Unrealized Appreciation   $ 6,227    
Unrealized (Depreciation)     (1,298 )  
Net Unrealized Appreciation (Depreciation)   $ 4,929    

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

13


TA IDEX Transamerica Value Balanced

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – REVIEW AND RENEWAL

At a meeting of the Board of Trustees of Transamerica IDEX Mutual Funds ("TA IDEX") held on October 6, 2004, the Board considered and approved the renewal for a one-year period of the Investment Advisory Agreement between TA IDEX Transamerica Value Balance (the "Fund") and Transamerica Fund Advisors, Inc. ("TFAI") as well as the Investment Sub-Advisory Agreement of the Fund between TFAI and Transamerica Investment Management, LLC (the "Sub-Adviser"). In approving the renewal of these agreements, the Board concluded that the Investment Advisory and Investment Sub-Advisory Agreements enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of shareholders based upon the following determinations, among others:

The nature, extent and quality of the advisory service to be provided. The Board considered the nature and quality of the services provided by TFAI 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 TFAI and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by TFAI's management capabilities demonstrated with respect to the Fund and other funds managed by TFAI, TFAI's management oversight process, and the professional qualifications and experience of the Sub-Adviser's portfolio management team. The Board also concluded that TFAI and the Sub-Adviser would provide the same quality and quantity of investment management and related services as before, that these services are appropriate in scope and extent in light of the Fund's operations, the competitive landscape of the investment company business and investor needs, and that TFAI's and the Sub-Adviser's obligations will remain the same in all respects.

The investment performance of the Fund. The Board, based in particular on information provided by Lipper Analytics, concluded that the Fund's long-term investment performance was competitive relative to comparable funds over trailing two- and five-year periods and to the Fund's benchmark index over a five-year period. While the Board noted that the Fund's recent investment performance had lagged and decided to monitor the Fund's performance going forward, on the basis of the Trustees' assessment of the nature, extent and quality of investment advisory and related services to be provided or procured by TFAI and the Sub-Adviser, the Trustees concluded that TFAI and the Sub-Adviser were capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objective, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. Overall, on the basis of the Board's review of the fees to be charged by TFAI and the Sub-Adviser for investment advisory and related services, TFAI's financial statements, the fees paid by TFAI to the Sub-Adviser, TFAI's estimated net management income resulting from its management of the Fund, the estimated profitability of TFAI's relationships with the Fund and TA IDEX, TFAI's limitation and fee waiver arrangement for the Fund, and the estimated profitability of the Sub-Adviser's relationship with the Fund, the Board concluded that the level of investment advisory fees and the profitability is appropriate in light of the entirety of the services provided and the anticipated profitability of the relationship between the Fund, TFAI and the Sub-Adviser. On the basis of comparative information supplied by Lipper Analytics, the Board concluded that the level of advisory fees is appropriate, but estimated that overall expense of the Fund were relatively higher than certain industry averages and undertook to monitor Fund expenses closely.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Trustees concluded that inclusion of asset-based breakpoints in the Fund's advisory fee schedule appropriately benefited investors by realizing economies of scale in the form of a lower advisory fee rate as the level of Fund assets increases. The Board also concluded that the advisory fees appropriately reflect the Fund's current size, the current economic environment for TFAI, and the competitive nature of the investment company market. In addition, the Board noted that it will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of advisory fees payable to TFAI and the Sub-Adviser in the future.

Benefits (such as soft dollars) to TFAI or the Sub-Adviser from its relationship with the Fund. The Board concluded that other benefits derived by TFAI or the Sub-Adviser from its relationship with the Fund are reasonable and fair, and are consistent with industry practice and the best interests of the Fund and its shareholders. In this regard, the Board noted that TFAI does not realize "soft dollar" benefits from its relationship with the Fund, and 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 portfolio brokerage transactions.

Other considerations. The Board also determined that TFAI had made a substantial commitment to the recruitment and retention of high quality personnel, and maintained 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. The Trustees also concluded that TFAI had made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TFAI's expense limitation and fee waiver arrangement with the Fund which, as demonstrated in the past with the Fund, may result in TFAI waiving a substantial amount of advisory fees for the benefit of shareholders.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

14


TA IDEX Transamerica Value Balanced

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Transamerica Value Balanced

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  3,538,387.847       46,336.145       1,077,395.281    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Transamerica Value Balanced.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      3,587,878.942       54,200.331       1,020,040.000    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      3,584,908.196       57,171.077       1,020,040.000    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      3,583,742.380       58,336.893       1,020,040.000    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      3,589,529.396       52,549.877       1,020,040.000    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      3,589,529.396       52,549.877       1,020,040.000    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      3,585,610.041       56,469.232       1,020,040.000    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      3,588,855.164       53,224.109       1,020,040.000    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      3,575,325.168       66,754.105       1,020,040.000    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

15


TA IDEX UBS Large Cap Value

GRAPHIC PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005
(unaudited)

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX UBS Large Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (97.6%)      
Aerospace (3.2%)      
Lockheed Martin Corp.     47,800     $ 2,913    
Northrop Grumman Corp.     34,100       1,870    
Business Credit Institutions (2.8%)      
Freddie Mac     67,300       4,140    
Business Services (1.3%)      
Omnicom Group, Inc.     23,600       1,956    
Commercial Banks (21.9%)      
Bank of America Corp.     62,000       2,792    
Citigroup, Inc.     151,300       7,105    
Fifth Third Bancorp     50,600       2,201    
JPMorgan Chase & Co.     193,500       6,867    
Mellon Financial Corp.     112,400       3,112    
Northern Trust Corp.     40,300       1,815    
PNC Financial Services Group, Inc.     50,700       2,699    
Wells Fargo & Co.     101,300       6,072    
Communication (2.1%)      
Viacom, Inc.–Class B     88,800       3,074    
Computer & Data Processing Services (1.3%)      
Microsoft Corp.     78,200       1,978    
Computer & Office Equipment (1.1%)      
Hewlett-Packard Co.     83,000       1,699    
Electric Services (6.1%)      
American Electric Power Co., Inc.     83,900       2,955    
FirstEnergy Corp.     73,400       3,194    
Pepco Holdings, Inc.     66,800       1,448    
Sempra Energy     36,000       1,454    
Electric, Gas & Sanitary Services (2.8%)      
Exelon Corp.     67,800       3,356    
NiSource, Inc.     32,500       755    
Food Stores (2.7%)      
Albertson's, Inc.     110,700       2,191    
Kroger Co. (a)     113,100       1,784    
Furniture & Fixtures (3.1%)      
Johnson Controls, Inc.     33,300       1,827    
Masco Corp.     87,500       2,755    
Industrial Machinery & Equipment (2.4%)      
Baker Hughes, Inc.     5,100       225    
Illinois Tool Works, Inc.     40,100       3,361    
Insurance (6.5%)      
AFLAC, Inc.     41,100       1,671    
Allstate Corp. (The)     46,700       2,623    

 

    Shares   Value  
Insurance (continued)      
American International Group, Inc.     26,900     $ 1,368    
UnitedHealth Group, Inc.     42,400       4,007    
Insurance Agents, Brokers & Service (1.7%)      
Hartford Financial Services Group, Inc. (The)     34,900       2,526    
Lumber & Construction Materials (2.0%)      
Martin Marietta Materials, Inc.     55,500       3,052    
Motion Pictures (2.2%)      
Time Warner, Inc. (a)     194,600       3,271    
Paper & Allied Products (1.1%)      
Kimberly-Clark Corp.     26,100       1,630    
Petroleum Refining (8.0%)      
Exxon Mobil Corp.     116,300       6,633    
Marathon Oil Corp.     113,900       5,304    
Pharmaceuticals (7.9%)      
Bristol-Myers Squibb Co.     63,100       1,641    
Cephalon, Inc. (a)     29,100       1,278    
Johnson & Johnson     47,700       3,274    
Medco Health Solutions, Inc. (a)     42,900       2,187    
Wyeth     77,700       3,492    
Printing & Publishing (0.8%)      
Tribune Co.     33,000       1,274    
Radio & Television Broadcasting (2.0%)      
IAC/InterActive Corp. (a)     73,900       1,607    
Univision Communications, Inc.–Class A (a)     51,200       1,346    
Railroads (3.0%)      
Burlington Northern Santa Fe Corp.     48,600       2,345    
CSX Corp.     53,900       2,163    
Retail Trade (0.6%)      
Office Depot, Inc. (a)     46,600       912    
Security & Commodity Brokers (4.4%)      
Morgan Stanley     125,300       6,593    
Telecommunications (5.0%)      
Nextel Communications, Inc.–Class A (a)     163,600       4,579    
SBC Communications, Inc.     122,600       2,918    
Variety Stores (1.6%)      
Costco Wholesale Corp.     58,800       2,386    
Total Common Stocks (cost: $146,101)             145,678    
Total Investment Securities (cost: $146,101)           $ 145,678    
SUMMARY:      
Investments, at value     97.6 %   $ 145,678    
Other assets in excess of liabilities     2.4 %     3,616    
Net assets     100.0 %   $ 149,294    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX UBS Large Cap Value

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $146,101)   $ 145,678    
Cash     3,200    
Receivables:          
Investment securities sold     420    
Shares of beneficial interest sold     493    
Interest     6    
Dividends     284    
      150,081    
Liabilities:      
Investment securities purchased     676    
Accounts payable and accrued liabilities:          
Management and advisory fees     89    
Distribution and service fees     17    
Other     5    
      787    
Net Assets   $ 149,294    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 148,853    
Undistributed net investment income (loss)     426    
Undistributed net realized gain (loss) from investment
securities		     438    
Net unrealized appreciation (depreciation) on
investment securities		     (423 )  
Net Assets   $ 149,294    
Net Assets by Class:      
Class A   $ 62,124    
Class I     87,170    
Shares Outstanding:      
Class A     6,065    
Class I     8,509    
Net Asset Value and Offering Price Per Share:      
Class A   $ 10.24    
Class I     10.24    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005 (a)
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 35    
Dividends     877    
      912    
Expenses:      
Management and advisory fees     373    
Printing and shareholder reports     2    
Custody fees     11    
Administration fees     8    
Legal fees     2    
Audit fees     6    
Trustees fees     1    
Other     2    
Distribution and service fees:          
Class A     25    
Total expenses     430    
Less:          
Reimbursement of class expenses: 
Class A		     (16 )  
Net expenses     414    
Net Investment Income (Loss)     498    
Net Realized and Unrealized Gain (Loss):      
Realized Gain (Loss) from investment securities     438    
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (423 )  
Net Gain (Loss) on Investments     15    
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 513    

 

(a)  TA IDEX UBS Large Cap Value ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX UBS Large Cap Value

STATEMENT OF CHANGES IN NET ASSETS
For the period ended
(all amounts in thousands)

        April 30,
2005 (a)
(unaudited)		  
Increase (Decrease) in Net Assets From:          
Operations:          
Net investment income (loss)       $ 498    
Net realized gain (loss) from investment securities         438    
Net unrealized appreciation (depreciation) on
investment securities		         (423 )  
          513    
Distributions to Shareholders:          
From net investment income:          
Class I         (72 )  
          (72 )  
Capital Share Transactions:          
Proceeds from shares sold:          
Class A         62,868    
Class I         85,913    
          148,781    
Dividends and distributions reinvested:          
Class I         72    
          72    
          148,853    
Net increase (decrease) in net assets         149,294    
Net Assets:          
Beginning of period         –    
End of period       $ 149,294    
Undistributed Net Investment Income (Loss)       $ 426    
Share Activity:          
Shares issued:          
Class A         6,065    
Class I         8,502    
          14,567    
Shares issued–reinvested from distributions:          
Class I         7    
          7    
Net increase (decrease) in shares outstanding:              
Class A         6,065    
Class I         8,509    
          14,574    

 

(a)  TA IDEX UBS Large Cap Value ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX UBS Large Cap Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2005)

        For a share of beneficial interest outstanding throughout the period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.43     $ 0.02     $ (0.21 )   $ (0.19 )   $ –     $ –     $ –     $ 10.24    
Class I   4/30/2005     10.00       0.06       0.19       0.25       (0.01 )     –       (0.01 )     10.24    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (1.82 )%   $ 62,124       1.05 %     1.28 %     1.09 %     26 %  
Class I   4/30/2005     2.49       87,170       0.92       0.92       1.14       26    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on a initial purchase. Periods of less than one year are not annualized

(d)  Per share information is caluclated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX UBS Large Cap Value ("the Fund") commenced operations on November 8, 2004. The inception dates for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX UBS Large Cap Value

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX UBS Large Cap Value ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on November 8, 2004.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers two classes of shares, Class A and Class I, each with a public offering price that reflects different sales charges, if any, and expense levels. The initial sales charge currently is waived as this Fund is available for investment only by certain strategic asset allocation funds. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period from inception through April 30, 2005, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the period from inception through April 30, 2005, of $37 are included in net realized gains in the Statement of Operations.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 from inception through April 30, 2005, the Fund received no 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX UBS Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (ie: through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a AEGON/Transamerica Series Fund, Inc.) asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation – 
Conservative Portfolio		   $ 9,452       6.33 %  
TA IDEX Asset Allocation – 
Moderate Portfolio		     52,633       35.25 %  
Asset Allocation – Conservative Portfolio     22,890       15.33 %  
Asset Allocation – Growth Portfolio     64,228       43.02 %  
Total   $ 149,203       99.93 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.85% of the first $200 million of ANA
0.80% of the next $550 million of ANA
0.75% of the next $250 million of ANA
0.70% of ANA over $1 billion

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses exceed the following stated annual limit:

1.05% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class I     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS less than $1 for the period from inception through April 30, 2005.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-adviser for the period from inception through April 30, 2005, were $10.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period from inception through April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 168,226    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     22,526    
U.S. Government     –    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX UBS Large Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 146,101    
Unrealized Appreciation   $ 3,678    
Unrealized (Depreciation)     (4,101 )  
Net Unrealized Appreciation (Depreciation)   $ (423 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX UBS Large Cap Value

A discussion regarding the basis of Transamerica IDEX Mutual Fund's Board of Trustees' approval of the fund's advisory arrangements will be available in the fund's annual report for the fiscal year ending October 31, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX UBS Large Cap Value

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX UBS Large Cap Value

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  1,977,954.901       0       0    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX UBS Large Cap Value.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      1,977,954.901       0       0    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      1,977,954.901       0       0    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      1,977,954.901       0       0    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      1,977,954.901       0       0    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      1,977,954.901       0       0    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      1,977,954.901       0       0    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      1,977,954.901       0       0    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      1,977,954.901       0       0    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Van Kampen Emerging Markets Debt

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS
By Region
At April 30, 2005
(unaudited)

This chart shows the percentage breakdown by region of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Van Kampen Emerging Markets Debt

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Principal   Value  
FOREIGN GOVERNMENT OBLIGATIONS (80.5%)      
Argentine Republic
11.75%, due 04/07/2009 (a)		   $ 4,000     $ 1,160    
11.75%, due 06/15/2015 (a)     1,650       470    
82.33%, due 04/10/2049 (a)     1,100       319    
Malaysia Government
8.75%, due 06/01/2009		     7,350       8,493    
7.50%, due 07/15/2011     2,200       2,524    
Republic of Brazil
14.50%, due 10/15/2009		     4,350       5,546    
8.00%, due 04/15/2014     6,861       6,809    
10.50%, due 07/14/2014     2,600       2,918    
8.88%, due 10/14/2019     650       640    
4.25%, due 04/15/2024 (b)     2,400       2,196    
6.00%, due 04/15/2024 (b)     450       414    
8.88%, due 04/15/2024     1,800       1,759    
11.00%, due 08/17/2040     660       748    
Republic of Bulgaria
8.25%, due 01/15/2015		     2,100       2,599    
Republic of Colombia
9.75%, due 04/09/2011		     1,630       1,808    
11.75%, due 02/25/2020     980       1,191    
10.38%, due 01/28/2033     420       453    
Republic of Ecuador
8.00%, due 08/15/2030 (c)		     3,350       2,680    
Republic of Nigeria
6.25%, due 11/15/2020		     2,250       2,137    
Republic of Panama
9.63%, due 02/08/2011		     1,380       1,618    
10.75%, due 05/15/2020     780       1,014    
8.88%, due 09/30/2027     2,050       2,296    
9.38%, due 04/01/2029     700       826    
Republic of Peru
9.88%, due 02/06/2015		     2,000       2,347    
8.38%, due 05/03/2016     950       1,016    
Republic of the Philippines
8.88%, due 03/17/2015		     4,650       4,696    
10.63%, due 03/16/2025     450       485    
9.50%, due 02/02/2030     2,730       2,675    
Republic of Turkey
11.50%, due 01/23/2012		     1,800       2,183    
11.00%, due 01/14/2013     3,000       3,593    
Republic of Venezuela
10.75%, due 09/19/2013		     2,850       3,185    
8.50%, due 10/08/2014     1,350       1,330    
9.25%, due 09/15/2027     1,130       1,114    
9.38%, due 01/13/2034     1,300       1,286    

 

    Principal   Value  
Russian Federation
8.25%, due 03/31/2010		   $ 2,400     $ 2,625    
11.00%, due 07/24/2018     4,300       6,140    
12.75%, due 06/24/2028     4,520       7,724    
5.00%, due 03/31/2030 (d)     3,190       3,392    
State of Qatar
9.75%, due 06/15/2030		     400       594    
Ukraine Government
6.37%, due 08/05/2009 (b)		     1,800       1,933    
United Mexican States
10.38%, due 02/17/2009		     2,600       3,076    
8.38%, due 01/14/2011     5,900       6,753    
8.13%, due 12/30/2019     3,360       3,935    
11.50%, due 05/15/2026     3,150       4,820    
8.30%, due 08/15/2031     2,810       3,291    
Total Foreign Government Obligations (cost: $119,816)             118,811    
CORPORATE DEBT SECURITIES (13.9%)                  
Commercial Banks (0.5%)                  
Banque Centrale de Tunisie
7.38%, due 04/25/2012		     600       679    
Mortgage Bankers & Brokers (2.8%)                  
Aries Vermoegensverwaltungs
9.60%, due 10/25/2014		     3,250       4,129    
Oil & Gas Extraction (7.7%)                  
Empresa Nacional de Petroleo
6.75%, due 11/15/2012		     2,150       2,359    
Pemex Project Funding Master Trust
4.31%, due 06/15/2010 (b)		     1,950       2,015    
9.13%, due 10/13/2010     2,750       3,190    
Pemex Project Funding Master Trust-144A
9.50%, due 09/15/2027		     3,070       3,813    
Security & Commodity Brokers (2.9%)                  
Citigroup Global Markets Holdings, Inc.-144A
0.00%, due 04/13/2006		     1,600       1,843    
0.00%, due 05/25/2006     2,500       2,434    
Total Corporate Debt Securities (cost: $20,237)             20,462    
Total Investment Securities (cost: $140,053)           $ 139,273    
SUMMARY:                  
Investments, at value     94.4 %   $ 139,273    
Other assets in excess of liabilities     5.6 %     8,319    
Net assets     100.0 %   $ 147,592    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Van Kampen Emerging Markets Debt

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

FUTURES CONTRACTS (e):                                  
    Contracts   Settlement Date   Amount   Net Unrealized
Appreciation
(Depreciation)		  
US 2 Year Note (CBT)     135       06/30/2005     $ 28,040     $ (52 )  

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  Securities are currently in default on interest payments.

(b)  Floating or variable rate note. Rate is listed as of April 30, 2005.

(c)  Securities are stepbonds. Republic of Ecuador has a coupon rate of 8.00% until 08/15/2005 and a coupon rate of 9.00% from 8/15/2005 until 8/15/2006; thereafter the coupon rate will become 10.00%.

(d)  Securities are stepbonds. Russian Federation has a coupon rate of 5.00% until 03/31/2007, thereafter the coupon rate will become 7.50%.

(e)  At April 30, 2005, the Fund has cash in the amount of $70, segregated with the custodian to cover margin requirements for open futures contracts.

DEFINITIONS:

144A  144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2005, these securities aggregated $8,090 or 5.5% of the net assets of the Fund.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Van Kampen Emerging Markets Debt

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $140,053)   $ 139,273    
Cash     7,934    
Receivables:          
Shares of beneficial interest sold     436    
Interest     2,296    
Variation margin     34    
      149,973    
Liabilities:      
Investment securities purchased     1,999    
Accounts payable and accrued liabilities:          
Management and advisory fees     95    
Distribution and service fees     20    
Dividends to shareholders     260    
Other     7    
      2,381    
Net Assets   $ 147,592    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 148,567    
Accumulated net investment income (loss)     (23 )  
Accumulated net realized gain (loss) from
investment securities and futures contracts		     (120 )  
Net unrealized appreciation (depreciation) on:          
Investment securities     (780 )  
Futures contracts     (52 )  
Net Assets   $ 147,592    
Net Assets by Class:      
Class A   $ 75,576    
Class I     72,016    
Shares Outstanding:      
Class A     7,558    
Class I     7,199    
Net Asset Value and Offering Price Per Share:      
Class A   $ 10.00    
Class I     10.00    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005 (a)
(all amounts in thousands)
(unaudited)

Investment Income:      
Interest   $ 1,968    
Expenses:      
Management and advisory fees     297    
Printing and shareholder reports     4    
Custody fees     20    
Administration fees     6    
Legal fees     1    
Audit fees     8    
Trustees fees     1    
Distribution and service fees:          
Class A     28    
Total expenses     365    
Less:          
Class expense reimbursement:          
Class A     (20 )  
Net expenses     345    
Net Investment Income (Loss)     1,623    
Net Realized Gain (Loss) from:      
Investment securities     (121 )  
Futures contracts     1    
      (120 )  
Net Increase (Decrease) in Unrealized
Appreciation (Depreciation) on:		      
Investment securities     (780 )  
Futures contracts     (52 )  
      (832 )  
Net Gain (Loss) on Investments and Futures Contracts     (952 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ 671    

 

(a)  TA IDEX Van Kampen Emerging Markets Debt ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Van Kampen Emerging Markets Debt

STATEMENT OF CHANGES IN NET ASSETS

For the period ended
(all amounts in thousands)

    April 30, 2005 (a)
(unaudited)		  
Increase (Decrease) in Net Assets From:      
Operations:      
Net investment income (loss)   $ 1,623    
Net realized gain (loss) from
investment securities and futures contracts		     (120 )  
Net unrealized appreciation (depreciation)
on investment securities and futures contracts		     (832 )  
      671    
Distributions to Shareholders:      
From net investment income:          
Class A     (430 )  
Class I     (1,216 )  
      (1,646 )  
Capital Share Transactions:      
Proceeds from shares sold:          
Class A     75,727    
Class I     71,454    
      147,181    
Dividends and distributions reinvested:          
Class A     299    
Class I     1,087    
      1,386    
      148,567    
Net increase (decrease) in net assets     147,592    
Net Assets:      
Beginning of period     –    
End of period   $ 147,592    
Accumulated Net Investment Income (Loss)   $ (23 )  
Share Activity:      
Shares issued:          
Class A     7,528    
Class I     7,091    
      14,619    
Shares issued–reinvested from distributions:          
Class A     30    
Class I     108    
      138    
Net increase (decrease) in shares outstanding:          
Class A     7,558    
Class I     7,199    
      14,757    

 

(a)  TA IDEX Van Kampen Emerging Markets Debt ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Van Kampen Emerging Markets Debt

FINANCIAL HIGHLIGHTS

(unaudited)

        For a share of beneficial interest outstanding throughout the period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.26     $ 0.09     $ (0.26 )   $ (0.17 )   $ (0.09 )   $ –     $ (0.09 )   $ 10.00    
Class I   4/30/2005     10.00       0.25       (0.01 )     0.24       (0.24 )     –       (0.24 )     10.00    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (1.66 )%   $ 75,576       1.15 %     1.41 %     5.30 %     41 %  
Class I   4/30/2005     2.39       72,016       1.08       1.08       5.15       41    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursments by the investment adviser.

(g)  TA IDEX Van Kampen Emerging Markets Debt ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Van Kampen Emerging Markets Debt

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Van Kampen Emerging Markets Debt ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on November 8, 2004.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers two classes of shares, Class A and Class I, each with a public offering price that reflects different sales charges, if any, and expense levels. The initial sales charge currently is waived as this Fund is available for investment only by certain strategic asset allocation funds. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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 by independent pricing services at the last quoted bid price; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. 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 Fund's net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not "readily available." If market quotations are not readily available, and the impact of such a significant market event materially effects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period from inception through April 30, 2005, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Van Kampen Emerging Markets Debt

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.

Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. 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 closed 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.

At April 30, 2005, there were no open forward foreign currency contracts.

Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

Open futures contracts at April 30, 2005, are listed in the Schedule of Investments.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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 from inception through April 30, 2005, the Fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Van Kampen Emerging Markets Debt

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 2.–(continued)

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a AEGON/Transamerica Series Fund, Inc.) asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation–Conservative
Portfolio		   $ 8,090       5.48 %  
TA IDEX Asset Allocation–Growth
Portfolio		     11,891       8.06 %  
TA IDEX Asset Allocation–Moderate
Growth Portfolio		     37,821       25.63 %  
TA IDEX Asset Allocation–Moderate
Portfolio		     17,757       12.03 %  
Asset Allocation–Conservative Portfolio     1,374       0.93 %  
Asset Allocation–Growth Portfolio     20,477       13.87 %  
Asset Allocation–Moderate Growth
Portfolio		     42,834       29.02 %  
Asset Allocation–Moderate Portfolio     7.299       4.95 %  
Total   $ 147,543       99.97 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.95% of the first $250 million of ANA
0.90% of the next $250 million of ANA
0.80% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses exceed the following stated annual limit:

1.15% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There are no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class I     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $2 for the period from inception through 
April 30, 2005.

NOTE 3.  INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period from inception through April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 164,907    
U.S. Government     –    
Proceeds from maturities and sales of securities          
Long-Term excluding U.S. Government     24,539    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Van Kampen Emerging Markets Debt

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 4.–(continued)

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 140,227    
Unrealized Appreciation   $ 873    
Unrealized (Depreciation)     (1,827 )  
Net Unrealized Appreciation (Depreciation)   $ (954 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Van Kampen Emerging Markets Debt

A discussion regarding the basis of Transamerica IDEX Mutual Fund's Board of Trustees' approval of the fund's advisory arrangements will be available in the fund's annual report for the fiscal year ending October 31, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


TA IDEX Van Kampen Emerging Markets Debt

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:  Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Van Kampen Emerging Markets Debt

Proposal 2:  Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  985,655.451       0       0    

 

Proposal 3:  Approval of changes to the fundamental investment restrictions of TA IDEX Van Kampen Emerging Markets Debt.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      985,655.451       0       0    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      985,655.451       0       0    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      985,655.451       0       0    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      985,655.451       0       0    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      985,655.451       0       0    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      985,655.451       0       0    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      985,655.451       0       0    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      985,655.451       0       0    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

12


TA IDEX Van Kampen Small Company Growth

GRAPHIC PRESENTATION OF SCHEDULE OF INVESTMENTS
By Sector
At April 30, 2005
(unaudited)

This chart shows the percentage breakdown by sector of the Fund's total investment securities.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

1


TA IDEX Van Kampen Small Company Growth

SCHEDULE OF INVESTMENTS
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
COMMON STOCKS (95.6%)      
Agriculture (2.9%)      
VCA Antech, Inc. (a)     86,200     $ 2,007    
Amusement & Recreation Services (6.7%)      
Gaylord Entertainment Co. (a)     26,475       1,059    
Lakes Entertainment, Inc. (a)     28,800       424    
Penn National Gaming, Inc. (a)     58,600       1,846    
WMS Industries, Inc. (a)     53,600       1,361    
Apparel & Accessory Stores (1.3%)      
Carter's, Inc. (a)     23,925       902    
Business Services (2.7%)      
51job, Inc., ADR (a)     10,500       179    
Akamai Technologies, Inc. (a)     51,650       610    
Macquarie Infrastructure Co. Trust (a)     14,600       398    
Netease.com, ADR (a)     7,675       379    
Valueclick, Inc. (a)     33,525       347    
Chemicals & Allied Products (0.5%)      
Nuco2, Inc. (a)     14,000       344    
Communication (0.4%)      
Lodgenet Entertainment Corp. (a)     19,100       311    
Communications Equipment (2.9%)      
Plantronics, Inc.     9,475       298    
Spectrasite, Inc. (a)     30,550       1,715    
Computer & Data Processing Services (10.1%)      
Activision, Inc. (a)     1       – (b)  
Arbitron, Inc.     8,950       379    
CNET Networks, Inc. (a)     56,150       557    
Eclipsys Corp. (a)     26,300       355    
Filenet Corp. (a)     14,450       383    
Hyperion Solutions Corp. (a)     8,275       337    
Interactive Data Corp. (a)     25,550       512    
NetFlix, Inc. (a)     35,500       410    
PlanetOut, Inc. (a)     22,125       145    
RSA Security, Inc. (a)     40,250       432    
Salesforce.com, Inc. (a)     46,600       675    
Shanda Interactive Entertainment,
Ltd., ADR (a)		     22,925       737    
Sina Corp. (a)     11,375       312    
SkillSoft PLC, ADR (a)     74,400       290    
THQ, Inc. (a)     19,700       497    
Verint Systems, Inc. (a)     9,875       314    
Websense, Inc. (a)     13,625       723    
Computer & Office Equipment (1.8%)      
Micros Systems, Inc. (a)     16,700       662    
ProQuest Co. (a)     12,575       408    
TransAct Technologies, Inc. (a)     18,950       165    

 

    Shares   Value  
Construction (0.7%)                  
Chicago Bridge & Iron Co. NV     21,600     $ 483    
Educational Services (3.5%)                  
Strayer Education, Inc.     15,575       1,671    
Universal Technical Institute, Inc. (a)     21,675       757    
Electronic Components & Accessories (1.4%)                  
Microsemi Corp. (a)     16,150       273    
Tessera Technologies, Inc. (a)     27,000       717    
Engineering & Management Services (0.6%)                  
Washington Group International, Inc. (a)     9,400       389    
Environmental Services (1.6%)                  
Stericycle, Inc. (a)     23,450       1,141    
Food & Kindred Products (0.6%)                  
Peet's Coffee & Tea, Inc. (a)     15,200       385    
Furniture & Home Furnishings Stores (1.4%)                  
Tuesday Morning Corp. (a)     35,925       943    
Gas Production & Distribution (2.3%)                  
Southwestern Energy Co. (a)     27,025       1,588    
Hotels & Other Lodging Places (3.5%)                  
Great Wolf Resorts, Inc. (a)     50,301       1,068    
Kerzner International, Ltd. (a)     25,550       1,408    
Industrial Machinery & Equipment (1.1%)                  
Actuant Corp.–Class A (a)     12,675       540    
Middleby Corp.     5,025       221    
Instruments & Related Products (2.0%)                  
Cuno, Inc. (a)     10,575       536    
Dionex Corp. (a)     6,575       282    
Flir Systems, Inc. (a)     22,150       589    
Insurance (0.8%)                  
Markel Corp. (a)     1,660       570    
Lumber & Construction Materials (0.5%)                  
Beacon Roofing Supply, Inc. (a)     17,100       380    
Management Services (1.6%)                  
Corporate Executive Board Co.     16,775       1,103    
Manufacturing Industries (1.8%)                  
Shuffle Master, Inc. (a)     36,850       928    
Yankee Candle Co., Inc. (a)     11,600       322    
Medical Instruments & Supplies (3.2%)                  
American Medical Systems Holdings, Inc. (a)     37,150       649    
Animas Corp. (a)     20,700       388    
Sybron Dental Specialties, Inc. (a)     21,150       788    
Techne Corp. (a)     10,000       418    

 

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

2


TA IDEX Van Kampen Small Company Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2005
(all amounts except share amounts in thousands)
(unaudited)

    Shares   Value  
Mining (1.2%)      
Florida Rock Industries, Inc.     14,075     $ 817    
Motion Pictures (1.7%)      
Avid Technology, Inc. (a)     13,600       673    
Lions Gate Entertainment Corp. (a)     52,900       511    
Oil & Gas Extraction (5.8%)      
Bill Barrett Corp. (a)     11,700       312    
Delta Petroleum Corp. (a)     26,175       293    
Denbury Resources, Inc. (a)     10,550       335    
Gasco Energy, Inc. (a)     97,150       345    
Petrohawk Energy Corp. (a)     36,800       319    
Quicksilver Resources, Inc. (a)     41,850       2,148    
Range Resources Corp.     13,400       303    
Paper & Paper Products (0.7%)      
Neenah Paper, Inc.     16,375       493    
Personal Services (0.4%)      
Coinstar, Inc. (a)     17,900       307    
Pharmaceuticals (4.9%)      
Dade Behring Holdings, Inc. (a)     36,325       2,240    
Flamel Technologies, Sponsored ADR (a)     19,785       317    
Idexx Laboratories, Inc. (a)     7,975       452    
Noven Pharmaceuticals, Inc. (a)     23,200       386    
Radio & Television Broadcasting (0.5%)      
Radio One, Inc.–Class D (a)     27,125       354    
Radio, Television & Computer Stores (1.9%)      
Guitar Center, Inc. (a)     26,475       1,307    
Real Estate (0.5%)      
Desarrolladora Homex SA de CV, ADR (a)     15,200       337    
Research & Testing Services (3.4%)      
Advisory Board Co. (The) (a)     39,700       1,616    
Gen-Probe, Inc. (a)     15,775       792    
Residential Building Construction (1.2%)      
Brookfield Homes Corp.     11,700       502    
Meritage Homes Corp. (a)     5,400       342    
Restaurants (6.0%)      
AFC Enterprises (a)     40,150       1,084    

 

    Shares   Value  
Restaurants (continued)                  
BJ's Restaurants, Inc. (a)     25,500     $ 450    
IHOP Corp.     13,000       532    
PF Chang's China Bistro, Inc. (a)     20,175       1,120    
Sonic Corp. (a)     21,250       681    
Steak N Shake Co., (The) (a)     19,775       358    
Retail Trade (1.7%)                  
Blue Nile, Inc. (a)     13,775       347    
Build-A-Bear Workshop, Inc. (a)     18,500       496    
Overstock.com, Inc. (a)     8,775       310    
Security & Commodity Brokers (2.4%)                  
Calamos Asset Management, Inc.–Class A     33,050       770    
Greenhill & Co., Inc.     29,190       919    
Social Services (0.8%)                  
Bright Horizons Family Solutions, Inc. (a)     17,250       585    
Stone, Clay & Glass Products (0.5%)                  
Eagle Materials, Inc.     4,825       353    
Telecommunications (0.3%)                  
IDT Corp.–Class B (a)     17,350       244    
Trucking & Warehousing (1.8%)                  
Landstar System, Inc. (a)     30,850       946    
Universal Truckload Services, Inc. (a)     19,100       304    
Water Transportation (0.4%)                  
Arlington Tankers, Ltd.     12,075       264    
Wholesale Trade Durable Goods (2.3%)                  
Neoforma, Inc. (a)     1,950       11    
SCP Pool Corp.     49,400       1,609    
Wholesale Trade Nondurable Goods (1.3%)                  
Tractor Supply Co. (a)     22,100       889    
Total Common Stocks (cost: $69,033)             66,783    
Total Investment Securities (cost: $69,033)           $ 66,783    
SUMMARY:                  
Investments, at value     95.6 %   $ 66,783    
Other assets in excess of liabilities     4.4 %     3,089    
Net assets     100.0 %   $ 69,872    

 

NOTES TO SCHEDULE OF INVESTMENTS:

(a)  No dividends were paid during the preceding twelve months.

(b)  Value is less than $1.

DEFINITIONS:

ADR  American Depositary Receipt

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

3


TA IDEX Van Kampen Small Company Growth

STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2005
(all amounts except per share amounts in thousands)
(unaudited)

Assets:      
Investment securities, at value (cost: $69,033)   $ 66,783    
Cash     5,320    
Receivables:          
Investment securities sold     18    
Shares of beneficial interest sold     130    
Interest     6    
Dividends     3    
      72,260    
Liabilities:      
Investment securities purchased     2,325    
Accounts payable and accrued liabilities:          
Management and advisory fees     50    
Distribution and service fees     10    
Other     3    
      2,388    
Net Assets   $ 69,872    
Net Assets Consist of:      
Shares of beneficial interest, unlimited shares
authorized, no par value		   $ 72,493    
Accumulated net investment income (loss)     (170 )  
Accumulated net realized gain (loss) from investment
securities		     (201 )  
Net unrealized appreciation (depreciation) on
investment securities		     (2,250 )  
Net Assets   $ 69,872    
Net Assets by Class:      
Class A   $ 36,498    
Class I     33,374    
Shares Outstanding:      
Class A     3,667    
Class I     3,352    
Net Asset Value and Offering Price Per Share:      
Class A   $ 9.95    
Class I     9.96    

 

STATEMENT OF OPERATIONS
For the period ended April 30, 2005 (a)
(all amounts in thousands) (unaudited)

Investment Income:      
Interest   $ 19    
Dividends     24    
      43    
Expenses:      
Management and advisory fees     184    
Printing and shareholder reports     3    
Custody fees     12    
Administration fees     4    
Legal fees     1    
Audit fees     4    
Trustees fees     1    
Distribution and service fees:          
Class A     14    
Total expenses     223    
Less:          
Reimbursement of class expenses:          
Class A     (10 )  
Net expenses     213    
Net Investment Income (Loss)     (170 )  
Net Realized and Unrealized Gain (Loss):      
Realized Gain (Loss) from investment securities     (201 )  
Increase (decrease) in unrealized appreciation
(depreciation) on investment securities		     (2,250 )  
Net Gain (Loss) on Investments     (2,451 )  
Net Increase (Decrease) in Net Assets Resulting
from Operations		   $ (2,621 )  

 

(a)  TA IDEX Van Kampen Small Company Growth ("the Fund") commenced operations on November 8, 2005. The inception date for the Fund's offering of share class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

4


TA IDEX Van Kampen Small Company Growth

STATEMENT OF CHANGES IN NET ASSETS
For the period ended
(all amounts in thousands)

    April 30,
2005 (a)
(unaudited)		  
Increase (Decrease) in Net Assets From:      
Operations:      
Net investment income (loss)   $ (170 )  
Net realized gain (loss) from
investment securities		     (201 )  
Net unrealized appreciation
(depreciation) on investment securities		     (2,250 )  
      (2,621 )  
Capital Share Transactions:      
Proceeds from shares sold:          
Class A     38,492    
Class I     34,001    
      72,493    
Net increase (decrease) in net assets     69,872    
Net Assets:      
Beginning of period     –    
End of period   $ 69,872    
Accumulated Net Investment Income
(Loss)		   $ (170 )  
Share Activity:      
Shares issued:          
Class A     3,667    
Class I     3,352    
      7,019    
Net increase (decrease) in shares outstanding:          
Class A     3,667    
Class I     3,352    
      7,019    

 

(a)  TA IDEX Van Kampen Small Company Growth ("the Fund") commenced operations on November 8, 2005. The inception date for the Fund's offering of share class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

5


TA IDEX Van Kampen Small Company Growth

FINANCIAL HIGHLIGHTS
(unaudited)

        For a share of beneficial interest outstanding throughout the period  
        Net Asset   Investment Operations   Distributions   Net Asset  
    For the
Period
Ended (d)(g)		   Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gain (Loss)		   Total
Operations		   From Net
Investment
Income		   From Net
Realized
Gains		   Total
Distributions		   Value,
End
of Period		  
Class A   4/30/2005   $ 10.73     $ 0.02     $ (0.80 )   $ (0.78 )   $ –     $ –     $ –     $ 9.95    
Class I   4/30/2005     10.00       0.04       (0.08 )     (0.04 )     –       –       –       9.96    

 

            Ratios/Supplemental Data  
    For the
Period		   Total   Net Assets,
End of
Period		   Ratio of Expenses
to Average
Net Assets (a)		   Net Investment
Income (Loss)
to Average		   Portfolio
Turnover		  
    Ended (g)   Return (c)   (000's)   Net (e)   Total (f)   Net Assets (a)   Rate (b)  
Class A   4/30/2005     (7.27 )%   $ 36,498       1.15 %     1.41 %     0.95 %     29 %  
Class I   4/30/2005     (0.40 )     33,374       1.09       1.09       0.86       29    

 

NOTES TO FINANCIAL HIGHLIGHTS

(a)  Annualized.

(b)  Not annualized for periods of less than one year.

(c)  Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized.

(d)  Per share information is calculated based on average number of shares outstanding.

(e)  Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2).

(f)  Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser.

(g)  TA IDEX Van Kampen Small Company Growth ("the Fund") commenced operations on November 8, 2004. The inception date for the Fund's offering of share Class A was March 1, 2005.

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

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

6


TA IDEX Van Kampen Small Company Growth

NOTES TO FINANCIAL STATEMENTS
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 1, 2005, Transamerica IDEX Mutual Funds was a Massachusetts business trust. TA IDEX Van Kampen Small Company Growth ("the Fund"), part of Transamerica IDEX Mutual Funds, began operations on November 8, 2004.

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

See the Prospectus and Statement of Additional Information for a description of the Fund's investment objective.

In preparing the Fund's 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 policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations and expenses: The Fund currently offers two classes of shares, Class A and Class I, each with a public offering price that reflects different sales charges, if any, and expense levels. The initial sales charge currently is waived as this Fund is available for investment only by certain strategic asset allocation funds. 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.

Pricing of shares: The Fund prices its shares on the basis of the net asset value of each class of shares of the Fund, which is determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading.

Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on NASDAQ NMS, such closing price may be last reported sales price or the NASDAQ Official Closing Price.

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.

Other securities for which quotations are not readily available are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund's Valuation Committee. These guidelines may include: the type of security; any restrictions on its resale; financial or business news of the issuer; similar or related securities that are actively trading; related corporate actions; and other significant events occurring after the close of trading in the security.

Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company ("IBT"). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2005, was paying an interest rate of 2.02%.

Throughout the period from inception through April 30, 2005, the Fund may have a cash overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual 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 Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party.

Recaptured commissions during the period from inception through April 30, 2005, of $8 are included in net realized gains in the Statement of Operations.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is 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.

Redemption fees: A short-term trading redemption fee may be assessed on any fund shares in a fund account that are sold 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.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

7


TA IDEX Van Kampen Small Company Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 1.–(continued)

For the period from inception through April 30, 2005, the Fund received no 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.

NOTE 2.  RELATED PARTY TRANSACTIONS

Transamerica Fund Advisors, Inc. ("TFAI") is the Fund's investment adviser. Transamerica Fund Services, Inc. ("TFS") is the Fund's administrator and transfer agent. AFSG Securities Corp. ("AFSG") is the Fund's distributor/principal underwriter. AFSG is 100% owned by AUSA Holding Company ("AUSA"). TFAI is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) and AUSA (22%). TFS is a wholly owned subsidiary of WRL (50%) and AUSA (50%). AUSA and WRL are wholly owned indirect subsidiaries of AEGON, NV, a Netherlands corporation.

Effective January 1, 2005 AEGON/Transamerica Fund Advisors, Inc. ("ATFA") was renamed Transamerica Fund Advisors, Inc. ("TFAI"); AEGON/Transamerica Fund Services, Inc. ("ATFS") and AEGON/Transamerica Investor Services, Inc. ("ATIS") merged into one entity and was renamed Transamerica Fund Services, Inc. ("TFS").

The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the Transamerica IDEX Mutual Funds and AEGON/Transamerica Series Trust (f/k/a AEGON/Transamerica Series Fund, Inc.) asset allocation funds):

    Net
Assets		   % of
Net Assets		  
TA IDEX Asset Allocation – Growth
Portfolio		   $ 15,670       22.43 %  
TA IDEX Asset Allocation – Moderate
Growth Portfolio		     20,794       29.76 %  
Asset Allocation – Growth Portfolio     19,638       28.11 %  
Asset Allocation – Moderate Growth
Portfolio		     13,746       19.67 %  
Total   $ 69,848       99.97 %  

 

Investment advisory fee: The Fund pays management fees to TFAI based on average daily net assets ("ANA") at the following breakpoints:

0.95% of the first $500 million of ANA
0.85% of ANA over $500 million

TFAI has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses exceed the following stated annual limit:

1.15% Expense Limit

If 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 that adviser a portion or all of the waived advisory fees.

There were no amounts available for recapture at April 30, 2005.

Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:

Class A     0.35 %  
Class I     N/A    

 

In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

Administrative services: The Fund has entered into an agreement with TFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support and other legal matters. As of January 1, 2005 the Fund pays TFS an annual fee of 0.02% of average net assets. Prior to January 1, 2005 the Fund paid TFS an annual fee of 0.015% of average net assets. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Fund pays TFS an annual per-account charge of $20 (not in thousands) for each open account and $1.63 (not in thousands) for each closed account. There is no new account charge. The Transfer agent fees on the Statement of Operations are made up of fees paid to TFS and costs associated with shareholder statements.

The Fund paid TFS $2 for the period from inception through April 30, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

8


TA IDEX Van Kampen Small Company Growth

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2005
(all amounts in thousands)
(unaudited)

NOTE 3.   INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period from inception through April 30, 2005, were as follows:

Purchases of securities:      
Long-Term excluding U.S. Government   $ 80,561    
U.S. Government     –    
Proceeds from maturities and sales of securities:      
Long-Term excluding U.S. Government     11,319    
U.S. Government     –    

 

NOTE 4.  FEDERAL INCOME TAX MATTERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2005, are as follows:

Federal Tax Cost Basis   $ 69,036    
Unrealized Appreciation   $ 2,132    
Unrealized (Depreciation)     (4,385 )  
Net Unrealized Appreciation (Depreciation)   $ (2,253 )  

 

NOTE 5.  REGULATORY PROCEEDINGS

There continues to be significant federal and state regulatory activity relating to financial services companies, particularly mutual fund companies and their investment advisers. As part of an ongoing investigation regarding potential market timing, recordkeeping and trading compliance issues and matters affecting the Fund's investment adviser, TFAI, and certain employees and affiliates of TFAI, the SEC staff has indicated that it is likely to take some action against TFAI and certain of its affiliates at the conclusion of the investigation. The potential timing and the scope of any such action is difficult to predict. Although the impact of any action brought against TFAI and/or its affiliates is difficult to assess at the present time, the Fund currently believes that the likelihood that any such action will have a material adverse impact on it is remote. It is important to note that the Fund is not aware of any allegation of wrongdoing against it and its board at the time this semi-annual report is printed. Although it is not anticipated that these developments will have an adverse impact on the Fund, there can be no assurance at this time. TFAI and its affiliates are actively working with the SEC in regard to this matter; however, the exact resolution cannot be determined at this time. TFAI will take such actions that it deems necessary or appropriate to continue providing management services to the Fund and to bring all matters to an appropriate conclusion.

TFAI and/or its affiliates, and not the Fund, will bear the costs regarding these regulatory matters.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

9


TA IDEX Van Kampen Small Company Growth

A discussion regarding the basis of Transamerica IDEX Mutual Fund's Board of Trustees' approval of the fund's advisory arrangements will be available in the fund's annual report for the fiscal year ending October 31, 2005.

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

10


TA IDEX Van Kampen Small Company Growth

SUPPLEMENTAL INFORMATION (unaudited)
RESULTS OF SHAREHOLDER PROXY

At a special meeting of shareholders held on February 25, 2005, the results of the Proposals were as follows:

Transamerica IDEX Mutual Funds

Proposal 1:   Election of Trustees to the Board of Trustees of Transamerica IDEX Mutual Funds.

    For   Withheld  
Peter R. Brown     872,017,875.249       4,468,498.551    
Daniel Calabria     871,917,069.786       4,569,304.014    
Janise B. Case     872,099,393.125       4,386,980.675    
Charles C. Harris     872,086,722.025       4,399,651.775    
Leo J. Hill     872,304,465.640       4,181,908.160    
Russell A. Kimball, Jr.     872,253,556.471       4,232,817.329    
William W. Short, Jr.     872,139,920.944       4,346,452.856    
John Waechter     872,261,152.376       4,225,221.424    
Jack E. Zimmerman     871,929,967.512       4,556,406.288    
Brian C. Scott     872,218,970.367       4,267,403.433    
Thomas P. O'Neill     872,111,944.117       4,374,429.683    

 

TA IDEX Van Kampen Small Company Growth

Proposal 2:   Approval of an Agreement and Plan of Reorganization pursuant to which Transamerica IDEX Mutual Funds will organize as a Delaware statutory trust.

For   Against   Abstentions/Broker Non-Votes  
  850,100.000       0       0    

 

Proposal 3:   Approval of changes to the fundamental investment restrictions of TA IDEX Van Kampen Small Company Growth.

A. Diversification   For   Against   Abstentions/Broker Non-Votes  
      850,100.000       0       0    
B. Borrowing   For   Against   Abstentions/Broker Non-Votes  
      850,100.000       0       0    
C. Senior Securities   For   Against   Abstentions/Broker Non-Votes  
      850,100.000       0       0    
D. Underwriting Securities   For   Against   Abstentions/Broker Non-Votes  
      850,100.000       0       0    
E. Real Estate   For   Against   Abstentions/Broker Non-Votes  
      850,100.000       0       0    
F. Making Loans   For   Against   Abstentions/Broker Non-Votes  
      850,100.000       0       0    
G. Concentration   For   Against   Abstentions/Broker Non-Votes  
      850,100.000       0       0    
H. Commodities   For   Against   Abstentions/Broker Non-Votes  
      850,100.000       0       0    

 

Transamerica IDEX Mutual Funds

Semi-Annual Report 2005

11


PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

A description of the Transamerica IDEX Mutual Funds' proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission website (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 first filing of Form N-PX was made on or before August 31, 2004, for the 12 month-period ending June 30, 2004. Once filed, the Form will be available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC's website at www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-Q which is available on the Commission's website at www.sec.gov. The Funds' Form N-Q may be reviewed and copied at the Commission'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.


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

www.transamericaidex.com

Investor Services 1-888-233-IDEX (4339)
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: AFSG Securities Corporation, Member NASD


 

Item 2: Code of Ethics.

 

Not applicable for semi-annual reports.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable for semi-annual reports.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable for semi-annual reports.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable for semi-annual reports.

 

Item 6: Schedule of Investments.

 

The schedule of investments is included in the Semi-Annual report to shareholders filed under Item 1 of this Form N-CSR.

 

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8: Portfolio Managers of Closed-End Management Investment Companies

 

Not applicable.

 

Item 9:  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not Applicable.

 

Item 10: Submission of Matters to a Vote of Security Holders

 

There has been no material change to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees:  currently the registrant does not have a policy with regard to the consideration of trustee candidates recommended by shareholders.


 

11: Controls and Procedures.

 

(a)          Based on their evaluation of registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940, as of April 30, 2005, registrant’s principal executive officer and principal financial officer found registrant’s disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b)         There have been no significant changes in registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal half year that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12: Exhibits.

 

(a)          (1) Not Applicable

(2) Separate certifications for registrant’s principal executive officer and principal financial officer, as required by
Rule 30a-2(a) under the 1940 Act, are attached.

(3) Not Applicable

(b)         A certification for registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Transamerica IDEX Mutual Funds

 

 

(Registrant)

 

 

 

By:

/s/ Brian C. Scott

 

 

 

President and Chief Executive Officer

 

 

Date: June 28, 2005

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ Brian C. Scott

 

 

President and Chief Executive Officer

Date:

June 28, 2005

 

 

 

 

By:

/s/ Glenn E. Brightman

 

 

Vice President and Interim Principal Financial Officer

Date:

June 28, 2005

 


 

EXHIBIT INDEX

 

Exhibit No.

 

Description of Exhibit

 

 

 

12(a)(2)

 

a. Section 302 N-CSR Certification of Principal Executive Officer

 

 

b. Section 302 N-CSR Certification of Principal Financial Officer

12(b)

 

Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer