As filed with the SEC on July 8, 2004.

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)

Registrant’s Telephone Number, including Area Code: (727) 299-1800

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

(Name and Address of Agent for Service)

Date of fiscal year end: October 31

Date of reporting period: November 1, 2003 – April 30, 2004

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

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

Semi-Annual Report

April 30, 2004

P.O. Box 9015 • Clearwater, FL 33758-9015

Distributor: AFSG Securities Corporation, Member NASD

Investor Services 1-888-233-IDEX (4339)

www.idexfunds.com

Dear 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.

A financial professional can help you build a comprehensive picture of your current and future financial needs. What’s more, 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.

The Securities and Exchange Commission requires that a semi-annual report be sent to all shareholders. The following pages provide a comprehensive review of the investments of each fund as well as the detailed accounting data. The report also provides a discussion of the accounting policies for the funds in addition to any matters presented to the shareholders that may have required their vote.

Please contact your financial advisor if you have any questions about the contents of this report.

Sincerely,

Brian C. Scott

President

Transamerica IDEX Mutual Funds

PROXY VOTING POLICIES AND PROCEDURES

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 will be required to File new SEC Form N-PX, with their complete proxy voting records for the 12 months ended June 30^th, no later than August 31^st of each year. The first filing of Form N-PX will be made no later than 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.

TA IDEX Alger Aggressive Growth

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (93.5%)
Amusement & Recreation Services (1.1%)
Disney (Walt) Company (The)	58,400	$	1,345
Business Services (6.3%)
eBay Inc. (a)	69,750		5,567
First Data Corporation	16,100		731
Monster Worldwide, Inc. (a)(b)	60,900		1,560
Commercial Banks (2.2%)
Citigroup Inc.	57,400		2,760
Communication (2.6%)
SpectraSite, Inc. (a)	19,000		710
XM Satellite Radio Holdings Inc.–Class A (a)(b)	103,700		2,485
Communications Equipment (6.1%)
Advanced Fibre Communications, Inc. (a)(b)	82,200		1,373
CIENA Corporation (a)(b)	194,900		807
Comverse Technology, Inc. (a)	60,800		995
Corning Incorporated (a)	221,000		2,438
Research In Motion Limited (a)	16,000		1,388
Sierra Wireless, Inc.	26,300		588
Computer & Data Processing Services (12.1%)
Check Point Software Technologies, Ltd. (a)	39,200		918
Cognizant Technology Solutions Corporation (a)	29,200		1,263
Microsoft Corporation	121,400		3,153
Oracle Corporation (a)	185,500		2,081
PeopleSoft, Inc. (a)	44,100		744
Pixar (a)(b)	21,100		1,441
Yahoo! Inc. (a)	109,500		5,525
Computer & Office Equipment (4.9%)
Brocade Communications Systems, Inc. (a)	331,600		1,774
Cisco Systems, Inc. (a)	152,900		3,191
Symbol Technologies, Inc.	93,100		1,117
Educational Services (1.2%)
Apollo Group, Inc.–Class A (a)	16,200		1,472
Electronic Components & Accessories (7.7%)
Broadcom Corporation–Class A (a)(b)	100,400		3,791
Celestica Inc. (U.S.) (a)	96,300		1,693
Intersil Corporation–Class A	27,600		545
Micron Technology, Inc. (a)(b)	90,800		1,237
National Semiconductor Corporation (a)	56,400		2,301
Furniture & Home Furnishings Stores (1.0%)
Bed Bath & Beyond Inc. (a)	34,500		1,281
Health Services (1.9%)
Quest Diagnostics Incorporated	27,550		2,324
Industrial Machinery & Equipment (3.4%)
Applied Materials, Inc. (a)	85,800		1,564
Kulicke and Soffa Industries, Inc. (a)	138,700		1,377
Novellus Systems, Inc. (a)	43,500		1,260

	Shares	Value
Insurance (5.1%)
Aetna Inc.	14,800	$	1,225
AFLAC Incorporated	32,300		1,364
Anthem, Inc. (a)(b)	21,000		1,860
MGIC Investment Corporation	8,800		648
Oxford Health Plans, Inc.	23,700		1,290
Leather & Leather Products (1.2%)
Coach, Inc. (a)	36,400		1,551
Lumber & Other Building Materials (1.6%)
Home Depot, Inc. (The)	55,300		1,946
Manufacturing Industries (1.2%)
International Game Technology	40,900		1,544
Medical Instruments & Supplies (6.1%)
Boston Scientific Corporation (a)	67,200		2,768
Guidant Corporation	34,400		2,168
Varian Medical Systems, Inc. (a)	11,000		944
Zimmer Holdings, Inc. (a)	21,400		1,709
Motion Pictures (2.3%)
Time Warner Inc. (a)	172,800		2,906
Oil & Gas Extraction (1.4%)
Halliburton Company	60,300		1,797
Personal Credit Institutions (1.4%)
Capital One Financial Corporation	26,300		1,723
Pharmaceuticals (19.6%)
Allergan, Inc.	23,900		2,104
Biogen, Inc. (a)	44,100		2,602
Genentech, Inc. (a)	49,300		6,054
Invitrogen Corporation (a)(b)	24,500		1,770
King Pharmaceuticals, Inc. (a)	71,400		1,232
Millennium Pharmaceuticals, Inc. (a)	115,900		1,737
OSI Pharmaceuticals, Inc. (a)	14,400		1,063
Pfizer Inc.	125,600		4,491
Protein Design Labs, Inc. (a)	24,400		597
QLT Inc. (a)(b)	35,300		952
Teva Pharmaceutical Industries Ltd.–ADR	30,100		1,853
Retail Trade (0.5%)
Tiffany & Co.	17,300		675
Security & Commodity Brokers (0.7%)
Piper Jaffray Companies, Inc. (a)	17,900		867
Telecommunications (1.1%)
Nextel Communications, Inc.–Class A (a)	54,900		1,310
Water Transportation (0.8%)
Royal Caribbean Cruises Ltd. (b)	25,900		1,050
Total Common Stocks (cost: $103,630)			116,599

The notes to the financial statements are an integral part of this report.
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TA IDEX Alger Aggressive Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
SECURITY LENDING COLLATERAL (11.4%)
Debt (6.2%)
Bank Notes (1.1%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	704	$	704
Fleet National Bank 1.00%, due 07/21/2004		704		704
Euro Dollar Overnight (0.5%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		423		423
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		254		254
Euro Dollar Terms (1.5%)
Bank of Montreal 1.02%, due 05/21/2004		82		82
BNP Paribas SA 1.01%, due 05/18/2004		423		423
1.08%, due 07/29/2004		423		423
Den Danske Bank 1.02%, due 05/20/2004		282		282
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		282		282
Wells Fargo & Company 1.02%, due 05/14/2004		423		423

	Principal		Value
Promissory Notes (0.8%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004	$	986	$	986
Repurchase Agreements (2.3%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $2,818 on 05/03/2004		2,818		2,818
	Shares		Value
Investment Companies (5.2%)
Money Market Funds (5.2%)
American AAdvantage Select Fund 1-day yield of 0.98%		845,487	$	845
Barclays Institutional Money Market Fund 1-day yield of 1.02%		1,972,803		1,973
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		763,626		764
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%		2,818,291		2,818
Total Security Lending Collateral (cost: $14,204)				14,204
Total Investment Securities (cost: $117,834)			$	130,803
SUMMARY:
Investments, at value		104.9%	$	130,803
Liabilities in excess of other assets		(4.9)%		(6,168)
Net assets		100.0%	$	124,635

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $13,440.

(c) Cash collateral for the Repurchase Agreements, valued at $2,875, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

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 2004

TA IDEX Alger Aggressive Growth    2

TA IDEX Alger Aggressive Growth

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $117,834) (including securities loaned of $13,440)	$	130,803
Cash		9,056
Receivables:
Investment securities sold		5,810
Shares of beneficial interest sold		83
Interest		2
Dividends		30
Other		31
		145,815
Liabilities:
Investment securities purchased		6,258
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		249
Distribution fees		72
Transfer agent fees		327
Payable for collateral for securities on loan		14,204
Other		70
		21,180
Net Assets	$	124,635
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	241,210
Accumulated net investment income (loss)		(981	)
Accumulated net realized gain (loss) from investment securities		(128,559	)
Net unrealized appreciation (depreciation) on:
Investment securities		12,965
Net Assets	$	124,635
Net Assets by Class:
Class A	$	63,513
Class B		44,724
Class C		1,024
Class C2		6,522
Class M		8,852
Shares Outstanding:
Class A		3,339
Class B		2,483
Class C		57
Class C2		361
Class M		487
Net Asset Value Per Share:
Class A	$	19.03
Class B		18.02
Class C		18.02
Class C2		18.02
Class M		18.17
Maximum Offering Price Per Share (a):
Class A	$	20.14
Class M		18.35

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	5
Dividends		260
Income from loaned securities–net		8
Less withholding taxes on foreign dividends		(5	)
		268
Expenses:
Management and advisory fees		532
Transfer agent fees		476
Printing and shareholder reports		245
Custody fees		10
Administration fees		13
Legal fees		3
Auditing and accounting fees		5
Trustees fees		4
Registration fees		26
Other		6
Distribution and service fees:
Class A		117
Class B		242
Class C		5
Class C2		36
Class M		44
Total expenses		1,764
Less:
Advisory fee waiver		(532	)
Net expenses		1,232
Net Investment Income (Loss)		(964	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investment securities		6,685
Net unrealized appreciation (depreciation) on investment securities		(4,163	)
Net Gain (Loss) on Investment Securities		2,522
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,558

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Alger Aggressive Growth    3

TA IDEX Alger Aggressive Growth

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(964	)	$	(1,505	)
Net realized gain (loss) from investment securities		6,685			4,926
Net unrealized appreciation (depreciation) on investment securities		(4,163	)		21,278
		1,558			24,699
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		5,450			50,196
Class B		1,996			5,089
Class C		541			792
Class C2		482			956
Class M		295			688
		8,764			57,721
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(8,520	)		(56,280	)
Class B		(6,630	)		(9,676	)
Class C		(337	)		(40	)
Class C2		(1,254	)		(2,128	)
Class M		(1,558	)		(2,453	)
		(18,299	)		(70,577	)
		(9,535	)		(12,856	)
Net increase (decrease) in net assets		(7,977	)		11,843
Net Assets:
Beginning of period		132,612			120,769
End of period	$	124,635		$	132,612
Accumulated Net Investment Income (Loss)	$	(981	)	$	(17	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	278		3,287
Class B	108		326
Class C	29		48
Class C2	26		63
Class M	16		43
	457		3,767
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(435	)	(3,679	)
Class B	(357	)	(640	)
Class C	(18	)	(2	)
Class C2	(68	)	(142	)
Class M	(83	)	(163	)
	(961	)	(4,626	)
Net increase (decrease) in shares outstanding:
Class A	(157	)	(392	)
Class B	(249	)	(314	)
Class C	11		46
Class C2	(42	)	(79	)
Class M	(67	)	(120	)
	(504	)	(859	)

The notes to the financial statements are an integral part of this report.
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TA IDEX Alger Aggressive Growth    4

TA IDEX Alger Aggressive Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	18.82	$	(0.11	)	$	0.32		$	0.21		$	–	$	–		$	–		$	19.03
	10/31/2003		15.27		(0.15	)		3.70			3.55			–		–			–			18.82
	10/31/2002		20.21		(0.20	)		(4.74	)		(4.94	)		–		–			–			15.27
	10/31/2001		32.07		(0.13	)		(11.09	)		(11.22	)		–		(0.64	)		(0.64	)		20.21
	10/31/2000		33.05		(0.13	)		2.15			2.02			–		(3.00	)		(3.00	)		32.07
	10/31/1999		22.24		0.17			11.82			11.99			–		(1.18	)		(1.18	)		33.05
Class B	04/30/2004		17.87		(0.16	)		0.31			0.15			–		–			–			18.02
	10/31/2003		14.59		(0.25	)		3.53			3.28			–		–			–			17.87
	10/31/2002		19.48		(0.32	)		(4.57	)		(4.89	)		–		–			–			14.59
	10/31/2001		31.23		(0.29	)		(10.82	)		(11.11	)		–		(0.64	)		(0.64	)		19.48
	10/31/2000		32.44		(0.36	)		2.15			1.79			–		(3.00	)		(3.00	)		31.23
	10/31/1999		21.93		(0.13	)		11.82			11.69			–		(1.18	)		(1.18	)		32.44
Class C	04/30/2004		17.87		(0.17	)		0.32			0.15			–		–			–			18.02
	10/31/2003		14.24		(0.26	)		3.89			3.63			–		–			–			17.87
Class C2	04/30/2004		17.87		(0.16	)		0.31			0.15			–		–			–			18.02
	10/31/2003		14.59		(0.24	)		3.52			3.28			–		–			–			17.87
	10/31/2002		19.48		(0.32	)		(4.57	)		(4.89	)		–		–			–			14.59
	10/31/2001		31.23		(0.31	)		(10.80	)		(11.11	)		–		(0.64	)		(0.64	)		19.48
	10/31/2000		32.44		(0.36	)		2.15			1.79			–		(3.00	)		(3.00	)		31.23
Class M	04/30/2004		18.01		(0.16	)		0.32			0.16			–		–			–			18.17
	10/31/2003		14.69		(0.23	)		3.55			3.32			–		–			–			18.01
	10/31/2002		19.59		(0.30	)		(4.60	)		(4.90	)		–		–			–			14.69
	10/31/2001		31.36		(0.27	)		(10.86	)		(11.13	)		–		(0.64	)		(0.64	)		19.59
	10/31/2000		32.53		(0.32	)		2.15			1.83			–		(3.00	)		(3.00	)		31.36
	10/31/1999		21.98		(0.09	)		11.82			11.73			–		(1.18	)		(1.18	)		32.53

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)			Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	1.12	%	$	63,513	1.55	%	2.34	(1.14	)%	58	%
	10/31/2003	23.25			65,778	1.55		2.43	(0.94	)	187
	10/31/2002	(24.44	)		59,396	1.55		2.26	(1.05	)	174
	10/31/2001	(35.56	)		104,660	1.55		1.88	(0.56	)	105
	10/31/2000	4.81			164,730	1.55		1.77	(0.94	)	108
	10/31/1999	55.49			100,078	1.61		1.90	(1.15	)	96
Class B	04/30/2004	0.84			44,724	2.20		2.99	(1.79	)	58
	10/31/2003	22.48			48,825	2.20		3.08	(1.59	)	187
	10/31/2002	(25.11	)		44,439	2.20		2.91	(1.70	)	174
	10/31/2001	(36.17	)		71,834	2.20		2.53	(1.21	)	105
	10/31/2000	4.13			115,689	2.20		2.42	(1.59	)	108
	10/31/1999	54.88			47,399	2.26		2.55	(1.80	)	96
Class C	04/30/2004	0.84			1,024	2.20		2.99	(1.79	)	58
	10/31/2003	25.49			814	2.20		3.09	(1.59	)	187
Class C2	04/30/2004	0.84			6,522	2.20		2.99	(1.79	)	58
	10/31/2003	22.48			7,209	2.20		3.08	(1.59	)	187
	10/31/2002	(25.11	)		7,028	2.20		2.91	(1.70	)	174
	10/31/2001	(36.17	)		10,545	2.20		2.53	(1.21	)	105
	10/31/2000	4.13			16,586	2.20		2.42	(1.59	)	108
Class M	04/30/2004	0.89			8,852	2.10		2.89	(1.69	)	58
	10/31/2003	22.60			9,986	2.10		2.98	(1.49	)	187
	10/31/2002	(25.02	)		9,906	2.10		2.81	(1.60	)	174
	10/31/2001	(36.08	)		18,146	2.10		2.43	(1.11	)	105
	10/31/2000	4.24			33,223	2.10		2.32	(1.49	)	108
	10/31/1999	54.97			18,538	2.16		2.45	(1.70	)	96

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Alger Aggressive Growth    5

TA IDEX Alger Aggressive Growth

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, and 4/30/2004.

(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 Alger Aggressive Growth (“the Fund”) commenced operations on December 2, 1994. The inception date for the Fund’s offering of share classes are as follows:

Class C – November 11, 2002

Class C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Alger Aggressive Growth    6

TA IDEX Alger Aggressive Growth

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Alger Aggressive Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on December 2, 1994.

On March 1, 2004, the Fund changed its name from IDEX Alger Aggressive Growth to TA IDEX Alger Aggressive Growth.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $172 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 received 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 net 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Alger Aggressive Growth    7

TA IDEX Alger Aggressive Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

records an asset for the cash invested collateral and a liability for the return of the collateral.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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 period ended April 30, 2004, this fee totaled $17. These fees are included in Paid in Capital in the Statement of Assets & 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. 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Alger Aggressive Growth    8

TA IDEX Alger Aggressive Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

There are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	109
Retained by Underwriter		14
Contingent Deferred Sales Charges		68

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $13 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $476 for the period ended April 30, 2004.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended April 30, 2004, were $52.

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 Funds. At April 30, 2004, the value of invested plan amount was $16. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	74,968
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		92,703
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 treatments 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
$85,926	October 31, 2009
48,961	October 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	117,838
Unrealized Appreciation	$	18,735
Unrealized (Depreciation)		(5,770	)
Net Unrealized Appreciation (Depreciation)	$	12,965

NOTE  5. SUBSEQUENT EVENTS

The Fund merged into TA IDEX Transamerica Equity effective as of the close of business on May 28, 2004.

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Alger Aggressive Growth    9

TA IDEX American Century International

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
CONVERTIBLE PREFERRED STOCKS (0.8%)
Switzerland (0.8%)
Compagnie Financiere Richemont AG–Units	66,950	$	1,723
Total Convertible Preferred Stocks (cost: $1,628)			1,723
PREFERRED STOCKS (0.8%)
Germany (0.8%)
Porsche AG	2,800		1,743
Total Preferred Stocks (cost: $1,386)			1,743
COMMON STOCKS (96.9%)
Australia (2.4%)
BHP Billiton Limited	253,014		2,097
Commonwealth Bank of Australia	72,020		1,626
QBE Insurance Group Limited	207,300		1,745
Austria (1.3%)
Erste Bank der oesterreichischen Sparkassen AG	19,898		2,980
Bermuda (2.5%)
Esprit Holdings Limited	278,000		1,141
Li & Fung Limited	626,000		975
Nabors Industries Ltd. (a)(b)	42,970		1,906
Tyco International Ltd.	54,280		1,490
Brazil (0.3%)
Tele Norte Leste Participacoes SA–ADR	53,360		632
Canada (0.3%)
Placer Dome Inc.–CUFS	10,306		144
Research In Motion Limited (a)	4,890		424
China (0.8%)
Huaneng Power International, Inc.	1,556,000		1,456
SINOPEC Shanghai Petrochemical Company Limited	914,000		305
Denmark (0.2%)
A. P. Moller–Maersk A/S	69		435
France (12.1%)
Accor SA	41,633		1,754
AXA	128,508		2,708
Credit Agricole SA	112,999		2,789
Essilor International SA	19,950		1,168
Lafarge SA	18,590		1,550
LVMH Moet Hennessy Louis Vuitton SA	25,524		1,800
Pernod Ricard	15,790		1,994
Schneider Electric SA	24,560		1,656
Societe Generale–Class A (a)	29,497		2,459
Total Fina Elf SA	30,580		5,660
Vinci SA	16,120		1,570
Vivendi Universal SA (a)	90,980		2,291
Germany (5.5%)
Continental AG	29,860		1,297
Deutsche Bank AG	17,890		1,470
Deutsche Borse AG	6,844		376
PUMA AG Rudolf Dassler Sport	11,307		2,603
SAP AG	19,037		2,868
Siemens AG–Registered Shares	50,083		3,598
Greece (1.1%)
Alpha Bank SA	38,400		1,198
Greek Organization of Football Prognostics	22,864		436
Public Power Corporation	29,440		747

	Shares	Value
Hong Kong (0.6%)
CNOOC Limited	906,000	$	328
Sun Hung Kai Properties Limited	106,000		911
Ireland (2.0%)
Anglo Irish Bank Corporation PLC	125,510		2,055
CRH PLC (GBP)	56,374		1,202
DEPFA BANK PLC	7,427		1,113
Israel (1.1%)
Teva Pharmaceutical Industries Ltd.–ADR	40,448		2,490
Italy (0.5%)
Saipem SpA	117,240		1,100
Japan (21.2%)
Bank of Yokohama, Ltd. (The) (a)	210,000		1,148
Canon Inc.	68,409		3,590
Chugai Pharmaceutical Co., Ltd.	112,999		1,710
Dentsu Inc. (a)	112		314
FANUC LTD	27,400		1,679
Fast Retailing Co., Ltd.	27,000		2,105
Hoya Corporation	24,764		2,680
Ito-Yokado Co., Ltd.	33,000		1,373
JSR Corporation	42,000		885
Kajima Corporation	200,000		700
Keyence Corporation	4,700		1,129
Marui Co., Ltd.	91,800		1,441
Matsushita Electric Industrial Co., Ltd.	176,000		2,586
Mitsubishi Tokyo Financial Group, Inc.	190		1,691
Mitsui & Co., Ltd.	246,000		2,029
Omron Corporation	47,000		1,146
ORIX Corporation	14,700		1,559
Sharp Corporation	197,000		3,554
Shinsei Bank, Ltd.	134,000		902
Stanley Electric Co., Ltd.	46,000		869
Sumitomo Mitsui Financial Group, Inc.	660		4,989
Toppan Printing Co., Ltd.	158,000		1,857
Toray Industries, Inc.	380,000		1,739
Toyota Motor Corporation	79,500		2,875
Yahoo Japan Corporation (a)	64		725
Yamaha Motor Co., Ltd.	62,000		887
Yamato Transport Co., Ltd.	83,000		1,262
Mexico (0.8%)
America Movil, SA de CV–Series L–ADR (b)	53,007		1,792
Netherlands (2.8%)
ING Groep NV	123,714		2,653
Koninklijke Philips Electronics NV–NY Registered Shares	71,815		1,925
Unilever NV–NY Shares (b)	26,420		1,742
Norway (1.4%)
Norsk Hydro ASA	33,470		1,967
Telenor ASA	179,070		1,178
Russia (1.7%)
Mobile TeleSystems OJSC–ADR	23,709		2,560
Vimpel-Communications–ADR (a)	14,390		1,292
South Africa (0.3%)
MTN Group Limited (a)	167,260		699
South Korea (3.0%)
Hana Bank	61,180		1,322
Hyundai Motor Company Limited	23,280		888
Samsung Electronics Co., Ltd.	9,381		4,453

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century International    1

TA IDEX American Century International

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Shares		Value
Spain (3.7%)
ACS, Actividades de Construccion y Servicios SA		26,059	$	1,267
Grupo Ferrovial, SA		36,520		1,457
Repsol-YPF, SA		137,890		2,906
Telefonica SA		172,997		2,575
Sweden (2.2%)
Telefonaktiebolaget LM Ericsson–Class B (a)		644,350		1,749
Volvo AB–B Shares (a)		91,925		3,152
Switzerland (9.4%)
ABB Ltd. (a)		556,790		3,137
Credit Suisse Group		86,756		3,060
Nestle SA–Registered Shares		10,660		2,699
Novartis AG		73,300		3,271
Roche Holding AG–Genusschein		47,777		5,015
UBS AG–Registered Shares		53,386		3,797
Thailand (0.3%)
Siam Cement Public Company Limited–NVDR		135,520		712
United Kingdom (18.1%)
AstraZeneca PLC		31,433		1,471
BP PLC		267,411		2,313
British Sky Broadcasting Group PLC		126,511		1,495
Cadbury Schweppes PLC		225,030		1,791
Carnival PLC		27,180		1,219
Diageo PLC		101,250		1,359
EMI Group PLC		387,720		1,775
Enterprise Inns PLC		155,590		1,684
Hays PLC		705,250		1,477
Man Group PLC		105,226		3,152
mmO2 PLC (a)		650,858		1,155
Next PLC		75,950		1,880
Reckitt Benckiser PLC		164,913		4,290
Schroders PLC		58,120		652
Smith & Nephew PLC		375,335		3,813
Standard Chartered PLC		92,630		1,420
Tesco PLC		696,620		3,075
United Business Media PLC		144,680		1,181
Vodafone Group PLC		1,853,131		4,505
Wolseley PLC		76,180		1,117
United States (1.3%)
iShares MSCI EAFE Index Fund (b)		10,000		1,369
Synthes-Stratec, Inc.		1,450		1,577
Total Common Stocks (cost: $199,727)				217,009
	Principal		Value
SECURITY LENDING COLLATERAL (2.3%)
Debt (1.3%)
Bank Notes (0.2%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	253	$	253

	Principal		Value
Fleet National Bank 1.00%, due 07/21/2004	$	253	$	253
Euro Dollar Overnight (0.1%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		152		152
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		91		91
Euro Dollar Terms (0.3%)
Bank of Montreal 1.02%, due 05/21/2004		30		30
BNP Paribas SA 1.01%, due 05/18/2004		152		152
1.08%, due 07/29/2004		152		152
Den Danske Bank 1.02%, due 05/20/2004		101		101
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		101		101
Wells Fargo & Company 1.02%, due 05/14/2004		152		152
Promissory Notes (0.2%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		355		355
Repurchase Agreements (0.5%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $1,014 on 05/03/2004		1,014		1,014
	Shares		Value
Investment Companies (1.0%)
Money Market Funds (1.0%)
American AAdvantage Select Fund 1-day yield of 0.98%		304,115	$	304
Barclays Institutional Money Market Fund 1-day yield of 1.02%		709,602		710
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		274,670		275
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%		1,013,717		1,014
Total Security Lending Collateral (cost: $5,109)				5,109
Total Investment Securities (cost: $207,850 )			$	225,584
SUMMARY:
Investments, at value		100.8%	$	225,584
Liabilities in excess of other assets		(0.8)%		(1,721)
Net assets		100.0%	$	223,863

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century International    2

TA IDEX American Century International

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Percentage of Net Assets		Value
INVESTMENTS BY INDUSTRY:
Commercial Banks	15.2	%	$	34,019
Electronic & Other Electric Equipment	9.4	%		21,124
Telecommunications	8.1	%		18,138
Pharmaceuticals	6.2	%		13,956
Oil & Gas Extraction	6.2	%		13,867
Automotive	4.8	%		10,842
Medical Instruments & Supplies	2.9	%		6,558
Construction	2.9	%		6,544
Food & Kindred Products	2.9	%		6,435
Life Insurance	2.4	%		5,361
Wholesale Trade Durable Goods	2.3	%		5,229
Chemicals & Allied Products	2.1	%		4,595
Apparel & Accessory Stores	1.8	%		3,985
Holding & Other Investment Offices	1.7	%		3,804
Industrial Machinery & Equipment	1.6	%		3,598
Computer & Data Processing Services	1.6	%		3,593
Computer & Office Equipment	1.6	%		3,590
Beverages	1.4	%		3,150
Food Stores	1.4	%		3,075
Printing & Publishing	1.4	%		3,038
Instruments & Related Products	1.2	%		2,680
Electronic Components & Accessories	1.2	%		2,619
Manufacturing Industries	1.2	%		2,603
Lumber & Construction Materials	1.0	%		2,319
Petroleum Refining	1.0	%		2,313
Motion Pictures	1.0	%		2,291
Metal Mining	1.0	%		2,241
Electric Services	1.0	%		2,203
Business Services	0.8	%		1,873
Beer, Wine & Distilled Beverages	0.8	%		1,800
Hotels & Other Lodging Places	0.8	%		1,754
Insurance	0.8	%		1,745
Textile Mill Products	0.8	%		1,739
Restaurants	0.8	%		1,684
Machinery, Equipment & Supplies	0.7	%		1,656
Water Transportation	0.7	%		1,654
Radio & Television Broadcasting	0.7	%		1,495
Department Stores	0.6	%		1,441
Retail Trade	0.6	%		1,373
Finance	0.6	%		1,370
Transportation & Public Utilities	0.6	%		1,262
Apparel Products	0.5	%		1,141
Transportation Equipment	0.4	%		975
Real Estate	0.4	%		911
Rubber & Misc. Plastic Products	0.4	%		885
Stone, Clay & Glass Products	0.3	%		712
Amusement & Recreation Services	0.2	%		436
Communications Equipment	0.2	%		424
Security & Commodity Brokers	0.2	%		375
Investments, at market value	98.	5 %		220,475
Short-term investments	2.3	%		5,109
Liabilities in excess of other assets	(0.	8)%		(1,721)
Net assets	100.0	%	$	223,863

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Danish Krone	(1,225.00	)	05/03/2004	$	(195)	$	(3)
Danish Krone	(1,158	)	05/04/2004		(184)		(3)
Euro Dollar	304		05/03/2004		362		2
Euro Dollar	64		05/04/2004		77		–
British Pound	222		05/04/2004		399		(4)
Hong Kong Dollar	(1,466	)	05/03/2004		(188)		–
Japanese Yen	(40,483	)	05/06/2004		(369)		2
Japanese Yen	16,818		05/07/2004		154		(2)
Swiss Franc	214		05/03/2004		165		–
				$	221	$	(8)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century International    3

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $4,835.

(c) Cash collateral for the Repurchase Agreements, valued at $1,034, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

DEFINITIONS:

ADR American Depositary Receipt

CUFS Chess Unit of Foreign Securities

NVDR Non Voting Depositary Receipt

TA IDEX American Century International

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $207,850) (including securities loaned of $4,835)	$	225,584
Cash		1,832
Receivables:
Investment securities sold		3,565
Shares of beneficial interest sold		16
Dividends		631
Dividend reclaims receivable		114
Unrealized appreciation on forward foreign currency contracts		4
Other		12
		231,758
Liabilities:
Investment securities purchased		2,097
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		71
Management and advisory fees		178
Due to advisor		163
Distribution fees		84
Transfer agent fees		100
Payable for collateral for securities on loan		5,109
Unrealized depreciation on forward foreign currency contracts		12
Other		81
		7,895
Net Assets	$	223,863
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	225,480
Accumulated net investment income (loss)		(469	)
Accumulated net realized gain (loss) from:
Investment securities		(18,999	)
Foreign currency transactions		132
Net unrealized appreciation (depreciation) on:
Investment securities		17,733
Translation of assets and liabilities denominated in foreign currencies		(14	)
Net Assets	$	223,863
Net Assets by Class:
Class A	$	192,572
Class B		21,466
Class C		1,019
Class C2		5,540
Class M		3,266
Shares Outstanding:
Class A		22,287
Class B		2,599
Class C		123
Class C2		671
Class M		393
Net Asset Value Per Share:
Class A	$	8.65
Class B		8.27
Class C		8.27
Class C2		8.27
Class M		8.32
Maximum Offering Price Per Share (a):
Class A	$	9.15
Class M		8.40

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	7
Dividends		1,747
Income from loaned securities–net		17
Less withholding taxes on foreign dividends		(182	)
		1,589
Expenses:
Management and advisory fees		1,035
Transfer agent fees		110
Printing and shareholder reports		69
Custody fees		116
Administration fees		19
Legal fees		2
Auditing and accounting fees		7
Trustees fees		3
Registration fees		28
Other		11
Distribution and service fees:
Class A		334
Class B		110
Class C		4
Class C2		30
Class M		15
Total expenses before recovery of waived expenses		1,893
Recovered expenses		163
Total expenses		2,056
Net Investment Income (Loss)		(467	)
Net Realized Gain (Loss) from:
Investment securities		15,959
Foreign currency transactions		132
		16,091
Net Unrealized Appreciation (Depreciation) on:
Investment securities		589
Translation of assets and liabilities denominated in foreign currencies		(22	)
		567
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		16,658
Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,191

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century International    4

TA IDEX American Century International

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(467	)	$	37
Net realized gain (loss) from investment securities and foreign currency transactions		16,091			(8,282	)
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		567			27,819
		16,191			19,574
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		38,320			166,990
Class B		2,003			6,031
Class C		444			499
Class C2		423			3,919
Class M		312			1,197
		41,502			178,636
Proceeds from fund acquisition:
Class A		–			11,819
Class B		–			15,256
Class C		–			43
Class C2		–			5,043
Class M		–			2,412
		–			34,573
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–

	April 30, 2004 (unaudited)			October 31, 2003
Cost of shares redeemed:
Class A	$	(11,811	)	$	(63,205	)
Class B		(3,458	)		(5,349	)
Class C		(29	)		(119	)
Class C2		(1,308	)		(2,519	)
Class M		(501	)		(770	)
		(17,107	)		(71,962	)
		24,395			141,247
Net increase (decrease) in net assets		40,586			160,821
Net Assets:
Beginning of period		183,277			22,456
End of period	$	223,863		$	183,277
Accumulated Net Investment Income (Loss)	$	(469	)	$	(2	)
Share Activity:
Shares issued:
Class A		4,724			24,009
Class B		242			332
Class C		52			84
Class C2		52			134
Class M		38			18
		5,108			24,577
Shares issued–proceeds from fund acquisition:
Class A		–			1,824
Class B		–			2,449
Class C		–			7
Class C2		–			809
Class M		–			387
		–			5,476
Shares issued–reinvested from distributions:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Shares redeemed:
Class A		(1,381	)		(9,020	)
Class B		(425	)		(787	)
Class C		(3	)		(17	)
Class C2		(159	)		(369	)
Class M		(59	)		(113	)
		(2,027	)		(10,306	)
Net increase (decrease) in shares outstanding:
Class A		3,343			16,813
Class B		(183	)		1,994
Class C		49			74
Class C2		(107	)		574
Class M		(21	)		292
		3,081			19,747

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century International    5

TA IDEX American Century International

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	8.03	$	(0.03	)	$	0.65		$	0.62		$	–	$	–		$	–		$	8.65
	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
	10/31/1999		10.77		0.03			2.05			2.08			–		–			–			12.85
Class B	04/30/2004		7.70		(0.03	)		0.60			0.57			–		–			–			8.27
	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
	10/31/1999		10.71		(0.06	)		2.05			1.99			–		–			–			12.70
Class C	04/30/2004		7.70		(0.03	)		0.60			0.57			–		–			–			8.27
	10/31/2003		6.73		(0.03	)		1.00			0.97			–		–			–			7.70
Class C2	04/30/2004		7.70		(0.03	)		0.60			0.57			–		–			–			8.27
	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 M	04/30/2004		7.75		(0.03	)		0.60			0.57			–		–			–			8.32
	10/31/2003		6.80		(0.02	)		0.97			0.95			–		–			–			7.75
	10/31/2002		8.18		(0.03	)		(1.35	)		(1.38	)		–		–			–			6.80
	10/31/2001		12.57		(0.01	)		(3.00	)		(3.01	)		–		(1.38	)		(1.38	)		8.18
	10/31/2000		12.73		(0.02	)		0.35			0.33			–		(0.49	)		(0.49	)		12.57
	10/31/1999		10.72		(0.04	)		2.05			2.01			–		–			–			12.73

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	7.72	%	$	192,572	1.60	%	1.75	%	(0.32	)%	92	%
	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
	10/31/1999	19.12			4,902	1.90		3.53		(0.16	)	72
Class B	04/30/2004	7.40			21,466	2.25		2.40		(0.98	)	92
	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
	10/31/1999	18.45			1,527	2.55		4.18		(0.81	)	72
Class C	04/30/2004	7.40			1,019	2.25		2.40		(0.98	)	92
	10/31/2003	14.41			568	2.44		3.04		(0.42	)	220
Class C2	04/30/2004	7.40			5,540	2.25		2.40		(0.98	)	92
	10/31/2003	13.91			5,990	2.44		3.05		(0.42	)	220
	10/31/2002	(17.09	)		1,381	2.52		4.33		(0.43	)	241
	10/31/2001	(26.96	)		938	2.20		3.42		(0.18	)	129
	10/31/2000	2.09			629	2.27		4.21		(0.56	)	108
Class M	04/30/2004	7.35			3,266	2.15		2.30		(0.88	)	92
	10/31/2003	14.14			3,212	2.34		2.95		(0.32	)	220
	10/31/2002	(17.08	)		826	2.42		4.23		(0.33	)	241
	10/31/2001	(26.88	)		872	2.10		3.32		(0.08	)	129
	10/31/2000	2.19			840	2.17		4.11		(0.46	)	108
	10/31/1999	18.55			480	2.45		4.08		(0.71	)	72

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century International    6

TA IDEX American Century International

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, and 4/30/2004.

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

(g) The inception date for the Fund’s offering of share classes C and C2 are as follows:

Class C – November 11, 2002

Class C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century International    7

TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX American Century International (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1997.

On March 1, 2004, the Fund changed its name from IDEX American Century International to TA IDEX American Century International.

On March 1, 2003, the Fund acquired all the net assets of IDEX Gabelli Global Growth pursuant to a plan of reorganization approved by shareholders of IDEX Gabelli Growth on February 12, 2003. The acquisition was accomplished by a tax-free exchange of 5,476 shares of the Fund for the 6,190 shares of IDEX Gabelli Growth outstanding on February 28, 2003. IDEX Gabelli Global Growth’s net assets at that date ($34,573), including ($10,073) of unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:

	Shares	Amount
Proceeds in connection with the acquisition
Class A	1,824	$	11,819
Class B	2,449		15,256
Class C	7		43
Class C2	809		5,043
Class M	387		2,412
		$	34,573

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX American Century International    8

TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 also 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.

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 affect 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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX American Century International    9

TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 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, 2004, 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 period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	2,707	1%
TA IDEX Asset Allocation - Growth Portfolio		48,838	22%
TA IDEX Asset Allocation - Moderate Growth Portfolio		88,011	39%
TA IDEX Asset Allocation - Moderate Portfolio		37,250	17%
Total	$	176,806	79%

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

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

ATFA has contractually agreed to waive its advisory fee and 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 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.

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

	Expenses Recovered by Adviser		Increase in Total Expenses to Average Net Assets
Recovered in 2004	$	159	0.14%

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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX American Century International    10

TA IDEX American Century International

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

expenses of the Fund. 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	33
Retained by Underwriter		5
Contingent Deferred Sales Charges		45

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $19 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $110 for the period ended April 30, 2004.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended April 30, 2004, were $41.

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, 2004, 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, 2004, are included 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	225,131
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		198,675
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 treatments 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 periods listed:

Capital Loss Carryforward	Available through
$  8,205	October 31, 2008
17,179	October 31, 2009
1,005	October 31, 2010
8,018	October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	207,930
Unrealized Appreciation	$	21,031
Unrealized (Depreciation)		(3,377	)
Net Unrealized Appreciation (Depreciation)	$	17,654

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX American Century International    11

TA IDEX American Century Large Company Value

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
COMMON STOCKS (93.6%)
Aerospace (0.8%)
Boeing Company (The)	8,300	$	354
Amusement & Recreation Services (0.6%)
Harrah’s Entertainment, Inc.	4,600		245
Apparel & Accessory Stores (0.6%)
Limited, Inc. (The)	12,600		260
Apparel Products (1.1%)
Liz Claiborne, Inc.	7,100		249
V.F. Corporation	5,000		231
Automotive (2.0%)
General Motors Corporation	7,600		360
Honeywell International Inc.	11,700		405
Toyota Motor Corporation–ADR	1,500		110
Beverages (1.0%)
Coors (Adolph) Company	3,200		210
Pepsi Bottling Group, Inc. (The)	8,300		243
Chemicals & Allied Products (1.1%)
PPG Industries, Inc.	7,800		463
Commercial Banks (16.3%)
Bank of America Corporation	16,400		1,320
Bank One Corporation	12,700		626
Citigroup Inc.	38,800		1,866
KeyCorp	11,000		327
National City Corporation	13,000		451
PNC Financial Services Group, Inc. (The)	8,600		457
U.S. Bancorp	21,100		541
Wachovia Corporation	12,500		572
Wells Fargo & Company	15,700		886
Computer & Data Processing Services (3.7%)
Computer Associates International, Inc.	12,900		346
Computer Sciences Corporation (a)	8,000		327
Electronic Data Systems Corporation	12,200		223
Fiserv, Inc. (a)	6,200		227
Microsoft Corporation	18,000		467
Computer & Office Equipment (2.5%)
Hewlett-Packard Company	37,000		729
International Business Machines Corporation	4,100		361
Department Stores (1.5%)
May Department Stores Company (The)	14,500		447
Sears, Roebuck and Co.	5,400		216
Drug Stores & Proprietary Stores (0.6%)
CVS Corporation	7,200		278
Electric Services (1.0%)
PPL Corporation	9,700		416
Electric, Gas & Sanitary Services (1.9%)
Exelon Corporation	8,700		582
NiSource Inc.	11,800		238
Electronic & Other Electric Equipment (1.3%)
General Electric Company	15,000		449
Whirlpool Corp.	1,800		118

	Shares	Value
Electronic Components & Accessories (0.8%)
Tyco International Ltd.	13,000	$	357
Environmental Services (0.5%)
Waste Management, Inc.	7,800		222
Fabricated Metal Products (0.6%)
Parker-Hannifin Corporation	4,500		249
Finance (3.0%)
Standard & Poor’s 500 Depositary Receipt	11,500		1,277
Food & Kindred Products (3.7%)
Altria Group, Inc.	12,100		670
Heinz (H.J.) Company	9,600		367
Sara Lee Corporation	12,100		279
Unilever NV–NY Shares	4,100		270
Food Stores (0.7%)
Kroger Co. (The) (a)	16,300		285
Health Services (0.7%)
HCA Inc.	7,200		293
Industrial Machinery & Equipment (2.0%)
Black & Decker Corporation (The)	5,000		289
Dover Corporation	6,200		248
Ingersoll-Rand Company–Class A	5,400		349
Instruments & Related Products (0.8%)
Raytheon Company	6,400		206
Snap-on Incorporated	3,600		122
Insurance (4.7%)
Allstate Corporation (The)	12,700		583
American International Group, Inc.	6,300		451
CIGNA Corporation	3,900		252
Loews Corporation	8,100		470
MGIC Investment Corporation	3,900		287
Insurance Agents, Brokers & Service (1.8%)
Hartford Financial Services Group, Inc. (The)	7,200		440
Marsh & McLennan Companies, Inc.	7,100		320
Life Insurance (0.8%)
Torchmark Corporation	6,500		338
Lumber & Wood Products (0.8%)
Weyerhaeuser Company	5,500		326
Medical Instruments & Supplies (1.2%)
Baxter International Inc.	10,800		342
Becton, Dickinson and Company	3,500		177
Motion Pictures (1.4%)
Blockbuster Inc.–Class A	11,000		182
Time Warner Inc. (a)	26,400		444
Oil & Gas Extraction (2.2%)
ConocoPhillips	6,800		485
Occidental Petroleum Corporation	10,200		481
Paper & Allied Products (0.9%)
Kimberly-Clark Corporation	5,700		373

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century Large Company Value    1

TA IDEX American Century Large Company Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Shares	Value
Petroleum Refining (7.7%)
ChevronTexaco Corporation	6,400	$	585
Exxon Mobil Corporation	39,000		1,659
Royal Dutch Petroleum Company–NY Registered Shares	22,300		1,085
Pharmaceuticals (4.6%)
Abbott Laboratories	12,900		568
AmerisourceBergen Corporation	3,865		224
Bristol-Myers Squibb Co.	14,300		359
Johnson & Johnson	8,400		454
Merck & Co., Inc.	8,400		395
Primary Metal Industries (1.1%)
Alcoa Inc.	7,200		221
Nucor Corporation	4,600		273
Printing & Publishing (1.6%)
Donnelley (R.R.) & Sons Company	8,600		253
Gannett Co., Inc.	5,300		459
Railroads (0.8%)
Burlington Northern Santa Fe Corporation	10,600		347
Restaurants (1.3%)
McDonald’s Corporation	20,500		558
Rubber & Misc. Plastic Products (0.6%)
Newell Financial Trust I	10,200		241

	Shares	Value
Savings Institutions (1.3%)
Washington Mutual, Inc.	13,800	$	544
Security & Commodity Brokers (2.5%)
Merrill Lynch & Co., Inc.	9,700		526
Morgan Stanley	10,400		534
Telecommunications (5.8%)
ALLTEL Corporation	2,000		101
AT&T Corp.	13,700		235
BellSouth Corporation	17,000		439
SBC Communications Inc.	32,100		799
Sprint Corporation (FON Group)	18,000		322
Verizon Communications, Inc.	8,500		321
Vodafone Group PLC–ADR	11,500		282
U.S. Government Agencies (3.7%)
Freddie Mac	27,700		1,618
Total Common Stocks (cost: $40,635)			40,436
Total Investment Securities (cost: $40,635)		$	40,436
SUMMARY:
Investments, at value	93.6%	$	40,436
Other assets in excess of liabilities	6.4%		2,754
Net assets	100.0%	$	43,190

NOTES TO SCHEDULE OF INVESTMENTS:

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

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 2004

TA IDEX American Century Large Company Value    2

TA IDEX American Century Large Company Value

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $40,635)	$	40,436
Cash		4,639
Receivables:
Investment securities sold		248
Shares of beneficial interest sold		1,387
Dividends		89
Dividend reclaims receivable		3
Other		1
		46,803
Liabilities:
Investment securities purchased		3,361
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		101
Management and advisory fees		27
Distribution fees		26
Transfer agent fees		66
Other		32
		3,613
Net Assets	$	43,190
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	46,094
Undistributed net investment income (loss)		9
Accumulated net realized gain (loss) from:
Investment securities		(2,714	)
Net unrealized appreciation (depreciation) on:
Investment securities		(199	)
Net Assets	$	43,190
Net Assets by Class:
Class A	$	15,527
Class B		18,732
Class C		1,535
Class C2		5,364
Class M		2,032
Shares Outstanding:
Class A		1,587
Class B		1,969
Class C		161
Class C2		564
Class M		213
Net Asset Value Per Share:
Class A	$	9.79
Class B		9.51
Class C		9.52
Class C2		9.51
Class M		9.56
Maximum Offering Price Per Share (a):
Class A	$	10.36
Class M		9.65

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	1
Dividends		461
Income from loaned securities–net		1
Less withholding taxes on foreign dividends		(4	)
		459
Expenses:
Management and advisory fees		172
Transfer agent fees		52
Printing and shareholder reports		35
Custody fees		16
Administration fees		8
Legal fees		1
Auditing and accounting fees		5
Trustees fees		1
Registration fees		24
Other		8
Distribution and service fees:
Class A		18
Class B		94
Class C		7
Class C2		27
Class M		10
Total expenses		478
Less:
Advisory fee waiver		(40	)
Net expenses		438
Net Investment Income (Loss)		21
Net Realized Gain (Loss) from:
Investment securities		4,908
Futures contracts		10
		4,918
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(2,310	)
Futures contracts		(6	)
		(2,316	)
Net Gain (Loss) on Investment Securities and Futures Contracts		2,602
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,623

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century Large Company Value    3

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, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	21		$	16
Net realized gain (loss) from investment securities and futures contracts		4,918			(2,307	)
Net unrealized appreciation (depreciation) on investment securities and futures contracts		(2,316	)		7,571
		2,623			5,280
Distributions to Shareholders:
From net investment income:
Class A		(7	)		–
Class B		(13	)		–
Class C		(1	)		–
Class C2		(4	)		–
Class M		(2	)		–
		(27	)		–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		8,008			3,664
Class B		2,300			4,673
Class C		480			1,169
Class C2		406			1,954
Class M		162			333
		11,356			11,793
Dividends and distributions reinvested:
Class A		6			–
Class B		12			–
Class C		1			–
Class C2		3			–
Class M		1			–
		23			–
Cost of shares redeemed:
Class A		(2,149	)		(4,031	)
Class B		(2,116	)		(4,466	)
Class C		(265	)		(17	)
Class C2		(927	)		(1,462	)
Class M		(476	)		(1,030	)
		(5,933	)		(11,006	)
		5,446			787
Net increase (decrease) in net assets		8,042			6,067
Net Assets:
Beginning of period		35,148			29,081
End of period	$	43,190		$	35,148
Undistributed Net Investment Income (Loss)	$	9		$	15

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	818		445
Class B	245		576
Class C	50		141
Class C2	43		243
Class M	18		42
	1,174		1,447
Shares issued–reinvested from distributions:
Class A	1		–
Class B	1		–
Class C	–		–
Class C2	–		–
Class M	–		–
	2		–
Shares redeemed:
Class A	(221	)	(503	)
Class B	(222	)	(580	)
Class C	(28	)	(2	)
Class C2	(99	)	(193	)
Class M	(51	)	(134	)
	(621	)	(1,412	)
Net increase (decrease) in shares outstanding:
Class A	598		(58	)
Class B	24		(4	)
Class C	22		139
Class C2	(56	)	50
Class M	(33	)	(92	)
	555		35

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century Large Company Value    4

TA IDEX American Century Large Company Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	9.09	$	0.03		$	0.68		$	0.71		$	(0.01	)	$	–	$	(0.01	)	$	9.79
	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	04/30/2004		8.87		–			0.65			0.65			(0.01	)		–		(0.01	)		9.51
	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	04/30/2004		8.87		–			0.66			0.66			(0.01	)		–		(0.01	)		9.52
	10/31/2003		7.32		(0.01	)		1.56			1.55			–			–		–			8.87
Class C2	04/30/2004		8.87		–			0.65			0.65			(0.01	)		–		(0.01	)		9.51
	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		(0.08	)		(2.02	)		(2.10	)		–			–		–			8.69
	10/31/2000		10.00		(0.04	)		0.83			0.79			–			–		–			10.79
Class M	04/30/2004		8.90		–			0.67			0.67			(0.01	)		–		(0.01	)		9.56
	10/31/2003		7.43		–			1.47			1.47			–			–		–			8.90
	10/31/2002		8.71		(0.04	)		(1.24	)		(1.28	)		–			–		–			7.43
	10/31/2001		10.79		(0.09	)		(1.99	)		(2.08	)		–			–		–			8.71
	10/31/2000		10.00		(0.04	)		0.83			0.79			–			–		–			10.79

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	7.78	%	$	15,527	1.85	%	2.04	%	0.59	%	100	%
	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	04/30/2004	7.29			18,732	2.50		2.69		(0.06	)	100
	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	04/30/2004	7.40			1,535	2.50		2.69		(0.06	)	100
	10/31/2003	21.17			1,230	2.50		3.21		(0.12	)	76
Class C2	04/30/2004	7.29			5,364	2.50		2.69		(0.06	)	100
	10/31/2003	19.70			5,498	2.50		3.21		(0.12	)	76
	10/31/2002	(14.76	)		4,223	2.45		3.08		(0.56	)	161
	10/31/2001	(19.41	)		3,985	2.20		3.14		(0.93	)	113
	10/31/2000	7.86			2,077	2.20		7.50		(1.07	)	111
Class M	04/30/2004	7.49			2,032	2.40		2.59		0.04		100
	10/31/2003	19.78			2,187	2.40		3.11		(0.02	)	76
	10/31/2002	(14.68	)		2,504	2.35		2.98		(0.46	)	161
	10/31/2001	(19.32	)		2,110	2.10		3.04		(0.83	)	113
	10/31/2000	7.93			741	2.10		7.40		(0.97	)	111

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century Large Company Value    5

TA IDEX American Century Large Company Value

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, and 4/30/2004.

(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.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX American Century Large Company Value    6

TA IDEX American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

On March 1, 2004, the Fund changed its name from IDEX American Century Income and Growth to TA IDEX American Century Large Company Value.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Securities Lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

Loan 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 than 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX American Century Large Company Value    7

TA IDEX American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1—(continued)

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.

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 shares may fluctuate more widely than the value of shares of a fund that invests in a broad range of industries.

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 period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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

	Net Assets		% of Net Assets
TA IDEX Asset Allocation - Conservative Portfolio	$	208	0%
TA IDEX Asset Allocation - Moderate Growth Portfolio		2,567	6%
TA IDEX Asset Allocation - Moderate Portfolio		2,200	5%
Total	$	4,975	11%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

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

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

1.50% Expense Limit

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX American Century Large Company Value    8

TA IDEX American Century Large Company Value

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2—(continued)

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.

	Advisory Fee Waived	Available for Recapture Through
Fiscal Year 2003	$207	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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	43
Retained by Underwriter		4
Contingent Deferred Sales Charges		26

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $8 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $52 for the period ended April 30, 2004.

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 Funds. At April 30, 2004, the value of invested plan amount was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	40,937
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		37,974
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 treatments 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
$  856	October 31, 2009
3,407	October 31, 2010
2,429	October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	41,125
Unrealized Appreciation	$	1,075
Unrealized (Depreciation)		(1,764	)
Net Unrealized Appreciation (Depreciation)	$	(689	)

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX American Century Large Company Value    9

TA IDEX Asset Allocation–Conservative Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (99.5%) (b)
Aggressive Equity (10.9%)
TA IDEX T. Rowe Price Health Sciences	929,642	$	10,988
TA IDEX T. Rowe Price Small Cap	533,326		5,941
TA IDEX Transamerica Growth Opportunities (a)	1,145,171		7,558
TA IDEX Transamerica Small/Mid Cap Value	839,449		12,298
Capital Preservation (5.1%)
TA IDEX Transamerica Money Market	16,970,412		16,970
Fixed-Income (57.3%)
TA IDEX PIMCO Real Return TIPS	5,984,918		60,867
TA IDEX PIMCO Total Return	1,107,540		11,463
TA IDEX Transamerica Conservative High-Yield Bond	6,795,454		62,246
TA IDEX Transamerica Convertible Securities	3,791,148		43,788
TA IDEX Transamerica Flexible Income	1,396,157		13,878
Growth Equity (18.2%)
TA IDEX American Century Large Company Value	21,292		208
TA IDEX Great Companies–TechnologySM (a)	1,985,093		7,345

	Shares	Value
Growth Equity (continued)
TA IDEX Janus Growth (a)	223,754	$	4,726
TA IDEX Salomon All Cap (a)	1,054,008		15,547
TA IDEX Salomon Investors Value	1,975,305		26,291
TA IDEX T. Rowe Price Tax-Efficient Growth (a)	396,771		4,019
TA IDEX Transamerica Equity (a)	398,156		2,915
Specialty–Real Estate (5.6%)
TA IDEX Clarion Real Estate Securities	1,574,032		18,778
World Equity (2.4%)
TA IDEX American Century International (a)	312,990		2,707
TA IDEX Templeton Great Companies Global (a)	748,581		5,510
Total Investment Companies (cost: $310,665)			334,043
Total Investment Securities (cost: $310,665)		$	334,043
SUMMARY:
Investments, at value	99.5%	$	334,043
Other assets in excess of liabilities	0.5%		1,867
Net assets	100.0%	$	335,910

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 underlying Transamerica 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 2004

TA IDEX Asset Allocation–Conservative Portfolio    1

TA IDEX Asset Allocation–Conservative Portfolio

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

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

Assets:
Investment in affiliated mutual funds, at value (cost: $310,665)	$	334,043
Cash		84
Receivables:
Shares of beneficial interest sold		2,706
Other		4
		336,837
Liabilities:
Investment securities purchased		84
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		563
Management and advisory fees		35
Due to Advisor		34
Distribution fees		139
Transfer agent fees		21
Dividends to shareholders		1
Other		50
		927
Net Assets	$	335,910
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	307,138
Undistributed net investment income (loss)		506
Undistributed accumulated net realized gain (loss) from investment in affiliated mutual funds		4,889
Net unrealized appreciation (depreciation) on
Investment in affiliated mutual funds		23,377
Net Assets	$	335,910
Net Assets by Class:
Class A	$	77,096
Class B		97,925
Class C		136,009
Class C2		17,454
Class M		7,426
Shares Outstanding:
Class A		7,024
Class B		8,937
Class C		12,412
Class C2		1,593
Class M		677
Net Asset Value Per Share:
Class A	$	10.98
Class B		10.96
Class C		10.96
Class C2		10.96
Class M		10.96
Maximum Offering Price Per Share (a):
Class A	$	11.62
Class M		11.07

(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 C2 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, 2004

(all amounts in thousands) (unaudited)

Investment Income:
Interest	$	1
Dividends from affiliated mutual funds		4,718
		4,719
Expenses:
Management and advisory fees		147
Transfer agent fees		93
Printing and shareholder reports		32
Custody fees		18
Administration fees		23
Legal fees		4
Auditing and accounting fees		7
Trustees fees		3
Registration fees		41
Other		5
Distribution and service fees:
Class A		–
Class B		303
Class C		356
Class C2		55
Class M		21
Total expenses before recovery of waived expenses		1,108
Recovered expenses		34
Total expenses		1,142
Net Investment Income (Loss)		3,577
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment in affiliated mutual funds		5,051
Increase (decrease) in unrealized appreciation (depreciation) on investment in affiliated mutual funds		1,237
Net Gain (Loss) on Investments in Affiliated Mutual Funds		6,288
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,865

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Asset Allocation–Conservative Portfolio    2

TA IDEX Asset Allocation–Conservative Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	3,577		$	1,755
Net realized gain (loss) from investment in affiliated mutual funds		5,051			581
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds		1,237			22,911
		9,865			25,247
Distributions to Shareholders:
From net investment income:
Class A		(901	)		(442	)
Class B		(1,078	)		(509	)
Class C		(1,181	)		(228	)
Class C2		(194	)		(162	)
Class M		(94	)		(78	)
		(3,448	)		(1,419	)
From net realized gains:
Class A		(137	)		–
Class B		(216	)		–
Class C		(232	)		–
Class C2		(39	)		–
Class M		(18	)		–
		(642	)		–
Capital Share Transactions:
Proceeds from shares sold:
Class A		34,581			58,579
Class B		21,143			66,574
Class C		66,442			83,907
Class C2		4,429			10,727
Class M		750			3,386
		127,345			223,173
Dividends and distributions reinvested:
Class A		888			383
Class B		1,051			420
Class C		915			156
Class C2		185			127
Class M		99			69
		3,138			1,155
Cost of shares redeemed:
Class A		(18,823	)		(13,815	)
Class B		(11,694	)		(14,758	)
Class C		(16,160	)		(6,938	)
Class C2		(3,477	)		(9,371	)
Class M		(1,047	)		(2,144	)
		(51,201	)		(47,026	)
		79,282			177,302
Net increase (decrease) in net assets		85,057			201,130
Net Assets:
Beginning of period		250,853			49,723
End of period	$	335,910		$	250,853
Undistributed Net Investment Income (Loss)	$	506		$	377

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	3,110		5,870
Class B	1,913		6,893
Class C	5,980		8,469
Class C2	400		1,125
Class M	68		356
	11,471		22,713
Shares issued–reinvested from distributions:
Class A	82		39
Class B	97		43
Class C	85		15
Class C2	17		13
Class M	9		7
	290		117
Shares redeemed:
Class A	(1,719	)	(1,387	)
Class B	(1,057	)	(1,484	)
Class C	(1,452	)	(685	)
Class C2	(314	)	(949	)
Class M	(95	)	(220	)
	(4,637	)	(4,725	)
Net increase (decrease) in shares outstanding:
Class A	1,473		4,522
Class B	953		5,452
Class C	4,613		7,799
Class C2	103		189
Class M	(18	)	143
	7,124		18,105

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Asset Allocation–Conservative Portfolio    3

TA IDEX Asset Allocation–Conservative Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	10.67	$	0.17	$	0.33		$	0.50		$	(0.16	)	$	(0.03	)	$	(0.19	)	$	10.98
	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	04/30/2004		10.66		0.13		0.33			0.46			(0.13	)		(0.03	)		(0.16	)		10.96
	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	04/30/2004		10.66		0.13		0.33			0.46			(0.13	)		(0.03	)		(0.16	)		10.96
	10/31/2003		9.19		0.11		1.46			1.57			(0.10	)		–			(0.10	)		10.66
Class C2	04/30/2004		10.66		0.13		0.33			0.46			(0.13	)		(0.03	)		(0.16	)		10.96
	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 M	04/30/2004		10.66		0.13		0.34			0.47			(0.14	)		(0.03	)		(0.17	)		10.96
	10/31/2003		9.18		0.12		1.48			1.60			(0.12	)		–			(0.12	)		10.66
	10/31/2002		10.00		0.04		(0.86	)		(0.82	)		–			–			–			9.18

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	4.72	%	$	77,096	0.25	%	0.27	%	2.95	%	9	%
	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	04/30/2004	4.30			97,925	0.90		0.92		2.30		9
	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	04/30/2004	4.30			136,009	0.90		0.92		2.30		9
	10/31/2003	17.25			83,165	1.06		1.06		1.15		22
Class C2	04/30/2004	4.30			17,454	0.90		0.92		2.30		9
	10/31/2003	17.38			15,888	1.06		1.06		1.15		22
	10/31/2002	(8.20	)		11,940	1.10		1.86		0.62		8
Class M	04/30/2004	4.35			7,426	0.80		0.82		2.40		9
	10/31/2003	17.56			7,416	0.96		0.96		1.25		22
	10/31/2002	(8.20	)		5,072	1.00		1.76		0.72		8

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 excludes the recovery 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.

(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 2004

TA IDEX Asset Allocation–Conservative Portfolio    4

TA IDEX Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

On March 1, 2004, the Fund changed its name from IDEX Asset Allocation–Conservative Portfolio to TA IDEX Asset Allocation–Conservative Portfolio.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses that the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 New York Stock Exchange (generally 4:00 p.m. eastern time) on the valuation date.

Other securities for which quotations are not readily available also 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.

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, 2004, was paying an interest rate of 0.75%.

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 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

ATFA has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. ATFA 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 ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Asset Allocation–Conservative Portfolio    5

TA IDEX Asset Allocation–Conservative Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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.

	Expense Recovered by Adviser		Increase in Total Expenses to Average Net Assets
Recovered in 2004	$	34	0.02%

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%
Class C2	0.65%
Class M	0.55%

In addition, the underlying Funds’ Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of 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 and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	892
Retained by Underwriter		166
Contingent Deferred Sales Charges		252

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $23 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $93 for the period ended April 30, 2004.

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, 2004, 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, 2004, are included in Net assets 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	105,998
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		26,871
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 treatments 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, 2004, are as follows:

Federal Tax Cost Basis	$	310,766
Unrealized Appreciation	$	23,739
Unrealized (Depreciation)		(462	)
Net Unrealized Appreciation (Depreciation)	$	23,277

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Asset Allocation–Conservative Portfolio    6

TA IDEX Asset Allocation–Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (99.1%) (b)
Aggressive Equity (33.8%)
TA IDEX T. Rowe Price Health Sciences (a)	2,334,477	$	27,594
TA IDEX T. Rowe Price Small Cap	3,065,767		34,153
TA IDEX Transamerica Growth Opportunities (a)	6,164,733		40,687
TA IDEX Transamerica Small/Mid Cap Value (a)	5,679,573		83,206
Growth Equity (50.2%)
TA IDEX Great Companies–TechnologySM (a)	6,886,038		25,478
TA IDEX Janus Growth (a)	598,652		12,643
TA IDEX Jennison Growth (a)	135,839		1,266
TA IDEX Salomon All Cap (a)	7,742,907		114,208
TA IDEX Salomon Investors Value	7,962,242		105,977
TA IDEX Transamerica Equity (a)	2,269,227		16,611

	Shares	Value
Specialty–Real Estate (1.4%)
TA IDEX Clarion Real Estate Securities	645,275	$	7,698
World Equity (13.7%)
TA IDEX American Century International (a)	5,646,032		48,838
TA IDEX Templeton Great Companies Global (a)	3,597,922		26,481
Total Investment Companies (cost: $497,705)			544,840
Total Investment Securities (cost: $497,705)		$	544,840
SUMMARY:
Investments, at value	99.1%	$	544,840
Other assets in excess of liabilities	0.9%		4,622
Net assets	100.0%	$	549,462

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 underlying Transamerica 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 2004

TA IDEX Asset Allocation–Growth Portfolio    1

TA IDEX Asset Allocation–Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

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

Assets:
Investment in affiliated mutual funds, at value (cost: $497,705)	$	544,840
Cash		1,394
Receivables:
Shares of beneficial interest sold		6,139
Other		2
		552,375
Liabilities:
Investment securities purchased		1,394
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		967
Due to Advisor		279
Management and advisory fees		50
Distribution fees		223
		2,913
Net Assets	$	549,462
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	504,040
Accumulated net investment income (loss)		(797	)
Accumulated net realized gain (loss) from investment in affiliated mutual funds		(916	)
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds		47,135
Net Assets	$	549,462
Net Assets by Class:
Class A	$	127,829
Class B		138,383
Class C		260,200
Class C2		13,964
Class M		9,086
Shares Outstanding:
Class A		12,091
Class B		13,276
Class C		24,968
Class C2		1,340
Class M		870
Net Asset Value Per Share:
Class A	$	10.58
Class B		10.43
Class C		10.43
Class C2		10.43
Class M		10.45
Maximum Offering Price Per Share (a):
Class A	$	11.20
Class M		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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	3
Dividends from affiliated mutual funds		1,052
		1,055
Expenses:
Management and advisory fees		211
Transfer agent fees		146
Printing and shareholder reports		53
Custody fees		14
Administration fees		31
Legal fees		3
Auditing and accounting fees		7
Trustees fees		3
Registration fees		33
Other		4
Distribution and service fees:
Class A		–
Class B		370
Class C		631
Class C2		43
Class M		24
Total expenses before recovery of waived expenses		1,573
Recovered expenses		279
Total expenses		1,852
Net Investment Income (Loss)		(797	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment in affiliated mutual funds		31
Increase (decrease) in unrealized appreciation (depreciation) on investment in affiliated mutual funds		21,526
Net Gain (Loss) on Investments in Affiliated Mutual Funds		21,557
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,760

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Asset Allocation–Growth Portfolio    2

TA IDEX Asset Allocation–Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(797	)	$	(848	)
Net realized gain (loss) from investment in affiliated mutual funds		31			(298	)
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds		21,526			28,567
		20,760			27,421
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		77,640			45,941
Class B		55,738			65,588
Class C		143,999			110,485
Class C2		3,806			6,479
Class M		1,726			3,340
		282,909			231,833
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(9,352	)		(4,869	)
Class B		(5,854	)		(3,326	)
Class C		(9,574	)		(2,504	)
Class C2		(2,442	)		(4,559	)
Class M		(793	)		(1,359	)
		(28,015	)		(16,617	)
		254,894			215,216
Net increase (decrease) in net assets		275,654			242,637
Net Assets:
Beginning of period		273,808			31,171
End of period	$	549,462		$	273,808
Accumulated Net Investment Income (Loss)	$	(797	)	$	–

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	7,360		5,117
Class B	5,358		7,537
Class C	13,834		12,323
Class C2	364		752
Class M	166		389
	27,082		26,118
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(891	)	(548	)
Class B	(557	)	(384	)
Class C	(908	)	(281	)
Class C2	(231	)	(550	)
Class M	(77	)	(164	)
	(2,664	)	(1,927	)
Net increase (decrease) in shares outstanding
Class A	6,469		4,569
Class B	4,801		7,153
Class C	12,926		12,042
Class C2	133		202
Class M	89		225
	24,418		24,191

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Asset Allocation–Growth Portfolio    3

TA IDEX Asset Allocation–Growth Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	9.82	$	0.01		$	0.75		$	0.76		$	–	$	–	$	–	$	10.58
	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	04/30/2004		9.71		(0.02	)		0.74			0.72			–		–		–		10.43
	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	04/30/2004		9.71		(0.02	)		0.74			0.72			–		–		–		10.43
	10/31/2003		7.86		(0.08	)		1.93			1.85			–		–		–		9.71
Class C2	04/30/2004		9.71		(0.02	)		0.74			0.72			–		–		–		10.43
	10/31/2003		7.91		(0.08	)		1.88			1.80			–		–		–		9.71
	10/31/2002		10.00		(0.04	)		(2.05	)		(2.09	)		–		–		–		7.91
Class M	04/30/2004		9.73		(0.02	)		0.74			0.72			–		–		–		10.45
	10/31/2003		7.91		(0.07	)		1.89			1.82			–		–		–		9.73
	10/31/2002		10.00		(0.05	)		(2.04	)		(2.09	)		–		–		–		7.91

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	7.74	%	$	127,829	0.24	%	0.37	%	0.13	%	–	%
	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	04/30/2004	7.42			138,383	0.89		1.02		(0.52	)	–
	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	04/30/2004	7.42			260,200	0.89		1.02		(0.52	)	–
	10/31/2003	23.54			116,956	1.10		1.25		(0.95	)	25
Class C2	04/30/2004	7.42			13,964	0.89		1.02		(0.52	)	–
	10/31/2003	22.76			11,724	1.10		1.25		(0.95	)	25
	10/31/2002	(20.90	)		7,948	1.10		2.30		(1.09	)	31
Class M	04/30/2004	7.40			9,086	0.79		0.92		(0.42	)	–
	10/31/2003	23.01			7,601	1.00		1.15		(0.85	)	25
	10/31/2002	(20.90	)		4,403	1.00		2.20		(0.99	)	31

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 excludes the recovery 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.

(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 2004

TA IDEX Asset Allocation–Growth Portfolio    4

TA IDEX Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

On March 1, 2004, the Fund changed its name from IDEX Asset Allocation–Growth Portfolio to TA IDEX Asset Allocation–Growth Portfolio.

In the normal course of business, the Fund enters into contracts that contain a variety of representations, 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 or its affiliates that have not yet occurred. However, based on experience, the Funds expects the risk of loss to be remote.

See the Prospectus, 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, disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.

Multiple class operations, expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any,, expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees, expenses than the previous Class L shares. Income, non-class specific expenses, realized, unrealized gains, 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 New York Stock Exchange (generally 4:00 p.m. eastern time) on the valuation date.

Other securities for which quotations are not readily available also 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.

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, 2004, was paying an interest rate of 0.75%.

Security transactions, investment income: Security transactions are recorded on the trade date. Security gains, losses are calculated on the specific identification basis. Interest income, including accretion of discounts, amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

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

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Funds Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Funds Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS, AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”), AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA, WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

ATFA has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. ATFA 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 ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

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

0.45% Expense Limit

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Asset Allocation–Growth Portfolio    5

TA IDEX Asset Allocation–Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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.

	Expenses Recovered by Adviser		Increase in Total Expenses to Average Net Assets
Recovered in 2004	$	279	0.13%

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 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	N/A
Class B	0.65%
Class C	0.65%
Class C2	0.65%
Class M	0.55%

In addition, the underlying Funds’ Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of 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 and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	1,932
Retained by Underwriter		292
Contingent Deferred Sales Charges		181

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $31 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $146 for the period ended April 30, 2004.

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, 2004, 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, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	256,572
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		281
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 treatments 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
$135	October 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	498,517
Unrealized Appreciation	$	46,338
Unrealized (Depreciation)		(15	)
Net Unrealized Appreciation (Depreciation)	$	46,323

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Asset Allocation–Growth Portfolio    6

TA IDEX Asset Allocation–Moderate Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
INVESTMENT COMPANIES (99.5%) (b)
Aggressive Equity (17.8%)
TA IDEX T. Rowe Price Health Sciences	3,027,676	$	35,787
TA IDEX T. Rowe Price Small Cap	2,390,293		26,628
TA IDEX Transamerica Growth Opportunities (a)	5,196,620		34,298
TA IDEX Transamerica Small/Mid Cap Value	3,941,013		57,736
Capital Preservation (2.9%)
TA IDEX Transamerica Money Market	24,954,231		24,954
Fixed-Income (43.1%)
TA IDEX PIMCO Real Return TIPS	12,662,324		128,776
TA IDEX PIMCO Total Return	1,995,559		20,654
TA IDEX Transamerica Conservative High-Yield Bond	13,380,475		122,565
TA IDEX Transamerica Convertible Securities	6,813,976		78,701
TA IDEX Transamerica Flexible Income	2,307,490		22,936
Growth Equity (26.0%)
TA IDEX American Century Large Company Value	224,741		2,200
TA IDEX Great Companies–TechnologySM (a)	6,487,464		24,004

	Shares	Value
Growth Equity (continued)
TA IDEX Janus Growth (a)	527,985	$	11,151
TA IDEX Marsico Growth (a)	1,199,843		10,835
TA IDEX Salomon All Cap (a)	4,381,977		64,634
TA IDEX Salomon Investors Value	6,997,813		93,141
TA IDEX Transamerica Equity (a)	2,687,780		19,675
Specialty–Real Estate (4.8%)
TA IDEX Clarion Real Estate Securities	3,454,760		41,215
World Equity (4.9%)
TA IDEX American Century International (a)	4,306,415		37,250
TA IDEX Templeton Great Companies Global (a)	718,025		5,285
Total Investment Companies (cost: $788,428)			862,425
Total Investment Securities (cost: $788,428)		$	862,425
SUMMARY:
Investments, at value	99.5%	$	862,425
Other assets in excess of liabilities	0.5%		4,096
Net assets	100.0%	$	866,521

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 underlying Transamerica 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 2004

TA IDEX Asset Allocation–Moderate Portfolio    1

TA IDEX Asset Allocation–Moderate Portfolio

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment in affiliated mutual funds, at value (cost: $788,428)	$	862,425
Cash		1,715
Receivables:
Shares of beneficial interest sold		5,578
Other		5
		869,723
Liabilities:
Investment securities purchased		1,715
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		968
Management and advisory fees		71
Distribution fees		364
Transfer agent fees		11
Other		73
		3,202
Net Assets	$	866,521
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	791,330
Undistributed net investment income (loss)		1,421
Accumulated net realized gain (loss) from
investment in affiliated mutual funds		(227	)
Net unrealized appreciation (depreciation) on
investment in affiliated mutual funds		73,997
Net Assets	$	866,521
Net Assets by Class:
Class A	$	183,716
Class B		240,482
Class C		375,389
Class C2		49,252
Class M		17,682
Shares Outstanding:
Class A		16,950
Class B		22,248
Class C		34,724
Class C2		4,557
Class M		1,635
Net Asset Value Per Share:
Class A	$	10.84
Class B		10.81
Class C		10.81
Class C2		10.81
Class M		10.81
Maximum Offering Price Per Share (a):
Class A	$	11.47
Class M		10.92

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	3
Dividends from affiliated mutual funds		9,250
		9,253
Expenses:
Management and advisory fees		366
Transfer agent fees		221
Printing and shareholder reports		70
Custody fees		20
Administration fees		47
Legal fees		7
Auditing and accounting fees		7
Trustees fees		9
Registration fees		47
Other		9
Distribution and service fees:
Class A		–
Class B		708
Class C		960
Class C2		157
Class M		48
Total expenses		2,676
Net Investment Income (Loss)		6,577
Net Increase (decrease) in unrealized appreciation (depreciation) on:
Investment in affiliated mutual funds		22,190
Net Gain (Loss) on Investment in Affiliated Mutual Funds		22,190
Net Increase (Decrease) in Net Assets Resulting from Operations	$	28,767

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Asset Allocation–Moderate Portfolio    2

TA IDEX Asset Allocation–Moderate Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	6,577		$	1,935
Net realized gain (loss) from investment in affiliated mutual funds		–			251
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds		22,190			55,947
		28,767			58,133
Distributions to Shareholders:
From net investment income:
Class A		(1,928	)		(219	)
Class B		(1,797	)		(148	)
Class C		(2,222	)		(21	)
Class C2		(412	)		(85	)
Class M		(167	)		(44	)
		(6,526	)		(517	)
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		77,220			102,381
Class B		62,274			137,237
Class C		180,192			193,572
Class C2		7,241			20,189
Class M		2,273			7,305
		329,200			460,684
Dividends and distributions reinvested:
Class A		1,710			200
Class B		1,484			123
Class C		1,514			18
Class C2		324			61
Class M		153			41
		5,185			443
Cost of shares redeemed:
Class A		(15,766	)		(14,662	)
Class B		(14,017	)		(14,226	)
Class C		(15,710	)		(8,858	)
Class C2		(4,418	)		(7,862	)
Class M		(1,831	)		(4,553	)
		(51,742	)		(50,161	)
		282,643			410,966
Net increase (decrease) in net assets		304,884			468,582
Net Assets:
Beginning of period		561,637			93,055
End of period	$	866,521		$	561,637
Undistributed Net Investment Income (Loss)	$	1,421		$	1,370

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	7,097		10,668
Class B	5,742		14,694
Class C	16,570		20,375
Class C2	669		2,174
Class M	210		794
	30,288		48,705
Shares issued–reinvested from distributions:
Class A	162		23
Class B	140		14
Class C	143		2
Class C2	31		7
Class M	14		5
	490		51
Shares redeemed:
Class A	(1,446	)	(1,554	)
Class B	(1,289	)	(1,525	)
Class C	(1,437	)	(929	)
Class C2	(406	)	(838	)
Class M	(168	)	(496	)
	(4,746	)	(5,342	)
Net increase (decrease) in shares outstanding:
Class A	5,813		9,137
Class B	4,593		13,183
Class C	15,276		19,448
Class C2	294		1,343
Class M	56		303
	26,032		43,414

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Asset Allocation–Moderate Portfolio    3

TA IDEX Asset Allocation–Moderate Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

	For the Period Ended (d)(g)	For a share of beneficial interest outstanding throughout each period
		Net Asset Value, Beginning of Period		Investment Operations								Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	10.42	$	0.13	$	0.44		$	0.57		$	(0.15	)	$	–	$	(0.15	)	$	10.84
	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	04/30/2004		10.37		0.09		0.44			0.53			(0.09	)		–		(0.09	)		10.81
	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	04/30/2004		10.37		0.09		0.44			0.53			(0.09	)		–		(0.09	)		10.81
	10/31/2003		8.71		0.05		1.63			1.68			(0.02	)		–		(0.02	)		10.37
Class C2	04/30/2004		10.37		0.09		0.44			0.53			(0.09	)		–		(0.09	)		10.81
	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 M	04/30/2004		10.38		0.10		0.43			0.53			(0.10	)		–		(0.10	)		10.81
	10/31/2003		8.72		0.06		1.63			1.69			(0.03	)		–		(0.03	)		10.38
	10/31/2002		10.00		0.01		(1.29	)		(1.28	)		–			–		–			8.72

	For the Period Ended (g)	Total Return (c)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	5.52	%	$	183,716	0.22	%	0.22	%	2.32	%	–	%
	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	04/30/2004	5.17			240,482	0.87		0.87		1.66		–
	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	04/30/2004	5.17			375,389	0.87		0.87		1.66		–
	10/31/2003	19.39			201,774	1.02		1.02		0.57		18
Class C2	04/30/2004	5.17			49,252	0.87		0.87		1.66		–
	10/31/2003	19.39			44,225	1.02		1.02		0.57		18
	10/31/2002	(12.90	)		25,444	1.10		1.43		0.18		12
Class M	04/30/2004	5.16			17,682	0.77		0.77		1.76		–
	10/31/2003	19.47			16,388	0.92		0.92		0.67		18
	10/31/2002	(12.80	)		11,125	1.00		1.33		0.28		12

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 2004

TA IDEX Asset Allocation–Moderate Portfolio     4

TA IDEX Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

On March 1, 2004, the Fund changed its name from IDEX Asset Allocation–Moderate Portfolio to TA IDEX Asset Allocation–Moderate Portfolio.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 New York Stock Exchange (generally 4:00 p.m. eastern time) on the valuation date.

Other securities for which quotations are not readily available also 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.

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, 2004, was paying an interest rate of 0.75%.

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 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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

ATFA has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. ATFA 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 ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Asset Allocation–Moderate Portfolio    5

TA IDEX Asset Allocation–Moderate Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

ATFA has contractually agreed to waive its advisory fee and 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 are no amounts subject to recapture at April 30, 2004.

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 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	N/A
Class B	0.65%
Class C	0.65%
Class C2	0.65%
Class M	0.55%

In addition, the underlying Funds’ Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of 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 and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	2,402
Retained by Underwriter		381
Contingent Deferred Sales Charges		351

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal

counsel. The Fund paid ATFS $47 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $221 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, the value of invested plan amount was $10. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	285,446
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		–
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 treatments for items including, but not limited to, wash sales, 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
$57	October 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	788,595
Unrealized Appreciation	$	74,650
Unrealized (Depreciation)		(820	)
Net Unrealized Appreciation (Depreciation)	$	73,830

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares will merge into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Asset Allocation–Moderate Portfolio    6

TA IDEX Asset Allocation–Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES (99.2%) (b)
Aggressive Equity (24.3%)
TA IDEX T. Rowe Price Health Sciences	3,846,940	$	45,471
TA IDEX T. Rowe Price Small Cap	4,642,094		51,713
TA IDEX Transamerica Growth Opportunities (a)	10,865,147		71,710
TA IDEX Transamerica Small/Mid Cap Value	6,706,910		98,256
Capital Preservation (0.4%)
TA IDEX Transamerica Money Market	4,491,051		4,491
Fixed-Income (20.6%)
TA IDEX PIMCO Real Return TIPS	6,500,410		66,109
TA IDEX PIMCO Total Return	1,649,729		17,075
TA IDEX Transamerica Conservative High-Yield Bond	8,027,495		73,532
TA IDEX Transamerica Convertible Securities	4,851,632		56,036
TA IDEX Transamerica Flexible Income	1,364,498		13,563
Growth Equity (39.6%)
TA IDEX American Century Large Company Value	262,250		2,567
TA IDEX Great Companies–TechnologySM (a)	11,515,197		42,606

	Shares	Value
Growth Equity (continued)
TA IDEX Janus Growth (a)	947,835	$	20,018
TA IDEX Jennison Growth (a)	22,211		207
TA IDEX Marsico Growth (a)	1,508,041		13,618
TA IDEX Salomon All Cap (a)	11,910,242		175,676
TA IDEX Salomon Investors Value	11,921,471		158,675
TA IDEX Transamerica Equity (a)	3,078,233		22,533
Specialty–Real Estate (2.7%)
TA IDEX Clarion Real Estate Securities	2,492,699		29,738
World Equity (11.6%)
TA IDEX American Century International (a)	10,174,630		88,011
TA IDEX Templeton Great Companies Global (a)	5,306,997		39,059
Total Investment Companies (cost: $1,000,454)			1,090,664
Total Investment Securities (cost: $1,000,454)		$	1,090,664
SUMMARY:
Investments, at value	99.2%	$	1,090,664
Other assets in excess of liabilities	0.8%		8,438
Net assets	100.0%	$	1,099,102

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 underlying Transamerica 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 2004

TA IDEX Asset Allocation–Moderate Growth Portfolio    1

TA IDEX Asset Allocation–Moderate Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

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

Assets:
Investment securities, at value (cost: $1,000,454)	$	1,090,664
Cash		1,962
Receivables:
Shares of beneficial interest sold		9,346
Interest		1
Due from investment adviser		14
Other		5
		1,101,992
Liabilities:
Investment securities purchased		1,962
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		235
Management and advisory fees		102
Due to advisor		79
Distribution fees		440
Dividends to shareholders		1
Other		71
		2,890
Net Assets	$	1,099,102
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,009,653
Undistributed net investment income (loss)		293
Accumulated net realized gain (loss) from
investment in affiliated mutual funds		(1,054	)
Net unrealized appreciation (depreciation) on
investment in affiliated mutual funds		90,210
Net Assets	$	1,099,102
Net Assets by Class:
Class A	$	268,554
Class B		287,942
Class C		487,532
Class C2		34,256
Class M		20,818
Shares Outstanding:
Class A		25,081
Class B		26,962
Class C		45,646
Class C2		3,208
Class M		1,949
Net Asset Value Per Share:
Class A	$	10.71
Class B		10.68
Class C		10.68
Class C2		10.68
Class M		10.68
Maximum Offering Price Per Share (a):
Class A	$	11.33
Class M		10.79

(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 C2 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, 2004

(all amounts in thousands) (unaudited)

Investment Income:
Interest	$	5
Dividends from affiliated mutual funds		5,984
		5,989
Expenses:
Management and advisory fees		439
Transfer agent fees		300
Printing and shareholder reports		91
Custody fees		19
Administration fees		56
Legal fees		7
Auditing and accounting fees		7
Trustees fees		9
Registration fees		46
Other		8
Distribution and service fees:
Class A		–
Class B		800
Class C		1,216
Class C2		108
Class M		55
Total expenses before recovery of waived expenses		3,161
Recovered expenses		79
Total expenses		3,240
Net Investment Income (Loss)		2,749
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: Investment in affiliated mutual funds		35,161
Net Increase (Decrease) in Net Assets Resulting from Operations	$	37,910

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Asset Allocation–Moderate Growth Portfolio    2

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, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	2,749		$	(95	)
Net realized gain (loss) from investment in affiliated mutual funds		–			26
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds		35,161			60,689
		37,910			60,620
Distributions to Shareholders:
From net investment income:
Class A		(1,243	)		(161	)
Class B		(453	)		(6	)
Class C		(639	)		(1	)
Class C2		(66	)		(3	)
Class M		(55	)		(15	)
		(2,456	)		(186	)
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		141,468			113,138
Class B		98,756			147,200
Class C		253,693			227,401
Class C2		6,028			14,858
Class M		3,465			6,649
		503,410			509,246
Dividends and distributions reinvested:
Class A		1,112			148
Class B		375			6
Class C		455			1
Class C2		49			2
Class M		51			14
		2,042			171
Cost of shares redeemed:
Class A		(17,703	)		(9,689	)
Class B		(13,107	)		(11,490	)
Class C		(19,565	)		(7,570	)
Class C2		(3,283	)		(7,390	)
Class M		(1,737	)		(4,373	)
		(55,395	)		(40,512	)
		450,057			468,905
Net increase (decrease) in net assets		485,511			529,339
Net Assets:
Beginning of period		613,591			84,252
End of period	$	1,099,102		$	613,591
Undistributed Net Investment Income (Loss)	$	293		$	–

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	13,173		12,021
Class B	9,246		16,189
Class C	23,717		24,504
Class C2	566		1,666
Class M	326		745
	47,028		55,125
Shares issued–reinvested from distributions:
Class A	107		17
Class B	36		1
Class C	44		–
Class C2	5		–
Class M	5		2
	197		20
Shares redeemed:
Class A	(1,649	)	(1,058	)
Class B	(1,220	)	(1,280	)
Class C	(1,814	)	(805	)
Class C2	(305	)	(851	)
Class M	(161	)	(481	)
	(5,149	)	(4,475	)
Net increase (decrease) in shares outstanding:
Class A	11,631		10,980
Class B	8,062		14,910
Class C	21,947		23,699
Class C2	266		815
Class M	170		266
	42,076		50,670

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Asset Allocation–Moderate Growth Portfolio    3

TA IDEX Asset Allocation–Moderate Growth Portfolio

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	10.13	$	0.06		$	0.60		$	0.66		$	(0.08	)	$	–	$	(0.08	)	$	10.71
	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	04/30/2004		10.09		0.03			0.58			0.61			(0.02	)		–		(0.02	)		10.68
	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	04/30/2004		10.09		0.03			0.58			0.61			(0.02	)		–		(0.02	)		10.68
	10/31/2003		8.31		(0.02	)		1.80			1.78			–			–		–			10.09
Class C2	04/30/2004		10.09		0.03			0.58			0.61			(0.02	)		–		(0.02	)		10.68
	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 M	04/30/2004		10.09		0.03			0.59			0.62			(0.03	)		–		(0.03	)		10.68
	10/31/2003		8.34		(0.01	)		1.77			1.76			(0.01	)		–		(0.01	)		10.09
	10/31/2002		10.00		(0.01	)		(1.65	)		(1.66	)		–			–		–			8.34

	For the Period Ended (g)	Total Return (c)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	6.50	%	$	268,554	0.22	%	0.24	%	1.12	%	–	%
	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	04/30/2004	6.06			287,942	0.87		0.89		0.47		–
	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	04/30/2004	6.06			487,532	0.87		0.89		0.47		–
	10/31/2003	21.44			239,043	1.09		1.09		(0.17	)	15
Class C2	04/30/2004	6.06			34,256	0.87		0.89		0.47		–
	10/31/2003	21.15			29,672	1.09		1.09		(0.17	)	15
	10/31/2002	(16.70	)		17,719	1.10		1.55		(0.24	)	21
Class M	04/30/2004	6.15			20,818	0.77		0.79		0.57		–
	10/31/2003	21.12			17,960	0.99		0.99		(0.07	)	15
	10/31/2002	(16.60	)		12,611	1.00		1.45		(0.14	)	21

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 excludes the recovery 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.

(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 2004

TA IDEX Asset Allocation–Moderate Growth Portfolio    4

TA IDEX Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

On March 1, 2004, the Fund changed its name from IDEX Asset Allocation–Moderate Growth Portfolio to TA IDEX Asset Allocation–Moderate Growth Portfolio.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 New York Stock Exchange (generally 4:00 p.m. eastern time) on the valuation date.

Other securities for which quotations are not readily available also 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.

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, 2004, was paying an interest rate of 0.75%.

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 period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & 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 2004

TA IDEX Asset Allocation–Moderate Growth Portfolio    5

TA IDEX Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

ATFA has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. ATFA 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 ATFA based on average daily net assets (“ANA”) at the following rate:

0.10% of ANA

ATFA has contractually agreed to waive its advisory fee and 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.

	Expenses Recovered by Adviser	Increase in Expenses to Average Net Assets
Recovered in 2004	79	0.02%

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 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	N/A
Class B	0.65%
Class C	0.65%
Class C2	0.65%
Class M	0.55%

In addition, the underlying Funds’ Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of 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 and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	4,356
Retained by Underwriter		670
Contingent Deferred Sales Charges		413

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $56 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $300 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, 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, 2004, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Asset Allocation–Moderate Growth Portfolio    6

TA IDEX Asset Allocation–Moderate Growth Portfolio

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	453,378
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		–
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 treatments for items including, but not limited to, wash sales, 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
$978	October 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	1,000,530
Unrealized Appreciation	$	91,282
Unrealized (Depreciation)		(1,148	)
Net Unrealized Appreciation (Depreciation)	$	90,134

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C shares.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Asset Allocation–Moderate Growth Portfolio     7

TA IDEX Clarion Real Estate Securities

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
COMMON STOCKS (97.5%)
Apartments (16.0%)
Archstone-Smith Trust	158,700	$	4,353
Avalonbay Communities, Inc.	42,500		2,109
Camden Property Trust	110,960		4,696
Gables Residential Trust	44,400		1,412
Home Properties of New York, Inc.	56,500		2,110
United Dominion Realty Trust, Inc.	122,900		2,206
Diversified (4.9%)
Keystone Property Trust	72,200		1,469
Liberty Property Trust	102,249		3,736
Health Care (3.3%)
Health Care REIT, Inc. (b)	79,190		2,529
Omega Healthcare Investors, Inc.	107,500		994
Hotels (4.2%)
Host Marriott Corporation (a)(b)	268,800		3,199
LaSalle Hotel Properties	58,700		1,291
Hotels & Other Lodging Places (6.6%)
Hilton Hotels Corporation	83,800		1,466
Starwood Hotels & Resorts Worldwide, Inc.	137,200		5,459
Office Property (28.4%)
Arden Realty, Inc.	129,750		3,661
Boston Properties, Inc. (b)	103,400		4,860
Brandywine Realty Trust	81,000		2,053
Corporate Office Properties Trust	98,900		2,013
Mack-Cali Realty Corporation	105,450		3,939
Maguire Properties, Inc.	142,400		3,245
Prentiss Properties Trust	131,260		4,206
SL Green Realty Corp.	53,300		2,175
Trizec Properties, Inc.	261,400		3,742
Regional Mall (20.5%)
CBL & Associates Properties, Inc.	37,280		1,873
Chelsea Property Group, Inc.	41,000		2,091
General Growth Properties, Inc.	158,300		4,292
Macerich Company (The)	98,500		4,124
Mills Corporation (The)	100,400		4,076
Simon Property Group, Inc. (b)	108,600		5,236
Shopping Center (8.3%)
Acadia Realty Trust	90,600		1,138
Developers Diversified Realty Corporation	98,100		3,213
New Plan Realty Trust, Inc.	32,400		727
Regency Centers Corporation	96,300		3,651
Storage (0.6%)
Shurgard Storage Centers, Inc.	20,600		686
Warehouse (4.7%)
Catellus Development Corporation	59,903		1,291
ProLogis	124,100		3,651
Total Common Stocks (cost: $105,986)			102,972

	Principal		Value
SECURITY LENDING COLLATERAL (5.3%)
Debt (3.0)%
Bank Notes (0.5%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	280	$	280
Fleet National Bank 1.00%, due 07/21/2004		280		280
Euro Dollar Overnight (0.3%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		168		168
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		101		101
Euro Dollar Terms (0.7%)
Bank of Montreal 1.02%, due 05/21/2004		33		33
BNP Paribas SA 1.01%, due 05/18/2004		168		168
1.08%, due 07/29/2004		168		168
Den Danske Bank 1.02%, due 05/20/2004		112		112
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		112		112
Wells Fargo & Company 1.02%, due 05/14/2004		168		168
Promissory Notes (0.4%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		391		391
Repurchase Agreements (1.1%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $1,119 on 05/03/2004		1,119		1,119
	Shares		Value
Investment Companies (2.3%)
Money Market Funds (2.3%)
American AAdvantage Select Fund 1-day yield of 0.98%		335,742	$	336
Barclays Institutional Money Market Fund 1-day yield of 1.02%		783,397		783
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		303,234		303
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%		1,119,138		1,119
Total Security Lending Collateral (cost: $5,641)				5,641
Total Investment Securities (cost: $111,627)			$	108,613
SUMMARY:
Investments, at value		102.8%	$	108,613
Liabilities in excess of other assets		(2.8)%		(2,925)
Net assets		100.0%	$	105,688

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $5,351.

(c) Cash collateral for the Repurchase Agreements, valued at $1,142, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Clarion Real Estate Securities    1

TA IDEX Clarion Real Estate Securities

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $111,627) (including securities loaned of $5,351)	$	108,613
Cash		2,918
Receivables:
Investment securities sold		60
Shares of beneficial interest sold		39
Interest		1
Dividends		358
Other		7
		111,996
Liabilities:
Investment securities purchased		458
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		48
Management and advisory fees		73
Distribution fees		35
Transfer agent fees		2
Payable for collateral for securities on loan		5,641
Other		51
		6,308
Net Assets	$	105,688
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	104,515
Undistributed net investment income (loss)		250
Undistributed net realized gain (loss) from investment securities		3,937
Net unrealized appreciation (depreciation) on investment securities		(3,014	)
Net Assets	$	105,688
Net Assets by Class:
Class A	$	99,917
Class B		2,336
Class C		2,844
Class C2		246
Class M		345
Shares Outstanding:
Class A		8,374
Class B		196
Class C		240
Class C2		21
Class M		28
Net Asset Value Per Share:
Class A	$	11.93
Class B		11.90
Class C		11.90
Class C2		11.90
Class M		11.92
Maximum Offering Price Per Share (a):
Class A	$	12.62
Class M		12.04

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	4
Dividends		2,293
Income from loaned securities–net		3
		2,300
Expenses:
Management and advisory fees		352
Transfer agent fees		4
Custody fees		7
Administration fees		11
Legal fees		1
Auditing and accounting fees		5
Trustees fees		1
Registration fees		41
Other		3
Distribution and service fees:
Class A		144
Class B		12
Class C		14
Class C2		1
Class M		2
Total expenses		598
Net Investment Income (Loss)		1,702
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		3,963
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(6,312	)
Net Gain (Loss) on Investment Securities		(2,349	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(647	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Clarion Real Estate Securities    2

TA IDEX Clarion Real Estate Securities

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)		October 31, 2003 (a)
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,702	$	1,172
Net realized gain (loss) from investment securities		3,963		3,100
Net unrealized appreciation (depreciation) on investment securities		(6,312)		3,298
		(647)		7,570
Distributions to Shareholders:
From net investment income:
Class A		(1,913)		(583)
Class B		(47)		(13)
Class C		(56)		(14)
Class C2		(5)		(2)
Class M		(7)		(2)
		(2,028)		(614)
From net realized gains:
Class A		(2,914)		–
Class B		(87)		–
Class C		(102)		–
Class C2		(10)		–
Class M		(13)		–
		(3,126)		–
Capital Share Transactions:
Proceeds from shares sold:
Class A		37,320		57,510
Class B		1,185		1,793
Class C		1,466		1,816
Class C2		100		200
Class M		104		215
		40,175		61,534
Dividends and distributions reinvested:
Class A		4,821		582
Class B		106		11
Class C		120		11
Class C2		15		2
Class M		14		1
		5,076		607
Cost of shares redeemed:
Class A		(793)		(610)
Class B		(639)		(139)
Class C		(521)		(54)
Class C2		(83)		(6)
Class M		(9)		(5)
		(2,045)		(814)
		43,206		61,327
Net increase (decrease) in net assets		37,405		68,283
Net Assets:
Beginning of period		68,283		–
End of period	$	105,688	$	68,283
Undistributed Net Investment Income (Loss)	$	250	$	576

	April 30, 2004 (unaudited)	October 31, 2003 (a)
Share Activity:
Shares issued:
Class A	2,819	5,238
Class B	91	159
Class C	114	160
Class C2	8	19
Class M	8	20
	3,040	5,596
Shares issued–reinvested from distributions:
Class A	386	49
Class B	8	1
Class C	10	1
Class C2	1	–
Class M	1	–
	406	51
Shares redeemed:
Class A	(63)	(55)
Class B	(51)	(12)
Class C	(41)	(4)
Class C2	(7)	–
Class M	(1)	–
	(163)	(71)
Net increase (decrease) in shares outstanding:
Class A	3,142	5,232
Class B	48	148
Class C	83	157
Class C2	2	19
Class M	8	20
	3,283	5,576

(a) Commenced operations March 1, 2003.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Clarion Real Estate Securities    3

TA IDEX Clarion Real Estate Securities

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations						Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	12.25	$	0.27	$	0.26	$	0.53	$	(0.31	)	$	(0.54	)	$	(0.85	)	$	11.93
	10/31/2003		10.00		0.43		1.95		2.38		(0.13	)		–			(0.13	)		12.25
Class B	04/30/2004		12.22		0.22		0.27		0.49		(0.27	)		(0.54	)		(0.81	)		11.90
	10/31/2003		10.00		0.38		1.95		2.33		(0.11	)		–			(0.11	)		12.22
Class C	04/30/2004		12.22		0.21		0.28		0.49		(0.27	)		(0.54	)		(0.81	)		11.90
	10/31/2003		10.00		0.38		1.95		2.33		(0.11	)		–			(0.11	)		12.22
Class C2	04/30/2004		12.22		0.21		0.28		0.49		(0.27	)		(0.54	)		(0.81	)		11.90
	10/31/2003		10.00		0.37		1.96		2.33		(0.11	)		–			(0.11	)		12.22
Class M	04/30/2004		12.22		0.22		0.30		0.52		(0.28	)		(0.54	)		(0.82	)		11.92
	10/31/2003		10.00		0.38		1.95		2.33		(0.11	)		–			(0.11	)		12.22

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	4.12	%	$	99,917	1.32	%	1.32	%	3.93	%	49	%
	10/31/2003	23.80			64,090	1.75		1.76		5.55		95
Class B	04/30/2004	3.81			2,336	1.97		1.97		3.28		49
	10/31/2003	23.33			1,804	2.40		2.41		4.91		95
Class C	04/30/2004	3.81			2,844	1.97		1.97		3.28		49
	10/31/2003	23.33			1,913	2.40		2.41		4.91		95
Class C2	04/30/2004	3.81			246	1.97		1.97		3.28		49
	10/31/2003	23.33			226	2.39		2.40		4.91		95
Class M	04/30/2004	4.02			345	1.87		1.87		3.38		49
	10/31/2003	23.36			250	2.30		2.31		5.01		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 does not take into account reimbursements by the investment adviser or affiliated brokerage and custody earnings credits, if any.

(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 2004

TA IDEX Clarion Real Estate Securities    4

TA IDEX Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

On March 1, 2004, the Fund changed its name from IDEX Clarion Real Estate Securities to TA IDEX Clarion Real Estate Securities.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $31 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 received 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 net 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Clarion Real Estate Securities    5

TA IDEX Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

records an asset for the cash invested collateral and a liability for the return of the collateral.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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 shares may fluctuate more widely than the value of shares of a fund that invests in a broad range of industries.

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.

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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	18,778	18%
TA IDEX Asset Allocation - Growth Portfolio		7,698	7%
TA IDEX Asset Allocation - Moderate Growth Portfolio		29,738	28%
TA IDEX Asset Allocation - Moderate Portfolio		41,215	39%
Total	$	97,429	92%

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 12b-1 fee for the Fund is comprised of a

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Clarion Real Estate Securities    6

TA IDEX Clarion Real Estate Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	17
Retained by Underwriter		3
Contingent Deferred Sales Charges		10

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $11 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $4 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, the value of invested plan amount was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	82,462
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		42,309
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 treatments 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, 2004, are as follows:

Federal Tax Cost Basis	$	111,331
Unrealized Appreciation	$	2,802
Unrealized (Depreciation)		(5,520	)
Net Unrealized Appreciation (Depreciation)	$	(2,718	)

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Clarion Real Estate Securities    7

TA IDEX Federated Tax Exempt

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
LONG-TERM MUNICIPAL BONDS (98.5%)
Alabama (1.5%)
Alabama Water Pollution Control, Revenue Bonds 5.50%, due 08/15/2023	$	500	$	527
Arkansas (1.5%)
Jefferson County Hospital Association, Revenue Bonds, Series B 5.80%, due 06/01/2021		500		525
California (3.5%)
California Health Facilities Financing Authority, Revenue Bonds, Series I (b) 4.95%, due 07/01/2026		145		146
California State, General Obligation Bonds 5.25%, due 02/01/2014		500		526
Torrance Memorial Medical Center, Revenue Bonds, Series A 6.00%, due 06/01/2022		500		530
Colorado (1.6%)
Colorado Department of Transportation, Revenue Bonds, Series A (a) 5.50%, due 06/15/2015		500		565
District of Columbia (1.6%)
District of Columbia Water and Sewer Authority, Revenue Bonds 5.50%, due 10/01/2017		500		557
Illinois (9.3%)
Illinois Development Finance Authority, Revenue Bonds, Series A 5.38%, due 10/01/2019		500		526
Illinois Educational Facilities Authority, Revenue Bonds, Series A 5.00%, due 07/01/2026		500		488
Illinois State Partnership, Department of Central Management, Public Improvements, General Obligation Bonds 5.65%, due 07/01/2017		1,000		1,083
McHenry County Community School District, General Obligation Bonds, Series A 5.85%, due 01/01/2016		1,000		1,093
Indiana (5.6%)
Indiana Health Facilities Financing Authority, Revenue Bonds 6.25%, due 03/01/2025		300		302
Indiana State Development Finance Authority, Revenue Bonds (b) 5.25%, due 12/01/2022		500		537
Indianapolis Gas Utility, Revenue Bonds, Series A 5.25%, due 08/15/2012		1,000		1,076
Iowa (2.3%)
Iowa State Certificate of Participation, Revenue Bonds 6.50%, due 07/01/2006		775		781

	Principal		Value
Louisiana (1.5%)
Sabine River Authority, Water Facilities, Revenue Bonds 6.20%, due 02/01/2025	$	500	$	532
Massachusetts (1.5%)
Massachusetts State Development Finance Agency, Revenue Bonds 6.38%, due 07/01/2023		500		529
Michigan (6.1%)
Cornell Michigan, Economic Development, Revenue Bonds 5.88%, due 05/01/2018		500		519
Michigan Municipal Bond Authority, Revenue Bonds 5.50%, due 10/01/2022		500		567
Michigan State Strategic Fund Limited Obligation, Revenue Bonds 5.45%, due 09/01/2029		1,000		1,018
Minnesota (1.5%)
Minneapolis & St. Paul Minnesota Housing & Redevelopment Authority, Revenue Bonds 6.00%, due 12/01/2019		500		524
Mississippi (1.7%)
Lowndes County Solid Waste Disposal & Pollution Control, Revenue Bonds (b) 6.70%, due 04/01/2022		500		569
Nevada (2.8%)
Clark County Industrial Development, Revenue Bonds (b) 5.45%, due 03/01/2038		400		422
Clark County School District, School Improvements, General Obligation Bonds, Series F 5.00%, due 06/15/2006		500		531
New Hampshire (0.4%)
New Hampshire State Housing Authority, Single-Family Mortgage, Revenue Bonds, Series C 6.13%, due 01/01/2020		140		145
New Jersey (0.6%)
New Jersey Economic Development Authority, Revenue Bonds, Series A 5.80%, due 11/01/2031		200		195
New Mexico (0.7%)
New Mexico Mortgage and Finance Authority, Revenue Bonds 6.05%, due 09/01/2021		240		250
New York (15.2%)
Dormitory Authority of the State of New York, Revenue Bonds, Series A 5.25%, due 07/01/2024		500		496
Hempstead Town, New York Industrial Development Agency, Revenue Bonds 4.63%, due 07/01/2021		500		476

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Federated Tax Exempt    1

TA IDEX Federated Tax Exempt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
New York (continued)
New York City Industrial Development Agency, Revenue Bonds 5.38%, due 07/01/2017	$	250	$	269
5.13%, due 12/30/2023		500		476
New York City Transitional Finance Authority, Revenue Bonds 5.50%, due 02/15/2019		640		688
5.50%, due 02/15/2019		360		406
New York City, General Obligation Bonds 5.00%, due 08/01/2020		500		503
New York State Mortgage Agency, Revenue Bonds, Series 95 5.50%, due 10/01/2017		500		527
Niagara County Industrial Development Agency, Revenue Bonds, Series D (b) 5.55%, due 11/15/2024		500		524
United Nations Development Corporation, Revenue Bonds, Series A 5.25%, due 07/01/2024		250		252
Warwick Valley Central School District, School Improvements, General Obligation Bonds 5.50%, due 01/15/2017		570		618
North Carolina (2.9%)
North Carolina Housing and Finance Agency Authority, Revenue Bonds 5.25%, due 01/01/2022		445		452
North Carolina Municipal Power Agency, Revenue Bonds, Series A 5.50%, due 01/01/2012		500		532
North Dakota (1.0%)
North Dakota State Housing and Finance Authority, Revenue Bonds, Series C 6.00%, due 07/01/2020		320		333
Ohio (6.2%)
Ohio State Air Quality Development Authority, Revenue Bonds 6.00%, due 12/01/2013		500		514
Ohio State, General Obligation Bonds, Series A 5.38%, due 09/15/2017		500		538
Ohio State, Highway Improvement, Revenue Bonds 5.00%, due 06/15/2006		500		532
Steubenville Hospital Improvement Facilities, Revenue Bonds 6.38%, due 10/01/2020		500		531
Oregon (1.5%)
Clackamas County Hospital Facilities, Revenue Bonds, Series A 5.25%, due 05/01/2021		500		513
Pennsylvania (4.0%)
Pennsylvania State Facilities Authority, Revenue Bonds 6.00%, due 01/15/2022		500		529

	Principal		Value
Pennsylvania (continued)
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds 5.25%, due 05/01/2023	$	350	$	342
Sayre, Pennsylvania Health Care Facilities, Revenue Bonds 5.75%, due 12/01/2021		500		520
Rhode Island (4.7%)
Providence Public Building Authority, Revenue Bonds, Series A 5.70%, due 12/15/2015		500		556
Rhode Island Clean Water Financing Agency, Revenue Bonds 5.80%, due 09/01/2022		1,000		1,060
South Dakota (1.5%)
South Dakota Housing Development Agency, Revenue Bonds, Series C 5.35%, due 05/01/2022		500		515
Tennessee (3.8%)
Memphis-Shelby County, Tennessee Airport, Revenue Bonds 5.00%, due 09/01/2009		500		528
Sullivan County Health & Educational Housing Facilities Board Review, Revenue Bonds 6.25%, due 09/01/2022		250		262
Tennessee Housing Development Agency, Revenue Bonds 5.38%, due 01/01/2018		495		517
Texas (3.6%)
Houston Port Authority, Harris County, General Obligation Bonds, Series A 5.50%, due 10/01/2024		500		528
Kingsbridge Municipal Utility District, General Obligation Bonds 5.38%, due 03/01/2015		500		531
Sabine River Authority of Texas, Revenue Bonds, Series A 5.80%, due 07/01/2022		165		167
Virginia (1.6%)
Virginia Commonwealth Transportation Board, Revenue Bonds, Series B 4.50%, due 05/15/2008		500		535
Washington (3.2%)
Northwest Washington Electric, Revenue Bonds, Series A 5.75%, due 07/01/2018		500		548
University of Washington, Student Facilities Improvements, Revenue Bonds 5.88%, due 06/01/2016		500		561

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Federated Tax Exempt    2

TA IDEX Federated Tax Exempt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Wisconsin (2.3%)
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds 6.00%, due 07/01/2021	$	250	$	262
5.75%, due 08/15/2025		500		520
Wyoming (3.3%)
Wyoming State Farm Loan Board, Capital Facilities, Revenue Bonds 5.75%, due 10/01/2020		1,000		1,133
Total Long-Term Municipal Bonds (cost: $32,357)				33,857

	Principal		Value
SHORT-TERM MUNICIPAL BONDS (0.3%)
Indiana Health Facilities Financing Authority, Revenue Bonds (b) 1.07%, due 03/01/2030	$	100	$	100
Total Short-Term Municipal Bonds (cost: $100)				100
Total Investment Securities (cost: $32,457)			$	33,957
SUMMARY:
Investments, at value		98.8%	$	33,957
Other assets in excess of liabilities		1.2%		422
Net assets		100.0%	$	34,379

FUTURES CONTRACTS
	Contracts		Settlement Date	Amount			Net Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note	(40	)	06/30/2004	$	(4,485	)	$	65

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At April 30, 2004, 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, 2004, is $ 113.

(b) Floating or variable rate note. Rate is listed as of April 30, 2004.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Federated Tax Exempt    3

TA IDEX Federated Tax Exempt

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $32,457)	$	33,957
Cash		32
Receivables:
Investment securities sold		41
Interest		483
Other		5
		34,518
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		32
Management and advisory fees		13
Distribution fees		18
Transfer agent fees		26
Dividends to shareholders		1
Variation margin		13
Other		36
		139
Net Assets	$	34,379
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	33,443
Undistributed net investment income (loss)		47
Accumulated net realized gain (loss) from
investment securities		(675	)
Net unrealized appreciation (depreciation) on:
Investment securities		1,499
Futures contracts		65
Net Assets	$	34,379
Net Assets by Class:
Class A	$	18,217
Class B		8,339
Class C		2,537
Class C2		3,663
Class M		1,623
Shares Outstanding:
Class A		1,567
Class B		718
Class C		219
Class C2		315
Class M		140
Net Asset Value Per Share:
Class A	$	11.63
Class B		11.62
Class C		11.62
Class C2		11.62
Class M		11.62
Maximum Offering Price Per Share (a):
Class A	$	12.21
Class M		11.74

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	885
Expenses:
Management and advisory fees		108
Transfer agent fees		22
Printing and shareholder reports		16
Custody fees		4
Administration fees		9
Legal fees		1
Auditing and accounting fees		7
Trustees fees		1
Registration fees		25
Other		22
Distribution and service fees:
Class A		33
Class B		47
Class C		10
Class C2		20
Class M		5
Total expenses		330
Less:
Advisory fee waiver		(40	)
Net expenses		290
Net Investment Income (Loss)		595
Net Realized Gain (Loss) from: Investment securities		239
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(507	)
Futures contracts		65
		(442	)
Net Gain (Loss) on Investment Securities and Futures Contracts		(203	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	392

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Federated Tax Exempt    4

TA IDEX Federated Tax Exempt

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	595		$	1,310
Net realized gain (loss) from investment securities		239			102
Net unrealized appreciation (depreciation) on investment securities and futures contracts		(442	)		553
		392			1,965
Distributions to Shareholders:
From net investment income:
Class A		(347	)		(704	)
Class B		(142	)		(338	)
Class C		(30	)		(31	)
Class C2		(63	)		(141	)
Class M		(30	)		(80	)
		(612	)		(1,294	)
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		713			12,413
Class B		327			2,696
Class C		1,567			2,135
Class C2		622			1,764
Class M		7			168
		3,236			19,176
Dividends and distributions reinvested:
Class A		264			533
Class B		89			225
Class C		21			21
Class C2		27			73
Class M		25			65
		426			917
Cost of shares redeemed:
Class A		(1,593	)		(14,819	)
Class B		(1,941	)		(5,234	)
Class C		(627	)		(533	)
Class C2		(1,151	)		(2,980	)
Class M		(268	)		(1,294	)
		(5,580	)		(24,860	)
		(1,918	)		(4,767	)
Net increase (decrease) in net assets		(2,138	)		(4,096	)
Net Assets:
Beginning of period		36,517			40,613
End of period	$	34,379		$	36,517
Undistributed Net Investment Income (Loss)	$	47		$	64

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	60		1,067
Class B	28		231
Class C	131		183
Class C2	52		152
Class M	1		14
	272		1,647
Shares issued–reinvested from distributions:
Class A	22		46
Class B	8		20
Class C	2		2
Class C2	2		6
Class M	2		6
	36		80
Shares redeemed:
Class A	(134	)	(1,272	)
Class B	(164	)	(448	)
Class C	(53	)	(46	)
Class C2	(97	)	(256	)
Class M	(23	)	(110	)
	(471	)	(2,132	)
Net increase (decrease) in shares outstanding:
Class A	(52	)	(159	)
Class B	(128	)	(197	)
Class C	80		139
Class C2	(43	)	(98	)
Class M	(20	)	(90	)
	(163	)	(405	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Federated Tax Exempt    5

TA IDEX Federated Tax Exempt

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
					Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	11.70	$	0.21	$	(0.06	)	$	0.15		$	(0.22	)	$	–		$	(0.22	)	$	11.63
	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
	10/31/1999		11.94		0.44		(1.14	)		(0.70	)		(0.44	)		(0.20	)		(0.64	)		10.60
Class B	04/30/2004		11.69		0.17		(0.06	)		0.11			(0.18	)		–			(0.18	)		11.62
	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
	10/31/1999		11.94		0.35		(1.14	)		(0.79	)		(0.36	)		(0.20	)		(0.56	)		10.59
Class C	04/30/2004		11.69		0.19		(0.08	)		0.11			(0.18	)		–			(0.18	)		11.62
	10/31/2003		11.59		0.33		0.10			0.43			(0.33	)		–			(0.33	)		11.69
Class C2	04/30/2004		11.70		0.17		(0.07	)		0.10			(0.18	)		–			(0.18	)		11.62
	10/31/2003		11.51		0.34		0.18			0.52			(0.33	)		–			(0.33	)		11.70
	10/31/2002		11.44		0.29		0.12			0.41			(0.34	)		–			(0.34	)		11.51
	10/31/2001		10.90		0.65		0.25			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 M	04/30/2004		11.70		0.20		(0.08	)		0.12			(0.20	)		–			(0.20	)		11.62
	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
	10/31/1999		11.94		0.39		(1.14	)		(0.75	)		(0.40	)		(0.20	)		(0.60	)		10.59

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	1.25	%	$	18,217	1.35	%	1.55	%	3.63	%	13	%
	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
	10/31/1999	(6.23	)		20,996	1.35		1.50		3.83		36
Class B	04/30/2004	0.92			8,339	2.00		2.20		2.98		13
	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
	10/31/1999	(6.89	)		1,253	2.00		2.15		3.18		36
Class C	04/30/2004	0.92			2,537	2.00		2.20		2.98		13
	10/31/2003	3.76			1,621	2.00		2.17		2.88		22
Class C2	04/30/2004	0.83			3,663	2.00		2.20		2.98		13
	10/31/2003	4.57			4,182	2.00		2.17		2.88		22
	10/31/2002	3.63			5,247	2.00		2.11		2.98		55
	10/31/2001	8.32			1,636	2.00		2.13		3.15		35
	10/31/2000	7.72			195	2.00		2.33		3.49		67
Class M	04/30/2004	1.04			1,623	1.60		1.80		3.38		13
	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
	10/31/1999	(6.56	)		2,193	1.60		1.75		3.58		36

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Federated Tax Exempt    6

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, and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Federated Tax Exempt    7

TA IDEX Federated Tax Exempt

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Federated Tax Exempt (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on April 1, 1985.

On March 1, 2004, the Fund changed its name from IDEX Federated Tax Exempt to TA IDEX Federated Tax Exempt.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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, 2004, are listed in the Schedule of Investments. The variation margin payable is included in the accompanying Statements of Assets and Liabilities. Variation margin payable represents the additional payments due 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.

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)

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Federated Tax Exempt     8

TA IDEX Federated Tax Exempt

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

• 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 period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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

0.60% of ANA

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

1.00% 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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 period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$17
Retained by Underwriter	3
Contingent Deferred Sales Charges	25

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $9 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $22 for the period ended April 30, 2004.

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, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Federated Tax Exempt     9

TA IDEX Federated Tax Exempt

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	4,395`
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		5,821
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 treatments for items including, but not limited to, wash sales 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
$914	October 31, 2008

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	32,457
Unrealized Appreciation	$	1,641
Unrealized (Depreciation)		(141	)
Net Unrealized Appreciation (Depreciation)	$	1,500

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Federated Tax Exempt    10

TA IDEX Great Companies–America^SM

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (94.3%)
Aerospace (6.5%)
United Technologies Corporation	109,402	$	9,437
Beverages (4.3%)
Coca-Cola Company (The)	60,000		3,034
PepsiCo, Inc.	57,600		3,139
Business Services (11.9%)
First Data Corporation	232,200		10,540
Omnicom Group, Inc.	83,900		6,671
Chemicals & Allied Products (9.5%)
Colgate-Palmolive Company	122,600		7,096
Procter & Gamble Company (The)	63,000		6,662
Commercial Banks (4.6%)
Citigroup Inc.	136,800		6,578
Computer & Office Equipment (3.0%)
International Business Machines Corporation	48,800		4,303
Electronic & Other Electric Equipment (7.0%)
General Electric Company	335,100		10,036
Electronic Components & Accessories (4.3%)
Texas Instruments Incorporated	245,801		6,169
Insurance (4.8%)
American International Group, Inc.	97,100		6,957

	Shares	Value
Insurance Agents, Brokers & Service (2.0%)
Marsh & McLennan Companies, Inc.	64,900	$	2,927
Medical Instruments & Supplies (4.3%)
Medtronic, Inc.	123,200		6,216
Paper & Allied Products (7.1%)
3M Company	118,600		10,257
Pharmaceuticals (16.4%)
Abbott Laboratories	206,700		9,099
Johnson & Johnson	57,800		3,123
Pfizer Inc.	192,900		6,898
Wyeth	115,500		4,397
Security & Commodity Brokers (8.6%)
Goldman Sachs Group, Inc. (The)	27,000		2,606
Lehman Brothers Holdings Inc.	79,100		5,806
Merrill Lynch & Co., Inc.	74,600		4,046
Total Common Stocks (cost: $122,497)			135,997
Total Investment Securities (cost: $122,497)		$	135,997
SUMMARY:
Investments, at value	94.3%	$	135,997
Other assets in excess of liabilities	5.7%		8,226
Net assets	100.0%	$	144,223

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Great Companies–America^SM    1

TA IDEX Great Companies–America^SM

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $122,497)	$	135,997
Cash		8,413
Receivables:
Shares of beneficial interest sold		375
Interest		1
Dividends		276
Other		7
		145,069
Liabilities:
Shares of beneficial interest redeemed		510
Accounts payable and accrued liabilities:
Management and advisory fees		90
Distribution fees		92
Transfer agent fees		113
Other		41
		846
Net Assets	$	144,223
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	154,342
Accumulated net investment income (loss)		(269	)
Accumulated net realized gain (loss) from
investment securities		(23,349	)
Net unrealized appreciation (depreciation) on:
Investment securities		13,499
Net Assets	$	144,223
Net Assets by Class:
Class A	$	51,594
Class B		62,032
Class C		6,787
Class C2		15,497
Class M		8,313
Shares Outstanding:
Class A		5,615
Class B		6,931
Class C		758
Class C2		1,732
Class M		925
Net Asset Value Per Share:
Class A	$	9.19
Class B		8.95
Class C		8.95
Class C2		8.95
Class M		8.98
Maximum Offering Price Per Share (a):
Class A	$	9.72
Class M		9.07

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	4
Dividends		1,157
Income from loaned securities–net		3
		1,164
Expenses:
Management and advisory fees		586
Transfer agent fees		194
Printing and shareholder reports		81
Custody fees		7
Administration fees		14
Legal fees		4
Auditing and accounting fees		5
Trustees fees		5
Registration fees		26
Other		5
Distribution and service fees:
Class A		91
Class B		317
Class C2		30
Class C		83
Class M		40
Total expenses		1,488
Less:
Advisory fee waiver		(57	)
Net expenses		1,431
Net Investment Income (Loss)		(267	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		599
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		6,159
Net Gain (Loss) on Investment Securities		6,758
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,491

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Great Companies–America^SM    2

TA IDEX Great Companies–America^SM

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(267	)	$	(461	)
Net realized gain (loss) from investment securities		599			(12,017	)
Net unrealized appreciation (depreciation) on investment securities		6,159			31,487
		6,491			19,009
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		7,565			24,736
Class B		3,599			14,569
Class C		3,076			4,415
Class C2		573			2,235
Class M		662			1,696
		15,475			47,651
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(7,370	)		(39,467	)
Class B		(6,515	)		(12,855	)
Class C		(989	)		(261	)
Class C2		(2,565	)		(4,009	)
Class M		(1,675	)		(2,623	)
		(19,114	)		(59,215	)
		(3,639	)		(11,564	)
Net increase (decrease) in net assets		2,852			7,445
Net Assets:
Beginning of period		141,371			133,926
End of period	$	144,223		$	141,371
Accumulated Net Investment Income (Loss)	$	(269	)	$	(2	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	828		3,165
Class B	401		1,828
Class C	345		554
Class C2	64		284
Class M	74		216
	1,712		6,047
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(802	)	(4,833	)
Class B	(726	)	(1,654	)
Class C	(109	)	(32	)
Class C2	(284	)	(520	)
Class M	(185	)	(335	)
	(2,106	)	(7,374	)
Net increase (decrease) in shares outstanding:
Class A	26		(1,668	)
Class B	(325	)	174
Class C	236		522
Class C2	(220	)	(236	)
Class M	(111	)	(119	)
	(394	)	(1,327	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Great Companies–America^SM     3

TA IDEX Great Companies–America^SM

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	8.77	$	–		$	0.42		$	0.42		$	–	$	–	$	–	$	9.19
	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	04/30/2004		8.57		(0.03	)		0.41			0.38			–		–		–		8.95
	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	04/30/2004		8.57		(0.03	)		0.41			0.38			–		–		–		8.95
	10/31/2003		7.51		(0.05	)		1.11			1.06			–		–		–		8.57
Class C2	04/30/2004		8.57		(0.03	)		0.41			0.38			–		–		–		8.95
	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 M	04/30/2004		8.60		(0.02	)		0.40			0.38			–		–		–		8.98
	10/31/2003		7.54		(0.04	)		1.10			1.06			–		–		–		8.60
	10/31/2002		8.89		(0.07	)		(1.28	)		(1.35	)		–		–		–		7.54
	10/31/2001		10.56		(0.08	)		(1.59	)		(1.67	)		–		–		–		8.89
	10/31/2000		10.00		(0.02	)		0.58			0.56			–		–		–		10.56

	For the Period Ended (g)	Total Return (c)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	4.79	%	$	51,594	1.55	%	1.61	%	0.05	%	11	%
	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	04/30/2004	4.43			62,032	2.20		2.26		(0.60	)	11
	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	04/30/2004	4.43			6,787	2.20		2.26		(0.60	)	11
	10/31/2003	14.11			4,474	2.20		2.31		(0.60	)	54
Class C2	04/30/2004	4.43			15,497	2.20		2.26		(0.60	)	11
	10/31/2003	13.96			16,738	2.20		2.31		(0.60	)	54
	10/31/2002	(15.26	)		16,452	2.20		2.31		(0.81	)	28
	10/31/2001	(15.98	)		11,953	2.20		2.43		(0.83	)	65
	10/31/2000	5.62			2,875	2.20		4.03		(0.73	)	2
Class M	04/30/2004	4.42			8,313	2.10		2.16		(0.50	)	11
	10/31/2003	14.06			8,914	2.10		2.21		(0.50	)	54
	10/31/2002	(15.15	)		8,710	2.10		2.21		(0.71	)	28
	10/31/2001	(15.88	)		7,296	2.10		2.33		(0.73	)	65
	10/31/2000	5.65			1,744	2.10		3.93		(0.63	)	2

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Great Companies–America^SM     4

TA IDEX Great Companies–America^SM

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 and 4/30/2004.

(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–America^SM (“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 2004

TA IDEX Great Companies–America^SM    5

TA IDEX Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Great Companies–America^SM (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on July 14, 2000. The Fund is “non-diversified” under the 1940 Act.

On March 1, 2004, the Fund changed its name from IDEX Great Companies–America^SM to TA IDEX Great Companies–America^SM.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain in the Schedule of Investments.

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 than 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 2004

TA IDEX Great Companies–America^SM    6

TA IDEX Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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. 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 period ended April 30, 2004, this fee totaled $3. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	148	10/31/2006
Fiscal Year 2002		146	10/31/2005
Fiscal Year 2001		166	10/31/2004

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	126
Retained by Underwriter		16
Contingent Deferred Sales Charges		99

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Great Companies–America^SM    7

TA IDEX Great Companies–America^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $14 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $194 for the period ended April 30, 2004.

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, 2004, the value of invested plan amounts was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	15,685
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		23,932
U.S. Government		–

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 treatments 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
$    4,113	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, 2004, are as follows:

Federal Tax Cost Basis	$	125,223
Unrealized Appreciation	$	15,026
Unrealized (Depreciation)		(4,252)
Net Unrealized Appreciation (Depreciation)	$	10,774

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Great Companies–America^SM    8

TA IDEX Great Companies–Technology^SM

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
COMMON STOCKS (91.4%)
Business Services (14.0%)
eBay Inc. (a)		75,600	$	6,034
First Data Corporation		243,683		11,061
Communications Equipment (4.3%)
QUALCOMM Incorporated		83,000		5,184
Computer & Data Processing Services (25.3%)
Electronic Arts Inc. (a)(b)		161,300		8,165
Microsoft Corporation		382,200		9,926
Symantec Corporation (a)(b)		141,900		6,393
Yahoo! Inc. (a)(b)		122,510		6,182
Computer & Office Equipment (17.7%)
Cisco Systems, Inc. (a)		175,700		3,667
Dell Inc. (a)		235,500		8,174
EMC Corporation (a)		606,500		6,769
International Business Machines Corporation		33,300		2,936
Electronic Components & Accessories (18.9%)
Analog Devices, Inc. (b)		96,400		4,107
Intel Corporation		167,724		4,316
Maxim Integrated Products		116,300		5,348
Texas Instruments Incorporated		164,800		4,136
Xilinx, Inc. (a)		153,100		5,149
Industrial Machinery & Equipment (1.6%)
Applied Materials, Inc. (a)		109,900		2,003
Instruments & Related Products (5.1%)
Waters Corporation (a)(b)		144,700		6,244
Pharmaceuticals (4.5%)
Amgen Inc. (a)		96,500		5,430
Total Common Stocks (cost: $98,084)				111,224
	Principal		Value
SECURITY LENDING COLLATERAL (11.8%)
Debt (6.5%)
Bank Notes (1.2%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	712	$	712
Fleet National Bank 1.00%, due 07/21/2004		712		712

	Principal		Value
Euro Dollar Overnight (0.6%)
Credit Agricole Indosuez 1.00%, due 05/07/2004	$	428	$	428
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		257		257
Euro Dollar Terms (1.6%)
Bank of Montreal 1.02%, due 05/21/2004		83		83
BNP Paribas SA 1.01%, due 05/18/2004		428		428
1.08%, due 07/29/2004		428		428
Den Danske Bank 1.02%, due 05/20/2004		285		285
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		285		285
Wells Fargo & Company 1.02%, due 05/14/2004		428		428
Promissory Notes (0.8%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		997		997
Repurchase Agreements (2.3%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 4/30/04 to be repurchased at $2,849 on 05/03/2004		2,849		2,849
	Shares		Value
Investment Companies (5.3%)
Money Market Funds (5.3%)
American AAdvantage Select Fund 1-day yield of 0.98%		855,010	$	855
Barclays Institutional Money Market Fund 1-day yield of 1.02%		1,995,023		1,995
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		772,226		772
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%		2,850,033		2,850
Total Security Lending Collateral (cost: $14,364)				14,364
Total Investment Securities (cost: $112,448)			$	125,588
SUMMARY:
Investments, at value		103.2%	$	125,588
Liabilities in excess of other assets		(3.2)%		(3,991)
Net assets		100.0%	$	121,597

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $14,016.

(c) Cash collateral for the Repurchase Agreements, valued at $2,907, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Great Companies–Technology^SM    1

TA IDEX Great Companies–Technology^SM

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $112,448) (including securities loaned of $14,016)	$	125,588
Cash		10,471
Receivables:
Shares of beneficial interest sold		299
Interest		2
Dividends		4
Other		17
		136,381
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		132
Management and advisory fees		79
Due to advisor		82
Distribution fees		42
Transfer agent fees		41
Payable for collateral for securities on loan		14,364
Other		44
		14,784
Net Assets	$	121,597
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	124,475
Accumulated net investment income (loss)		(801	)
Accumulated net realized gain (loss) from
investment securities		(15,217	)
Net unrealized appreciation (depreciation) on
investment securities		13,140
Net Assets	$	121,597
Net Assets by Class:
Class A	$	109,610
Class B		7,446
Class C		1,038
Class C2		2,209
Class M		1,294
Shares Outstanding:
Class A		29,683
Class B		2,083
Class C		290
Class C2		618
Class M		360
Net Asset Value Per Share:
Class A	$	3.70
Class B		3.58
Class C		3.58
Class C2		3.58
Class M		3.60
Maximum Offering Price Per Share (a):
Class A	$	3.92
Class M		3.64

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	14
Dividends		67
Income from loaned securities–net		5
		86
Expenses:
Management and advisory fees		437
Transfer agent fees		58
Printing and shareholder reports		27
Custody fees		5
Administration fees		12
Legal fees		1
Auditing and accounting fees		5
Trustees fees		1
Registration fees		24
Other		2
Distribution and service fees:
Class A		169
Class B		40
Class C		5
Class C2		12
Class M		7
Total expenses before recovery of waived expenses		805
Recovered expenses		82
Total expenses		887
Net Investment Income (Loss)		(801	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		1,228
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		1,213
Net Gain (Loss) on Investment Securities		2,441
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,640

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Great Companies–Technology^SM    2

TA IDEX Great Companies–Technology^SM

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(801	)	$	(545	)
Net realized gain (loss) from investment securities		1,228			(1,484	)
Net unrealized appreciation (depreciation) on investment securities		1,213			17,809
		1,640			15,780
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		33,578			63,338
Class B		921			3,041
Class C		867			733
Class C2		199			989
Class M		161			669
		35,726			68,770
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(3,648	)		(4,133	)
Class B		(1,493	)		(1,512	)
Class C		(575	)		(39	)
Class C2		(410	)		(538	)
Class M		(423	)		(776	)
		(6,549	)		(6,998	)
		29,177			61,772
Net increase (decrease) in net assets		30,817			77,552
Net Assets:
Beginning of period		90,780			13,228
End of period	$	121,597		$	90,780
Accumulated Net Investment Income (Loss)	$	(801	)	$	–

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	8,966		20,626
Class B	254		1,020
Class C	241		222
Class C2	55		359
Class M	44		226
	9,560		22,453
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(962	)	(1,465	)
Class B	(413	)	(516	)
Class C	(162	)	(11	)
Class C2	(112	)	(181	)
Class M	(116	)	(268	)
	(1,765	)	(2,441	)
Net increase (decrease) in shares outstanding:
Class A	8,004		19,161
Class B	(159	)	504
Class C	79		211
Class C2	(57	)	178
Class M	(72	)	(42	)
	7,795		20,012

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Great Companies–Technology^SM    3

TA IDEX Great Companies–Technology^SM

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	3.61	$	(0.02	)	$	0.11		$	0.09		$	–	$	–	$	–	$	3.70
	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	04/30/2004		3.51		(0.03	)		0.10			0.07			–		–		–		3.58
	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	04/30/2004		3.51		(0.03	)		0.10			0.07			–		–		–		3.58
	10/31/2003		2.45		(0.06	)		1.12			1.06			–		–		–		3.51
Class C2	04/30/2004		3.51		(0.03	)		0.10			0.07			–		–		–		3.58
	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		(0.09	)		(4.24	)		(4.33	)		–		–		–		3.58
	10/31/2000		10.00		(0.02	)		(2.07	)		(2.09	)		–		–		–		7.91
Class M	04/30/2004		3.52		(0.03	)		0.11			0.08			–		–		–		3.60
	10/31/2003		2.51		(0.05	)		1.06			1.01			–		–		–		3.52
	10/31/2002		3.59		(0.07	)		(1.01	)		(1.08	)		–		–		–		2.51
	10/31/2001		7.92		(0.09	)		(4.24	)		(4.33	)		–		–		–		3.59
	10/31/2000		10.00		(0.01	)		(2.07	)		(2.08	)		–		–		–		7.92

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	2.49	%	$	109,610	1.40	%	1.55	%	(1.39	)%	25	%
	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	04/30/2004	1.99			7,446	2.05		2.20		(2.05	)	25
	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	04/30/2004	1.99			1,038	2.05		2.20		(2.05	)	25
	10/31/2003	43.27			739	2.20		2.55		(1.88	)	24
Class C2	04/30/2004	1.99			2,209	2.05		2.20		(2.05	)	25
	10/31/2003	40.40			2,366	2.20		2.55		(1.88	)	24
	10/31/2002	(30.12	)		1,245	2.20		3.26		(2.05	)	64
	10/31/2001	(54.80	)		1,683	2.20		3.33		(1.69	)	58
	10/31/2000	(20.86	)		1,443	2.20		6.20		(1.29	)	11
Class M	04/30/2004	2.27			1,294	1.95		2.10		(1.95	)	25
	10/31/2003	40.24			1,522	2.10		2.45		(1.78	)	24
	10/31/2002	(29.99	)		1,190	2.10		3.16		(1.95	)	64
	10/31/2001	(54.71	)		1,510	2.10		3.23		(1.59	)	58
	10/31/2000	(20.83	)		710	2.10		6.10		(1.19	)	11

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Great Companies–Technology^SM    4

TA IDEX Great Companies–Technology^SM

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, and 4/30/2004.

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

(g) TA IDEX Great Companies–Technology^SM (“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 2004

TA IDEX Great Companies–Technology^SM    5

TA IDEX Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Great Companies–Technology^SM (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on July 14, 2000. The fund is “non-diversified” under the 1940 Act.

On March 1, 2004, the Fund changed its name from IDEX Great Companies–Technology^SM to TA IDEX Great Companies–Technolgy^SM.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Great Companies–Technology^SM    6

TA IDEX Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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.

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 period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	7,345	6%
TA IDEX Asset Allocation - Growth Portfolio		25,478	21%
TA IDEX Asset Allocation - Moderate Growth Portfolio		42,606	35%
TA IDEX Asset Allocation - Moderate Portfolio		24,004	20%
Total	$	99,433	82%

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 2004

TA IDEX Great Companies–Technology^SM    7

TA IDEX Great Companies–Technology^SM

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	138	10/31/2006
Fiscal Year 2002		193	10/31/2005
Fiscal Year 2001		192	10/31/2004

Expense Recovered by Adviser	Increase in Total Expenses to Average Net Assets
82	0.15%

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	28
Retained by Underwriter		3
Contingent Deferred Sales Charges		10

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $12 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $58 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, the value of invested plan amount was less than $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	51,160
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		24,818
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 treatments 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
$5,516	October 31, 2009
7,851	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, 2004, are as follows:

Federal Tax Cost Basis	$	114,213
Unrealized Appreciation	$	13,835
Unrealized (Depreciation)		(2,460	)
Net Unrealized Appreciation (Depreciation)	$	11,375

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Great Companies–Technology^SM    8

TA IDEX Janus Balanced

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (8.4%)
U.S. Treasury Bond
6.50%, due 05/15/2005	$	1,060	$	1,112
5.00%, due 08/15/2011		770		810
7.88%, due 02/15/2021		1,564		2,031
7.25%, due 08/15/2022		1,371		1,687
5.25%, due 02/15/2029		722		710
6.25%, due 05/15/2030		517		581
7.25%, due 05/15/2016 (b)		2,059		2,508
8.13%, due 08/15/2019 (b)		354		467
6.25%, due 08/15/2023 (b)		2,396		2,662
6.00%, due 02/15/2026 (b)		1,311		1,418
5.38%, due 02/15/2031 (b)		1,000		1,013
U.S. Treasury Note
2.63%, due 05/15/2008		905		881
5.63%, due 05/15/2008		2,080		2,260
4.63%, due 05/15/2006 (b)		2,020		2,111
3.50%, due 11/15/2006 (b)		2,140		2,185
6.00%, due 08/15/2009 (b)		2,088		2,316
5.75%, due 08/15/2010 (b)		750		824
Total U.S. Government Obligations (cost: $25,393)				25,576
U.S. GOVERNMENT AGENCY OBLIGATIONS (8.4%)
Fannie Mae
5.50%, due 05/02/2006		2,160		2,278
4.75%, due 01/02/2007		735		766
5.00%, due 01/15/2007		2,560		2,693
3.25%, due 11/15/2007		1,235		1,229
2.50%, due 06/15/2008		490		468
5.25%, due 01/15/2009		770		814
6.25%, due 02/01/2011		910		987
5.38%, due 11/15/2011		1,334		1,394
1.88%, due 12/15/2004		2,370		2,378
2.13%, due 04/15/2006 (b)		2,685		2,665
Federal Home Loan Bank
2.25%, due 05/15/2006 (b)		1,205		1,199
Freddie Mac
1.88%, due 01/15/2005		2,625		2,634
4.25%, due 06/15/2005		2,165		2,224
5.75%, due 04/15/2008		525		567
7.00%, due 03/15/2010		210		239
5.88%, due 03/21/2011		223		237
2.38%, due 04/15/2006		1,970		1,969
5.75%, due 03/15/2009 (b)		220		237
6.25%, due 07/15/2032 (b)		610		648
Total U.S. Government Agency Obligations (cost: $25,333)				25,626
CORPORATE DEBT SECURITIES (24.0%)
Aerospace (0.6%)
Lockheed Martin Corporation 8.20%, due 12/01/2009		590		701
7.65%, due 05/01/2016		1,075		1,269
Amusement & Recreation Services (0.6%)
Disney (Walt) Company (The) 4.88%, due 07/02/2004		1,125		1,131

	Principal		Value
Amusement & Recreation Services (Continued)
Mandalay Resort Group (b) 6.50%, due 07/31/2009	$	585	$	611
Warner Music Group–144A 7.38%, due 04/15/2014		75		75
Automotive (1.4%)
Honeywell International Inc. 5.13%, due 11/01/2006		1,210		1,273
6.13%, due 11/01/2011		660		713
Tenneco Automotive Inc. 11.63%, due 10/15/2009		1,305		1,429
Visteon Corporation 8.25%, due 08/01/2010		400		434
7.00%, due 03/10/2014		400		392
Beer, Wine & Distilled Beverages (0.3%)
Miller Brewing Company–144A 4.25%, due 08/15/2008		555		557
Miller Brewing Company–144A 5.50%, due 08/15/2013		425		430
Beverages (2.9%)
Anheuser-Busch Companies, Inc 5.65%, due 09/15/2008		2,030		2,156
5.75%, due 04/01/2010		600		640
6.00%, due 04/15/2011		1,095		1,180
7.55%, due 10/01/2030		480		574
6.80%, due 01/15/2031		325		357
6.80%, due 08/20/2032		325		357
Coca-Cola Enterprises Inc. 5.38%, due 08/15/2006		950		1,004
7.13%, due 09/30/2009		510		581
6.13%, due 08/15/2011		595		645
4.38%, due 09/15/2009 (b)		935		945
Pepsi Bottling Group, Inc. (The)–144A 5.63%, due 02/17/2009		480		515
Business Services (0.5%)
Clear Channel Communications, Inc. 6.00%, due 11/01/2006		555		590
4.63%, due 01/15/2008		545		556
Hanover Equipment Trust 2001A (d) 8.50%, due 09/01/2008		295		313
Chemicals & Allied Products (0.4%)
International Flavors & Fragrances Inc. 6.45%, due 05/15/2006		1,150		1,228
Commercial Banks (0.9%)
Citigroup Inc. 6.63%, due 06/15/2032		740		776
7.25%, due 10/01/2010		820		937
Credit Suisse Group 3.88%, due 01/15/2009		445		439
US Bank NA 5.70%, due 12/15/2008		665		711

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Balanced    1

TA IDEX Janus Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Communication (0.8%)
Comcast Cable Communications, Inc. 6.75%, due 01/30/2011	$	610	$	668
Comcast Corporation 6.50%, due 01/15/2015		220		232
Echostar DBS Corporation–144A 5.75%, due 10/01/2008		755		757
TCI Communications, Inc. 6.88%, due 02/15/2006		700		748
Computer & Office Equipment (0.4%)
Hewlett-Packard Company 3.63%, due 03/15/2008		765		763
Sun Microsystems, Inc. 7.35%, due 08/15/2004		390		395
Drug Stores & Proprietary Stores (0.3%)
Medco Health Solutions, Inc. 7.25%, due 08/15/2013		770		831
Electric Services (0.3%)
American Electric Power Company, Inc. 5.38%, due 03/15/2010		175		181
MidAmerican Energy Holdings Company 3.50%, due 05/15/2008		860		838
Electric, Gas & Sanitary Services (0.6%)
CMS Energy Corporation 9.88%, due 10/15/2007		785		860
CMS Energy Corporation 7.50%, due 01/15/2009		585		589
Pacific Gas and Electric Company (d) 3.60%, due 03/01/2009		75		73
4.20%, due 03/01/2011		250		240
6.05%, due 03/01/2034		110		104
PG&E Corporation (d) 1.81%, due 04/03/2006		110		110
Electronic Components & Accessories (1.7%)
Tyco International Group SA 5.88%, due 11/01/2004		885		902
6.38%, due 02/15/2006		1,795		1,891
6.38%, due 10/15/2011		1,100		1,158
6.00%, due 11/15/2013		225		228
Tyco International Group SA–144A 6.00%, due 11/15/2013		905		917
Food & Kindred Products (0.7%)
Dean Foods Company 6.75%, due 06/15/2005		230		237
6.63%, due 05/15/2009		774		826
6.90%, due 10/15/2017		158		161
Kellogg Company 2.88%, due 06/01/2008		525		505
7.45%, due 04/01/2031		475		549
Furniture & Fixtures (0.5%)
Lear Corporation 7.96%, due 05/15/2005		1,550		1,631

	Principal		Value
Gas Production & Distribution (0.7%)
Coastal Corporation (The) 6.20%, due 05/15/2004	$	436	$	436
El Paso Corporation (b) 7.00%, due 05/15/2011		1,465		1,245
Sonat Inc. 6.88%, due 06/01/2005		590		590
Holding & Other Investment Offices (0.1%)
Gemstone Investments Ltd.–144A 7.71%, due 10/31/2004		285		288
Hotels & Other Lodging Places (0.1%)
John Q. Hammons Hotels, Inc.–Series B 8.88%, due 05/15/2012		315		347
Industrial Machinery & Equipment (0.2%)
SPX Corporation 7.50%, due 01/01/2013		470		497
Insurance (0.1%)
UnitedHealth Group Incorporated 5.20%, due 01/17/2007		320		337
Insurance Agents, Brokers & Service (0.2%)
Marsh & McLennan Companies, Inc. 5.38%, due 03/15/2007		665		703
Life Insurance (0.3%)
AIG SunAmer Global Financing IX–144A 5.10%, due 01/17/2007		985		1,033
Lumber & Other Building Materials (0.4%)
Home Depot, Inc. (The) 6.50%, due 09/15/2004		1,270		1,294
Lumber & Wood Products (0.2%)
Georgia-Pacific Corporation 8.88%, due 02/01/2010		550		635
Metal Cans & Shipping Containers (0.4%)
Ball Corporation 6.88%, due 12/15/2012		1,075		1,134
Mortgage-Backed (0.3%)
Countrywide Home Loans, Inc. 2.88%, due 02/15/2007		865		853
Motion Pictures (1.4%)
Time Warner Inc. 5.63%, due 05/01/2005		1,420		1,472
6.15%, due 05/01/2007		1,170		1,252
9.15%, due 02/01/2023		630		787
7.70%, due 05/01/2032		590		652
Oil & Gas Extraction (0.1%)
Burlington Resources Finance Company 7.20%, due 08/15/2031		235		262

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Balanced    2

TA IDEX Janus Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Personal Credit Institutions (2.1%)
General Electric Capital Corporation 4.25%, due 01/28/2005	$	700	$	714
2.85%, due 01/30/2006		940		946
5.35%, due 03/30/2006		1,570		1,651
6.75%, due 03/15/2032		760		818
General Motors Acceptance Corporation 5.36%, due 07/27/2004		820		828
4.38%, due 12/10/2007		575		575
6.88%, due 08/28/2012		730		761
Radio & Television Broadcasting (0.4%)
British Sky Broadcasting Group PLC 6.88%, due 02/23/2009		1,035		1,144
Rubber & Misc. Plastic Products (0.4%)
Sealed Air Corporation–144A 5.63%, due 07/15/2013		820		827
Sealed Air Corporation–144A 6.88%, due 07/15/2033		260		269
Security & Commodity Brokers (0.7%)
American Express Company 4.88%, due 07/15/2013		735		724
Salomon Smith Barney Holdings Inc. 6.50%, due 02/15/2008		565		620
Schwab (Charles) Corporation (The) 8.05%, due 03/01/2010		800		916
Stone, Clay & Glass Products (0.2%)
Owens-Illinois, Inc. 7.15%, due 05/15/2005		460		478
Telecommunications (1.6%)
AT&T Broadband, LLC 7.88%, due 08/01/2013		340		392
AT&T Wireless Services, Inc. 7.35%, due 03/01/2006		349		378
7.50%, due 05/01/2007		392		435
Deutsche Telekom International Finance BV 3.88%, due 07/22/2008		925		920
MCI, Inc. 6.69%, due 05/01/2009		82		78
7.74%, due 05/01/2014		70		65
5.91%, due 05/01/2007 (b)		312		308
NTL Cable PLC–144A (b) 8.75%, due 04/15/2014		120		124
Verizon Global Funding Corp. 6.13%, due 06/15/2007		1,020		1,100
4.00%, due 01/15/2008		955		965
Textile Mill Products (0.1%)
Mohawk Industries, Inc. 7.20%, due 04/15/2012		285		320
Transportation Equipment (0.1%)
Ship Finance International Ltd.–144A 8.50%, due 12/15/2013		385		372

	Principal		Value
Variety Stores (1.0%)
Target Corporation 5.50%, due 04/01/2007	$	435	$	463
Wal-Mart Stores, Inc. 5.45%, due 08/01/2006		1,125		1,190
6.88%, due 08/10/2009		1,125		1,270
Total Corporate Debt Securities (cost: $71,095)				73,381
	Shares		Value
COMMON STOCKS (57.4%)
Air Transportation (0.5%)
FedEx Corporation		22,440	$	1,614
Automotive (1.6%)
Honda Motor Co., Ltd.		33,500		1,345
Honeywell International Inc.		106,565		3,685
Beer, Wine & Distilled Beverages (1.2%)
LVMH Moet Hennessy Louis Vuitton SA		53,703		3,788
Beverages (1.3%)
Anheuser-Busch Companies, Inc.		22,565		1,156
PepsiCo, Inc.		49,515		2,698
Business Services (0.5%)
eBay Inc. (a)		19,160		1,529
Chemicals & Allied Products (3.5%)
Procter & Gamble Company (The)		46,570		4,925
Reckitt Benckiser PLC		129,181		3,361
Syngenta AG		22,893		1,833
Syngenta AG–ADR (a)		28,035		447
Commercial Banks (4.0%)
Bank of America Corporation		32,605		2,624
Citigroup Inc.		120,272		5,784
Morgan Chase & Co. (J.P.) (b)		102,920		3,870
Communication (0.3%)
Liberty Media Corporation–Class A (a)		81,910		896
Communications Equipment (1.1%)
Motorola, Inc.		190,830		3,483
Computer & Data Processing Services (3.4%)
Electronic Arts Inc. (a)		36,735		1,860
Microsoft Corporation		126,755		3,292
Oracle Corporation (a)		161,430		1,811
Yahoo! Inc. (a)		69,565		3,510
Computer & Office Equipment (3.4%)
Cisco Systems, Inc. (a)		164,455		3,432
Dell Inc. (a)		30,550		1,060
International Business Machines Corporation		46,885		4,134
Lexmark International, Inc. (a)		19,985		1,808
Department Stores (0.8%)
J.C. Penney Company, Inc.		67,870		2,298

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Balanced    3

TA IDEX Janus Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Electronic & Other Electric Equipment (3.5%)
General Electric Company	189,905	$	5,688
Samsung Electronics Co., Ltd.–GDR–144A (USD) (b)	21,850		5,140
Electronic Components & Accessories (5.2%)
Linear Technology Corporation	17,195		613
Maxim Integrated Products	18,925		870
Texas Instruments Incorporated	174,725		4,386
Tyco International Ltd.	354,315		9,726
Environmental Services (0.8%)
Waste Management, Inc.	89,970		2,555
Health Services (0.8%)
Caremark Rx, Inc. (a)(b)	69,855		2,365
Hotels & Other Lodging Places (3.0%)
Marriott International, Inc.–Class A	107,060		5,049
Starwood Hotels & Resorts Worldwide, Inc.	105,875		4,213
Industrial Machinery & Equipment (0.3%)
Applied Materials, Inc. (a)	47,530		866
Insurance (3.6%)			.
Aetna Inc.	56,810		4,700
Berkshire Hathaway Inc.–Class B (a)	1,285		4,008
UnitedHealth Group Incorporated	35,600		2,189
Medical Instruments & Supplies (0.4%)
Guidant Corporation	7,515		474
St. Jude Medical, Inc. (a)	11,735		895
Mortgage Bankers & Brokers (0.6%)
Countrywide Financial Corporation	31,792		1,885
Motion Pictures (2.2%)
Time Warner Inc. (a)	398,750		6,707
Oil & Gas Extraction (0.7%)
Total Fina Elf SA	11,095		2,053
Paper & Allied Products (1.8%)
3M Company	62,730		5,425
Petroleum Refining (1.8%)
BP PLC–ADR	18,520		980
Exxon Mobil Corporation	105,895		4,506
Pharmaceuticals (4.7%)
Amgen Inc. (a)	26,520		1,492
Barr Laboratories, Inc. (a)	33,960		1,407
Novartis AG	11,963		534
Pfizer Inc.	111,355		3,982
Roche Holding AG–Genusschein	66,986		7,031
Printing & Publishing (1.1%)
Dow Jones & Company, Inc.	12,575		580
Gannett Co., Inc.	33,130		2,872

	Shares		Value
Radio & Television Broadcasting (0.2%)
British Sky Broadcasting Group PLC		55,378	$	655
Railroads (1.0%)
Canadian National Railway Company		78,900		2,980
Retail Trade (0.4%)
Amazon.com, Inc. (a)(b)		26,730		1,162
Security & Commodity Brokers (1.1%)
American Express Company		29,585		1,448
Goldman Sachs Group, Inc. (The)		19,980		1,928
U.S. Government Agencies (2.0%)
Freddie Mac		103,655		6,052
Variety Stores (0.6%)
Target Corporation		41,575		1,803
Total Common Stocks (cost: $151,926)				175,462
	Principal		Value
SECURITY LENDING COLLATERAL (9.0%)
Debt (4.9%)
Bank Notes (0.9%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	1,365	$	1,365
Fleet National Bank 1.00%, due 07/21/2004		1,365		1,365
Euro Dollar Overnight (0.4%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		819		819
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		491		491
Euro Dollar Terms (1.2%)
Bank of Montreal 1.02%, due 05/21/2004		159		159
BNP Paribas SA 1.01%, due 05/18/2004		819		819
1.08%, due 07/29/2004		819		819
Den Danske Bank 1.02%, due 05/20/2004		546		546
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		546		546
Wells Fargo & Company 1.02%, due 05/14/2004		819		819
Promissory Notes (0.6%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		1,910		1,910

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Balanced    4

TA IDEX Janus Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Repurchase Agreements (1.8%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/04 to be repurchased at $5,457 on 05/03/04	$	5,457	$	5,457
	Shares		Value
Investment Companies (4.1%)
Money Market Funds (4.1%)
American AAdvantage Select Fund 1-day yield of 0.98%		1,637,278	$	1,637
Barclays Institutional Money Market Fund 1-day yield of 1.02%		3,820,316		3,820
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		1,478,754		1,478
Merrimac Cash Series Fund–Premium Class 1-day yield of 0.99%		5,457,594		5,457
Total Security Lending Collateral (cost: $27,507)				27,507
Total Investment Securities (cost: $301,254)			$	327,552
SUMMARY:
Investments, at value		107.2%	$	327,552
Liabilities in excess of other assets		(7.2)%		(22,050)
Net assets		100.0%	$	305,502

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)	Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Euro Dollar	3,650	09/27/2004	$	4,320	$	44
Euro Dollar	(3,650)	09/27/2004		(4,438)		73
British Pound	450	09/27/2004		789		–
British Pound	(450)	09/27/2004		(811)		23
British Pound	1,550	11/19/2004		2,726		(21)
British Pound	(1,550)	11/19/2004		(2,762)		57
Korean Won	3,015	05/14/2004		2,597		(33)
Korean Won	(3,015)	05/14/2004		(2,539)		(25)
			$	(118)	$	118

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $26,403.

(c) Cash collateral for the Repurchase Agreements, valued at $5,567, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

(d) Floating or variable rate note. Rate is listed as of April 30, 2004.

DEFINITIONS:

ADR American Depositary Receipt

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004 these securities aggregated $11,304 or 3.7% 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 2004

TA IDEX Janus Balanced     5

TA IDEX Janus Balanced

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

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

Assets:
Investment securities, at value (cost: $301,254) (including securities loaned of $26,403)	$	327,552
Cash		3,415
Receivables:
Investment securities sold		1,517
Shares of beneficial interest sold		77
Interest		1,880
Dividends		176
Dividend reclaims receivable		33
Unrealized appreciation on forward foreign currency contracts		197
Other		52
		334,899
Liabilities:
Investment securities purchased		237
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		692
Management and advisory fees		257
Distribution fees		216
Transfer agent fees		308
Payable for collateral for securities on loan		27,507
Unrealized depreciation on forward foreign currency contracts		79
Other		101
		29,397
Net Assets	$	305,502
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	340,577
Undistributed net investment income (loss)		187
Accumulated net realized gain (loss) from:
Investment securities		(61,039	)
Foreign currency transactions		(632	)
Net unrealized appreciation (depreciation) on:
Investment securities		26,292
Translation of assets and liabilities denominated in foreign currencies		117
Net Assets	$	305,502
Net Assets by Class:
Class A	$	76,465
Class B		171,028
Class C		4,154
Class C2		22,380
Class M		31,475
Shares Outstanding:
Class A		4,283
Class B		9,604
Class C		233
Class C2		1,257
Class M		1,767
Net Asset Value Per Share:
Class A	$	17.85
Class B		17.81
Class C		17.81
Class C2		17.81
Class M		17.82
Maximum Offering Price Per Share (a):
Class A	$	18.89
Class M		18.00

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	3,338
Dividends		1,246
Income from loaned securities–net		32
Less withholding taxes on foreign dividends		(32	)
		4,584
Expenses:
Management and advisory fees		1,652
Transfer agent fees		442
Printing and shareholder reports		179
Custody fees		31
Administration fees		24
Legal fees		10
Auditing and accounting fees		7
Trustees fees		13
Registration fees		29
Other		21
Distribution and service fees:
Class A		153
Class B		934
Class C		22
Class C2		128
Class M		160
Total expenses		3,805
Net Investment Income (Loss)		779
Net Realized Gain (Loss) from:
Investment securities		12,194
Foreign currency transactions		(632	)
		11,562
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(2,410	)
Translation of assets and liabilities denominated in foreign currencies		247
		(2,163	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		9,399
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,178

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Balanced    6

TA IDEX Janus Balanced

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	779		$	2,527
Net realized gain (loss) from investment securities and foreign currency transactions		11,562			(8,939	)
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		(2,163	)		35,326
		10,178			28,914
Distributions to Shareholders:
From net investment income:
Class A		(417	)		(1,174	)
Class B		(302	)		(1,199	)
Class C		(7	)		(12	)
Class C2		(40	)		(199	)
Class M		(74	)		(304	)
		(840	)		(2,888	)
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		6,733			15,212
Class B		3,463			28,872
Class C		351			4,995
Class C2		644			4,135
Class M		356			2,623
		11,547			55,837
Dividends and distributions reinvested:
Class A		403			1,117
Class B		279			1,103
Class C		7			12
Class C2		36			179
Class M		68			280
		793			2,691
Cost of shares redeemed:
Class A		(22,442	)		(34,649	)
Class B		(37,225	)		(58,425	)
Class C		(666	)		(904	)
Class C2		(8,645	)		(16,577	)
Class M		(9,024	)		(17,165	)
		(78,002	)		(127,720	)
		(65,662	)		(69,192	)
Net increase (decrease) in net assets		(56,324	)		(43,166	)
Net Assets:
Beginning of period		361,826			404,992
End of period	$	305,502		$	361,826
Undistributed Net Investment Income (Loss)	$	187		$	248

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	378		930
Class B	193		1,754
Class C	20		303
Class C2	36		253
Class M	19		160
	646		3,400
Shares issued–reinvested from distributions:
Class A	23		68
Class B	16		68
Class C	–		1
Class C2	2		11
Class M	4		17
	45		165
Shares redeemed:
Class A	(1,244	)	(2,091	)
Class B	(2,079	)	(3,545	)
Class C	(37	)	(54	)
Class C2	(483	)	(1,006	)
Class M	(503	)	(1,038	)
	(4,346	)	(7,734	)
Net increase (decrease) in shares outstanding:
Class A	(843	)	(1,093	)
Class B	(1,870	)	(1,723	)
Class C	(17	)	250
Class C2	(445	)	(742	)
Class M	(480	)	(861	)
	(3,655	)	(4,169	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Balanced    7

TA IDEX Janus Balanced

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999	$	17.43 16.23 17.31 19.75 18.96 14.75	$	0.08 0.19 0.29 0.37 0.25 0.19	$	0.43 1.21   (1.09 (2.18 1.03 4.27	) )	$	0.51 1.40   (0.80 (1.81 1.28 4.46	) )	$	(0.09 (0.20 (0.28 (0.35 (0.24 (0.17	) ) ) ) ) )	$	– – –   (0.28 (0.25 (0.08	) ) )	$	(0.09 (0.20 (0.28 (0.63 (0.49 (0.25	) ) ) ) ) )	$	17.85 17.43 16.23 17.31 19.75 18.96
Class B	04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999		17.39 16.22 17.30 19.73 18.95 14.74		0.02 0.08 0.18 0.25 0.21 0.08		0.43 1.18 (1.09 (2.17 1.03 4.27	) )		0.45 1.26 (0.91 (1.92 1.24 4.35	) )		(0.03 (0.09 (0.17 (0.23 (0.21 (0.06	) ) ) ) ) )		– – – (0.28 (0.25 (0.08	) ) )		(0.03 (0.09 (0.17 (0.51 (0.46 (0.14	) ) ) ) ) )		17.81 17.39 16.22 17.30 19.73 18.95
Class C	04/30/2004 10/31/2003		17.39 16.22		0.02 0.08		0.43 1.18			0.45 1.26			(0.03 (0.09	) )		– –			(0.03 (0.09	) )		17.81 17.39
Class C2	04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000		17.39 16.22 17.30 19.73 18.95		0.02 0.08 0.18 0.26 0.21		0.43 1.18 (1.09 (2.18 1.03	) )		0.45 1.26 (0.91 (1.92 1.24	) )		(0.03 (0.09 (0.17 (0.23 (0.21	) ) ) ) )		– – – (0.28 (0.25	) )		(0.03 (0.09 (0.17 (0.51 (0.46	) ) ) ) )		17.81 17.39 16.22 17.30 19.73
Class M	04/30/2004		17.39		0.03		0.44			0.47			(0.04	)		–			(0.04	)		17.82
	10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999		16.22 17.30 19.73 18.95 14.74		0.10 0.19 0.28 0.23 0.10		1.18 (1.09 (2.18 1.03 4.27	) )		1.28 (0.90 (1.90 1.26 4.37	) )		(0.11 (0.18 (0.25 (0.23 (0.08	) ) ) ) )		– – (0.28 (0.25 (0.08	) ) )		(0.11 (0.18 (0.53 (0.48 (0.16	) ) ) ) )		17.39 16.22 17.30 19.73 18.95

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999	2.90 8.71 (4.72 (9.35 7.23 30.43	% ) )	$	76,465 89,335 100,923 126,369   133,445 67,749	1.77 1.73 1.68 1.64 1.67 1.81	%	1.77 1.73 1.70 1.66 1.69 1.82	%	0.93 1.13 1.70 1.96 1.73 1.28	%	19 69 87 114 71 60	%
Class B	04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999	2.58 7.84 (5.31 (9.93 6.58 29.64	) )		171,028 199,472 214,019 243,387 229,160 92,833	2.42 2.37 2.33 2.29 2.32 2.46		2.42 2.37 2.35 2.31 2.34 2.47		0.28 0.48 1.05 1.31 1.08 0.63		19 69 87 114 71 60
Class C	04/30/2004 10/31/2003	2.58 7.84			4,154 4,354	2.42 2.38		2.42 2.39		0.28 0.48		19 69
Class C2	04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000	2.58 7.84 (5.31 (9.93 6.58	) )		22,380 29,591 39,636 47,399 42,447	2.42 2.37 2.33 2.29 2.32		2.42 2.37 2.35 2.31 2.34		0.28 0.48 1.05 1.31 1.08		19 69 87 114 71
Class M	04/30/2004	2.69			31,475	2.32		2.32		0.38		19
	10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999	7.95 (5.23 (9.84 6.68 29.76	) )		39,074 50,414 64,641 66,249 34,122	2.27 2.23 2.19 2.22 2.36		2.27 2.25 2.21 2.24 2.37		0.58 1.15 1.41 1.18 0.73		69 87 114 71 60

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Balanced    8

TA IDEX Janus Balanced

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 and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Balanced    9

TA IDEX Janus Balanced

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Janus Balanced (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on December 2, 1994.

On March 1, 2004, the Fund changed its name from IDEX Janus Balanced to TA IDEX Janus Balanced.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day 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 affect 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, 2004, was paying an interest rate of 0.75%.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Balanced     10

TA IDEX Janus Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $53 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 received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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.

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, 2004, are listed in the Schedule of Investments.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Balanced     11

TA IDEX Janus Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 period ended April 30, 2004, this fee totaled $8. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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. The amount of the discount received by the Fund for the period ended April 30, 2004 was $4.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	116
Retained by Underwriter		13
Contingent Deferred Sales Charges		297

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $24 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $442 for the period ended April 30, 2004.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Balanced    12

TA IDEX Janus Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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, 2004, the value of invested plan amounts was $25. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	59,610
U.S. Government		4,194
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		117,605
U.S. Government		4,735

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 treatments for items including, but not limited to, wash sales, foreign currency transactions 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
$23,179 40,242 9,071	October 31, 2009 October 31, 2010 October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	301,690
Unrealized Appreciation	$	30,527
Unrealized (Depreciation)		(4,665	)
Net Unrealized Appreciation (Depreciation)	$	25,862

NOTE  5. SUBSEQUENT EVENTS

On May 28, 2004, the Fund acquired all the net assets of TA IDEX Janus Growth & Income pursuant to a plan of reorganization. At the same time, the Fund changed subadvisors from Janus Capital Management, LLC to Transamerica Investment Management, LLC and was renamed from TA IDEX Janus Balanced to TA IDEX Transamerica Balanced.

Transamerica Investment Management, LLC is an affiliate of the Fund.

The acquisition was accomplished by a tax-free exchange of 1,567 shares of the Fund for the 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 depreciation, were combined with those of the Fund. 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
	1,567	$	28,209

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Balanced    13

TA IDEX Janus Global

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
PREFERRED STOCKS (0.7%)
Brazil (0.7%)
Caemi Mineracao e Metalurgia SA	4,687	$	1,705
Usinas Siderurgicas de Minas Gerais SA	64,100		632
Total Preferred Stocks (cost: $2,869)			2,337
COMMON STOCKS (93.8%)
Australia (0.9%)
BHP Billiton Limited	387,086		3,208
Austria (0.4%)
Erste Bank der oesterreichischen Sparkassen AG	10,363		1,552
Bermuda (1.9%)
Tyco International Ltd.	252,810		6,940
Brazil (2.5%)
Aracruz Celulose SA–ADR	20,095		626
Companhia Vale do Rio Doce–ADR	114,960		5,232
Petroleo Brasileiro SA–Petrobras–ADR	79,110		2,286
Unibanco–Union of Brazilian Banks SA–GDR	41,890		821
Canada (3.5%)
ATI Technologies Inc. (a)	60,500		880
Canadian Natural Resources Limited	32,856		1,806
EnCana Corporation	42,058		1,649
Inco Limited (a)(b)	130,210		3,744
Suncor Energy Inc.	119,020		2,843
Talisman Energy Inc.	28,702		1,628
China (0.7%)
China Petroleum & Chemical Corporation (Sinopec)–H Shares	6,956,000		2,408
France (2.8%)
Alcatel–Class A (a)	83,735		1,248
Hermes International	5,547		1,106
LVMH Moet Hennessy Louis Vuitton SA	50,537		3,564
Schneider Electric SA	26,750		1,803
Total Fina Elf SA	12,589		2,330
Germany (3.0%)
Altana AG	45,095		2,872
Bayerische Hypo–und Vereinsbank AG (a)	100,380		1,742
Deutsche Telekom AG (a)	148,897		2,572
Hannover Rueckversicherungs AG–Registered Shares	27,993		963
MAN AG	71,233		2,610
Greece (0.4%)
Greek Organization of Football Prognostics	79,870		1,523
Guernsey (0.7%)
Amdocs Limited (a)(b)	97,675		2,593
Hong Kong (0.2%)
CNOOC Limited	2,432,875		881
India (6.9%)
Housing Development Finance Corporation Limited	106,393		1,425

	Shares	Value
India (continued)
ICICI Bank Limited	501,573	$	3,557
Indian Petrochemicals Corporation Limited	192,675		821
ITC Limited	61,260		1,483
Oil & Natural Gas Corporation Ltd.	152,750		2,889
Reliance Energy Limited–GDR–144A	19,601		958
Reliance Industries Limited–GDR–144A (b)	397,897		10,146
Tata Iron and Steel Company Limited	234,295		1,872
Tata Motors Limited	148,113		1,577
Ireland (0.5%)
Anglo Irish Bank Corporation PLC	98,180		1,608
Israel (1.1%)
Check Point Software Technologies, Ltd. (a)	65,125		1,526
Teva Pharmaceutical Industries Ltd.–ADR	40,555		2,497
Japan (19.2%)
ACOM Co., Ltd.	13,000		926
Asahi Breweries, Ltd.	78,000		877
Canon Inc.	147,000		7,714
Chugai Pharmaceutical Co., Ltd.	78,900		1,194
FANUC LTD	25,425		1,558
Hirose Electric Co., Ltd.	9,000		1,032
JSR Corporation	73,000		1,538
Kirin Brewery Company, Limited	124,000		1,230
Komatsu Ltd.	677,000		3,860
Millea Holdings, Inc.	154		2,191
Mitsubishi Corporation	120,000		1,144
Mitsubishi Estate Company, Limited	149,000		1,762
Mitsubishi Tokyo Financial Group, Inc.	864		7,690
Mitsui Sumitomo Insurance Co., Ltd.	204,000		1,921
Mizuho Financial Group, Inc.	652		3,085
Nissan Motor Co., Ltd.	254,000		2,829
Nitto Denko Corporation	64,900		3,606
Nomura Securities Co., Ltd. (The)	290,000		4,711
Omron Corporation	78,200		1,907
Pioneer Corporation	117,200		3,346
Promise Company Limited	18,000		1,191
Sankyo Company, Ltd.	50,600		938
Shinsei Bank, Ltd.	69,000		465
Sumitomo Mitsui Financial Group, Inc.	312		2,358
Takeda Chemical Industries, Ltd.	39,100		1,577
Tokyo Electron Limited	29,200		1,779
Tokyo Gas Co., Ltd.	467,000		1,731
Toyota Motor Corporation	75,400		2,727
UFJ Holdings, Inc.	184		1,139
Mexico (1.9%)
Cemex, SA de CV–ADR (b)	14,480		426
Grupo Televisa SA de CV–ADR	96,225		4,194
Wal-Mart de Mexico SA de CV–Series V	785,200		2,287
Netherlands (1.7%)
ING Groep NV (b)	84,523		1,813
Royal Numico NV–CVA (a)	33,837		938
STMicroelectronics NV	98,144		2,165
Vedior NV–CVA	81,399		1,183

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Global     1

TA IDEX Janus Global

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Russia (3.2%)
Lukoil Oil Company–ADR	47,325	$	5,159
Mining and Metallurgical Company Norilsk Nickel–ADR	54,085		3,234
YUKOS Oil Company–ADR	67,609		3,029
Singapore (1.3%)
Chartered Semiconductor Manufacturing Ltd. (a)	983,000		867
DBS Group Holdings Ltd.	466,000		3,917
South Korea (8.8%)
Hana Bank	49,570		1,071
HONAM Petrochemical Corporation	4,590		171
Kookmin Bank (a)	69,920		2,611
KT Corp.	6,720		234
KT Corp.–ADR (b)	28,555		528
LG Chem, Ltd.	50,690		2,048
LG Electronics, Inc.	47,980		2,912
Lg Petrochemical Co., Ltd.	18,640		374
POSCO	32,000		3,914
Samsung Electronics Co., Ltd.	32,425		15,396
Shinsegae Co., Ltd.	6,980		1,577
SK Telecom Co., Ltd.–ADR (b)	19,225		388
Spain (0.2%)
Sogecable, SA (a)	14,327		614
Sweden (2.0%)
Atlas Copco AB–A Shares	70,588		2,481
Autoliv, Inc.–SDR	56,500		2,408
Sandvik AB	66,743		2,175
Switzerland (5.1%)
Adecco SA–Registered Shares (a)	18,265		817
Givaudan SA–Registered Shares	3,294		1,640
Roche Holding AG–Genusschein	87,761		9,212
UBS AG–Registered Shares	89,951		6,397
Taiwan (1.9%)
China Steel Corporation–ADR–144A	62,400		1,112
Hon Hai Precision Industry Co., Ltd.–GDR Registered Shares	367,745		2,900
United Microelectronics Corporation– ADR (a)(b)	535,600		2,785
Thailand (0.9%)
Bangkok Bank Public Company Limited–Registered Shares (a)	196,300		481
Bangkok Bank Public Company Limited (a)	273,900		647
PTT Public Company Limited	598,900		2,187
United Kingdom (10.1%)
BHP Billiton PLC	150,515		1,203
British Sky Broadcasting Group PLC	632,958		7,481
Burberry Group PLC	221,022		1,520
Compass Group PLC	412,301		2,597
Diageo PLC	102,961		1,382
easyJet PLC (a)	368,608		1,935
HSBC Holdings PLC	89,069		1,277

	Shares		Value
United Kingdom (continued)
Rank Group PLC (The)		323,384	$	1,825
Reckitt Benckiser PLC		126,881		3,301
Reed Elsevier PLC		155,877		1,452
Rio Tinto PLC–Registered Shares		168,109		3,690
Smiths Group PLC		212,993		2,640
Standard Chartered PLC		184,437		2,828
Vedanta Resources PLC (a)		159,733		867
Vodafone Group PLC		639,763		1,555
Vodafone Group PLC–ADR		15,675		385
United States (12.0%)
Abbott Laboratories		79,755		3,510
Amgen Inc. (a)		72,060		4,055
Anthem, Inc. (a)(b)		62,415		5,529
CarMax, Inc. (a)(b)		2,750		71
Cendant Corporation		53,795		1,274
Cisco Systems, Inc. (a)		306,915		6,405
Clear Channel Communications, Inc.		34,600		1,436
Comcast Corporation–Special Class A (a)		60,315		1,749
Hewlett-Packard Company		77,225		1,521
InterActiveCorp (a)(b)		37,875		1,207
KLA–Tencor Corporation (a)		39,715		1,655
Medtronic, Inc.		93,955		4,742
Microsoft Corporation		73,370		1,905
Time Warner Inc. (a)		159,501		2,683
UnitedHealth Group Incorporated		82,275		5,059
Total Common Stocks (cost: $303,092)				334,846
	Principal		Value
SECURITY LENDING COLLATERAL (5.1%)
Debt (2.8%)
Bank Notes (0.5%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	894	$	894
Fleet National Bank 1.00%, due 07/21/2004		894		894
Euro Dollar Overnight (0.2%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		536		536
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		322		322
Euro Dollar Terms (0.7%)
Bank of Montreal 1.02%, due 05/21/2004		104		104
BNP Paribas SA
1.01%, due 05/18/2004		536		536
1.08%, due 07/29/2004		536		536
Den Danske Bank 1.02%, due 05/20/2004		358		358
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		358		358

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Global    2

TA IDEX Janus Global

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Wells Fargo & Company 1.02%, due 05/14/2004	$	536	$	536
Promissory Notes (0.4%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		1,251		1,251
Repurchase Agreements (1.0%) (c)
Merrill Lynch & Co., Inc. 1.04%, Repurchase Agreement dated 04/30/2004 to be repurchased at $3,577 on 05/03/2004		3,577		3,577
	Shares		Value
Investment Companies (2.3%)
Money Market Funds (2.3%)
American AAdvantage Select Fund 1-day yield of 0.98%		1,072,699		1,073
Barclays Institutional Money Market Fund 1-day yield of 1.02%		2,502,964		2,503
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		968,838		969
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%		3,575,663		3,576
Total Security Lending Collateral (cost: $18,023)				18,023
Total Investment Securities (cost: $323,984)			$	355,206
SUMMARY:
Investments, at value		99.6%	$	355,206
Other assets in excess of liabilities		0.4%		1,487
Net assets		100.0%	$	356,693

	Percentage of Net Assets	Value
INVESTMENTS BY INDUSTRY:
Commercial Banks	12.2 %	$	43,246
Electronic & Other Electric Equipment	7.9 %		27,930
Pharmaceuticals	7.5 %		26,793
Oil & Gas Extraction	6.2 %		22,194
Chemicals & Allied Products	5.9 %		21,199
Metal Mining	5.4 %		19,139
Electronic Components & Accessories	5.1 %		18,298
Computer & Office Equipment	4.6 %		16,521
Insurance	4.4 %		15,663
Primary Metal Industries	3.2 %		11,275
Industrial Machinery & Equipment	3.1 %		11,126
Telecommunications	2.8 %		9,856
Automotive	2.7 %		9,541
Radio & Television Broadcasting	2.3 %		8,095
Computer & Data Processing Services	1.7 %		6,024
Beer, Wine & Distilled Beverages	1.6 %		5,671
Petroleum Refining	1.5 %		5,251
Medical Instruments & Supplies	1.3 %		4,741
Security & Commodity Brokers	1.3 %		4,710
Electric Services	1.2 %		4,338
Business Services	1.0 %		3,436
Amusement & Recreation Services	0.9 %		3,348
Motion Pictures	0.8 %		2,683
Restaurants	0.7 %		2,597
Personal Services	0.7 %		2,465
Variety Stores	0.6 %		2,287
Air Transportation	0.5 %		1,935
Life Insurance	0.5 %		1,813
Machinery, Equipment & Supplies	0.5 %		1,803
Real Estate	0.5 %		1,762
Communication	0.5 %		1,749
Instruments & Related Products	0.5 %		1,655
Food & Kindred Products	0.5 %		1,640
Department Stores	0.4 %		1,577
Rubber & Misc. Plastic Products	0.4 %		1,538
Apparel Products	0.4 %		1,520
Tobacco Products	0.4 %		1,483
Printing & Publishing	0.4 %		1,452
Mortgage Bankers & Brokers	0.4 %		1,425
Beverages	0.4 %		1,382
Communications Equipment	0.3 %		1,248
Transportation & Public Utilities	0.3 %		1,207
Wholesale Trade Durable Goods	0.3 %		1,144
Personal Credit Institutions	0.3 %		926
Paper & Allied Products	0.2 %		626
Stone, Clay & Glass Products	0.1 %		426
Petroleum & Petroleum Products	0.1 %		374
Automotive Dealers & Service Stations	0.0 %		71
Investments, at market value	94.5 %		337,183
Short-term investments	5.1 %		18,023
Other assets in excess of liabilities	0.4 %		1,487
Net assets	100.0 %	$	356,693

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Global     3

TA IDEX Janus Global

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Canadian Dollar	(326	)	05/04/2004	$	(238)	$	–
Euro Dollar	(934	)	05/03/2004		(1,115)		(6)
Euro Dollar	3,600		09/27/2004		4,271		33
Euro Dollar	(3,600	)	09/27/2004		(4,396)		92
British Pound	18		05/04/2004		31		–
British Pound	191		05/05/2004		339		1
British Pound	149		05/05/2004		264		(1)
British Pound	1,800		10/15/2004		3,150		–
British Pound	(1,800	)	10/15/2004		(3,170)		20
British Pound	2,300		11/19/2004		4,014		(2)
British Pound	(2,300	)	11/19/2004		4,121		108
Hong Kong Dollar	(5,495	)	05/04/2004		(705)		–
Indian Rupee	8,811		04/30/2004		198		–
Japanese Yen	(67,634	)	05/07/2004		(615)		2
Japanese Yen	151,421		05/10/2004		(1,371)		(2)
Mexican Peso	399		05/03/2004		35		–
Singapore Dollar	27		05/03/2004		16		–
Singapore Dollar	288		05/04/2004		169		–
Swiss Franc	1,319		05/04/2004		(1,019)		1
Swiss Franc	–		09/27/2004		(41)		41
Swiss Franc	1,675		10/15/2004		1,284		15
Swiss Franc	(1,675	)	10/15/2004		(1,290)		(8)
				$	3,932	$	294

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $17,004.

(c) Cash collateral for the Repurchase Agreements, valued at $3,647, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

DEFINITIONS:

ADR American Depositary Receipt

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Global     4

TA IDEX Janus Global

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $323,984) (including $17,004 of securities loaned)	$	355,206
Cash		17,342
Foreign cash (cost: $531)		530
Receivables:
Investment securities sold		5,703
Shares of beneficial interest sold		39
Interest		3
Dividends		921
Dividend reclaims receivable		537
Unrealized appreciation on forward foreign currency contracts		313
Other		119
		380,713
Liabilities:
Investment securities purchased		3,382
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		1,059
Management and advisory fees		316
Distribution fees		216
Deferred foreign taxes		188
Transfer agent fees		611
Payable for collateral for securities on loan		18,023
Unrealized depreciation on forward foreign currency contracts		19
Other		206
		24,020
Net Assets	$	356,693
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	742,047
Accumulated net investment income (loss)		(2,086	)
Accumulated net realized gain (loss) from:
Investment securities		(414,470	)
Foreign currency transactions		(165	)
Net unrealized appreciation (depreciation) on:
Investment securities		31,200
Translation of assets and liabilities denominated in foreign currencies		167
Net Assets	$	356,693
Net Assets by Class:
Class A	$	167,636
Class B		133,952
Class C		217
Class C2		14,182
Class M		40,706
Shares Outstanding:
Class A		7,365
Class B		6,242
Class C		10
Class C2		661
Class M		1,891
Net Asset Value Per Share:
Class A	$	22.76
Class B		21.46
Class C		21.46
Class C2		21.46
Class M		21.53
Maximum Offering Price Per Share (a):
Class A	$	24.08
Class M		21.75

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	11
Dividends		3,129
Income from loaned securities–net		43
Less withholding taxes on foreign dividends		(305	)
		2,878
Expenses:
Management and advisory fees		1,997
Transfer agent fees		867
Printing and shareholder reports		326
Custody fees		194
Administration fees		27
Legal fees		12
Auditing and accounting fees		7
Trustees fees		15
Registration fees		30
Other		23
Distribution and service fees:
Class A		327
Class B		743
Class C		1
Class C2		82
Class M		213
Total expenses		4,864
Net Investment Income (Loss)		(1,986	)
Net Realized Gain (Loss) from:
Investment securities		31,879
Foreign currency transactions		(165	)
		31,714
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(3,716	)
Translation of assets and liabilities denominated in foreign currencies		111
		(3,605	)
Net Gain (Loss) on Investments and Foreign Currency Transactions		28,109
Net Increase (Decrease) in Net Assets Resulting from Operations	$	26,123

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Global    5

TA IDEX Janus Global

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(1,986	)	$	(2,778	)
Net realized gain (loss) from investment securities and foreign currency transaction		31,714			(57,479	)
Net unrealized appreciation (depreciation) on investments securities and foreign currency translation		(3,605	)		106,452
		26,123			46,195
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		5,648			75,695
Class B		2,218			5,156
Class C		65			3,270
Class C2		789			776
Class M		513			1,937
		9,233			86,834
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(39,494	)		(134,273	)
Class B		(30,698	)		(61,709	)
Class C		(18	)		(3,225	)
Class C2		(6,188	)		(11,577	)
Class M		(14,806	)		(33,901	)
		(91,204	)		(244,685	)
		(81,971	)		(157,851	)
Net increase (decrease) in net assets		(55,848	)		(111,656	)
Net Assets:
Beginning of period		412,541			524,197
End of period	$	356,693		$	412,541
Accumulated Net Investment Income (Loss)	$	(2,086	)	$	(100	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	246		3,964
Class B	101		285
Class C	3		176
Class C2	36		43
Class M	24		107
	410		4,575
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(1,710	)	(6,977	)
Class B	(1,415	)	(3,380	)
Class C	(1	)	(168	)
Class C2	(288	)	(636	)
Class M	(683	)	(1,842	)
	(4,097	)	(13,003	)
Net increase (decrease) in shares outstanding:
Class A	(1,464	)	(3,013	)
Class B	(1,314	)	(3,095	)
Class C	2		8
Class C2	(252	)	(593	)
Class M	(659	)	(1,735	)
	(3,687	)	(8,428	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Global    6

TA IDEX Janus Global

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
					Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	21.41	$	(0.07	)	$	1.42		$	1.35		$	–	$	–		$	–		$	22.76
	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
	10/31/1999		24.09		0.22			9.49			9.71			–		–			–			33.80
Class B	04/30/2004		20.25		(0.14	)		1.35			1.21			–		–			–			21.46
	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
	10/31/1999		23.62		(0.13	)		9.49			9.36			–		–			–			32.98
Class C	04/30/2004		20.25		(0.15	)		1.36			1.21			–		–			–			21.46
	10/31/2003		18.00		(0.17	)		2.42			2.25			–		–			–			20.25
Class C2	04/30/2004		20.25		(0.14	)		1.35			1.21			–		–			–			21.46
	10/31/2003		18.14		(0.17	)		2.28			2.11			–		–			–			20.25
	10/31/2002		22.72		(0.22	)		(4.36	)		(4.58	)		–		–			–			18.14
	10/31/2001		38.98		(0.27	)		(13.52	)		(13.79	)		–		(2.47	)		(2.47	)		22.72
	10/31/2000		32.98		(0.40	)		7.53			7.13			–		(1.13	)		(1.13	)		38.98
Class M	04/30/2004		20.31		(0.13	)		1.35			1.22			–		–			–			21.53
	10/31/2003		18.18		(0.15	)		2.28			2.13			–		–			–			20.31
	10/31/2002		22.72		(0.20	)		(4.34	)		(4.54	)		–		–			–			18.18
	10/31/2001		38.94		(0.24	)		(13.51	)		(13.75	)		–		(2.47	)		(2.47	)		22.72
	10/31/2000		32.91		(0.37	)		7.53			7.16			–		(1.13	)		(1.13	)		38.94
	10/31/1999		23.56		(0.14	)		9.49			9.35			–		–			–			32.91

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	6.31	%	$	167,636	2.10	%	2.10	%	(0.66)	%	53	%
	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
	10/31/1999	40.31			487,787	1.73		1.73		(0.22)		145
Class B	04/30/2004	5.98			133,952	2.75		2.75		(1.31)		53
	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
	10/31/1999	39.62			283,847	2.38		2.38		(0.87)		145
Class C	04/30/2004	5.98			217	2.75		2.75		(1.31)		53
	10/31/2003	12.50			163	2.72		2.72		(0.92)		103
Class C2	04/30/2004	5.98			14,182	2.75		2.75		(1.31)		53
	10/31/2003	11.57			18,495	2.72		2.72		(0.91)		103
	10/31/2002	(20.09	)		27,332	2.53		2.53		(0.99)		72
	10/31/2001	(37.58	)		54,221	2.28		2.28		(0.89)		79
	10/31/2000	21.62			116,071	2.29		2.29		(1.21)		53
Class M	04/30/2004	6.01			40,706	2.65		2.65		(1.21)		53
	10/31/2003	11.72			51,791	2.62		2.62		(0.81)		103
	10/31/2002	(20.00	)		77,884	2.43		2.43		(0.89)		72
	10/31/2001	(37.48	)		149,070	2.18		2.18		(0.79)		79
	10/31/2000	21.72			306,667	2.19		2.19		(1.11)		53
	10/31/1999	39.73			155,147	2.28		2.28		(0.77)		145

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Global    7

TA IDEX Janus Global

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, and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Global    8

TA IDEX Janus Global

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Janus Global (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on October 1, 1992.

On March 1, 2004, the Fund changed its name from IDEX Janus Global to TA IDEX Janus Global.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day 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 affect 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, 2004, was paying an interest rate of 0.75%.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Global    9

TA IDEX Janus Global

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $178 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 received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Global    10

TA IDEX Janus Global

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 equities 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. As of April 30, 2004, short-term capital gains tax of $188 would have been realized if all the India securities were sold.

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, 2004, are listed in the Schedule of Investments.

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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

1.00% of the first $750 million of ANA

0.90% of the next $250 million of ANA

0.85% of ANA over $1 billion

ATFA has contractually waived 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

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. The amount of the discount received by the Fund for the period ended April 30, 2004 was $5.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	99
Retained by Underwriter		12
Contingent Deferred Sales Charges		156

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $27 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $867 for the period ended April 30, 2004.

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, 2004, the value of invested plan amount was $82. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Global    11

TA IDEX Janus Global

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	205,063
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		289,582
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 treatments 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 periods listed:

Capital Loss Carryforward	Available through
$176,064	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, 2004, are as follows:

Federal Tax Cost Basis	$	326,753
Unrealized Appreciation	$	40,841
Unrealized (Depreciation)		(12,388	)
Net Unrealized Appreciation (Depreciation)	$	28,453

NOTE  5. SUBSEQUENT EVENTS

On May 28, 2004, the Fund acquired all the net assets of TA IDEX Templeton Great Companies Global pursuant to a plan of reorganization. At the same time, the Fund changed its sub-adviser 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. Great Companies, LLC is an affiliate of the Fund. The acquisition was accomplished by a tax-free exchange of 4,196 shares of the Fund for the 12,556 shares of TA IDEX Templeton Great Companies Global outstanding on May 27, 2004. TA IDEX Templeton Great Companies Global’s net assets at that date, $92,688, including $3,609 unrealized depreciation, were combined with those of the Fund. 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	260		4,841
Class C	21		436
Class C2	59		1,244
Class M	39		838
	4,196	$	92,688

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Global    12

TA IDEX Janus Growth

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
COMMON STOCKS (90.7%)
Air Transportation (1.9%)
FedEx Corporation	331,750	$	23,856
Amusement & Recreation Services (2.1%)
Mandalay Resort Group	463,825		26,647
Automotive Dealers & Service Stations (1.8%)
Advance Auto Parts, Inc. (a)	523,920		22,607
Beer, Wine & Distilled Beverages (1.0%)
LVMH Moet Hennessy Louis Vuitton SA	182,673		12,884
Business Services (7.2%)
Clear Channel Communications, Inc.	1,526,975		63,354
eBay Inc. (a)	350,420		27,971
Chemicals & Allied Products (1.4%)
Procter & Gamble Company (The)	166,115		17,567
Commercial Banks (5.8%)
Citigroup Inc.	437,245		21,027
MBNA Corporation (b)	1,333,205		32,505
Northern Trust Corporation	298,410		12,617
Providian Financial Corporation (a)	528,310		6,408
Communication (4.5%)
Liberty Media Corporation–Class A (a)	5,143,306		56,268
Communications Equipment (1.4%)
Avaya Inc. (a)	427,000		5,841
Nokia Corporation–ADR	878,070		12,302
Computer & Data Processing Services (10.6%)
Check Point Software Technologies, Ltd. (a)(b)	831,925		19,492
Electronic Arts Inc. (a)(b)	1,000,625		50,652
Yahoo! Inc. (a)	1,235,955		62,366
Computer & Office Equipment (3.9%)
Cisco Systems, Inc. (a)	1,653,652		34,512
Lexmark International, Inc. (a)	157,750		14,270
Electronic Components & Accessories (5.4%)
Advanced Micro Devices, Inc. (a)(b)	1,925,310		27,378
Intel Corporation	323,455		8,322
Maxim Integrated Products	334,230		15,371
NVIDIA Corporation (a)(b)	382,560		7,858
Xilinx, Inc. (a)	260,993		8,777
Hotels & Other Lodging Places (3.2%)
Marriott International, Inc.–Class A	426,930		20,134
Starwood Hotels & Resorts Worldwide, Inc.	512,880		20,407
Instruments & Related Products (1.1%)
Alcon, Inc.	191,810		14,242
Insurance (4.3%)
UnitedHealth Group Incorporated	887,100		54,539
Manufacturing Industries (1.3%)
International Game Technology	432,095		16,307

	Shares		Value
Medical Instruments & Supplies (8.6%)
Biomet, Incorporated		441,645	$	17,445
Boston Scientific Corporation (a)		491,055		20,227
Medtronic, Inc.		1,399,445		70,616
Paper & Allied Products (1.3%)
3M Company		194,355		16,808
Personal Credit Institutions (1.1%)
SLM Corporation		368,115		14,102
Pharmaceuticals (15.8%)
Amgen Inc. (a)		671,180		37,767
Celgene Corporation (a)(b)		305,705		15,802
Elan Corporation PLC–ADR (a)(b)		132,230		2,856
Eon Labs, Inc. (a)		64,100		4,215
Forest Laboratories, Inc. (a)		369,295		23,812
Genentech, Inc. (a)		526,725		64,682
Genzyme Corporation –General Division (a)		170,275		7,417
Roche Holding AG–Genusschein (b)		323,715		33,978
Teva Pharmaceutical Industries Ltd. –ADR (b)		119,270		7,342
Restaurants (1.6%)
McDonald’s Corporation		753,650		20,522
Retail Trade (3.9%)
Amazon.com, Inc. (a)(b)		602,730		26,195
Staples, Inc.		906,305		23,346
Security & Commodity Brokers (0.8%)
Legg Mason, Inc. (b)		113,800		10,476
U.S. Government Agencies (0.7%)
Fannie Mae		136,140		9,356
Total Common Stocks (cost: $913,441)				1,143,445
	Principal		Value
SECURITY LENDING COLLATERAL (5.5%)
Debt (3.0%)
Bank Notes (0.5%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	3,419	$	3,419
Fleet National Bank 1.00%, due 07/21/2004		3,419		3,419
Euro Dollar Overnight (0.3%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		2,051		2,051
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		1,231		1,231
Euro Dollar Terms (0.7%)
Bank of Montreal
1.02%, due 05/21/2004		399		399
BNP Paribas SA
1.01%, due 05/18/2004		2,051		2,051
1.08%, due 07/29/2004		2,051		2,051

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth    1

TA IDEX Janus Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Den Danske Bank
1.02%, due 05/20/2004	$	1,367	$	1,367
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		1,367		1,367
Wells Fargo & Company 1.02%, due 05/14/2004		2,051		2,051
Promissory Notes (0.4%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		4,786		4,786
Repurchase Agreements (1.1%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 4/30/2004 to be repurchased at $13,674 on 05/03/2004		13,674		13,674

	Shares	Value
Investment Companies (2.5%)
Money Market Funds (2.5%)
American AAdvantage Select Fund 1-day yield of 0.98%	4,102,260	$	4,102
Barclays Institutional Money Market Fund 1-day yield of 1.02%	9,571,939		9,572
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%	3,705,072		3,705
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%	13,674,199		13,674
Total Security Lending Collateral (cost: $68,919)			68,919
Total Investment Securities (cost: $982,360)		$	1,212,364
SUMMARY:
Investments, at value	96.2%	$	1,212,364
Other assets in excess of liabilities	3.8%		48,100
Net assets	100.0%	$	1,260,464

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $65,740.

(c) Cash collateral for the Repurchase Agreements, valued at $13,948, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

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 2004

TA IDEX Janus Growth    2

TA IDEX Janus Growth

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $982,360) (including securities loaned of $65,740)	$	1,212,364
Cash		123,101
Receivables:
Investment securities sold		3,872
Shares of beneficial interest sold		405
Interest		19
Dividends		852
Dividend reclaims receivable		83
Other		383
		1,341,079
Liabilities:
Investment securities purchased		6,851
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		1,816
Management and advisory fees		945
Distribution fees		426
Transfer agent fees		1,162
Payable for collateral for securities on loan		68,919
Other		496
		80,615
Net Assets	$	1,260,464
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,977,880
Accumulated net investment income (loss)		(7,115	)
Accumulated net realized gain (loss) from:
Investment securities		(940,216	)
Foreign currency transactions		(15	)
Net unrealized appreciation (depreciation) on:
Investment securities		229,930
Net Assets	$	1,260,464
Net Assets by Class:
Class A	$	565,843
Class B		223,050
Class C		949
Class C2		27,576
Class M		52,271
Class T		390,775
Shares Outstanding:
Class A		26,790
Class B		11,330
Class C		48
Class C2		1,401
Class M		2,626
Class T		17,823
Net Asset Value Per Share:
Class A	$	21.12
Class B		19.69
Class C		19.69
Class C2		19.69
Class M		19.90
Class T		21.93
Maximum Offering Price Per Share (a):
Class A	$	22.35
Class M		20.10
Class T		23.97

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	118
Dividends		4,568
Income from loaned securities–net		95
Less withholding taxes on foreign dividends		(152	)
		4,629
Expenses:
Management and advisory fees		5,783
Transfer agent fees		1,912
Printing and shareholder reports		822
Custody fees		62
Administration fees		73
Legal fees		32
Auditing and accounting fees		5
Trustees fees		41
Registration fees		38
Other		38
Distribution and service fees:
Class A		1,029
Class B		1,161
Class C		4
Class C2		149
Class M		253
Class T		–
Total expenses		11,402
Net Investment Income (Loss)		(6,773	)
Net Realized Gain (Loss) from:
Investment securities		43,265
Foreign currency transactions		15
		43,280
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		54,725
		54,725
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		98,005
Net Increase (Decrease) in Net Assets Resulting from Operations	$	91,232

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth     3

TA IDEX Janus Growth

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(6,773	)	$	(15,691	)
Net realized gain (loss) from investment securities and foreign currency transactions		43,280			(89,352	)
Net unrealized appreciation (depreciation) on investment securities		54,725			372,706
		91,232			267,663
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
Class T		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
Class T		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		15,200			97,031
Class B		6,318			16,501
Class C		558			925
Class C2		1,074			3,457
Class M		968			2,730
Class T		10,383			26,507
		34,501			147,151
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
Class T		–			–
		–			–

	April 30, 2004 (unaudited)			October 31, 2003
Cost of shares redeemed:
Class A		(73,629	)		(136,363	)
Class B		(32,271	)		(54,092	)
Class C		(396	)		(248	)
Class C2		(6,543	)		(11,227	)
Class M		(10,785	)		(17,848	)
Class T		(65,815	)		(62,594	)
		(189,439	)		(282,372	)
		(154,938	)		(135,221	)
Net increase (decrease) in net assets		(63,706	)		132,442
Net Assets:
Beginning of period		1,324,170			1,191,728
End of period	$	1,260,464		$	1,324,170
Accumulated Net Investment Income (Loss)	$	(7,115	)	$	(342	)
Share Activity:
Shares issued:
Class A		730			5,565
Class B		324			999
Class C		29			54
Class C2		55			215
Class M		49			164
Class T		482			1,445
		1,669			8,442
Shares issued–reinvested from distributions:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
Class T		–			–
		–			–
Shares redeemed:
Class A		(3,519	)		(7,843	)
Class B		(1,660	)		(3,354	)
Class C		(21	)		(14	)
Class C2		(336	)		(687	)
Class M		(548	)		(1,099	)
Class T		(3,037	)		(3,528	)
		(9,121	)		(16,525	)
Net increase (decrease) in shares outstanding:
Class A		(2,789	)		(2,278	)
Class B		(1,336	)		(2,355	)
Class C		8			40
Class C2		(281	)		(472	)
Class M		(499	)		(935	)
Class T		(2,555	)		(2,083	)
		(7,452	)		(8,083	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth    4

TA IDEX Janus Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

	For the Period Ended (d)(g)	For a share of beneficial interest outstanding throughout each period
		Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	19.73	$	(0.10	)	$	1.49		$	1.39		$	–	$	–		$	–		$	21.12
	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
	10/31/1999		29.35		0.06			17.70			17.76			–		(0.39	)		(0.39	)		46.72
Class B	04/30/2004		18.45		(0.16	)		1.40			1.24			–		–			–			19.69
	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
	10/31/1999		28.63		(0.56	)		17.70			17.14			–		(0.39	)		(0.39	)		45.38
Class C	04/30/2004		18.45		(0.16	)		1.40			1.24			–		–			–			19.69
	10/31/2003		14.74		(0.32	)		4.03			3.71			–		–			–			18.45
Class C2	04/30/2004		18.45		(0.16	)		1.40			1.24			–		–			–			19.69
	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		(0.42	)		(19.90	)		(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 M	04/30/2004		18.65		(0.15	)		1.40			1.25			–		–			–			19.90
	10/31/2003		15.08		(0.29	)		3.86			3.57			–		–			–			18.65
	10/31/2002		18.78		(0.32	)		(3.38	)		(3.70	)		–		–			–			15.08
	10/31/2001		42.35		(0.39	)		(20.05	)		(20.44	)		–		(3.13	)		(3.13	)		18.78
	10/31/2000		45.58		(0.29	)		5.35			5.06			–		(8.29	)		(8.29	)		42.35
	10/31/1999		28.74		(0.47	)		17.70			17.23			–		(0.39	)		(0.39	)		45.58
Class T	04/30/2004		20.45		(0.07	)		1.55			1.48			–		–			–			21.93
	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
	10/31/1999		29.74		0.40			17.70			18.10			–		(0.39	)		(0.39	)		47.45

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth    5

TA IDEX Janus Growth

FINANCIAL HIGHLIGHTS (continued)

NOTES TO FINANCIAL HIGHLIGHTS

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	7.05	%	$	565,843	1.68	%	1.68	%	(0.98	)%	22	%
	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
	10/31/1999	61.00			1,467,595	1.40		1.43		(0.60	)	71
Class B	04/30/2004	6.72			223,050	2.33		2.33		(1.63	)	22
	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
	10/31/1999	60.36			327,926	2.05		2.08		(1.25	)	71
Class C	04/30/2004	6.72			949	2.33		2.33		(1.63	)	22
	10/31/2003	25.17			735	2.35		2.37		(1.88	)	62
Class C2	04/30/2004	6.72			27,576	2.33		2.33		(1.63	)	22
	10/31/2003	23.58			31,039	2.35		2.37		(1.87	)	62
	10/31/2002	(19.86	)		32,168	2.31		2.35		(1.75	)	62
	10/31/2001	(51.74	)		54,760	2.14		2.14		(1.48	)	64
	10/31/2000	10.11			121,633	2.04		2.07		(1.26	)	41
Class M	04/30/2004	6.70			52,271	2.23		2.23		(1.53	)	22
	10/31/2003	23.67			58,272	2.25		2.27		(1.77	)	62
	10/31/2002	(19.72	)		61,207	2.21		2.25		(1.65	)	62
	10/31/2001	(51.68	)		113,794	2.04		2.04		(1.38	)	64
	10/31/2000	10.22			287,530	1.94		1.97		(1.16	)	41
	10/31/1999	60.45			141,586	1.95		1.98		(1.15	)	71
Class T	04/30/2004	7.24			390,775	1.33		1.33		(0.63	)	22
	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
	10/31/1999	61.34			1,166,965	1.05		1.08		(0.25	)	71

(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, and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth    6

TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Janus Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on May 8, 1986.

On March 1, 2004, the Fund changed its name from IDEX Janus Growth to TA IDEX Janus Growth.

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 six 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. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Growth    7

TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $173 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 received 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 $41 of program net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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.

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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Growth    8

TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

• 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 period ended April 30, 2004, this fee totaled $41. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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

	Net Assets		% of Net Assets
TA IDEX Asset Allocation - Conservative Portfolio	$	4,726	0%
TA IDEX Asset Allocation - Growth Portfolio		12,643	1%
TA IDEX Asset Allocation - Moderate Growth Portfolio		20,018	2%
TA IDEX Asset Allocation - Moderate Portfolio		11,151	1%
Total	$	48,538	4%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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. The amount of the discount received by the Fund for the period ended April 30, 2004 was $16.

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 C2	1.00%
Class M	0.90%
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, M and T shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	447
Retained by Underwriter		60
Contingent Deferred Sales Charges		287

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $73 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $1,912 for the period ended April 30, 2004.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Growth    9

TA IDEX Janus Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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, 2004, the value of invested plan amounts was $270. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	205,063
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		289,582
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 treatments 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 periods listed:

Capital Loss Carryforward	Available through
$633,224	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, 2004, are as follows:

Federal Tax Cost Basis	$	986,687
Unrealized Appreciation	$	267,413
Unrealized (Depreciation)		(41,736	)
Net Unrealized Appreciation (Depreciation)	$	225,677

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Growth    10

TA IDEX Janus Growth & Income

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Principal		Value
CORPORATE DEBT SECURITIES (0.8%)
Communication (0.5%)
Cox Communications, Inc.
7.13%, due 10/01/2012	$	130	$	144
Electric, Gas & Sanitary Services (0.1%)
CMS Energy Corporation
7.63%, due 11/15/2004		35		36
Environmental Services (0.1%)
Allied Waste North America, Inc.
7.88%, due 04/15/2013		15		16
Telecommunications (0.1%)
MCI, Inc. (b)
6.69%, due 05/01/2009		45		43
Total Corporate Debt Securities (cost: $225)				239
CONVERTIBLE BONDS (0.1%)
Business Services (0.1%)
Lamar Advertising Company
2.88%, due 12/31/2010		30		32
Total Convertible Bonds (cost: $30)				32
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (1.5%)
Environmental Services (0.2%)
Allied Waste Industries, Inc.		740	$	51
Insurance (0.6%)
XL Capital Ltd–Class A		6,550		166
Petroleum Refining (0.7%)
Amerada Hess Corporation		3,150		211
Total Convertible Preferred Stocks (cost: $390)				428
PREFERRED STOCKS (0.9%)
Automotive (0.9%)
Porsche AG		409		255
Total Preferred Stocks (cost: $171)				255
COMMON STOCKS (92.7%)
Amusement & Recreation Services (0.9%)
Disney (Walt) Company (The)		11,505		265
Automotive (0.8%)
Honeywell International Inc.		6,630		229
Automotive Dealers & Service Stations (0.4%)
AutoZone, Inc. (a)(b)		1,095		96
CarMax, Inc. (a)		1,165		30
Beer, Wine & Distilled Beverages (0.6%)
LVMH Moet Hennessy Louis Vuitton SA		2,629		185
Beverages (2.0%)
Anheuser-Busch Companies, Inc.		2,775		142
PepsiCo, Inc.		8,104		442
Business Credit Institutions (0.7%)
CIT Group, Inc.		5,775		198
Business Services (3.0%)
Clear Channel Communications, Inc.		9,775		406
eBay Inc. (a)		1,855		148
Lamar Advertising Company (a)		7,800		320

	Shares	Value
Chemicals & Allied Products (3.1%)
International Flavors & Fragrances Inc.	5,240	$	190
Procter & Gamble Company (The)	5,590		591
Reckitt Benckiser PLC	4,145		108
Commercial Banks (6.0%)
Citigroup Inc.	22,785		1,096
Morgan Chase & Co. (J.P.)	6,515		245
U.S. Bancorp	15,817		406
Communication (6.2%)
Comcast Corporation–Special Class A (a)(b)	17,195		498
Cox Communications, Inc.–Class A (a)	13,415		439
Liberty Media Corporation–Class A (a)	52,040		569
Viacom, Inc.–Class B	7,264		281
Communications Equipment (1.1%)
Nokia Corporation–ADR	23,480		329
Computer & Data Processing Services (6.5%)
Computer Associates International, Inc. (b)	15,975		428
Electronic Arts Inc. (a)	7,995		405
Microsoft Corporation	26,710		694
Oracle Corporation (a)	14,930		168
Yahoo! Inc. (a)	3,485		176
Computer & Office Equipment (5.4%)
Cisco Systems, Inc. (a)	29,315		612
Dell Inc. (a)	5,575		194
International Business Machines Corporation	5,095		449
Lexmark International, Inc. (a)	2,100		190
SanDisk Corporation (a)	5,130		119
Drug Stores & Proprietary Stores (1.4%)
Medco Health Solutions, Inc. (a)	11,325		401
Electric Services (1.6%)
EnCana Corporation	11,483		450
Electronic & Other Electric Equipment (4.6%)
General Electric Company	16,540		495
Harman International Industries, Incorporated	2,455		186
Samsung Electronics Co., Ltd.	400		190
Samsung Electronics Co., Ltd.–GDR–144A (USD) (b)	1,965		462
Electronic Components & Accessories (11.8%)
Intel Corporation	10,915		281
Linear Technology Corporation	8,625		307
Maxim Integrated Products	13,310		612
NVIDIA Corporation (a)(b)	8,765		180
Smiths Group PLC	12,934		160
Texas Instruments Incorporated	20,820		523
Tyco International Ltd.	48,690		1,337
Environmental Services (0.1%)
Waste Management, Inc.	925		26
Food & Kindred Products (0.7%)
Altria Group, Inc.	3,735		207
Gas Production & Distribution (0.6%)
Kinder Morgan, Inc.	3,020		182
Hotels & Other Lodging Places (3.1%)
Fairmont Hotels & Resorts Inc. (b)	12,992		321
Four Seasons Hotels Inc. (b)	3,515		188
Starwood Hotels & Resorts Worldwide, Inc.	9,700		386

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth & Income    1

TA IDEX Janus Growth & Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Shares		Value
Industrial Machinery & Equipment (1.0%)
Applied Materials, Inc. (a)		15,080	$	275
Insurance (7.9%)
Aetna Inc.		5,740		475
American International Group, Inc.		7,116		510
Berkshire Hathaway Inc.–Class B (a)		219		683
UnitedHealth Group Incorporated		10,175		626
Manufacturing Industries (0.3%)
Marvel Enterprises, Inc. (a)		4,895		93
Medical Instruments & Supplies (2.4%)
Bard, (C.R.) Inc.		2,025		215
Medtronic, Inc.		9,440		476
Mortgage Bankers & Brokers (0.4%)
Countrywide Financial Corporation		2,100		125
Motion Pictures (1.9%)
Time Warner Inc. (a)		32,360		544
Oil & Gas Extraction (0.7%)
ConocoPhillips		2,673		191
Paper & Allied Products (1.5%)
3M Company		4,890		423
Petroleum Refining (3.1%)
Exxon Mobil Corporation		21,180		901
Pharmaceuticals (6.2%)
Amgen Inc. (a)		7,690		433
Pfizer Inc.		12,555		449
Roche Holding AG–Genusschein		8,712		914
Radio & Television Broadcasting (1.4%)
British Sky Broadcasting Group PLC		33,076		391
Railroads (0.9%)
Canadian National Railway Company		7,255		274
Retail Trade (1.3%)
Amazon.com, Inc. (a)(b)		4,655		202
PETsMART, Inc.		6,545		181
Security & Commodity Brokers (1.4%)
Goldman Sachs Group, Inc. (The)		4,305		415
U.S. Government Agencies (1.7%)
Fannie Mae		7,000		481
Total Common Stocks (cost: $22,648)				26,819
	Principal		Value
SECURITY LENDING COLLATERAL (6.5%)
Debt (3.6%)
Bank Notes (0.6%)
Canadian Imperial Bank of Commerce
1.10%, due 11/04/2004	$	93	$	93
Fleet National Bank
1.00%, due 07/21/2004		93		93

	Principal	Value
Euro Dollar Overnight (0.3%)
Credit Agricole Indosuez
1.00%, due 05/07/2004	$       56	$	56
Royal Bank of Scotland Group PLC (The)
1.00%, due 05/07/2004	34		34
Euro Dollar Terms (0.9%)
Bank of Montreal
1.02%, due 05/21/2004	11		11
BNP Paribas SA
1.01%, due 05/18/2004	56		56
1.08%, due 07/29/2004	56		56
Den Danske Bank
1.02%, due 05/20/2004	37		37
Royal Bank of Scotland Group PLC (The)
1.05%, due 07/15/2004	37		37
Wells Fargo & Company
1.02%, due 05/14/2004	56		56
Promissory Notes (0.5%)
Goldman Sachs Group, Inc. (The)
1.13%, due 07/29/2004	131		131
Repurchase Agreements (1.3%) (c)
Merrill Lynch & Co., Inc.
1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $375 on 05/03/2004	375		375
	Shares	Value
Investment Companies (2.9%)
Money Market Funds (2.9%)
American AAdvantage Select Fund
1-day yield of 0.98%	112,156	$	112
Barclays Institutional Money Market Fund
1-day yield of 1.02%	261,697		262
Merrill Lynch Premier Institutional Fund
1-day yield of 0.97%	101,297		101
Merrimac Cash Series Fund– Premium Class
1-day yield of 0.99%	373,853		374
Total Security Lending Collateral (cost: $1,884)			1,884
Total Investment Securities (cost: $25,348)		$	29,657
SUMMARY:
Investments, at value	102.5 %	$	29,657
Liabilities in excess of other assets	(2.5)%		(713)
Net assets	100.0 %	$	28,944

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth & Income     2

TA IDEX Janus Growth & Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)	Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Euro Dollar	(210)	09/27/2004	$	(255)	$	4
Swiss Franc	(200)	09/27/2004		(158)		3
Swiss Franc	(150)	10/15/2004		(116)		(1	)
			$	(529)	$	6

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $1,814.

(c) Cash collateral for the Repurchase Agreements, valued at $381, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

DEFINITIONS:

ADR American Depositary Receipt

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $462 or 1.59% 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 2004

TA IDEX Janus Growth & Income     3

TA IDEX Janus Growth & Income

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 25,348) (including securities loaned of $1,814)	$	29,657
Cash		1,634
Receivables:
Investment securities sold		145
Shares of beneficial interest sold		3
Interest		3
Dividends		24
Dividend reclaims receivable		2
Unrealized appreciation on forward foreign currency contracts		7
Other		4
		31,479
Liabilities:
Investment securities purchased		179
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		352
Management and advisory fees		18
Distribution fees		21
Transfer agent fees		46
Payable for collateral for securities on loan		1,884
Unrealized depreciation on forward foreign currency contracts		1
Other		34
		2,535
Net Assets	$	28,944
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	29,229
Accumulated net investment income (loss)		(192	)
Accumulated net realized gain (loss) from:
Investment securities		(4,379	)
Foreign currency transactions		(30	)
Net unrealized appreciation (depreciation) on:
Investment securities		4,309
Translation of assets and liabilities denominated in foreign currencies		7
Net Assets	$	28,944
Net Assets by Class:
Class A	$	6,596
Class B		17,292
Class C		1,351
Class C2		2,239
Class M		1,466
Shares Outstanding:
Class A		754
Class B		2,024
Class C		159
Class C2		262
Class M		171
Net Asset Value Per Share:
Class A	$	8.74
Class B		8.54
Class C		8.54
Class C2		8.54
Class M		8.57
Maximum Offering Price Per Share (a):
Class A	$	9.25
Class M		8.66

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	8
Dividends		190
Income from loaned securities–net		2
Less withholding taxes on foreign dividends		(4	)
		196
Expenses:
Management and advisory fees		160
Transfer agent fees		61
Printing and shareholder reports		24
Custody fees		11
Administration fees		8
Legal fees		1
Auditing and accounting fees		5
Trustees fees		1
Registration fees		25
Other		6
Distribution and service fees:
Class A		13
Class B		94
Class C		8
Class C2		14
Class M		8
Total expenses		439
Less:
Advisory fee waiver		(51	)
Net expenses		388
Net Investment Income (Loss)		(192	)
Net Realized Gain (Loss) from:
Investment securities		1,719
Foreign currency transactions		(30	)
		1,689
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		145
Translation of assets and liabilities denominated in foreign currencies		11
		156
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		1,845
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,653

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth & Income    4

TA IDEX Janus Growth & Income

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(192	)	$	(366	)
Net realized gain (loss) from investment securities and foreign currency transactions		1,689			(900	)
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		156			7,198
		1,653			5,932
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		1,459			14,068
Class B		871			6,262
Class C		126			1,608
Class C2		172			966
Class M		62			987
		2,690			23,891
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(1,797	)		(27,993	)
Class B		(4,649	)		(4,407	)
Class C		(361	)		(231	)
Class C2		(1,199	)		(1,685	)
Class M		(886	)		(941	)
		(8,892	)		(35,257	)
		(6,202	)		(11,366	)
Net increase (decrease) in net assets		(4,549	)		(5,434	)
Net Assets:
Beginning of period		33,493			38,927
End of period	$	28,944		$	33,493
Accumulated Net Investment Income (Loss)	$	(192	)	$	–

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	169		1,935
Class B	100		846
Class C	15		219
Class C2	20		130
Class M	7		136
	311		3,266
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(203	)	(3,591	)
Class B	(546	)	(592	)
Class C	(42	)	(33	)
Class C2	(140	)	(228	)
Class M	(103	)	(129	)
	(1,034	)	(4,573	)
Net increase (decrease) in shares outstanding:
Class A	(34	)	(1,656	)
Class B	(446	)	254
Class C	(27	)	186
Class C2	(120	)	(98	)
Class M	(96	)	7
	(723	)	(1,307	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Janus Growth & Income    5

TA IDEX Janus Growth & Income

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	8.32	$	(0.03	)	$	0.45		$	0.42		$	–	$	–	$	–	$	8.74
	10/31/2003		7.26		(0.04	)		1.10			1.06			–		–		–		8.32
	10/31/2002		8.44		(0.03	)		(1.15	)		(1.18	)		–		–		–		7.26
	10/31/2001		10.00		0.03			(1.59	)		(1.56	)		–		–		–		8.44
Class B	04/30/2004		8.15		(0.06	)		0.45			0.39			–		–		–		8.54
	10/31/2003		7.16		(0.09	)		1.08			0.99			–		–		–		8.15
	10/31/2002		8.38		(0.09	)		(1.13	)		(1.22	)		–		–		–		7.16
	10/31/2001		10.00		(0.03	)		(1.59	)		(1.62	)		–		–		–		8.38
Class C	04/30/2004		8.15		(0.06	)		0.45			0.39			–		–		–		8.54
	10/31/2003		7.11		(0.09	)		1.13			1.04			–		–		–		8.15
Class C2	04/30/2004		8.15		(0.06	)		0.45			0.39			–		–		–		8.54
	10/31/2003		7.16		(0.09	)		1.08			0.99			–		–		–		8.15
	10/31/2002		8.38		(0.10	)		(1.12	)		(1.22	)		–		–		–		7.16
	10/31/2001		10.00		(0.03	)		(1.59	)		(1.62	)		–		–		–		8.38
Class M	04/30/2004		8.17		(0.05	)		0.45			0.40			–		–		–		8.57
	10/31/2003		7.17		(0.08	)		1.08			1.00			–		–		–		8.17
	10/31/2002		8.39		(0.09	)		(1.13	)		(1.22	)		–		–		–		7.17
	10/31/2001		10.00		(0.03	)		(1.58	)		(1.61	)		–		–		–		8.39

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	5.05	%	$	6,596	1.95	%	2.25	%	(0.70	)%	18	%
	10/31/2003	14.60			6,556	1.95		2.15		(0.50	)	87
	10/31/2002	(13.94	)		17,754	1.93		2.28		(0.41	)	53
	10/31/2001	(15.64	)		3,881	1.75		3.26		0.34		44
Class B	04/30/2004	4.79			17,292	2.60		2.90		(1.35	)	18
	10/31/2003	13.83			20,130	2.60		2.80		(1.15	)	87
	10/31/2002	(14.56	)		15,868	2.58		2.93		(1.06	)	53
	10/31/2001	(16.20	)		11,884	2.40		3.91		(0.31	)	44
Class C	04/30/2004	4.79			1,351	2.60		2.90		(1.35	)	18
	10/31/2003	14.63			1,515	2.60		2.80		(1.15	)	87
Class C2	04/30/2004	4.79			2,239	2.60		2.90		(1.35	)	18
	10/31/2003	13.83			3,110	2.60		2.80		(1.15	)	87
	10/31/2002	(14.56	)		3,441	2.58		2.93		(1.06	)	53
	10/31/2001	(16.20	)		2,469	2.40		3.91		(0.31	)	44
Class M	04/30/2004	4.90			1,466	2.50		2.80		(1.25	)	18
	10/31/2003	13.95			2,182	2.50		2.70		(1.05	)	87
	10/31/2002	(14.53	)		1,864	2.48		2.83		(0.96	)	53
	10/31/2001	(16.11	)		1,698	2.30		3.81		(0.21	)	44

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 Janus Growth & Income (“the Fund”) commenced operations on December 15, 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 2004

TA IDEX Janus Growth & Income    6

TA IDEX Janus Growth & Income

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Janus Growth & Income (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on December 15, 2000.

On March 1, 2004, the Fund changed its name from IDEX Janus Growth & Income to TA IDEX Janus Growth & Income.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day 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 affect 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, 2004, was paying an interest rate of 0.75%.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Growth & Income    7

TA IDEX Janus Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, 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 received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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.

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, 2004, are listed in the Schedule of Investments.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Growth & Income    8

TA IDEX Janus Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

1.00% of the first $100 million of ANA

0.95% of the next $400 million of ANA

0.85% of ANA over $500 million

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

1.60% 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. The amount of the discount received by the Fund at April 30, 2004 was less than $1.

If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three periods, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	84	10/31/2006
Fiscal Year 2002		104	10/31/2005
Fiscal Year 2001		173	10/31/2004

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	19
Retained by Underwriter		2
Contingent Deferred Sales Charges		34

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $8 for the period ended April 30, 2004.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Growth & Income    9

TA IDEX Janus Growth & Income

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Transfer agent fees: The Fund paid ATIS $61 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, the value of invested plan amounts was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	5,615
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		12,020
U.S. Government		268

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 treatments 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 periods listed:

Capital Loss Carryforward		Available through
$	658	October 31, 2009
	3,893	October 31, 2010
	1,077	October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	25,666
Unrealized Appreciation	$	4,399
Unrealized (Depreciation)		(408	)
Net Unrealized Appreciation (Depreciation)	$	3,991

NOTE  5. SUBSEQUENT EVENTS

The Fund merged into TA IDEX Janus Balanced effective as of the close of business on May 28, 2004.

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Janus Growth & Income    10

TA IDEX Jennison Growth

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
PREFERRED STOCKS (0.6%)
Motion Pictures (0.6%)
News Corporation Limited (The)–ADR	12,700	$	429
Total Preferred Stocks (cost: $375)			429
COMMON STOCKS (95.6%)
Apparel & Accessory Stores (1.0%)
Chico’s FAS, Inc. (a)	18,900		770
Business Services (2.9%)
Clear Channel Communications, Inc.	8,400		349
eBay Inc. (a)	22,900		1,828
Chemicals & Allied Products (2.4%)
Avon Products, Inc.	7,900		664
Procter & Gamble Company (The)	10,800		1,142
Commercial Banks (6.5%)
Citigroup Inc.	37,200		1,789
Morgan Chase & Co. (J.P.)	42,700		1,605
State Street Corporation	28,800		1,405
Communication (2.3%)
DIRECTV Group, Inc. (The) (a)	19,800		354
Viacom, Inc.–Class B	34,500		1,333
Communications Equipment (1.6%)
Nokia Corporation–ADR	22,800		319
QUALCOMM Incorporated	13,700		856
Computer & Data Processing Services (8.9%)
Amdocs Limited (a)	12,800		340
Electronic Arts Inc. (a)	26,800		1,357
Mercury Interactive Corporation (a)	6,700		285
Microsoft Corporation	66,500		1,727
SAP AG–ADR	39,000		1,453
Symantec Corporation (a)	1,000		45
Yahoo! Inc. (a)	28,100		1,418
Computer & Office Equipment (8.9%)
Apple Computer, Inc. (a)	900		23
Cisco Systems, Inc. (a)	116,100		2,423
Dell Inc. (a)	54,000		1,874
EMC Corporation (a)	62,700		700
Hewlett-Packard Company	8,400		165
International Business Machines Corporation	12,400		1,093
Lexmark International, Inc. (a)	4,000		362
Department Stores (0.9%)
Kohl’s Corporation (a)	15,400		644
Educational Services (1.6%)
Apollo Group, Inc.–Class A (a)	12,900		1,172
Electronic & Other Electric Equipment (3.3%)
General Electric Company	67,400		2,019
Harman International Industries, Incorporated	5,600		425
Electronic Components & Accessories (6.4%)
Intel Corporation	90,900		2,339
Marvell Technology Group Ltd. (a)	18,400		713
Texas Instruments Incorporated	67,200		1,687

	Shares	Value
Food Stores (2.2%)
Kroger Co. (The) (a)	28,500	$	499
Whole Foods Market, Inc.	14,400		1,152
Furniture & Home Furnishings Stores (1.8%)
Bed Bath & Beyond Inc. (a)	36,800		1,366
Health Services (1.0%)
Caremark Rx, Inc. (a)	23,000		779
Instruments & Related Products (2.7%)
Agilent Technologies, Inc. (a)	50,200		1,356
Alcon, Inc.	5,800		431
KLA–Tencor Corporation (a)	5,400		225
Insurance (1.4%)
American International Group, Inc.	15,000		1,075
Lumber & Other Building Materials (1.2%)
Lowe’s Companies, Inc.	17,100		890
Medical Instruments & Supplies (2.1%)
Guidant Corporation	13,000		819
Medtronic, Inc.	14,200		717
Oil & Gas Extraction (4.9%)
BJ Services Company (a)	18,500		823
Schlumberger Limited	24,800		1,451
Total Fina Elf SA–ADR	14,400		1,327
Pharmaceuticals (15.8%)
Allergan, Inc.	11,800		1,039
Amgen Inc. (a)	20,300		1,142
AstraZeneca PLC–ADR	19,500		933
Genentech, Inc. (a)	13,200		1,621
Gilead Sciences, Inc. (a)	16,700		1,016
IVAX Corporation (a)	6,800		145
Lilly (Eli) and Company	17,500		1,292
Medimmune, Inc. (a)	18,300		444
Novartis AG–ADR	20,200		905
Pfizer Inc.	45,300		1,619
Roche Holding AG–ADR	8,569		899
Teva Pharmaceutical Industries Ltd.–ADR	11,500		708
Radio & Television Broadcasting (1.6%)
Univision Communications Inc.–Class A (a)	34,400		1,164
Restaurants (3.4%)
McDonald’s Corporation	35,700		972
Starbucks Corporation (a)	40,300		1,565
Retail Trade (1.6%)
Tiffany & Co.	29,700		1,158
Security & Commodity Brokers (4.2%)
American Express Company	33,300		1,630
Goldman Sachs Group, Inc. (The)	7,600		733
Merrill Lynch & Co., Inc.	13,400		727
Telecommunications (1.5%)
Vodafone Group PLC–ADR	44,400		1,090
Transportation & Public Utilities (1.0%)
InterActiveCorp (a)	23,738		757

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Jennison Growth    1

TA IDEX Jennison Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Variety Stores (2.5%)
Costco Wholesale Corporation (a)	19,300	$	723
Wal-Mart Stores, Inc.	19,700		1,123
Total Common Stocks (cost: $72,617)			70,993
Total Investment Securities (cost: $72,992)		$	71,422
SUMMARY:
Investments, at value	96.2%	$	71,422
Other assets in excess of liabilities	3.8%		2,792
Net assets	100.0%	$	74,214

NOTES TO SCHEDULE OF INVESTMENTS:

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

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 2004

TA IDEX Jennison Growth    2

TA IDEX Jennison Growth

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $72,992)	$	71,422
Cash		1,261
Receivables:
Investment securities sold		1,646
Shares of beneficial interest sold		334
Dividends		52
Dividend reclaims receivable		5
Other		4
		74,724
Liabilities:
Investment securities purchased		190
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		101
Management and advisory fees		50
Distribution fees		51
Transfer agent fees		85
Other		33
		510
Net Assets	$	74,214
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	76,082
Accumulated net investment income (loss)		(464	)
Undistributed net realized gain (loss) from:
Investment securities		176
Foreign currency transactions		(9	)
Net unrealized appreciation (depreciation) on:
Investment securities		(1,571	)
Net Assets	$	74,214
Net Assets by Class:
Class A	$	19,814
Class B		37,883
Class C		2,087
Class C2		7,160
Class M		7,270
Shares Outstanding:
Class A		2,127
Class B		4,278
Class C		235
Class C2		809
Class M		814
Net Asset Value Per Share:
Class A	$	9.32
Class B		8.86
Class C		8.90
Class C2		8.86
Class M		8.93
Maximum Offering Price Per Share (a):
Class A	$	9.86
Class M		9.02

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	5
Dividends		359
Income from loaned securities–net		10
Less withholding taxes on foreign dividends		(4	)
		370
Expenses:
Management and advisory fees		302
Transfer agent fees		126
Printing and shareholder reports		55
Custody fees		8
Administration fees		10
Legal fees		2
Auditing and accounting fees		5
Trustees fees		2
Registration fees		22
Other		5
Distribution and service fees:
Class A		34
Class B		195
Class C		8
Class C2		38
Class M		35
Total expenses		847
Less:
Advisory fee waiver		(16	)
Net expenses		831
Net Investment Income (Loss)		(461	)
Net Realized Gain (Loss) from:
Investment securities		14,482
Foreign currency transactions		(9	)
		14,473
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(7,655	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		6,818
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,357

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Jennison Growth    3

TA IDEX Jennison Growth

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(461	)	$	(708	)
Net realized gain (loss) from investment securities and foreign currency transactions		14,473			(2,454	)
Net unrealized appreciation (depreciation) on investment securities		(7,655	)		17,691
		6,357			14,529
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		3,818			4,065
Class B		1,239			3,745
Class C		2,257			589
Class C2		328			1,689
Class M		992			763
		8,634			10,851
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(4,569	)		(11,152	)
Class B		(4,127	)		(10,927	)
Class C		(831	)		(64	)
Class C2		(1,474	)		(4,487	)
Class M		(1,820	)		(2,917	)
		(12,821	)		(29,547	)
		(4,187	)		(18,696	)
Net increase (decrease) in net assets		2,170			(4,167	)
Net Assets:
Beginning of period		72,044			76,211
End of period	$	74,214		$	72,044
Accumulated Net Investment Income (Loss)	$	(464	)	$	(3	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	410		549
Class B	139		533
Class C	252		84
Class C2	37		241
Class M	111		110
	949		1,517
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(490	)	(1,514	)
Class B	(468	)	(1,584	)
Class C	(92	)	(9	)
Class C2	(169	)	(657	)
Class M	(205	)	(413	)
	(1,424	)	(4,177	)
Net increase (decrease) in shares outstanding:
Class A	(80	)	(965	)
Class B	(329	)	(1,051	)
Class C	160		75
Class C2	(132	)	(416	)
Class M	(94	)	(303	)
	(475	)	(2,660	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Jennison Growth    4

TA IDEX Jennison Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	8.54	$	(0.03	)	$	0.81		$	0.78		$	–	$	–		$	–		$	9.32
	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
	10/31/1999		10.14		0.06			2.78			2.84			–		(0.84	)		(0.84	)		12.14
Class B	04/30/2004		8.14		(0.06	)		0.78			0.72			–		–			–			8.86
	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
	10/31/1999		10.02		(0.03	)		2.78			2.75			–		(0.84	)		(0.84	)		11.93
Class C	04/30/2004		8.14		(0.07	)		0.83			0.76			–		–			–			8.90
	10/31/2003		6.60		(0.09	)		1.63			1.54			–		–			–			8.14
Class C2	04/30/2004		8.14		(0.06	)		0.78			0.72			–		–			–			8.86
	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 M	04/30/2004		8.20		(0.06	)		0.79			0.73			–		–			–			8.93
	10/31/2003		6.65		(0.08	)		1.63			1.55			–		–			–			8.20
	10/31/2002		7.81		(0.10	)		(1.06	)		(1.16	)		–		–			–			6.65
	10/31/2001		10.05		(0.04	)		(1.16	)		(1.20	)		–		(1.04	)		(1.04	)		7.81
	10/31/2000		11.96		(0.16	)		(1.54	)		(1.70	)		–		(0.21	)		(0.21	)		10.05
	10/31/1999		10.04		(0.02	)		2.78			2.76			–		(0.84	)		(0.84	)		11.96

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	9.13	%	$	19,814	1.75	%	1.77	%	(0.75	)%	128	%
	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
	10/31/1999	30.07			4,537	1.64		2.87		(0.99	)	126
Class B	04/30/2004	8.85			37,883	2.40		2.42		(1.40	)	128
	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
	10/31/1999	29.45			3,868	2.29		3.52		(1.64	)	126
Class C	04/30/2004	9.34			2,087	2.40		2.42		(1.40	)	128
	10/31/2003	23.33			607	2.40		2.55		(1.19	)	100
Class C2	04/30/2004	8.85			7,160	2.40		2.42		(1.40	)	128
	10/31/2003	23.33			7,654	2.40		2.55		(1.19	)	100
	10/31/2002	(15.10	)		8,957	2.40		2.47		(1.17	)	98
	10/31/2001	(11.54	)		7,211	2.20		3.09		(0.76	)	158
	10/31/2000	(14.70	)		271	2.20		3.31		(1.51	)	244
Class M	04/30/2004	8.90			7,270	2.30		2.32		(1.30	)	128
	10/31/2003	23.31			7,450	2.30		2.45		(1.09	)	100
	10/31/2002	(14.91	)		8,055	2.30		2.37		(1.07	)	98
	10/31/2001	(11.48	)		5,994	2.10		2.99		(0.66	)	158
	10/31/2000	(14.60	)		946	2.10		3.21		(1.42	)	244
	10/31/1999	29.54			1,338	2.19		3.42		(1.54	)	126

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Jennison Growth    5

TA IDEX Jennison Growth

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, and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Jennison Growth    6

TA IDEX Jennison Growth

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Jennison Equity Opportunity (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1996.

On March 1, 2004, the Fund changed its name from IDEX Jennison Equity Opportunity to TA IDEX Jennison Growth.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Jennison Growth    7

TA IDEX Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $12 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 received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain in the Schedule of Investments.

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 than 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.

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 are incurred.

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.

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)

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Jennison Growth    8

TA IDEX Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of

Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	26
Retained by Underwriter		3
Contingent Deferred Sales Charges		60

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $126 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	90,852
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		93,108
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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Jennison Growth    9

TA IDEX Jennison Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

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

Capital Loss Carryforward	Available through
$2,778 8,055 3,020	October 31, 2009 October 31, 2010 October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	73,064
Unrealized Appreciation	$	2,573
Unrealized (Depreciation)		(4,215	)
Net Unrealized Appreciation (Depreciation)	$	(1,642	)

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Jennison Growth    10

TA IDEX LKCM Strategic Total Return

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (0.8%)
U.S. Treasury Note (b) 2.63%, due 11/15/2006	$	400	$	400
Total U.S. Government Obligations (cost: $405)				400
CORPORATE DEBT SECURITIES (5.0%)
Business Services (1.0%)
First Data Corporation 4.70%, due 11/01/2006		500		522
Life Insurance (0.8%)
Hartford Life, Inc. 6.90%, due 06/15/2004		400		402
Personal Credit Institutions (1.0%)
General Electric Capital Corporation 8.85%, due 04/01/2005		500		530
Printing & Publishing (1.0%)
Gannett Co., Inc. 5.50%, due 04/01/2007		500		533
Variety Stores (1.2%)
Wal-Mart Stores, Inc. 6.55%, due 08/10/2004		600		609
Total Corporate Debt Securities (cost: $2,587)				2,596
CONVERTIBLE BONDS (1.3%)
Printing & Publishing (1.3%)
Tribune Company–PHONES 0.00%, due 01/00/1900		8,100		656
Total Convertible Bonds (cost: $977)				656
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (3.7%)
Instruments & Related Products (1.7%)
Raytheon Company		17,000	$	875
Life Insurance (2.0%)
Prudential Financial, Inc.–Units		15,100		1,020
Total Convertible Preferred Stocks (cost: $1,662)				1,895
COMMON STOCKS (87.8%)
Automotive (1.6%)
Honeywell International Inc.		24,500		847
Beverages (3.7%)
Coca-Cola Company (The)		19,000		961
PepsiCo, Inc.		17,000		926
Business Services (3.5%)
Clear Channel Communications, Inc.		21,800		904
First Data Corporation		19,600		890
Chemicals & Allied Products (3.7%)
Colgate-Palmolive Company		17,500		1,013
du Pont (E.I.) de Nemours and Company		20,400		876

	Shares	Value
Commercial Banks (9.7%)
Bank of America Corporation	9,900	$	797
Bank of New York Company, Inc. (The)	26,500		772
Citigroup Inc.	18,800		904
Cullen/Frost Bankers, Inc.	19,000		823
Mellon Financial Corporation	29,800		883
Wells Fargo & Company	15,600		881
Communication (1.5%)
Viacom, Inc.–Class B	20,344		786
Communications Equipment (2.9%)
Harris Corporation (b)	20,700		933
Motorola, Inc.	29,700		542
Computer & Data Processing Services (4.7%)
Automatic Data Processing, Inc.	20,000		876
Microsoft Corporation	37,800		982
SunGard Data Systems Inc. (a)	21,000		547
Computer & Office Equipment (4.4%)
Cisco Systems, Inc. (a)	27,700		578
Dell Inc. (a)	27,200		944
International Business Machines Corporation	8,500		749
Electronic & Other Electric Equipment (1.8%)
General Electric Company	31,500		943
Electronic Components & Accessories (4.1%)
Intel Corporation	28,300		728
Texas Instruments Incorporated	30,000		753
Tyco International Ltd.	24,000		659
Environmental Services (2.7%)
Allied Waste Industries, Inc. (a)(b)	54,000		680
Waste Management, Inc.	24,700		701
Food & Kindred Products (2.9%)
Altria Group, Inc.	14,300		792
Kraft Foods, Inc.–Class A	21,400		704
Health Services (1.8%)
Triad Hospitals, Inc. (a)	26,600		905
Instruments & Related Products (1.9%)
Alcon, Inc.	13,500		1,002
Insurance (1.8%)
American International Group, Inc.	13,275		951
Lumber & Other Building Materials (1.7%)
Home Depot, Inc. (The)	24,800		873
Lumber & Wood Products (1.4%)
Masco Corporation (b)	25,000		700
Medical Instruments & Supplies (1.9%)
Medtronic, Inc.	19,200		969
Oil & Gas Extraction (6.3%)
Anadarko Petroleum Corporation	18,000		964
EOG Resources, Inc.	14,800		729
Schlumberger Limited	14,800		866
Unocal Corporation	20,000		721

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return     1

TA IDEX LKCM Strategic Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Paper & Allied Products (3.3%)
Kimberly-Clark Corporation		15,000	$	982
Temple-Inland Inc.		11,500		710
Paper & Paper Products (1.3%)
Boise Cascade Corporation		20,000		675
Personal Services (0.9%)
Block (H&R), Inc. (b)		10,200		460
Petroleum Refining (3.9%)
BP PLC–ADR		18,100		958
Exxon Mobil Corporation		24,400		1,038
Pharmaceuticals (6.4%)
Abbott Laboratories		11,000		484
Pfizer Inc.		28,200		1,008
Schering-Plough Corporation		29,000		485
Teva Pharmaceutical Industries Ltd.–ADR		12,500		770
Wyeth		14,900		567
Savings Institutions (1.6%)
Charter One Financial, Inc.		24,500		818
Telecommunications (4.6%)
ALLTEL Corporation		17,400		876
SBC Communications Inc.		21,000		523
Verizon Communications, Inc.		25,400		959
Variety Stores (1.8%)
Wal-Mart Stores, Inc.		16,700		953
Total Common Stocks (cost: $39,635)				45,320
	Principal		Value
SECURITY LENDING COLLATERAL (2.8%)
Debt (1.6%)
Bank Notes (0.3%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	71	$	71
Fleet National Bank 1.00%, due 07/21/2004		71		71
Euro Dollar Overnight (0.1%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		43		43
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		26		26

	Principal		Value
Euro Dollar Terms (0.4%)
Bank of Montreal 1.02%, due 05/21/2004	$	8	$	8
BNP Paribas SA 1.01%, due 05/18/2004		43		43
1.08%, due 07/29/2004		43		43
Den Danske Bank 1.02%, due 05/20/2004		28		28
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		27		27
Wells Fargo & Company 1.02%, due 05/14/2004		43		43
Promissory Notes (0.2%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		98		98
Repurchase Agreements (0.6%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $284 on 05/03/2004		284		284
	Shares		Value
Investment Companies (1.2%)
Money Market Funds (1.2%)
American AAdvantage Select Fund 1-day yield of 0.98%		85,117	$	85
Barclays Institutional Money Market Fund 1-day yield of 1.02%		199,607		199
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		77,876		77
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%		284,742		284
Total Security Lending Collateral (cost: $1,430)				1,430
Total Investment Securities (cost: $46,696)			$	52,297
SUMMARY:
Investments, at value		101.4%	$	52,297
Liabilities in excess of other assets		(1.4)%		(723)
Net assets		100.0%	$	51,574

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $1,350.

(c) Cash collateral for the Repurchase Agreements, valued at $289, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

DEFINITIONS:

ADR American Depositary Receipt

PHONES Participation Hybrid Option Note Exchangeable Securities

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return    2

TA IDEX LKCM Strategic Total Return

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $46,696) (including securities loaned of $1,350)	$	52,297
Cash		827
Receivables:
Shares of beneficial interest sold		28
Interest		42
Dividends		65
Dividend reclaims receivable		2
Other		9
		53,270
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		111
Management and advisory fees		22
Distribution fees		27
Transfer agent fees		67
Payable for collateral for securities on loan		1,430
Other		39
		1,696
Net Assets	$	51,574
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	45,409
Accumulated net investment income (loss)		(146	)
Undistributed net realized gain (loss) from investment securities		712
Net unrealized appreciation (depreciation) on:
Investment securities		5,599
Net Assets	$	51,574
Net Assets by Class:
Class A	$	29,389
Class B		16,033
Class C		343
Class C2		2,600
Class M		3,209
Shares Outstanding:
Class A		1,704
Class B		936
Class C		20
Class C2		152
Class M		187
Net Asset Value Per Share:
Class A	$	17.25
Class B		17.13
Class C		17.13
Class C2		17.13
Class M		17.14
Maximum Offering Price Per Share (a):
Class A	$	18.25
Class M		17.31

(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 C2 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 year period April 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	79
Dividends		513
Income from loaned securities–net		2
Less withholding taxes on foreign dividends		(4	)
		590
Expenses:
Management and advisory fees		215
Transfer agent fees		91
Printing and shareholder reports		41
Custody fees		4
Administration fees		10
Legal fees		1
Auditing and accounting fees		7
Trustees fees		2
Registration fees		25
Other		4
Distribution and service fees:
Class A		55
Class B		82
Class C		1
Class C2		13
Class M		15
Total expenses		566
Less:
Advisory fee waiver		(83	)
Net expenses		483
Net Investment Income (Loss)		107
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		1,181
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		2,718
Net Gain (Loss) on Investment Securities		3,899
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,006

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return    3

TA IDEX LKCM Strategic Total Return

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	107		$	458
Net realized gain (loss) from investment securities		1,181			795
Net unrealized appreciation (depreciation) on investment securities		2,718			5,051
		4,006			6,304
Distributions to Shareholders:
From net investment income:
Class A		(177	)		(313	)
Class B		(70	)		(109	)
Class C		(1	)		–
Class C2		(12	)		(19	)
Class M		(15	)		(28	)
		(275	)		(469	)
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		1,703			3,504
Class B		773			2,035
Class C		188			203
Class C2		100			250
Class M		77			197
		2,841			6,189
Dividends and distributions reinvested:
Class A		170			300
Class B		67			105
Class C		1			–
Class C2		11			18
Class M		15			27
		264			450
Cost of shares redeemed:
Class A		(5,916	)		(7,375	)
Class B		(1,898	)		(3,870	)
Class C		(69	)		(12	)
Class C2		(344	)		(684	)
Class M		(559	)		(1,096	)
		(8,786	)		(13,037	)
		(5,681	)		(6,398	)
Net increase (decrease) in net assets		(1,950	)		(563	)
Net Assets:
Beginning of period		53,524			54,087
End of period	$	51,574		$	53,524
Accumulated Net Investment Income (Loss)	$	(146	)	$	22

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	100		238
Class B	45		136
Class C	11		14
Class C2	6		17
Class M	4		14
	166		419
Shares issued–reinvested from distributions:
Class A	10		21
Class B	4		7
Class C	–		–
Class C2	1		1
Class M	1		2
	16		31
Shares redeemed:
Class A	(345	)	(503	)
Class B	(112	)	(266	)
Class C	(4	)	(1	)
Class C2	(20	)	(47	)
Class M	(33	)	(75	)
	(514	)	(892	)
Net increase (decrease) in shares outstanding:
Class A	(235	)	(244	)
Class B	(63	)	(123	)
Class C	7		13
Class C2	(13	)	(29	)
Class M	(28	)	(59	)
	(332	)	(442	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return    4

TA IDEX LKCM Strategic Total Return

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	16.10	$	0.06	$	1.18		$	1.24		$	(0.09	)	$	–		$	(0.09	)	$	17.25
	10/31/2003		14.34		0.17		1.74			1.91			(0.15	)		–			(0.15	)		16.10
	10/31/2002		15.46		0.28		(1.11	)		(0.83	)		(0.27	)		(0.02	)		(0.29	)		14.34
	10/31/2001		17.02		0.30		(1.51	)		(1.21	)		(0.26	)		(0.09	)		(0.35	)		15.46
	10/31/2000		17.62		0.27		(0.15	)		0.12			(0.30	)		(0.42	)		(0.72	)		17.02
	10/31/1999		16.18		0.20		1.65			1.85			(0.20	)		(0.21	)		(0.41	)		17.62
Class B	04/30/2004		16.02		–		1.18			1.18			(0.07	)		–			(0.07	)		17.13
	10/31/2003		14.33		0.07		1.72			1.79			(0.10	)		–			(0.10	)		16.02
	10/31/2002		15.45		0.18		(1.11	)		(0.93	)		(0.17	)		(0.02	)		(0.19	)		14.33
	10/31/2001		17.01		0.19		(1.50	)		(1.31	)		(0.16	)		(0.09	)		(0.25	)		15.45
	10/31/2000		17.60		0.18		(0.15	)		0.03			(0.20	)		(0.42	)		(0.62	)		17.01
	10/31/1999		16.17		0.09		1.65			1.74			(0.10	)		(0.21	)		(0.31	)		17.60
Class C	04/30/2004		16.02		–		1.18			1.18			(0.07	)		–			(0.07	)		17.13
	10/31/2003		14.06		0.07		1.99			2.06			(0.10	)		–			(0.10	)		16.02
Class C2	04/30/2004		16.02		–		1.18			1.18			(0.07	)		–			(0.07	)		17.13
	10/31/2003		14.33		0.07		1.72			1.79			(0.10	)		–			(0.10	)		16.02
	10/31/2002		15.45		0.18		(1.11	)		(0.93	)		(0.17	)		(0.02	)		(0.19	)		14.33
	10/31/2001		17.01		0.19		(1.50	)		(1.31	)		(0.16	)		(0.09	)		(0.25	)		15.45
	10/31/2000		17.60		0.18		(0.15	)		0.03			(0.20	)		(0.42	)		(0.62	)		17.01
Class M	04/30/2004		16.03		0.01		1.17			1.18			(0.07	)		–			(0.07	)		17.14
	10/31/2003		14.33		0.09		1.72			1.81			(0.11	)		–			(0.11	)		16.03
	10/31/2002		15.45		0.19		(1.10	)		(0.91	)		(0.19	)		(0.02	)		(0.21	)		14.33
	10/31/2001		17.01		0.20		(1.49	)		(1.29	)		(0.18	)		(0.09	)		(0.27	)		15.45
	10/31/2000		17.61		0.18		(0.15	)		0.03			(0.21	)		(0.42	)		(0.63	)		17.01
	10/31/1999		16.17		0.11		1.65			1.76			(0.11	)		(0.21	)		(0.32	)		17.61

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	7.75	%	$	29,389	1.55	%	1.84	%	0.66	%	3	%
	10/31/2003	13.43			31,224	1.55		1.99		1.14		32
	10/31/2002	(5.52	)		31,303	1.55		1.85		1.77		14
	10/31/2001	(7.13	)		37,253	1.55		1.74		1.80		23
	10/31/2000	0.64			40,919	1.55		1.69		1.59		56
	10/31/1999	11.61			37,959	1.64		1.79		1.20		60
Class B	04/30/2004	7.39			16,033	2.20		2.49		0.01		3
	10/31/2003	12.58			15,997	2.20		2.64		0.49		32
	10/31/2002	(6.12	)		16,072	2.20		2.51		1.12		14
	10/31/2001	(7.72	)		19,236	2.20		2.39		1.15		23
	10/31/2000	0.03			19,375	2.20		2.34		0.94		56
	10/31/1999	10.91			15,531	2.29		2.44		0.55		60
Class C	04/30/2004	7.39			343	2.20		2.49		0.01		3
	10/31/2003	14.74			206	2.20		2.64		0.49		32
Class C2	04/30/2004	7.39			2,600	2.20		2.49		0.01		3
	10/31/2003	12.58			2,650	2.20		2.64		0.49		32
	10/31/2002	(6.12	)		2,778	2.20		2.50		1.12		14
	10/31/2001	(7.72	)		2,989	2.20		2.39		1.15		23
	10/31/2000	0.03			2,523	2.20		2.34		0.94		56
Class M	04/30/2004	7.41			3,209	2.10		2.39		0.11		3
	10/31/2003	12.71			3,447	2.10		2.54		0.59		32
	10/31/2002	(6.04	)		3,934	2.10		2.41		1.22		14
	10/31/2001	(7.63	)		5,547	2.10		2.29		1.25		23
	10/31/2000	0.12			7,026	2.10		2.24		1.04		56
	10/31/1999	11.02			8,779	2.19		2.34		0.65		60

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return    5

TA IDEX LKCM Strategic Total Return

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, and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return    6

TA IDEX LKCM Strategic Total Return

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX LKCM Strategic Total Return (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on December 2, 1994.

On March 1, 2004, the Fund changed its name from IDEX LKCM Strategic Total Return to TA IDEX LKCM Strategic Total Return.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $7 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 received 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 net 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return    7

TA IDEX LKCM Strategic Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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 period ended April 30, 2004, this fee totaled $3. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return    8

TA IDEX LKCM Strategic Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	20
Retained by Underwriter		3
Contingent Deferred Sales Charges		14

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $91 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, 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, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	726
U.S. Government		812
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		7,038
U.S. Government		402

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 treatments for items including, but not limited to, wash sales 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
$469	October 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	46,701
Unrealized Appreciation	$	7,943
Unrealized (Depreciation)		(2,347	)
Net Unrealized Appreciation (Depreciation)	$	5,596

NOTE  5. SUBSEQUENT EVENTS

The Fund merged into TA IDEX Transamerica Value Balanced effective as of the close of business on May 28, 2004.

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX LKCM Strategic Total Return    9

TA IDEX Marsico Growth

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
COMMON STOCKS (97.1%)
Air Transportation (2.3%)
FedEx Corporation	21,424	$	1,541
Amusement & Recreation Services (1.7%)
Mandalay Resort Group	19,878		1,142
Automotive (1.1%)
Honeywell International Inc.	20,264		701
Beverages (2.4%)
PepsiCo, Inc.	29,695		1,618
Business Services (1.0%)
eBay Inc. (a)	8,056		643
Chemicals & Allied Products (3.5%)
Monsanto Company	8,386		290
Procter & Gamble Company (The)	19,375		2,049
Commercial Banks (5.7%)
Citigroup Inc.	65,092		3,130
Morgan Chase & Co. (J.P.)	16,282		612
Communications Equipment (7.4%)
Motorola, Inc.	101,388		1,850
QUALCOMM Incorporated	48,260		3,014
Computer & Data Processing Services (2.9%)
Automatic Data Processing, Inc.	15,908		697
Electronic Arts Inc. (a)	23,758		1,203
Computer & Office Equipment (1.5%)
Dell Inc. (a)	28,113		976
Construction (0.2%)
M.D.C. Holdings, Inc.	1,680		104
Electronic & Other Electric Equipment (8.2%)
General Electric Company	90,117		2,699
Samsung Electronics Co., Ltd.	4,220		2,003
Sharp Corporation	35,000		631
Electronic Components & Accessories (2.7%)
Maxim Integrated Products	10,461		481
Tyco International Ltd.	47,468		1,303
Health Services (1.5%)
Quest Diagnostics Incorporated	11,660		984
Industrial Machinery & Equipment (3.9%)
Caterpillar, Inc.	33,132		2,575
Insurance (5.4%)
UnitedHealth Group Incorporated	58,092		3,571
Lumber & Other Building Materials (2.7%)
Lowe’s Companies, Inc.	34,798		1,812
Medical Instruments & Supplies (10.1%)
Boston Scientific Corporation (a)	63,152		2,601
Medtronic, Inc.	27,579		1,392
St. Jude Medical, Inc. (a)	6,552		500
Zimmer Holdings, Inc. (a)	27,489		2,195

	Shares		Value
Mortgage Bankers & Brokers (1.3%)
Countrywide Financial Corporation		14,203	$	842
Personal Credit Institutions (4.6%)
SLM Corporation		79,949		3,063
Pharmaceuticals (10.8%)
Forest Laboratories, Inc. (a)		25,243		1,628
Genentech, Inc. (a)		36,923		4,534
Roche Holding AG–Genusschein		9,612		1,009
Residential Building Construction (1.5%)
Lennar Corporation		21,214		994
Retail Trade (2.5%)
Tiffany & Co.		41,896		1,634
Rubber & Misc. Plastic Products (2.0%)
NIKE, Inc.–Class B		18,428		1,326
Security & Commodity Brokers (5.7%)
Goldman Sachs Group, Inc. (The)		19,769		1,907
Merrill Lynch & Co., Inc.		34,069		1,848
Telecommunications (1.7%)
Nextel Communications, Inc.–Class A (a)		47,327		1,129
Variety Stores (1.8%)
Wal-Mart Stores, Inc.		20,914		1,192
Water Transportation (1.0%)
Royal Caribbean Cruises Ltd. (b)		16,867		684
Total Common Stocks (cost: $54,713)				64,107
	Principal		Value
SECURITY LENDING COLLATERAL (0.9%)
Debt (0.5%)
Bank Notes (0.1%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	29	$	29
Fleet National Bank 1.00%, due 07/21/2004		29		29
Euro Dollar Overnight (0.0%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		17		17
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		11		11
Euro Dollar Terms (0.1%)
Bank of Montreal
1.02%, due 05/21/2004		3		3
BNP Paribas SA
1.01%, due 05/18/2004		17		17
1.08%, due 07/29/2004		17		17
Den Danske Bank
1.02%, due 05/20/2004		12		12
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		12		12
Wells Fargo & Company 1.02%, due 05/14/2004		17		17

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Marsico Growth    1

TA IDEX Marsico Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Promissory Notes (0.1%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004	$	41	$	41
Repurchase Agreements (0.2%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $115 on 05/03/2004		115		115

	Shares	Value
Investment Companies (0.4%)
Money Market Funds (0.4%)
American AAdvantage Select Fund 1-day yield of 0.98%	34,614	$	35
Barclays Institutional Money Market Fund 1-day yield of 1.02%	80,767		81
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%	31,263		31
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%	115,381		115
Total Security Lending Collateral (cost: $582)			582
Total Investment Securities (cost: $55,295)		$	64,689
SUMMARY:
Investments, at value	98.0%	$	64,689
Other assets in excess of liabilities	2.0%		1,345
Net assets	100.0%	$	66,034

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $564.

(c) Cash collateral for the Repurchase Agreements, valued at $118, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Marsico Growth    2

TA IDEX Marsico Growth

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $55,295) (including securities loaned of $564)	$	64,689
Cash		1,741
Foreign cash (cost: $1,031)		1,037
Receivables:
Investment securities sold		1,143
Shares of beneficial interest sold		52
Dividends		89
Other		3
		68,754
Liabilities:
Investment securities purchased		1,676
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		289
Due to advisor		27
Management and advisory fees		45
Distribution fees		36
Transfer agent fees		33
Payable for collateral for securities on loan		582
Other		32
		2,720
Net Assets	$	66,034
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	70,064
Accumulated net investment income (loss)		(336	)
Accumulated net realized gain (loss) from: Investment securities		(13,057	)
Foreign currency transactions		(31	)
Net unrealized appreciation (depreciation) on investment securities		9,394
Net Assets	$	66,034
Net Assets by Class:
Class A	$	36,760
Class B		20,523
Class C		2,902
Class C2		2,104
Class M		3,745
Shares Outstanding:
Class A		4,073
Class B		2,358
Class C		333
Class C2		242
Class M		428
Net Asset Value Per Share:
Class A	$	9.03
Class B		8.71
Class C		8.71
Class C2		8.70
Class M		8.75
Maximum Offering Price Per Share (a):
Class A	$	9.56
Class M		8.84

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	5
Dividends		290
Income from loaned securities–net		2
Less withholding taxes on foreign dividends		(2	)
		295
Expenses:
Management and advisory fees		261
Transfer agent fees		58
Printing and shareholder reports		25
Custody fees		6
Administration fees		10
Legal fees		1
Auditing and accounting fees		5
Trustees fees		2
Registration fees		25
Other		3
Distribution and service fees:
Class A		64
Class B		103
Class C		10
Class C2		12
Class M		18
Total expenses before recovery of waived expenses		603
Recovered expenses		27
Total expenses		630
Net Investment Income (Loss)		(335	)
Net Realized Gain (Loss) from:
Investment securities		2,059
Foreign currency transactions		(31	)
		2,028
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(1,388	)
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		640
Net Increase (Decrease) in Net Assets Resulting from Operations	$	305

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Marsico Growth    3

TA IDEX Marsico Growth

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(335	)	$	(600	)
Net realized gain (loss) from investment securities and foreign currency transactions		2,028			(8,233	)
Net unrealized appreciation (depreciation) on investment securities		(1,388	)		18,675
		305			9,842
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		4,295			32,721
Class B		3,589			7,333
Class C		1,780			1,174
Class C2		287			990
Class M		390			800
		10,341			43,018
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(1,924	)		(10,582	)
Class B		(2,852	)		(4,304	)
Class C		(58	)		(94	)
Class C2		(491	)		(1,326	)
Class M		(589	)		(755	)
		(5,914	)		(17,061	)
		4,427			25,957
Net increase (decrease) in net assets		4,732			35,799
Net Assets:
Beginning of period		61,302			25,503
End of period	$	66,034		$	61,302
Accumulated Net Investment Income (Loss)	$	(336	)	$	(1	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	473		4,395
Class B	408		935
Class C	201		153
Class C2	33		131
Class M	44		103
	1,159		5,717
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(210	)	(1,346	)
Class B	(323	)	(582	)
Class C	(6	)	(15	)
Class C2	(55	)	(180	)
Class M	(66	)	(102	)
	(660	)	(2,225	)
Net increase (decrease) in shares outstanding:
Class A	263		3,049
Class B	85		353
Class C	195		138
Class C2	(22	)	(49	)
Class M	(22	)	1
	499		3,492

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Marsico Growth    4

TA IDEX Marsico Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	8.97	$	(0.03	)	$	0.09		$	0.06		$	–	$	–		$	–		$	9.03
	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
	10/31/1999		10.00		0.03			1.37			1.40			–		–			–			11.40
Class B	04/30/2004		8.68		(0.06	)		0.09			0.03			–		–			–			8.71
	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
	10/31/1999		10.00		(0.02	)		1.37			1.35			–		–			–			11.35
Class C	04/30/2004		8.68		(0.06	)		0.09			0.03			–		–			–			8.71
	10/31/2003		7.18		(0.12	)		1.62			1.50			–		–			–			8.68
Class C2	04/30/2004		8.68		(0.06	)		0.08			0.02			–		–			–			8.70
	10/31/2003		7.36		(0.12	)		1.44			1.32			–		–			–			8.68
	10/31/2002		8.92		(0.12	)		(1.44	)		(1.56	)		–		–			–			7.36
	10/31/2001		12.41		(0.12	)		(3.23	)		(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 M	04/30/2004		8.72		(0.05	)		0.08			0.03			–		–			–			8.75
	10/31/2003		7.39		(0.11	)		1.44			1.33			–		–			–			8.72
	10/31/2002		8.95		(0.11	)		(1.45	)		(1.56	)		–		–			–			7.39
	10/31/2001		12.43		(0.11	)		(3.23	)		(3.34	)		–		(0.14	)		(0.14	)		8.95
	10/31/2000		11.36		(0.05	)		1.15			1.10			–		(0.03	)		(0.03	)		12.43
	10/31/1999		10.00		(0.01	)		1.37			1.36			–		–			–			11.36

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	0.67	%	$	36,760	1.56	%	1.64	%	(0.74	)%	56	%
	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
	10/31/1999	13.97			1,978	1.55		7.65		(0.55	)	22
Class B	04/30/2004	0.35			20,523	2.21		2.29		(1.39	)	56
	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
	10/31/1999	13.54			2,261	2.20		8.30		(1.20	)	22
Class C	04/30/2004	0.35			2,902	2.21		2.29		(1.39	)	56
	10/31/2003	20.89			1,200	2.40		2.46		(1.62	)	129
Class C2	04/30/2004	0.23			2,104	2.21		2.29		(1.39	)	56
	10/31/2003	17.93			2,292	2.40		2.45		(1.62	)	129
	10/31/2002	(17.52	)		2,301	2.38		2.70		(1.21	)	34
	10/31/2001	(27.25	)		4,719	2.20		2.68		(1.08	)	15
	10/31/2000	9.54			6,484	2.20		3.18		(1.12	)	25
Class M	04/30/2004	0.34			3,745	2.11		2.19		(1.29	)	56
	10/31/2003	18.00			3,920	2.30		2.35		(1.52	)	129
	10/31/2002	(17.43	)		3,320	2.28		2.60		(1.11	)	34
	10/31/2001	(27.15	)		3,201	2.10		2.58		(0.98	)	15
	10/31/2000	9.65			2,976	2.10		3.08		(1.02	)	25
	10/31/1999	13.61			748	2.10		8.20		(1.10	)	22

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Marsico Growth    5

TA IDEX Marsico Growth

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, and 4/30/2004.

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

(g) TA IDEX Marsico Growth (“the Fund”) commenced operations on March 1, 1999. The inception date for the Fund’s offering of share classes are as follows:

Class C – November 11, 2002

Class C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Marsico Growth    6

TA IDEX Marsico Growth

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Marsico Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.

On March 1, 2004, the Fund changed its name from IDEX Marsico Growth to TA IDEX Marsico Growth.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day 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 affect 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, 2004, was paying an interest rate of 0.75%.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Marsico Growth    7

TA IDEX Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, 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 received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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.

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)

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Marsico Growth    8

TA IDEX Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

• 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 period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and

AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	13,618	21%
TA IDEX Asset Allocation -Moderate Portfolio		10,835	16%
Total	$	24,453	37%

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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.

	Expense Recovered by Adviser		Increase in Total Expenses to Average Net Assets
Recovered in 2004	$	27	0.08%

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	43
Retained by Underwriter		5
Contingent Deferred Sales Charges		36

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $58 for the period ended April 30, 2004.

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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Marsico Growth    9

TA IDEX Marsico Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, 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, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	39,775
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		32,854
U.S. Government		1,847

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 treatments 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 periods listed:

Capital Loss Carryforward	Available through
$1,802	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, 2004, are as follows:

Federal Tax Cost Basis	$	55,372
Unrealized Appreciation	$	10,200
Unrealized (Depreciation)		(883	)
Net Unrealized Appreciation (Depreciation)	$	9,317

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Marsico Growth    10

TA IDEX PBHG Mid Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
COMMON STOCKS (96.0%)
Amusement & Recreation Services (0.8%)
Mandalay Resort Group	7,600	$	437
Apparel & Accessory Stores (5.4%)
American Eagle Outfitters, Inc. (a)	4,700		121
AnnTaylor, Inc. (a)(b)	13,600		551
Chico’s FAS, Inc. (a)(b)	25,800		1,051
Hot Topic, Inc. (a)(b)	15,600		347
Nordstrom, Inc.	6,400		228
Pacific Sunwear of California, Inc. (a)	16,000		344
Ross Stores, Inc.	15,300		467
Automotive Dealers & Service Stations (1.4%)
O’Reilly Automotive, Inc. (a)	17,500		786
Business Services (1.4%)
Ask Jeeves, Inc. (a)(b)	20,000		709
eBay Inc. (a)	630		50
Getty Images, Inc. (a)	400		22
Communications Equipment (0.9%)
ADTRAN, Inc.	20,000		490
Nokia Corporation–ADR	800		11
QUALCOMM Incorporated	300		19
Computer & Data Processing Services (11.0%)
Autodesk, Inc.	10,600		355
CACI International Inc.–Class A (a)	14,000		637
Citrix Systems, Inc. (a)	3,700		70
Cognizant Technology Solutions Corporation (a)	24,500		1,060
Cognos Incorporated (a)	35,500		1,119
Microsoft Corporation	1,800		47
Network Associates, Inc. (a)	27,500		431
Novell, Inc. (a)	23,700		228
Oracle Corporation (a)	2,400		27
PeopleSoft, Inc. (a)	21,700		366
Red Hat, Inc. (a)	3,800		86
Siebel Systems, Inc. (a)	43,400		446
Symantec Corporation (a)(b)	28,900		1,302
Yahoo! Inc. (a)	3,600		182
Computer & Office Equipment (4.7%)
Cisco Systems, Inc. (a)	4,400		92
Dell Inc. (a)	1,000		35
Emulex Corporation (a)	29,200		487
Foundry Networks, Inc. (a)(b)	30,800		348
Juniper Networks, Inc. (a)(b)	32,000		700
Network Appliance, Inc. (a)(b)	35,700		665
Polycom, Inc. (a)	13,700		261
Symbol Technologies, Inc.	11,300		136
Construction (0.8%)
Chicago Bridge & Iron Company NV–NY Registered Shares	15,800		454
Drug Stores & Proprietary Stores (1.8%)
Omnicare, Inc. (b)	24,500		1,016

	Shares	Value
Educational Services (7.8%)
Apollo Group, Inc.–Class A (a)	5,100	$	463
Apollo Group, Inc.–University of Phoenix Online (a)	13,700		1,193
Career Education Corporation (a)	25,364		1,623
Corinthian Colleges, Inc. (a)(b)	40,402		1,237
Electronic & Other Electric Equipment (1.0%)
Harman International Industries, Incorporated	7,900		599
Electronic Components & Accessories (11.0%)
Broadcom Corporation–Class A (a)	38,400		1,450
Cypress Semiconductor Corporation (a)(b)	34,000		475
Jabil Circuit, Inc. (a)	22,000		581
Linear Technology Corporation	15,900		567
Marvell Technology Group Ltd. (a)	18,400		713
Microchip Technology Incorporated	21,600		605
OmniVision Technologies, Inc. (a)(b)	20,000		446
Silicon Laboratories Inc. (a)(b)	19,800		934
Vishay Intertechnology, Inc. (a)	33,500		583
Environmental Services (1.3%)
Stericycle, Inc. (a)	15,300		732
Furniture & Home Furnishings Stores (1.2%)
Williams-Sonoma, Inc. (a)(b)	20,500		666
Health Services (2.6%)
Caremark Rx, Inc. (a)(b)	12,200		413
Lincare Holdings Inc. (a)(b)	10,900		379
Select Medical Corporation	38,000		720
Industrial Machinery & Equipment (4.2%)
Lam Research Corporation (a)	28,600		633
Varian Semiconductor Equipment Associates, Inc. (a)	16,000		521
Zebra Technologies Corporation–Class A (a)	16,950		1,242
Instruments & Related Products (2.4%)
Avid Technology, Inc. (a)	15,000		720
Cognex Corporation	20,500		651
Insurance (0.4%)
Everest Re Group, Ltd.	2,500		213
Leather & Leather Products (2.1%)
Coach, Inc. (a)	28,600		1,218
Management Services (2.8%)
Corporate Executive Board Company (The)	30,800		1,591
Medical Instruments & Supplies (6.3%)
DENTSPLY International Inc.	15,200		737
ResMed Inc. (a)(b)	15,500		764
Respironics, Inc. (a)	7,600		398
St. Jude Medical, Inc. (a)	5,400		412
Varian Medical Systems, Inc. (a)	15,500		1,331
Pharmaceuticals (8.3%)
Celgene Corporation (a)	17,700		915
Eon Labs, Inc. (a)	9,700		638
Integra LifeSciences Holdings Corporation (a)	5,500		176

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PBHG Mid Cap Growth    1

TA IDEX PBHG Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Shares		Value
Pharmaceuticals (continued)
Invitrogen Corporation (a)(b)		15,800	$	1,140
Martek Biosciences Corp. (a)(b)		5,000		317
Medicines Company (The) (a)(b)		13,900		455
Taro Pharmaceutical Industries Ltd. (a)(b)		12,500		541
Techne Corporation (a)		15,000		584
Primary Metal Industries (0.4%)
Andrew Corporation (a)		15,200		258
Radio & Television Broadcasting (0.5%)
Univision Communications Inc.–Class A (a)		8,500		288
Research & Testing Services (1.5%)
Affymetrix, Inc. (a)(b)		20,500		626
Gen-Probe Incorporated (a)		7,200		240
Restaurants (2.3%)
Applebee’s International, Inc.		16,200		628
Cheesecake Factory Incorporated (The) (a)(b)		12,900		546
Darden Restaurants, Inc.		6,700		152
Retail Trade (6.9%)
Amazon.com, Inc. (a)		200		9
Barnes & Noble, Inc. (a)		15,600		466
CDW Corporation		15,700		981
PETCO Animal Supplies, Inc. (a)		18,800		552
PETsMART, Inc.		20,500		568
Schein (Henry), Inc. (a)		11,500		810
Staples, Inc.		22,400		577
Savings Institutions (2.3%)
New York Community Bancorp, Inc.		52,710		1,321
Security & Commodity Brokers (0.5%)
Investors Financial Services Corp.		7,700		299
Water Transportation (0.9%)
Royal Caribbean Cruises Ltd. (b)		13,300		539
Wholesale Trade Nondurable Goods (1.1%)
Tractor Supply Company (a)		16,200		633
Total Common Stocks (cost: $46,119)				55,252
	Principal		Value
SECURITY LENDING COLLATERAL (25.0%)
Debt (13.8%)
Bank Notes (2.5%)
Canadian Imperial Bank of Commerce
1.10%, due 11/04/2004	$	714	$	714
Fleet National Bank
1.00%, due 07/21/2004		714		714

	Principal		Value
Euro Dollar Overnight (1.2%)
Credit Agricole Indosuez
1.00%, due 05/07/2004	$	428	$	428
Royal Bank of Scotland Group PLC (The)
1.00%, due 05/07/2004		257		257
Euro Dollar Terms (3.4%)
Bank of Montreal
1.02%, due 05/21/2004		83		83
BNP Paribas SA
1.01%, due 05/18/2004		428		428
1.08%, due 07/29/2004		428		428
Den Danske Bank
1.02%, due 05/20/2004		286		286
Royal Bank of Scotland Group PLC (The)
1.05%, due 07/15/2004		286		286
Wells Fargo & Company
1.02%, due 05/14/2004		428		428
Promissory Notes (1.7%)
Goldman Sachs Group, Inc. (The)
1.13%, due 07/29/2004		999		999
Repurchase Agreements (5.0%) (c)
Merrill Lynch & Co., Inc.
1.13% Repurchase Agreement dated 04/30/2004 to be repurchased at $2,855 on 05/03/2004		2,855		2,855
	Shares		Value
Investment Companies (11.2%)
Money Market Funds (11.2%)
American AAdvantage Select Fund
1-day yield of 0.98%		856,585	$	857
Barclays Institutional Money Market Fund
1-day yield of 1.02%		1,998,699		1,999
Merrill Lynch Premier Institutional Fund
1-day yield of 0.97%		773,649		774
Merrimac Cash Series Fund– Premium Class
1-day yield of 0.99%		2,855,285		2,855
Total Security Lending Collateral (cost: $14,391)				14,391
Total Investment Securities (cost: $60,510)			$	69,643
SUMMARY:
Investments, at value		121.0%	$	69,643
Liabilities in excess of other assets		(21.0)%		(12,066)
Net assets		100.0%	$	57,577

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $13,910.

(c) Cash collateral for the Repurchase Agreements, valued at $2,912, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

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 2004

TA IDEX PBHG Mid Cap Growth    2

TA IDEX PBHG Mid Cap Growth

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $ 60,510) (including securities loaned of $13,910)	$	69,643
Cash		2,472
Receivables:
Investment securities sold		158
Shares of beneficial interest sold		59
Due from advisor		14
Interest		1
Dividends		23
Other		16
		72,386
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		101
Distribution fees		39
Transfer agent fees		197
Payable for collateral for securities on loan		14,391
Other		81
		14,809
Net Assets	$	57,577
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	164,898
Accumulated net investment income (loss)		(605	)
Accumulated net realized gain (loss) from investment securities		(115,848	)
Net unrealized appreciation (depreciation) on:
Investment securities		9,132
Net Assets	$	57,577
Net Assets by Class:
Class A	$	19,650
Class B		28,279
Class C		739
Class C2		5,455
Class M		3,454
Shares Outstanding:
Class A		2,236
Class B		3,343
Class C		87
Class C2		645
Class M		406
Net Asset Value Per Share:
Class A	$	8.79
Class B		8.46
Class C		8.45
Class C2		8.46
Class M		8.51
Maximum Offering Price Per Share (a):
Class A	$	9.30
Class M		8.60

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	3
Dividends		69
Income from loaned securities–net		7
		79
Expenses:
Management and advisory fees		252
Transfer agent fees		285
Printing and shareholder reports		162
Custody fees		12
Administration fees		9
Legal fees		1
Auditing and accounting fees		5
Trustees fees		2
Registration fees		24
Other		6
Distribution and service fees:
Class A		37
Class B		155
Class C		4
Class C2		32
Class M		18
Total expenses		1,004
Less:
Advisory fee waiver and expense reimbursement		(324	)
Net expenses		680
Net Investment Income (Loss)		(601	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		1,358
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(3,932	)
Net Gain (Loss) on Investment Securities		(2,574	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,175	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PBHG Mid Cap Growth    3

TA IDEX PBHG Mid Cap Growth

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(601	)	$	(1,083	)
Net realized gain (loss) from investment securities		1,358			3,990
Net unrealized appreciation (depreciation) on investment securities		(3,932	)		11,464
		(3,175	)		14,371
Capital Share Transactions:
Proceeds from shares sold:
Class A		2,323			–
Class B		1,486			848
Class C		1,024			736
Class C2		412			4,119
Class M		142			4,853
		5,387			10,556
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Proceeds from fund acquisition:
Class A		–			4,698
Class B		–			7,930
Class C		–			20
Class C2		–			2,171
Class M		–			1,054
		–			15,873
Cost of shares redeemed:
Class A		(4,149	)		(8,056	)
Class B		(4,644	)		(6,900	)
Class C		(1,073	)		(26	)
Class C2		(1,647	)		(3,509	)
Class M		(1,154	)		(1,200	)
		(12,667	)		(19,691	)
		(7,280	)		6,738
Net increase (decrease) in net assets		(10,455	)		21,109
Net Assets:
Beginning of period		68,032			46,923
End of period	$	57,577		$	68,032
Accumulated Net Investment Income (Loss)	$	(605	)	$	115

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	252		–
Class B	168		373
Class C	115		98
Class C2	47		203
Class M	16		101
	598		775
Shares issued on fund acquisition:
Class A	–		682
Class B	–		1,187
Class C	–		3
Class C2	–		325
Class M	–		158
	–		2,355
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(455	)	(486	)
Class B	(525	)	(939	)
Class C	(126	)	(3	)
Class C2	(187	)	(472	)
Class M	(132	)	(162	)
	(1,425	)	(2,062	)
Net increase (decrease) in shares outstanding:
Class A	(203	)	196
Class B	(357	)	621
Class C	(11	)	98
Class C2	(140	)	56
Class M	(116	)	97
	(827	)	1,068

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PBHG Mid Cap Growth    4

TA IDEX PBHG Mid Cap Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	9.23	$	(0.07	)	$	(0.37	)	$	(0.44	)	$	–	$	–		$	–		$	8.79
	10/31/2003		7.38		(0.12	)		1.97			1.85			–		–			–			9.23
	10/31/2002		9.24		(0.14	)		(1.72	)		(1.86	)		–		–			–			7.38
	10/31/2001		20.94		(0.12	)		(11.58	)		(11.70	)		–		–			–			9.24
	10/31/2000		14.80		(0.02	)		6.47			6.45			–		(0.31	)		(0.31	)		20.94
	10/31/1999		10.00		0.02			4.78			4.80			–		–			–			14.80
Class B	04/30/2004		8.91		(0.09	)		(0.36	)		(0.45	)		–		–			–			8.46
	10/31/2003		7.17		(0.17	)		1.91			1.74			–		–			–			8.91
	10/31/2002		9.05		(0.19	)		(1.69	)		(1.88	)		–		–			–			7.17
	10/31/2001		20.76		(0.21	)		(11.50	)		(11.71	)		–		–			–			9.05
	10/31/2000		14.76		(0.16	)		6.47			6.31			–		(0.31	)		(0.31	)		20.76
	10/31/1999		10.00		(0.02	)		4.78			4.76			–		–			–			14.76
Class C	04/30/2004		8.91		(0.09	)		(0.37	)		(0.46	)		–		–			–			8.45
	10/31/2003		6.96		(0.18	)		2.13			1.95			–		–			–			8.91
Class C2	04/30/2004		8.91		(0.09	)		(0.36	)		(0.45	)		–		–			–			8.46
	10/31/2003		7.17		(0.17	)		1.91			1.74			–		–			–			8.91
	10/31/2002		9.05		(0.19	)		(1.69	)		(1.88	)		–		–			–			7.17
	10/31/2001		20.76		(0.22	)		(11.49	)		(11.71	)		–		–			–			9.05
	10/31/2000		14.76		(0.16	)		6.47			6.31			–		(0.31	)		(0.31	)		20.76
Class M	04/30/2004		8.96		(0.09	)		(0.36	)		(0.45	)		–		–			–			8.51
	10/31/2003		7.20		(0.16	)		1.92			1.76			–		–			–			8.96
	10/31/2002		9.08		(0.18	)		(1.70	)		(1.88	)		–		–			–			7.20
	10/31/2001		20.79		(0.20	)		(11.51	)		(11.71	)		–		–			–			9.08
	10/31/2000		14.77		(0.14	)		6.47			6.33			–		(0.31	)		(0.31	)		20.79
	10/31/1999		10.00		(0.01	)		4.78			4.77			–		–			–			14.77

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	(4.77	)%	$	19,650	1.75	%	2.76	%	(1.48	)%	18	%
	10/31/2003	25.07			22,508	1.75		3.38		(1.55	)	229
	10/31/2002	(20.11	)		16,555	1.73		2.75		(1.51	)	176
	10/31/2001	(55.87	)		23,952	1.55		2.12		(0.91	)	172
	10/31/2000	43.78			48,842	1.55		2.06		(0.80	)	129
	10/31/1999	48.06			2,571	1.55		6.95		(0.88	)	151
Class B	04/30/2004	(5.05	)		28,279	2.40		3.41		(2.13	)	18
	10/31/2003	24.27			32,976	2.40		4.03		(2.20	)	229
	10/31/2002	(20.78	)		22,081	2.38		3.40		(2.16	)	176
	10/31/2001	(56.42	)		34,017	2.20		2.77		(1.56	)	172
	10/31/2000	43.07			68,184	2.20		2.71		(1.45	)	129
	10/31/1999	47.63			2,875	2.20		7.60		(1.53	)	151
Class C	04/30/2004	(5.16	)		739	2.40		3.41		(2.13	)	18
	10/31/2003	28.02			871	2.40		4.03		(2.20	)	229
Class C2	04/30/2004	(5.05	)		5,455	2.40		3.41		(2.13	)	18
	10/31/2003	24.27			7,000	2.40		4.03		(2.20	)	229
	10/31/2002	(20.78	)		5,226	2.38		3.40		(2.16	)	176
	10/31/2001	(56.42	)		8,595	2.20		2.77		(1.56	)	172
	10/31/2000	43.07			16,972	2.20		2.71		(1.45	)	129
Class M	04/30/2004	(5.02	)		3,454	2.30		3.31		(2.03	)	18
	10/31/2003	24.44			4,677	2.30		3.93		(2.10	)	229
	10/31/2002	(20.69	)		3,061	2.28		3.30		(2.06	)	176
	10/31/2001	(56.33	)		5,502	2.10		2.67		(1.46	)	172
	10/31/2000	43.17			14,734	2.10		2.61		(1.35	)	129
	10/31/1999	47.70			1,016	2.10		7.50		(1.43	)	151

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PBHG Mid Cap Growth    5

TA IDEX PBHG Mid Cap Growth

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, and 4/30/2004.

(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 PBHG Mid Cap Growth (“the Fund”) commenced operations on March 1, 1999. The inception date for the Fund’s offering of share classes are as follows:

Class C2 – November 1, 1999

Class C – November 11, 2002

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PBHG Mid Cap Growth    6

TA IDEX PBHG Mid Cap Growth

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX PBHG Mid Cap Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.

On March 1, 2004, the Fund changed its name from IDEX PBHG Mid Cap Growth to TA IDEX PBHG Mid Cap Growth.

On March 1, 2003, the Fund acquired all the net assets of IDEX Munder Net50 and IDEX PBHG Technology & Communications pursuant to a plan of reorganization approved by shareholders of IDEX Munder Net50 and IDEX PBHG Technology & Communication on February 12, 2003. The acquisition was accomplished by a tax-free exchange of 2,355 shares of the Fund for the 332 shares of IDEX Munder Net50 and for the 16,322 shares of IDEX PBHG Technology & Communications outstanding on February 28, 2003. IDEX Munder Net50 and IDEX PBHG Technology & Communications’ net assets at that date ($934 and $14,939, respectively), including ($38 and $325, respectively) unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:

IDEX Munder Net50:

	Shares	Amount
Proceeds in connection with the acquisition
Class A	43	$	294
Class B	64		428
Class C	23		150
Class L	1		9
Class M	8		53
		$	934

IDEX PBHG Technology & Communications:

	Shares	Amount
Proceeds in connection with the acquisition
Class A	639	$	4,404
Class B	1,123		7,502
Class C	302		2,021
Class L	2		11
Class M	150		1,001
		$	14,939

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PBHG Mid Cap Growth    7

TA IDEX PBHG Mid Cap Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $5 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 received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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 period ended April 30, 2004, this fee totaled $9. These fees are included in Paid in Capital in the Statement of Assets & 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 2004

TA IDEX PBHG Mid Cap Growth    8

TA IDEX PBHG Mid Cap Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

0.80% of the first $100 million of ANA

0.70% of ANA over $100 million

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	45
Retained by Underwriter		6
Contingent Deferred Sales Charges		51

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $9 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $285 for the period ended April 30, 2004.

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, 2004, 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, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	11,182
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		20,246
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 treatments 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
$96,985	October 31, 2009
19,020	October 31, 2011

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PBHG Mid Cap Growth    9

TA IDEX PBHG Mid Cap Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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, 2004, are as follows:

Federal Tax Cost Basis	$	61,518
Unrealized Appreciation	$	10,433
Unrealized (Depreciation)		(2,308	)
Net Unrealized Appreciation (Depreciation)	$	8,125

NOTE  5. SUBSEQUENT EVENTS

The Fund merged into TA IDEX Transamerica Growth Opportunities effective as of the close of business on May 28, 2004.

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PBHG Mid Cap Growth    10

TA IDEX PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (91.6%)
U.S. Treasury Inflation Index
3.63%, due 01/15/2008	$	30,537	$	33,599
3.88%, due 01/15/2009		43,590		48,884
3.50%, due 01/15/2011		12,622		14,060
3.38%, due 01/15/2012		1,944		2,156
3.00%, due 07/15/2012		25,160		27,196
1.88%, due 07/15/2013		19,766		19,492
2.00%, due 01/15/2014		42,317		42,016
3.63%, due 04/15/2028		5,755		6,869
3.88%, due 04/15/2029		41,946		52,302
3.38%, due 04/15/2032		1,049		1,245
Total U.S. Government Obligations (cost: $251,526)				247,819
FOREIGN GOVERNMENT OBLIGATIONS (0.2%)
Federative Republic of Brazil 8.00%, due 04/15/2014		586		538
Total Foreign Government Obligations (cost: $563)				538
MORTGAGE-BACKED SECURITIES (0.1%)
Truman Capital Mortgage Loan Trust, Series 2004-1 (b) 1.44%, due 01/25/2034		275		273
Total Mortgage-Backed Securities (cost: $275)				273
ASSET-BACKED SECURITIES (0.2%)
Bank of America Mortgage Securities, Inc., Series 2004-1 (b) 6.50%, due 09/25/2033		463		473
Total Asset-Backed Securities (cost: $476)				473
CORPORATE DEBT SECURITIES (4.9%)
Asset-Backed (0.7%)
Equity One ABS, Inc. Series 2004-1 Class AV2 (b) 1.40%, due 04/25/2034		1,236		1,237
Redwood Capital Ltd.–144A (b) 4.96%, due 01/09/2006		300		301
Redwood Capital Ltd.–144A (b) 3.41%, due 01/09/2006		300		300
Business Credit Institutions (0.1%)
Ford Motor Credit Company (b) 3.05%, due 10/25/2004		200		201
Electric Services (0.1%)
Entergy Gulf States, Inc.–144A (b) 2.01%, due 06/18/2007		200		201
Insurance (0.1%)
Residential Reinsurance, Ltd.–144A (b) 6.07%, due 06/08/2006		300		305
Mortgage-Backed (0.7%)
Countrywide Home Loans, Inc. (b) 1.20%, due 02/23/2005		2,000		2,000

	Principal		Value
Oil & Gas Extraction (0.9%)
Halliburton Company–144A (b) 1.92%, due 01/26/2007	$	2,400	$	2,397
Personal Credit Institutions (0.6%)
General Motors Acceptance Corporation (b) 2.00%, due 05/18/2006		1,500		1,500
Primary Metal Industries (0.1%)
Alcan Inc.–144A (b) 1.37%, due 12/08/2004		300		300
Revenue-Education (0.6%)
Arizona Educational Loan Marketing Corporation, Revenue Bonds (b) 1.11%, due 12/31/2037		500		500
Illinois Student Assistance Commission, Revenue Bonds (b) 1.13%, due 03/01/2042		500		500
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds (b) 1.10%, due 10/01/2042		500		500
Telecommunications (1.0%)
Sprint Capital Corporation 7.90%, due 03/15/2005		2,600		2,729
Verizon Wireless Capital LLC–144A (b) 1.19%, due 05/23/2005		300		300
Total Corporate Debt Securities (cost: $13,270)				13,271
CONVERTIBLE BONDS (0.4%)
Mortgage-Backed (0.4%)
Small Business Administration Participation Certificates 4.50%, due 02/10/2014		1,200		1,139
Total Convertible Bonds (cost: $1,200)				1,139
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (32.4%)
Fannie Mae
1.00%, due 05/19/2004		5,400		5,397
0.99%, due 05/20/2004		2,300		2,299
1.00%, due 05/26/2004		3,500		3,498
1.01%, due 06/02/2004		4,300		4,296
1.00%, due 06/23/2004		700		699
1.02%, due 06/23/2004		2,500		2,496
1.02%, due 06/30/2004		2,500		2,496
1.01%, due 07/01/2004		2,300		2,296
1.03%, due 07/01/2004		2,000		1,997
1.03%, due 07/07/2004		9,300		9,281
1.02%, due 07/14/2004		2,500		2,495
1.04%, due 07/14/2004		5,000		4,990
1.01%, due 07/20/2004		2,300		2,295
1.06%, due 07/21/2004		7,200		7,183
1.06%, due 07/28/2004		5,300		5,285
Federal Home Loan Bank
1.00%, due 05/26/2004		3,800		3,797

TA IDEX PIMCO Real Return TIPS    1

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Freddie Mac
1.02%, due 05/11/2004	$	5,400	$	5,397
1.00%, due 05/18/2004		5,400		5,397
1.00%, due 05/25/2004		2,600		2,599
1.00%, due 06/01/2004		4,200		4,196
1.00%, due 06/15/2004		2,200		2,197
1.03%, due 07/06/2004		400		399
1.01%, due 07/15/2004		1,000		998
U. S. Treasury Bill
1.01%, due 06/03/2004		3,300		3,297
0.89%, due 06/17/2004		1,770		1,768
0.91%, due 06/17/2004		450		449
Total Short-Term U.S. Government Obligations (cost: $87,497)				87,497
COMMERCIAL PAPER (56.7%)
ABN-AMRO North America Finance, Inc.
1.03%, due 05/20/2004		1,100		1,099
1.09%, due 07/29/2004		1,900		1,895
Alcon Capital Corporation
1.02%, due 05/25/2004		1,000		999
Australia and New Zealand Banking Group Limited
1.03%, due 05/17/2004		100		100
1.03%, due 05/25/2004		1,700		1,699
1.03%, due 06/02/2004		100		100
1.02%, due 06/03/2004		100		100
1.04%, due 06/21/2004		200		200
1.03%, due 06/22/2004		700		699
1.05%, due 07/07/2004		400		399
1.06%, due 07/19/2004		4,500		4,490
Barclays PLC
1.02%, due 05/06/2004		5,400		5,398
1.04%, due 06/21/2004		2,100		2,097
Barclays U.S. Funding LLC
1.11%, due 08/25/2004		400		399
Cba (Delaware) Finance
1.02%, due 05/04/2004		2,700		2,700
1.02%, due 06/10/2004		1,000		999
1.05%, due 07/02/2004		100		100
1.05%, due 07/13/2004		3,700		3,692
1.08%, due 07/27/2004		400		399
CDC IXIS–144A
1.04%, due 06/04/2004		2,500		2,498
1.05%, due 07/07/2004		2,000		1,996
Danske Bank Aktieselskab
1.04%, due 05/11/2004		1,700		1,700
1.03%, due 05/12/2004		2,100		2,099
1.03%, due 05/17/2004		100		100
1.02%, due 06/04/2004		2,800		2,798
1.03%, due 06/18/2004		500		499
1.02%, due 06/22/2004		100		100
1.07%, due 07/21/2004		500		499
1.07%, due 07/26/2004		100		100
du Pont (E.I.) de Nemours and Company
1.01%, due 05/13/2004		5,400		5,397
1.02%, due 05/13/2004		700		700

	Principal		Value
European Investment Bank
1.01%, due 05/25/2004	$	3,000	$	2,998
1.05%, due 07/16/2004		4,600		4,589
General Electric Capital Corporation
1.05%, due 05/18/2004		3,000		2,999
1.04%, due 05/27/2004		1,300		1,299
1.04%, due 06/08/2004		500		499
1.04%, due 06/15/2004		400		399
1.04%, due 06/17/2004		1,900		1,897
1.05%, due 07/07/2004		200		200
1.04%, due 07/08/2004		200		200
1.06%, due 07/09/2004		100		100
1.06%, due 07/12/2004		100		100
1.11%, due 08/13/2004		200		199
HBOS PLC
1.04%, due 05/27/2004		300		300
1.04%, due 06/03/2004		100		100
1.03%, due 06/08/2004		100		100
1.06%, due 06/11/2004		3,700		3,696
1.03%, due 06/21/2004		500		499
1.05%, due 06/22/2004		300		300
1.03%, due 06/29/2004		300		299
1.04%, due 07/01/2004		100		100
1.06%, due 07/16/2004		300		300
1.06%, due 07/19/2004		100		100
1.08%, due 07/22/2004		2,100		2,095
1.09%, due 07/28/2004		100		100
KfW International Finance Inc.–144A
1.01%, due 06/01/2004		1,100		1,099
1.02%, due 06/08/2004		3,500		3,496
1.10%, due 08/10/2004		2,200		2,193
1.11%, due 08/20/2004		4,400		4,385
1.11%, due 08/23/2004		4,400		4,385
Lloyds TSB Group PLC
1.05%, due 06/03/2004		3,200		3,197
Nestle SA–ADR
1.01%, due 06/04/2004		2,700		2,697
1.11%, due 08/25/2004		1,800		1,794
1.11%, due 08/26/2004		3,400		3,388
Pfizer Inc.
1.00%, due 05/12/2004		400		400
1.00%, due 05/17/2004		500		500
1.02%, due 06/03/2004		500		500
Rabobank USA Finance Corp
1.11%, due 08/23/2004		1,200		1,196
Royal Bank of Scotland Group PLC (The)
1.02%, due 05/05/2004		600		600
1.03%, due 05/11/2004		3,700		3,699
1.03%, due 06/01/2004		400		400
1.02%, due 06/15/2004		100		100
1.05%, due 06/28/2004		100		100
1.03%, due 07/06/2004		600		599
1.05%, due 07/14/2004		2,300		2,295
1.11%, due 08/25/2004		100		100
1.14%, due 08/26/2004		100		100

TA IDEX PIMCO Real Return TIPS    2

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Shell Finance (UK) PLC
1.03%, due 06/29/2004	$	4,600	$	4,591
Stadshypotek Delaware
1.03%, due 05/27/2004		6,500		6,494
1.04%, due 06/04/2004		300		300
Statens Bostadsfin AB
1.04%, due 05/21/2004		5,500		5,496
Svenska Handelsbanken AB
1.03%, due 05/13/2004		200		200
1.03%, due 05/24/2004		6,100		6,096
1.03%, due 05/28/2004		900		899
1.07%, due 07/21/2004		600		599
1.08%, due 07/28/2004		100		100
Total Capital
1.02%, due 06/02/2004		6,800		6,793
Toyota Motor Credit Corporation
1.03%, due 06/11/2004		400		400
UBS Finance (Delaware) LLC
1.02%, due 06/03/2004		1,800		1,798
1.03%, due 06/23/2004		100		100
1.02%, due 06/28/2004		800		799
1.06%, due 07/01/2004		2,800		2,795
1.06%, due 07/13/2004		2,100		2,096
1.11%, due 08/24/2004		300		299
Westpac Banking Corporation
1.03%, due 05/25/2004		100		100
1.03%, due 06/03/2004		300		300
1.06%, due 06/07/2004		2,000		1,998
1.04%, due 06/24/2004		3,000		2,995
1.03%, due 07/07/2004		1,200		1,198
1.03%, due 07/09/2004		100		100
1.03%, due 07/12/2004		100		100
Total Commercial Paper (cost: $153,387)				153,387
CERTIFICATES OF DEPOSITS (5.1%)
Wells Fargo & Company
1.02%, due 05/06/2004		4,900		4,900
1.02%, due 05/17/2004		100		100
1.03%, due 05/24/2004		200		200
Citibank New York N.A.
1.03%, due 06/10/2004		1,800		1,800
1.09%, due 07/30/2004		1,800		1,800
Chase Manhattan Bank USA
1.02%, due 05/13/2004		1,000		1,000
1.03%, due 05/28/2004		3,900		3,900
Total Certificates of Deposits (cost: $13,700)				13,700

	Contracts (a)		Value
PURCHASED OPTIONS (0.0%)
U.S. Treasury Inflation Index Put Strike $92.00 Expires 05/21/2004		15,000	$	2
U.S. Treasury Inflation Index Put Strike $93.00 Expires 05/21/2004		17,700		3
Total Purchased Options (cost: $5)				5
Total Investment Securities (cost: $521,899)			$	518,102
	Notional Amount		Value
WRITTEN SWAPTIONS (0.0%)
Covered Call Swaptions (0.0%)
LIBOR Rate Swaption (c) Call Strike 3.80% Expires 10/07/2004	$	2,500	$	(5	)
LIBOR Rate Swaption (c) Call Strike 4.00% Expires 10/07/2004		2,400		(3	)
LIBOR Rate Swaption (c) Call Strike 4.00% Expires 11/02/2004		1,400		(5	)
Put Swaptions (0.0%)
LIBOR Rate Swaption (d) Put Strike 6.00% Expires 10/07/2004		2,500		(8	)
LIBOR Rate Swaption (d) Put Strike 6.50% Expires 10/07/2004		1,400		(3	)
LIBOR Rate Swaption (d) Put Strike 7.00% Expires 11/02/2004		2,400		(26	)
Total Written Swaptions (premium: $111)				(26	)
SUMMARY:
Investments, at value		191.6%	$	518,102
Written swaptions		0%		(26	)
Liabilities in excess of other assets		(91.6)%		(247,661	)
Net assets		100.0%	$	270,415

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Real Return TIPS    3

TA IDEX PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

SWAP AGREEMENTS:
	Expiration Date	Notional Amount		Net Unrealized Appreciation (Depreciation)
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 6.00%. Counterparty: Bank of America, N.A.	12/18/2033	$	10,000	$	170
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 6.00%. Counterparty: UBS AG	12/18/2033		2,700		21
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 6.00%. Counterparty: UBS AG	06/16/2014		3,800		50
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: Barclays Bank PLC	03/15/2007		5,700		5
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: Citigroup Global Markets Holdings Inc.	03/15/2007		8,000		(25)
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 5.00%. Counterparty: Bank of America, N.A.	06/16/2004		11,100		123

SWAP AGREEMENTS (continued):
	Expiration Date	Notional Amount		Net Unrealized Appreciation (Depreciation)
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 5.00%. Counterparty: J.P. Morgan Chase Bank	06/16/2004	$	3,800	$	43
Total Swap Agreements (premium: $-93)		$	45,100	$	387

FUTURES CONTRACTS
	Contracts (a)	Settlement Date	Amount		Net Unrealized Appreciation (Depreciation)
Euro-BUND (e)	122	06/10/2004	$	16,660	$	(11)
10-Year U.S. Treasury Note	(22)	06/30/2004	$	(2,450)		19
			$	14,210	$	8

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Euro Dollar	(9	)	05/03/2004	$	(10)	$	–
Euro Dollar	(472	)	05/10/2004		(567)		2
Euro Dollar	24		05/10/2004		28		–
				$	(549)	$	2

NOTES TO SCHEDULE OF INVESTMENTS:

(a) Contract amounts are not in thousands.

(b) Floating or variable rate note. Rate is listed as of April 30, 2004.

(c) An option on an interest rate swap. If exercised, the Fund will pay the strike rate in order to receive the 3 Month LIBOR (London Interbank Offer Rate).

(d) An option on an interest rate swap. If exercised, the Fund will pay the 3 Month LIBOR (London Interbank Offer Rate) in order to receive the strike rate.

(e) Notional long-term debt instrument issued by the German Federal Government.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $24,156 or 8.93% 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 2004

TA IDEX PIMCO Real Return TIPS    4

TA IDEX PIMCO Real Return TIPS

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $521,899)	$	518,102
Cash		1,588
Foreign cash (cost: $513)		510
Receivables:
Shares of beneficial interest sold		1,643
Interest		2,221
Unrealized appreciation on forward foreign currency contracts		2
Swap agreements at value (premium: $-19)		388
Variation margin		37
		524,491
Liabilities:
Investment securities purchased		253,672
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		8
Management and advisory fees		146
Distribution fees		79
Transfer agent fees		7
Written swaptions (premium: $111)		26
Swap agreements at value (premium $-74)		94
Other		44
		254,076
Net Assets	$	270,415
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	272,025
Accumulated net investment income (loss)		(76	)
Undistributed net realized gain (loss) from:
Investment securities		1,784
Futures contracts		2
Net unrealized appreciation (depreciation) on:
Investment securities		(3,797	)
Futures contracts		8
Written swaption contracts		84
Swap agreement		387
Translation of assets and liabilities denominated in foreign currencies		(2	)
Net Assets	$	270,415
Net Assets by Class:
Class A	$	258,805
Class B		5,783
Class C		5,108
Class C2		284
Class M		435
Shares Outstanding:
Class A		25,438
Class B		572
Class C		505
Class C2		28
Class M		43
Net Asset Value Per Share:
Class A	$	10.17
Class B		10.12
Class C		10.12
Class C2		10.11
Class M		10.12
Maximum Offering Price Per Share (a):
Class A	$	10.68
Class M		10.22

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	881
Expenses:
Management and advisory fees		565
Transfer agent fees		5
Custody fees		5
Administration fees		18
Legal fees		1
Auditing and accounting fees		7
Trustees fees		1
Registration fees		39
Other		2
Distribution and service fees:
Class A		267
Class B		22
Class C		20
Class C2		2
Class M		2
Total expenses		956
Net Investment Income (Loss)		(75	)
Net Realized Gain (Loss) from:
Investment securities		1,849
Futures contracts		2
		1,851
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(3,846	)
Futures contracts		8
Written swaption contracts		84
Swap agreements		387
Translation of assets and liabilities denominated in foreign currencies		(2	)
		(3,369	)
Net Gain (Loss) on Investment Securities, Futures and Swaption Contracts, Swap Agreements, and Foreign Currency Transactions		(1,518	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,593	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Real Return TIPS    5

TA IDEX PIMCO Real Return TIPS

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003 (a)
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(75	)	$	326
Net realized gain (loss) from investment securities and written options contracts		1,851			825
Net unrealized appreciation (depreciation) on investment securities, futures, option and swaption contracts, swap agreements, and foreign currency translation		(3,369	)		49
		(1,593	)		1,200
Distributions to Shareholders:
From net investment income:
Class A		(81	)		(220	)
Class B		(3	)		(13	)
Class C		(3	)		(25	)
Class C2		–			(3	)
Class M		–			(2	)
		(87	)		(263	)
From net realized gains:
Class A		(816	)		–
Class B		(34	)		–
Class C		(33	)		–
Class C2		(3	)		–
Class M		(4	)		–
		(890	)		–
Capital Share Transactions:
Proceeds from shares sold:
Class A		227,505			41,725
Class B		3,149			3,347
Class C		2,511			6,078
Class C2		39			457
Class M		38			465
		233,242			52,072
Dividends and distributions reinvested:
Class A		892			220
Class B		28			11
Class C		29			15
Class C2		3			3
Class M		4			2
		956			251
Cost of shares redeemed:
Class A		(3,608	)		(6,129	)
Class B		(545	)		(223	)
Class C		(565	)		(3,105	)
Class C2		(94	)		(126	)
Class M		(47	)		(31	)
		(4,859	)		(9,614	)
		229,339			42,709
Net increase (decrease) in net assets		226,769			43,646
Net Assets:
Beginning of period		43,646			–
End of period	$	270,415		$	43,646
Accumulated Net Investment Income (Loss)	$	(76	)	$	86

	April 30, 2004 (unaudited)		October 31, 2003 (a)
Share Activity:
Shares issued:
Class A	22,086		4,219
Class B	305		338
Class C	245		617
Class C2	4		46
Class M	4		46
	22,644		5,266
Shares issued–reinvested from distributions:
Class A	88		22
Class B	3		1
Class C	3		2
Class C2	–		–
Class M	–		–
	94		25
Shares redeemed:
Class A	(352	)	(625	)
Class B	(53	)	(22	)
Class C	(55	)	(307	)
Class C2	(9	)	(13	)
Class M	(4	)	(3	)
	(473	)	(970	)
Net increase (decrease) in shares outstanding:
Class A	21,822		3,616
Class B	255		317
Class C	193		312
Class C2	(5	)	33
Class M	–		43
	22,265		4,321

(a) 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 2004

TA IDEX PIMCO Real Return TIPS    6

TA IDEX PIMCO Real Return TIPS

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations							Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004 10/31/2003	$	10.10 10.00	$	– 0.14		$	0.17 0.07	$	0.17 0.21	$	(0.01 (0.11	) )	$	(0.09 –	)	$	(0.10 (0.11	) )	$	10.17 10.10
Class B	04/30/2004 10/31/2003		10.08 10.00		(0.04 0.09	)		0.18 0.08		0.14 0.17		(0.01 (0.09	) )		(0.09 –	)		(0.10 (0.09	) )		10.12 10.08
Class C	04/30/2004 10/31/2003		10.08 10.00		(0.04 0.09	)		0.18 0.08		0.14 0.17		(0.01 (0.09	) )		(0.09 –	)		(0.10 (0.09	) )		10.12 10.08
Class C2	04/30/2004 10/31/2003		10.08 10.00		(0.04 0.09	)		0.17 0.08		0.13 0.17		(0.01 (0.09	) )		(0.09 –	)		(0.10 (0.09	) )		10.11 10.08
Class M	04/30/2004 10/31/2003		10.08 10.00		(0.03 0.10	)		0.17 0.07		0.14 0.17		(0.01 (0.09	) )		(0.09 –	)		(0.10 (0.09	) )		10.12 10.08

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004 10/31/2003	1.72 2.09	%	$	258,805 36,531	1.14 1.65	%	1.14 2.03	%	(0.05 2.07	)%	704 480	%
Class B	04/30/2004 10/31/2003	1.43 1.72			5,783 3,194	1.82 2.30		1.82 2.68		(0.73 1.42	)	704 480
Class C	04/30/2004 10/31/2003	1.43 1.72			5,108 3,148	1.82 2.30		1.82 2.68		(0.73 1.42	)	704 480
Class C2	04/30/2004 10/31/2003	1.43 1.72			284 334	1.82 2.30		1.82 2.68		(0.73 1.42	)	704 480
Class M	04/30/2004 10/31/2003	1.33 1.75			435 439	1.72 2.19		1.72 2.57		(0.63 1.53	)	704 480

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) 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 2004

TA IDEX PIMCO Real Return TIPS    7

TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX PIMCO Real Return TIPS (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2003.

On March 1, 2004, the Fund changed its name from IDEX PIMCO Real Return TIPS to TA IDEX PIMCO Real Return TIPS.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day 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 affect 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, 2004, was paying an interest rate of 0.75%.

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 and 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 2004

TA IDEX PIMCO Real Return TIPS    8

TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 4, 2004, 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 interest income 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, 2004, 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 portfolio 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 portfolio 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 portfolio enters into swaption contracts with counterparties whose creditworthiness has been approved by the Board of Trustees. The portfolio 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, 2004, are listed in the Schedule of Investments. The variation margin receivable is included in the accompanying Statement of Assets and Liabilities. The variation margin receivable or payable, as applicable, is included in the accompanying Statement of Assets and Liabilities. Variation margin represents the additional payments due or excess deposits made in order to maintain the equity account at the required margin level.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PIMCO Real Return TIPS    9

TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Transactions in swaptions were as follows:

	Premium		Notional Amount
Beginning Balance 10/31/2003	$	–	–
Sales		111	13
Closing Buys		–	–
Expirations		–	–
Exercised		–	–
Balance at 04/30/2004	$	111	13

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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator, AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	60,867	23%
TA IDEX Asset Allocation - Moderate Growth Portfolio		66,109	24%
TA IDEX Asset Allocation - Moderate Portfolio		128,776	48%
Total	$	255,752	95%

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

0.70% of ANA

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	32
Retained by Underwriter		6
Contingent Deferred Sales Charges		8

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $18 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $5 for the period ended April 30, 2004.

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, 2004, the value of invested plan amounts was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PIMCO Real Return TIPS    10

TA IDEX PIMCO Real Return TIPS

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2.–(continued)

April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	20,291
U.S. Government		1,425,860
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		5,156
U.S. Government		1,224,999

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 treatments for items including, but not limited to, wash sales, foreign currency transactions and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	527,112
Unrealized Appreciation	$	8
Unrealized (Depreciation)		(9,018	)
Net Unrealized Appreciation (Depreciation)	$	(9,010	)

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PIMCO Real Return TIPS    11

TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (3.4%)
U.S. Treasury Inflation Index
3.50%, due 01/15/2011	$	214	$	238
3.38%, due 01/15/2012		2,569		2,850
3.88%, due 04/15/2029		385		480
Total U.S. Government Obligations (cost: $3,636)				3,568
U.S. GOVERNMENT AGENCY OBLIGATIONS (22.7%)
Fannie Mae
3.00%, due 08/25/2009		100		100
6.00%, due 11/25/2027		154		154
3.70%, due 01/01/2028 (d)		191		197
6.50%, due 06/25/2028		53		53
1.54%, due 11/25/2032 (d)		214		214
Fannie Mae–Conventional Pool
5.50%, due 07/01/2016		1,279		1,314
5.50%, due 12/01/2016		179		184
5.50%, due 01/01/2017		209		215
5.50%, due 02/01/2017		193		198
5.50%, due 03/01/2017		15		15
5.50%, due 05/01/2017		209		215
5.50%, due 11/01/2017		20		20
5.00%, due 02/01/2018		351		354
5.50%, due 02/01/2018		518		532
5.00%, due 05/01/2018		65		65
5.50%, due 05/01/2018		41		42
5.00%, due 06/01/2018		897		903
6.50%, due 07/01/2032		238		248
5.24%, due 04/01/2033 (d)		86		87
6.00%, due 04/01/2033		26		27
5.50%, due 07/01/2033		299		299
5.50%, due 08/01/2033		379		378
Fannie Mae–May TBA
5.00%, due 05/01/2019		1,500		1,508
5.50%, due 05/01/2034		6,000		5,985
Freddie Mac
6.00%, due 12/15/2007		50		51
5.00%, due 09/15/2016		198		203
6.00%, due 08/15/2026		12		12
6.00%, due 08/15/2027		94		94
6.50%, due 02/15/2028		5		5
6.50%, due 12/15/2028		177		178
6.50%, due 02/15/2030		66		69
6.50%, due 07/25/2043		96		101
Freddie Mac–Gold Pool
6.50%, due 08/01/2032		915		953
Freddie Mac–Series 2142
6.50%, due 04/15/2029		28		29
Freddie Mac–Series 2434 TA
5.63%, due 07/15/2028		19		19
Ginnie Mae–FHA/VA Pool
6.50%, due 07/15/2023		12		12
6.50%, due 02/15/2028		447		468

	Principal		Value
Ginnie Mae–FHA/VA Pool (continued)
6.50%, due 06/15/2029	$	586	$	612
6.50%, due 01/15/2030		22		23
6.50%, due 06/15/2031		562		587
6.50%, due 07/15/2031		11		11
6.50%, due 11/15/2031		31		32
6.50%, due 01/15/2032		27		29
5.50%, due 03/15/2032		107		108
6.50%, due 04/15/2032		1,095		1,143
6.50%, due 07/15/2032		155		162
5.50%, due 12/15/2032		291		292
5.50%, due 07/15/2033		987		989
5.00%, due 09/15/2033		725		705
5.50%, due 10/15/2033		497		499
5.50%, due 12/15/2033		738		739
5.50%, due 02/15/2034		2,282		2,285
Ginnie Mae–Series 2002-40
6.50%, due 06/20/2032		45		45
Total U.S. Government Agency Obligations (cost: $23,960)				23,762
FOREIGN GOVERNMENT OBLIGATIONS (2.6%)
European Investment Bank
0.88%, due 11/08/2004		28,000		255
Federal Republic of Germany
3.25%, due 09/24/2004		87		105
Federative Republic of Brazil
2.06%, due 04/15/2006 (d)		288		277
11.50%, due 03/12/2008		122		129
2.13%, due 04/15/2009		276		249
11.00%, due 01/11/2012		200		203
8.88%, due 04/15/2024		150		121
11.00%, due 08/17/2040		154		143
Malaysia
7.50%, due 07/15/2011		10		11
Republic of Panama
8.25%, due 04/22/2008		40		44
Republic of Peru
9.13%, due 02/21/2012		170		179
4.50%, due 03/07/2017 (d)		150		128
Republic of South Africa
5.25%, due 05/16/2013		90		105
Russian Federation (i)
5.00%, due 03/31/2030		320		293
United Mexican States
1.84%, due 01/13/2009 (d)		130		130
9.88%, due 02/01/2010		150		185
6.38%, due 01/16/2013		150		152
Total Foreign Government Obligations (cost: $2,428)				2,709
MORTGAGE-BACKED SECURITIES (2.6%)
Amortizing Residential Collateral Trust (d)
1.38%, due 07/25/2032		108		108
Bank of America Mortgage Securities, Inc. (d)
5.72%, due 10/20/2032		175		180

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Total Return    1

TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Bear Stearns Adjustable Rate Mortgage Trust (d)
5.99%, due 06/25/2032	$	26	$	26
CDC Mortgage Capital Trust (d)
1.38%, due 01/25/2033		137		138
Countrywide Home Loan Trust–Series 2002-1 (e)
5.75%, due 03/19/2032		83		84
Countrywide Home Loans, Inc. (d)
4.98%, due 09/19/2032		115		116
Credit-Based Asset Servicing and Securities, Series 2002-CB6 (d)
1.60%, due 01/25/2033		30		30
CS First Boston Mortgage Securities Corp.
2.14%, due 03/25/2032		170		168
1.53%, due 03/28/2032		16		16
1.90%, due 08/25/2033		449		451
Home Equity Asset Trust (d)
1.39%, due 11/25/2032		132		132
Merrill Lynch Mortgage Investors, Inc. (d)
1.47%, due 04/25/2031		3		3
Residential Funding Mortgage Securities I, Inc.
6.50%, due 03/25/2032		42		43
Sequoia Mortgage Funding Corporation– Series 10 (d)
1.47%, due 10/20/2027		419		419
Small Business Administration Participation Certificates
5.13%, due 09/01/2023		98		98
Structured Asset Mortgage Investments Inc. (d)
1.42%, due 09/19/2032		249		250
Structured Asset Securities Corporation
1.39%, due 10/25/2027 (d)		52		52
1.38%, due 01/25/2033 (d)		29		29
1.25%, due 08/25/2033 (d)		40		40
Washington Mutual
4.82%, due 10/25/2032		53		54
Washington Mutual Mortgage Securities Corporation (d)
2.76%, due 12/25/2040		232		232
Wells Fargo Mortgage Backed Securities Trust–Series 2002-E (d)
5.01%, due 09/25/2032		64		65
Total Mortgage-Backed Securities (cost: $2,733)				2,734
ASSET-BACKED SECURITIES (3.0%)
Bear Stearns Adjustable Rate Mortgage Trust
4.39%, due 01/25/2034 (d)		619		620
4.83%, due 01/25/2034 (d)		267		268
4.95%, due 01/25/2034 (d)		173		175
Bear Stearns Asset Backed Securities, Inc. (d)
1.42%, due 10/25/2032		117		117
Centex Home Equity, Series 2004-A (d)
1.38%, due 01/25/2034		272		272
Citicorp Mortgage Securities, Inc.
6.50%, due 04/25/2029		179		181

	Principal		Value
Countrywide Alternative Loan Trust– Series 2003-J1
6.00%, due 10/25/2032	$	55	$	56
Countrywide Home Loan Trust–Series 2004-7
1.37%, due 04/25/2034		80		80
First Horizon Asset Securities Inc.
7.00%, due 09/25/2030		6		6
GSMPS Mortgage Loan Trust
7.00%, due 06/25/2043		107		111
Morgan Stanley Capital I Inc. Series 2003-HE2 (d)
1.43%, due 08/25/2033		226		226
RACERS SER 1997-R-8-3–144A (d)
1.42%, due 08/15/2007		300		294
Small Business Administration Participation Certificates
4.34%, due 03/01/2024		590		556
Vanderbilt Acquisition Loan Trust
3.28%, due 01/07/2013		65		66
Washington Mutual (d)
3.15%, due 02/27/2034		73		73
Total Asset-Backed Securities (cost: $3,150)				3,101
CORPORATE DEBT SECURITIES (12.1%)
Air Transportation (0.6%)
Continental Airlines, Inc.
7.06%, due 09/15/2009		200		202
UAL Corporation
6.20%, due 09/01/2008		300		267
6.60%, due 09/01/2013		130		115
Automotive (0.2%)
DaimlerChrysler North America Holding Corporation
1.44%, due 08/16/2004 (d)		50		50
6.50%, due 11/15/2013		160		165
Business Credit Institutions (0.1%)
Ford Motor Credit Company
1.59%, due 07/18/2005 (d)		100		99
Commercial Banks (0.9%)
HSBC Capital Funding LP–144A
10.18%, due 12/31/2049 (j)		150		214
KBC Bank Fund Trust III–144A (k)
9.86%, due 11/29/2049		15		19
KfW International Finance Inc.
1.00%, due 12/20/2004		80,000		729
Communication (0.4%)
Continental Cablevision, Inc.
8.30%, due 05/15/2006		100		110
CSC Holdings, Inc.
7.63%, due 04/01/2011		150		156
Rogers Cablesystems Ltd.
10.00%, due 03/15/2005		10		11

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Total Return    2

TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Communication (continued)
TCI Communications, Inc.
8.65%, due 09/15/2004	$	100	$	103
Electric Services (0.6%)
Florida Power Corporation
4.80%, due 03/01/2013		450		440
PSEG Power LLC
6.95%, due 06/01/2012		210		232
Electric, Gas & Sanitary Services (0.6%)
Niagara Mohawk Power Corporation
7.75%, due 10/01/2008		250		283
PG&E Corporation (d)
1.81%, due 04/03/2006		360		360
Environmental Services (0.1%)
Waste Management, Inc.
6.38%, due 11/15/2012		75		81
Gas Production & Distribution (0.5%)
El Paso Corporation (a)
7.75%, due 01/15/2032		125		98
Sonat Inc.
7.63%, due 07/15/2011		370		320
Southern Natural Gas Company
8.00%, due 03/01/2032		100		100
General Obligation-City (0.3%)
Chicago, Illinois, Board of Education,
General Obligation Bonds,
5.00%, due 12/01/2012		255		276
General Obligation-County (0.5%)
Cook County, Illinois Public Improvements,
General Obligation Bonds,
5.13%, due 11/15/2026		450		451
Fairfax County, General Obligation Bonds, Series A,
5.25%, due 04/01/2013		90		100
Holding & Other Investment Offices (0.4%)
Premium Asset Trust–144A (d)
1.30%, due 06/28/2004		180		180
Rabobank Nederland–144A (d)
5.26%, due 12/31/2049		210		207
Hotels & Other Lodging Places (0.7%)
Harrah’s Operating Company, Inc.
7.50%, due 01/15/2009		10		11
Hilton Hotels Corporation
7.00%, due 07/15/2004		150		151
Park Place Entertainment Corporation
7.50%, due 09/01/2009		350		382
Starwood Hotels & Resorts Worldwide, Inc. (d)
7.88%, due 05/01/2012		200		219
Life Insurance (0.5%)
ASIF II
1.20%, due 01/26/2005		30,000		274

	Principal		Value
Life Insurance (continued)
Protective Life Corporation–144A (d)
1.21%, due 09/26/2005	$	280	$	279
Motion Pictures (0.2%)
Time Warner Inc.
8.11%, due 08/15/2006		200		221
6.88%, due 05/01/2012		20		22
Oil & Gas Extraction (0.1%)
RasLaffan Liquefied Natural Gas Company Limited–144A
3.44%, due 09/15/2009		100		99
Paper & Allied Products (0.0%)
Bowater Canada Finance Corporation–144A
7.95%, due 11/15/2011		10		11
Personal Credit Institutions (0.8%)
General Motors Acceptance Corporation
2.40%, due 10/20/2005		880		886
Primary Metal Industries (0.2%)
Alcan Inc.–144A (d)
1.37%, due 12/08/2004		170		170
Railroads (0.1%)
Norfolk Southern Corporation (d)
1.82%, due 02/28/2005		100		101
Revenue-Building Authority (0.2%)
Michigan State Building Authority,
Revenue Bonds, Series I,
5.25%, due 10/15/2013		180		199
Revenue-Education (0.6%)
Michigan State Higher Educational Student Loan Authority, Revenue Bonds,
1.10%, due 09/01/2033 (d)		100		100
Missouri Higher Education Loan Authority, Revenue Bonds,
1.11%, due 07/01/2032 (d)		100		100
Pennsylvania State Higher Educational Assistance Agency, Revenue Bonds,
1.10%, due 10/01/2040 (d)		300		300
Pennsylvania State Higher Educational
Assistance Agency, Revenue Bonds,
1.11%, due 08/01/2042 (d)		100		100
Revenue-Pollution Control (0.1%)
New York State Environmental Facilities, Revenue Bonds,
5.00%, due 06/15/2032		70		70
5.00%, due 07/15/2033		20		20
Revenue-Special (0.9%)
New York City Transitional Finance Authority, Revenue Bonds, Series C,
5.00%, due 02/01/2033		260		257

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Total Return    3

TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Revenue-Special (continued)
New York City Transitional Finance Authority, Revenue Bonds, Series D,
5.00%, due 02/01/2031	$	600	$	594
Tobacco Settlement Financing Corporation,
New Jersey, Revenue Bonds,
6.00%, due 06/01/2037		130		111
Revenue-Tobacco (0.6%)
Golden State Tobacco Securitization Corporation, California,
Revenue Bonds, Series 2003-A-1,
6.75%, due 06/01/2039		80		75
Golden State Tobacco Securitization Corporation, California,
Revenue Bonds, Series A-2,
7.90%, due 06/01/2042 (d)		35		37
Iowa Tobacco Settlement Authority,
Revenue Bonds, Series B,
5.60%, due 06/01/2035		100		79
Tobacco Settlement Financing Corporation, New Jersey, Revenue Bonds,
6.38%, due 06/01/2032		420		387
Revenue-Transportation (0.1%)
Florida State Turnpike Authority,
Revenue Bonds, Series C,
5.00%, due 07/01/2033		30		30
Harris County, Texas,
Revenue Bonds,
5.00%, due 08/15/2033		100		99
Revenue-Utilities (0.5%)
New York City Municipal Water Finance Authority,
Revenue Bonds, Series A,
5.00%, due 06/15/2035		90		89
San Antonio, Texas Water Utility Improvements, Revenue Bonds, Series A,
5.00%, due 05/15/2032		450		445
South Central Connecticut Regional Water Authority,
Revenue Bonds, Series A,
5.00%, due 08/01/2033		20		20
Telecommunications (1.3%)
AT&T Corp. (e)
8.05%, due 11/15/2011		300		329
Cingular Wireless
6.50%, due 12/15/2011		180		194
Deutsche Telekom International Finance B.V.
8.25%, due 06/15/2005 (f)		205		218
8.50%, due 06/15/2010 (f)		30		35
8.13%, due 05/29/2012 (g)		100		147

	Principal		Value
Telecommunications (continued)
France Telecom (h)
9.50%, due 03/01/2031	$	320	$	410
Total Corporate Debt Securities (cost: $12,567)				12,639
CONVERTIBLE BONDS (0.3%)
Mortgage-Backed (0.3%)
Small Business Administration Participation Certificates
4.50%, due 02/10/2014		300		285
Total Convertible Bonds (cost: $300)				285
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (19.2%)
Fannie Mae
1.00%, due 05/19/2004		500		500
1.05%, due 06/15/2004		700		699
1.03%, due 07/01/2004		1,100		1,098
1.01%, due 07/20/2004		400		399
Freddie Mac
1.02%, due 05/11/2004		1,900		1,899
1.00%, due 05/18/2004		1,100		1,099
U. S. Treasury Bill
0.00%, due 05/06/2004		1,800		1,800
1.04%, due 05/13/2004		3,600		3,599
1.01%, due 05/20/2004		2,300		2,299
0.99%, due 05/27/2004		500		500
1.03%, due 06/03/2004		5,600		5,595
0.93%, due 06/03/2004 (c)		595		594
Total Short-Term U.S. Government Obligations (cost: $20,081)				20,081
COMMERCIAL PAPER (40.0%)
ABN-AMRO North America Finance, Inc.
1.05%, due 06/07/2004		1,700		1,698
Australia and New Zealand Banking Group Limited
1.04%, due 06/21/2004		800		799
1.03%, due 06/21/2004		200		200
1.05%, due 07/06/2004		1,400		1,397
1.06%, due 07/19/2004		700		698
Cba (Delaware) Finance
1.03%, due 05/12/2004		3,000		2,999
1.02%, due 06/10/2004		300		300
Danske Bank Aktieselskab
1.03%, due 05/10/2004		1,600		1,600
1.03%, due 05/12/2004		1,700		1,699
du Pont (E.I.) de Nemours and Company
1.01%, due 05/13/2004		200		200
European Investment Bank
1.01%, due 05/25/2004		100		100
1.01%, due 06/15/2004		300		300
1.05%, due 07/16/2004		2,500		2,494
General Electric Capital Corporation
1.04%, due 06/17/2004		2,800		2,796
1.04%, due 07/08/2004		300		299

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Total Return    4

TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
HBOS PLC
1.04%, due 05/27/2004	$	900	$	899
1.06%, due 06/11/2004		500		499
1.04%, due 06/25/2004		700		699
1.04%, due 07/08/2004		700		699
1.04%, due 07/09/2004		400		399
KfW International Finance Inc.–144A
1.02%, due 06/08/2004		1,700		1,698
Lloyds TSB Group PLC
1.05%, due 06/03/2004		1,400		1,399
Nestle SA–ADR
1.02%, due 06/25/2004		400		399
Royal Bank of Scotland Group PLC (The)
1.02%, due 05/05/2004		1,800		1,800
1.03%, due 07/06/2004		100		100
1.14%, due 08/26/2004		1,200		1,196
Shell Finance (UK) PLC
1.02%, due 06/09/2004		2,900		2,897
Statens Bostadsfin AB
1.06%, due 07/16/2004		1,300		1,297
1.09%, due 07/29/2004		2,800		2,792
Svenska Handelsbanken AB
1.03%, due 05/13/2004		500		500
1.03%, due 05/28/2004		900		899
UBS Finance (Delaware) LLC
1.02%, due 06/03/2004		2,900		2,897
Westpac Banking Corporation
1.03%, due 05/05/2004		2,000		2,000
1.03%, due 07/07/2004		800		798
1.09%, due 08/12/2004		300		299
Total Commercial Paper (cost: $41,745)				41,745
SECURITY LENDING COLLATERAL (0.1%)
Debt (0.0%)
Bank Notes (0.0%)
Canadian Imperial Bank of Commerce
1.10%, due 11/04/2004		5		5
Fleet National Bank
1.00%, due 07/21/2004		5		5
Euro Dollar Overnight (0.0%)
Credit Agricole Indosuez
1.00%, due 05/07/2004		3		3
Royal Bank of Scotland Group PLC (The)
1.00%, due 05/07/2004		2		2
Euro Dollar Terms (0.0%)
Bank of Montreal
1.02%, due 05/21/2004		1		1
BNP Paribas SA
1.01%, due 05/18/2004		3		3
1.08%, due 07/29/2004		3		3
Den Danske Bank
1.02%, due 05/20/2004		2		2

	Principal		Value
Euro Dollar Terms (continued)
Royal Bank of Scotland Group PLC (The)
1.05%, due 07/15/2004	$	2	$	2
Wells Fargo & Company
1.02%, due 05/14/2004		3		3
Promissory Notes (0.0%)
Goldman Sachs Group, Inc. (The)
1.13%, due 07/29/2004		7		7
Repurchase Agreements (0.0%) (b)
Merrill Lynch & Co., Inc.
1.04%, Repurchase Agreement dated 04/30/2004 to be repurchased at $21 on 05/03/2004		21		21
	Shares		Value
Investment Companies (0.1%)
Money Market Funds (0.1%)
American AAdvantage Select Fund
1-day yield of 0.98%		6,175		6
Barclays Institutional Money Market Fund
1-day yield of 1.02%		14,409		14
Merrill Lynch Premier Institutional Fund
1-day yield of 0.97%		5,578		6
Merrimac Cash Series Fund–Premium Class
1-day yield of 0.99%		20,585		21
Total Security Lending Collateral (cost: $104)				104
Total Investment Securities (cost: $110,703)			$	110,728
	Notional Amount		Value
WRITTEN SWAPTIONS (-0.1%)
Covered Call Swaptions (0.0%)
LIBOR Rate Swaption (l)
Call Strike 4.00%
Expires 01/07/2005	$	1,800	$	(8)
LIBOR Rate Swaption (l)
Call Strike 3.80%
Expires 10/07/2004		7,900		(14)
Put Swaptions (-0.1%)
LIBOR Rate Swaption (m)
Put Strike 7.00%
Expires 01/07/2005		1,900		(4)
LIBOR Rate Swaption (m)
Put Strike 6.00%
Expires 10/07/2004		7,900		(27)
Total Written Swaptions (premium: $205)				(53)
SUMMARY:
Investments, at value		106.0%	$	110,728
Written swaptions		(0.1)%		(53)
Liabilities in excess of other assets		(5.9)%		(6,184)
Net assets		100.0%	$	104,491

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Total Return    5

TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Euro Dollar	5		05/03/2004	$	6	$	–
Euro Dollar	(678	)	05/10/2004		(812)		(2)
				$	(806)	$	(2)

FUTURES CONTRACTS:
	Contracts (o)	Settlement Date	Amount		Net Unrealized Appreciation (Depreciation)
Euro-BOBL (p)	32	06/08/2004	$	4,450	$	(32	)
U.S. Treasury Long Bond	6	06/21/2004		643		(31	)
90-Day Euro Dollar	4	03/15/2005		973		(11	)
90-Day Euro Dollar	1	03/13/2006		240		(3	)
90-Day Euro Dollar	27	06/13/2005		6,539		(16	)
90-Day Euro Dollar	1	09/19/2005		241		(3	)
90-Day Euro Dollar	36	12/13/2004		8,802		17
90-Day Euro Dollar	1	12/19/2005		241		(3	)
3 Month Euro Euribor (q)	22	09/19/2005		6,439		(8	)
3 Month Euro Euribor (q)	61	12/19/2005		18,107		(47	)
5 Year U.S. Treasury Note	69	06/21/2004		7,586		(140	)
10 Year U.S. Treasury Note	183	06/21/2004		2,221		(495	)
10 Year U.S. Treasury Note	21	09/21/2004		2,291		(7	)
			$	58,773	$	(779	)

SWAP AGREEMENTS:
	Expiration Date	Notional Amount		Net Unrealized Appreciation (Depreciation)
Receive a fixed rate equal to 1.31% and the Fund will pay to the counterparty at par in the event of default of United Mexican States, 11.50%, due 05/15/2026. Counterparty: Goldman Sachs Capital Markets, L.P.	01/29/2005	$	200	$	2
Receive a fixed rate equal to 5.00% and pay floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate). Counterparty: Merrill Lynch Capital Services, Inc.	06/16/2014		1,200		(11	)
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: Merrill Lynch Capital Services, Inc.	03/15/2007		1,300		5
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: J.P. Morgan Chase Bank	03/15/2007		1,800		(6)
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: Barclays Bank PLC	03/15/2007		1,600		3
Receive a floating rate based on the monthly performance of the Lehman Brothers ERISA Eligible CMBS Index and pay floating rate based on 1-month United States Dollar–LIBOR (London Interbank Offer Rate) less 0.65%. (n) Counterparty: Morgan Stanley Capital Services Inc.	09/30/2004		720		(25)
Total Swap Agreements (premium: $83)		$	6,820	$	(32)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Total Return    6

TA IDEX PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $ 101.

(b) Cash collateral for the Repurchase Agreements, valued at $ 21, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%-9.75% and maturity dates ranging from 08/15/2004-11/15/2096, including some issues having a perpetual maturity.

(c) At April 30, 2004, 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, 2004, is $ 594.

(d) Floating or variable rate note. Rate is listed as of April 30, 2004.

(e) Securities are stepbonds. Coupon steps up by 25 BP for each rating downgrade by Standard and Poor’s or Moody’s for each notch below BBB+/A3. Coupon steps down by 25 BP for each rating upgrade.

(f) Securities are stepbonds. Coupon steps up by 50 BP if rating is downgraded below Standard and Poor’s or Moody’s single A rating. Coupon steps down by 50 BP if rating is raised above Standard and Poor’s or Moody’s BBB/Baa rating.

(g) Securities are stepbonds. 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.

(h) Securities are stepbonds. 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.

(i) Securities are stepbonds. Russian Federation has a coupon rate of 5.00% until 03/31/2007, thereafter the coupon rate will become 7.50%.

(j) Securities are stepbonds. HSBC Capital Funding LP-144A has a coupon rate of 10.18% until 06/30/2030, thereafter the coupon rate will become the 3 Month LIBOR (London Interbank Offer Rate) plus 498BP.

(k) Securities are stepbonds. KBC Bank Fund Trust III-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) plus 405BP.

(l) An option on an interest rate swap. If exercised, the Fund will pay the strike rate in order to receive the 3 Month LIBOR (London Interbank Offer Rate).

(m) An option on an interest rate swap. If exercised, the Fund will pay 3 Month LIBOR (London Interbank Offer Rate) in order to receive the strike rate.

(n) If the monthly performance of the CMBS Index is negative the Fund pays a floating rate in addition to the 1-month United States Dollar–LIBOR (London Interbank Offer Rate) less 0.65%.

(o) Contract amounts are not in thousands.

(p) Notional medium-term debt instrument issued by the German Federal Government.

(q) Euro Interbank Offered Rate.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $3,171 or 3.03% of the net assets of the Fund.

TBA Mortgage-backed securities traded under delayed 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 2004

TA IDEX PIMCO Total Return    7

TA IDEX PIMCO Total Return

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $110,704) (including securities loaned of $101)	$	110,728
Cash		1,064
Foreign cash (cost: $310)		309
Receivables:
Shares of beneficial interest sold		7
Interest		330
Swap agreements at value (premium $83)		51
Variation margin		111
Other		5
		112,605
Liabilities:
Investment securities purchased		7,579
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		164
Management and advisory fees		61
Distribution fees		55
Transfer agent fees		56
Payable for collateral for securities on loan		104
Unrealized depreciation on forward foreign currency contracts		2
Written swaptions (premium $205)		53
Other		40
		8,114
Net Assets	$	104,491
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	102,824
Undistributed net investment income (loss)		22
Undistributed net realized gain (loss) from:
Investment securities		515
Futures contracts		1,862
Written swaption contracts		(185	)
Swap agreements		79
Foreign currency transactions		11
Net unrealized appreciation (depreciation) on:
Investment securities		23
Futures contracts		(779	)
Written swaption contracts		152
Swap agreements		(32	)
Translation of assets and liabilities denominated in foreign currencies		(1	)
Net Assets	$	104,491
Net Assets by Class:
Class A	$	60,129
Class B		30,179
Class C		4,632
Class C2		7,291
Class M		2,260
Shares Outstanding:
Class A		5,812
Class B		2,918
Class C		448
Class C2		705
Class M		218
Net Asset Value Per Share:
Class A	$	10.35
Class B		10.34
Class C		10.34
Class C2		10.34
Class M		10.34
Maximum Offering Price Per Share (a):
Class A	$	10.87
Class M		10.44

STATEMENT OF OPERATIONS

For the period ended April 30, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	1,604
Expenses:
Management and advisory fees		384
Transfer agent fees		67
Printing and shareholder reports		30
Custody fees		19
Administration fees		13
Legal fees		3
Auditing and accounting fees		7
Trustees fees		4
Registration fees		27
Other		9
Distribution and service fees:
Class A		106
Class B		163
Class C		24
Class C2		44
Class M		12
Total expenses		912
Net Investment Income (Loss)		692
Net Realized Gain (Loss) from:
Investment securities		719
Futures contracts		1,861
Written swaption contracts		225
Swap agreements		25
Foreign currency transactions		11
		2,841
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(969	)
Futures contracts		(1,306	)
Written swaption contracts		(66	)
Swap agreements		(5	)
Translation of assets and liabilities denominated in foreign currencies		5
		(2,341	)
Net Gain (Loss) on Investment Securities, Futures and Swaption Contracts, Swap Agreements and Foreign Currency Transactions		500
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,192

(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 C2 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.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Total Return    8

TA IDEX PIMCO Total Return

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	692		$	1,647
Net realized gain (loss) from investment securities, futures contracts, written swaption contracts, swap agreements, and foreign currency transactions		2,841			2,158
Net unrealized appreciation (depreciation) on investment securities, futures and swaption contracts, swap agreements, and foreign currency translation		(2,341	)		1,445
		1,192			5,250
Distributions to Shareholders:
From net investment income:
Class A		(451	)		(1,137	)
Class B		(135	)		(662	)
Class C		(20	)		(61	)
Class C2		(37	)		(215	)
Class M		(12	)		(80	)
		(655	)		(2,155	)
From net realized gains:
Class A		(1,225	)		(659	)
Class B		(669	)		(450	)
Class C		(106	)		(16	)
Class C2		(198	)		(163	)
Class M		(57	)		(60	)
		(2,255	)		(1,348	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		7,650			68,966
Class B		2,928			21,900
Class C		656			7,167
Class C2		400			5,117
Class M		47			1,114
		11,681			104,264
Dividends and distributions reinvested:
Class A		1,643			1,690
Class B		638			905
Class C		98			67
Class C2		206			327
Class M		67			135
		2,652			3,124
Cost of shares redeemed:
Class A		(4,631	)		(55,731	)
Class B		(7,432	)		(19,809	)
Class C		(1,272	)		(2,033	)
Class C2		(3,317	)		(7,237	)
Class M		(1,030	)		(2,443	)
		(17,682	)		(87,253	)
		(3,349	)		20,135
Net increase (decrease) in net assets		(5,067	)		21,882
Net Assets:
Beginning of period		109,558		$	87,676
End of period	$	104,491			109,558
Undistributed Net Investment Income (Loss)	$	22		$	(15	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	727		6,565
Class B	279		2,093
Class C	63		684
Class C2	38		491
Class M	4		106
	1,111		9,939
Shares issued–reinvested from distributions:
Class A	158		162
Class B	61		87
Class C	9		6
Class C2	20		31
Class M	6		13
	254		299
Shares redeemed:
Class A	(441	)	(5,310	)
Class B	(708	)	(1,889	)
Class C	(122	)	(192	)
Class C2	(315	)	(691	)
Class M	(98	)	(233	)
	(1,684	)	(8,315	)
Net increase (decrease) in shares outstanding:
Class A	444		1,417
Class B	(368	)	291
Class C	(50	)	498
Class C2	(257	)	(169	)
Class M	(88	)	(114	)
	(319	)	1,923

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX PIMCO Total Return    9

TA IDEX PIMCO Total Return

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations						Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	10.52	$	0.08	$	0.04	$	0.12	$	(0.08	)	$	(0.21	)	$	(0.29	)	$	10.35
	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	04/30/2004		10.51		0.05		0.03		0.08		(0.04	)		(0.21	)		(0.25	)		10.34
	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	04/30/2004		10.51		0.05		0.03		0.08		(0.04	)		(0.21	)		(0.25	)		10.34
	10/31/2003		10.38		0.13		0.32		0.45		(0.18	)		(0.14	)		(0.32	)		10.51
Class C2	04/30/2004		10.51		0.05		0.03		0.08		(0.04	)		(0.21	)		(0.25	)		10.34
	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 M	04/30/2004		10.51		0.05		0.04		0.09		(0.05	)		(0.21	)		(0.26	)		10.34
	10/31/2003		10.32		0.14		0.38		0.52		(0.19	)		(0.14	)		(0.33	)		10.51
	10/31/2002		10.00		0.11		0.27		0.38		(0.06	)		–			(0.06	)		10.32

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	1.12	%	$	60,129	1.37	%	1.37	%	1.55	%	138	%
	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	04/30/2004	0.79			30,179	2.02		2.02		0.90		138
	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	04/30/2004	0.79			4,632	2.02		2.02		0.90		138
	10/31/2003	4.47			5,231	2.08		2.08		1.25		326
Class C2	04/30/2004	0.79			7,291	2.02		2.02		0.90		138
	10/31/2003	5.08			10,116	2.08		2.08		1.26		326
	10/31/2002	3.80			11,667	2.30		2.46		1.63		240
Class M	04/30/2004	0.84			2,260	1.92		1.92		1.00		138
	10/31/2003	5.19			3,212	1.98		1.98		1.36		326
	10/31/2002	3.85			4,333	2.20		2.36		1.73		240

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 2004

TA IDEX PIMCO Total Return    10

TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX PIMCO Total Return (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

On March 1, 2004, the Fund changed its name from IDEX PIMCO Total Return to TA IDEX PIMCO Total Return.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day 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 affect 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, 2004, was paying an interest rate of 0.75%.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PIMCO Total Return    11

TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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. 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.

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, 2004, 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PIMCO Total Return    12

TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 interest income 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, 2004, 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 portfolio 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 portfolio as realized gains from written options. The difference between the premium and the amount paid on effecting 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 portfolio enters into swaption contracts with counterparties whose creditworthiness has been approved by the Board of Trustees. The portfolio 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, 2004, are listed in the Schedule of Investments. The variation margin receivable is included in the accompanying Statement of Assets and Liabilities. The variation margin receivable or payable, as applicable, is included in the accompanying Statement of Assets and Liabilities. Variation margin represents the additional payments due or excess deposits made in order to maintain the equity account at the required margin level.

Transactions in swaptions were as follows:

	Premium			Notional Amount
Beginning Balance 10/31/2003	$	280		18,700
Sales		150		15,800
Closing Buys		(225	)	(15,000	)
Expirations		–		–
Exercised		–		–
Balance at 04/30/2004	$	205		19,500

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 2004

TA IDEX PIMCO Total Return    13

TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica

Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	11,463	11%
TA IDEX Asset Allocation - Moderate Growth Portfolio		17,075	16%
TA IDEX Asset Allocation - Moderate Portfolio		20,654	20%
Total	$	49,192	47%

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

0.70% of ANA

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	30
Retained by Underwriter		5
Contingent Deferred Sales Charges		92

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $13 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $67 for the period ended April 30, 2004.

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, 2004, 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, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	10,830
U.S. Government		64,996
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		16,350
U.S. Government		76,009

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PIMCO Total Return    14

TA IDEX PIMCO Total Return

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 treatments for items including, but not limited to, wash sales, and foreign currency transactions.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	110,704
Unrealized Appreciation	$	593
Unrealized (Depreciation)		(569	)
Net Unrealized Appreciation (Depreciation)	$	24

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX PIMCO Total Return    15

TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (99.3%) (c)
Aerospace (1.2%)
Boeing Company (The)	4,900	$	209
Goodrich Corporation	600		17
Lockheed Martin Corporation	2,600		124
Northrop Grumman Corporation	1,135		113
Textron Inc.	900		50
United Technologies Corporation	3,000		259
Air Transportation (0.3%)
Delta Air Lines, Inc.	800		5
FedEx Corporation	1,700		122
Southwest Airlines Co.	4,600		66
Amusement & Recreation Services (0.5%)
Disney (Walt) Company (The)	12,100		279
Harrah’s Entertainment, Inc.	700		37
Apparel & Accessory Stores (0.5%)
Gap, Inc. (The)	5,300		117
Limited, Inc. (The)	3,100		64
Nordstrom, Inc.	900		32
TJX Companies, Inc. (The)	3,000		74
Apparel Products (0.2%)
Cintas Corporation	1,000		45
Jones Apparel Group, Inc.	800		29
Liz Claiborne, Inc.	700		25
V.F. Corporation	700		32
Auto Repair, Services & Parking (0.0%)
Ryder System, Inc.	400		15
Automotive (1.2%)
Dana Corporation	800		16
Delphi Corporation	3,300		34
Ford Motor Company	10,800		166
General Motors Corporation	3,300		156
Harley-Davidson, Inc.	1,700		96
Honeywell International Inc.	5,100		176
Navistar International Corporation (a)	500		23
PACCAR Inc.	900		51
Visteon Corporation	700		8
Automotive Dealers & Service Stations (0.1%)
AutoNation, Inc. (a)	1,550		26
AutoZone, Inc. (a)	600		53
Beverages (2.7%)
Anheuser-Busch Companies, Inc.	4,800		246
Brown-Forman Corporation–Class B	800		37
Coca-Cola Company (The)	14,500		733
Coca-Cola Enterprises Inc.	2,600		70
Coors (Adolph) Company	200		13
Pepsi Bottling Group, Inc. (The)	1,600		47
PepsiCo, Inc.	10,100		550

	Shares	Value
Business Services (1.5%)
Clear Channel Communications, Inc.	3,600	$	149
eBay Inc. (a)	3,800		303
Equifax Inc.	900		22
First Data Corporation	5,395		245
Interpublic Group of Companies, Inc. (The) (a)	2,400		38
Monster Worldwide, Inc. (a)	700		18
Moody’s Corporation	800		52
Omnicom Group, Inc.	1,100		87
Robert Half International Inc. (a)	1,000		27
Chemicals & Allied Products (3.4%)
Air Products and Chemicals, Inc.	1,400		70
Avon Products, Inc.	1,300		109
Clorox Company (The)	1,300		67
Colgate-Palmolive Company	3,200		185
Dow Chemical Company (The)	5,500		218
du Pont (E.I.) de Nemours and Company	5,800		249
Eastman Chemical Company	500		21
Ecolab Inc.	1,600		48
Great Lakes Chemical Corporation	300		8
Hercules Incorporated (a)	700		8
International Flavors & Fragrances Inc.	600		22
Monsanto Company	1,571		54
PPG Industries, Inc.	1,000		59
Praxair, Inc.	2,000		73
Procter & Gamble Company (The)	7,700		814
Rohm and Haas Company	1,400		54
Sherwin-Williams Company (The)	800		30
Sigma-Aldrich Corporation	500		28
Commercial Banks (10.1%)
AmSouth Bancorporation	2,000		44
Bank of America Corporation	12,309		991
Bank of New York Company, Inc. (The)	4,500		131
Bank One Corporation	6,600		326
BB&T Corporation	3,300		114
Citigroup Inc.	30,500		1,467
Comerica Incorporated	1,100		57
Fifth Third Bancorp	3,300		177
First Horizon National Corporation	800		35
Huntington Bancshares Incorporated	1,400		30
KeyCorp	2,400		71
M&T Bank Corporation	800		68
Marshall & Ilsley Corporation	1,400		51
MBNA Corporation	7,600		185
Mellon Financial Corporation	2,600		77
Morgan Chase & Co. (J.P.)	12,100		455
National City Corporation	3,600		125
North Fork Bancorporation, Inc.	800		30
Northern Trust Corporation	1,300		55
PNC Financial Services Group, Inc. (The)	1,700		90
Providian Financial Corporation (a)	1,800		22
Regions Financial Corporation	1,400		49
SouthTrust Corporation	1,900		59

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock    1

TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Commercial Banks (continued)
State Street Corporation	1,900	$	93
SunTrust Banks, Inc.	1,700		116
Synovus Financial Corp.	1,700		41
U.S. Bancorp	11,400		292
Union Planters Corporation	1,100		31
Wachovia Corporation	7,900		361
Wells Fargo & Company	10,100		570
Zions Bancorporation	600		34
Communication (1.3%)
Comcast Corporation–Class A (a)	13,319		401
Viacom, Inc.–Class B	10,300		398
Communications Equipment (1.4%)
ADC Telecommunications, Inc. (a)	4,700		12
Avaya Inc. (a)	2,400		33
CIENA Corporation (a)	2,800		12
Comverse Technology, Inc. (a)	1,200		20
Corning Incorporated (a)	7,900		87
Lucent Technologies Inc. (a)	24,900		84
Motorola, Inc.	13,700		250
QUALCOMM Incorporated	4,800		300
Rockwell Collins, Inc.	1,100		35
Scientific-Atlanta, Inc.	800		26
Tellabs, Inc. (a)	2,500		22
Computer & Data Processing Services (5.3%)
Adobe Systems Incorporated	1,400		58
Affiliated Computer Services, Inc.–Class A (a)	850		41
Autodesk, Inc.	700		23
Automatic Data Processing, Inc.	3,500		153
BMC Software, Inc. (a)	1,400		24
Citrix Systems, Inc. (a)	1,000		19
Computer Associates International, Inc.	3,400		91
Computer Sciences Corporation (a)	1,100		45
Compuware Corporation (a)	2,200		17
Convergys Corporation (a)	900		13
Electronic Arts Inc. (a)	1,700		86
Electronic Data Systems Corporation	2,900		53
Fiserv, Inc. (a)	1,200		44
IMS Health Incorporated	1,500		38
Intuit Inc. (a)	1,200		51
Mercury Interactive Corporation (a)	600		26
Microsoft Corporation	63,900		1,659
Novell, Inc. (a)	2,200		21
Oracle Corporation (a)	31,000		348
Parametric Technology Corporation (a)	1,600		7
PeopleSoft, Inc. (a)	2,200		37
Sabre Holdings Corporation	900		21
Siebel Systems, Inc. (a)	3,000		31
SunGard Data Systems Inc. (a)	1,600		42
Symantec Corporation (a)	1,750		79
Unisys Corporation (a)	1,900		25
VERITAS Software Corporation (a)	2,600		69
Yahoo! Inc. (a)	3,900		197

	Shares	Value
Computer & Office Equipment (5.1%)
Apple Computer, Inc. (a)	2,100	$	54
Cisco Systems, Inc. (a)	40,600		847
Dell Inc. (a)	15,200		528
EMC Corporation (a)	14,200		158
Gateway, Inc. (a)	2,000		10
Hewlett-Packard Company	18,200		359
International Business Machines Corporation	10,100		891
Lexmark International, Inc. (a)	800		72
NCR Corporation (a)	600		27
Network Appliance, Inc. (a)	2,000		37
Pitney Bowes Inc.	1,400		61
Sun Microsystems, Inc. (a)	19,700		77
Symbol Technologies, Inc.	1,400		17
Xerox Corporation (a)	4,600		62
Construction (0.2%)
Ashland Inc.	500		24
Centex Corporation	800		38
Fluor Corporation	500		19
KB Home	300		21
Pulte Homes, Inc.	800		39
Department Stores (0.5%)
Dillard’s, Inc.–Class A	500		8
Federated Department Stores, Inc.	1,100		54
J.C. Penney Company, Inc.	1,700		58
Kohl’s Corporation (a)	2,100		88
May Department Stores Company (The)	1,800		55
Sears, Roebuck and Co.	1,400		56
Drug Stores & Proprietary Stores (0.6%)
CVS Corporation	2,400		93
Medco Health Solutions, Inc. (a)	1,653		59
Walgreen Co.	6,200		214
Educational Services (0.2%)
Apollo Group, Inc.–Class A (a)	1,100		100
Electric Services (1.7%)
AES Corporation (The) (a)	3,700		32
Allegheny Energy, Inc. (a)	800		11
American Electric Power Company, Inc.	2,300		70
Calpine Corporation (a)	2,400		10
CenterPoint Energy, Inc.	1,900		21
Constellation Energy Group, Inc.	1,000		38
Dominion Resources, Inc.	2,000		128
DTE Energy Company	1,000		39
Duke Energy Corporation	5,300		112
Edison International	2,000		47
Entergy Corporation	1,400		76
FirstEnergy Corp.	1,900		74
FPL Group, Inc.	1,100		70
Pinnacle West Capital Corporation	600		23
PPL Corporation	1,100		47
Progress Energy, Inc.	1,500		64
Southern Company (The)	4,300		124

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock    2

TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Electric Services (continued)
TECO Energy, Inc.	1,100	$	14
TXU Corp.	2,000		68
Electric, Gas & Sanitary Services (0.9%)
Ameren Corporation	1,000		44
Cinergy Corp.	1,100		42
CMS Energy Corporation (a)	1,000		8
Consolidated Edison, Inc.	1,400		58
Exelon Corporation	2,000		134
NiSource Inc.	1,600		32
PG&E Corporation (a)	2,500		69
Public Service Enterprise Group Incorporated	1,400		60
Sempra Energy	1,400		44
Xcel Energy Inc.	2,400		40
Electronic & Other Electric Equipment (3.4%)
American Power Conversion Corporation	1,200		22
Cooper Industries, Inc.–Class A	600		33
Eaton Corporation	800		48
Emerson Electric Co.	2,400		145
General Electric Company	59,500		1,781
Maytag Corporation	500		14
Thomas & Betts Corporation (a)	400		10
Whirlpool Corp.	500		33
Electronic Components & Accessories (3.8%)
Advanced Micro Devices, Inc. (a)	2,000		28
Altera Corporation (a)	2,200		44
Analog Devices, Inc.	2,100		89
Applied Micro Circuits Corporation (a)	1,900		8
Broadcom Corporation–Class A (a)	1,700		64
Intel Corporation	38,700		996
Jabil Circuit, Inc. (a)	1,200		32
JDS Uniphase Corporation (a)	8,500		26
Linear Technology Corporation	1,900		68
LSI Logic Corporation (a)	2,200		16
Maxim Integrated Products	1,900		87
Micron Technology, Inc. (a)	3,600		49
Molex Incorporated	1,200		36
National Semiconductor Corporation (a)	1,100		45
NVIDIA Corporation (a)	1,000		21
PMC-Sierra, Inc. (a)	1,000		12
Power-One, Inc. (a)	500		4
QLogic Corporation (a)	600		16
Sanmina Corporation (a)	3,100		31
Solectron Corporation (a)	4,900		24
Texas Instruments Incorporated	10,200		256
Tyco International Ltd.	11,900		327
Xilinx, Inc. (a)	2,100		71
Environmental Services (0.2%)
Allied Waste Industries, Inc. (a)	1,400		18
Waste Management, Inc.	3,400		97

	Shares	Value
Fabricated Metal Products (0.6%)
Crane Co.	400	$	12
Fortune Brands, Inc.	800		61
Gillette Company (The)	6,100		250
Parker-Hannifin Corporation	800		44
Stanley Works (The)	500		21
Finance (0.9%)
Standard & Poor’s 500 Depositary Receipt	4,790		532
Food & Kindred Products (2.4%)
Altria Group, Inc.	12,000		665
Archer Daniels Midland Co.	3,800		67
Campbell Soup Company	2,500		69
ConAgra Foods, Inc.	3,200		92
General Mills, Inc.	2,200		107
Heinz (H.J.) Company	2,000		76
Hershey Foods Corporation	700		62
Kellogg Company	2,500		107
McCormick & Company, Incorporated	900		31
Sara Lee Corporation	4,700		108
Wrigley (Wm.) Jr. Company	1,400		86
Food Stores (0.3%)
Albertson’s, Inc.	2,100		49
Kroger Co. (The) (a)	4,400		77
Safeway Inc. (a)	2,700		62
Winn-Dixie Stores, Inc.	900		7
Furniture & Fixtures (0.1%)
Johnson Controls, Inc.	1,000		55
Leggett & Platt, Incorporated	1,200		27
Furniture & Home Furnishings Stores (0.1%)
Bed Bath & Beyond Inc. (a)	1,800		67
Gas Production & Distribution (0.3%)
El Paso Corporation	3,600		25
KeySpan Corporation	1,000		36
Kinder Morgan, Inc.	800		48
Nicor Inc.	300		10
Peoples Energy Corporation	200		8
Williams Companies, Inc. (The)	3,100		32
Health Services (0.6%)
Caremark Rx, Inc. (a)	2,700		91
HCA Inc.	3,000		122
Health Management Associates, Inc.–Class A	1,500		35
Manor Care, Inc.	600		19
Quest Diagnostics Incorporated	700		59
Tenet Healthcare Corporation (a)	2,800		33
Holding & Other Investment Offices (0.4%)
Apartment Investment & Management Co.–Class A	540		15
Equity Office Properties Trust	2,400		60
Equity Residential	1,700		47
Janus Capital Group, Inc.	1,500		23
Plum Creek Timber Company, Inc.	1,100		33
ProLogis	1,050		31
Simon Property Group, Inc.	1,200		58

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock    3

TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Hotels & Other Lodging Places (0.2%)
Hilton Hotels Corporation	2,200	$	38
Marriott International, Inc.–Class A	1,400		66
Starwood Hotels & Resorts Worldwide, Inc.	1,200		48
Industrial Machinery & Equipment (1.6%)
American Standard Companies Inc. (a)	500		53
Applied Materials, Inc. (a)	9,900		180
Baker Hughes Incorporated	1,900		70
Black & Decker Corporation (The)	500		29
Brunswick Corporation	600		25
Caterpillar, Inc.	2,000		155
Cummins Inc.	300		18
Deere & Company	1,500		102
Dover Corporation	1,200		48
Illinois Tool Works Inc.	1,900		164
Ingersoll-Rand Company–Class A	1,000		65
ITT Industries, Inc.	600		48
Novellus Systems, Inc. (a)	1,000		29
Pall Corporation	800		19
Instruments & Related Products (0.9%)
Agilent Technologies, Inc. (a)	2,800		76
Applera Corporation–Applied Biosystems Group	1,300		24
Bausch & Lomb Incorporated	300		19
Danaher Corporation	1,000		93
Eastman Kodak Company	1,600		41
KLA–Tencor Corporation (a)	1,200		50
Millipore Corporation (a)	300		16
PerkinElmer, Inc.	800		15
Raytheon Company	2,500		81
Rockwell International Corporation	1,100		36
Snap-on Incorporated	400		14
Tektronix, Inc.	400		12
Teradyne, Inc. (a)	1,200		24
Thermo Electron Corporation (a)	1,000		29
Waters Corporation (a)	800		35
Insurance (4.7%)
ACE Limited	1,700		75
Aetna Inc.	1,000		83
AFLAC Incorporated	3,100		131
Allstate Corporation (The)	4,100		188
Ambac Financial Group, Inc.	700		48
American International Group, Inc.	15,400		1,103
Anthem, Inc. (a)	900		80
Aon Corporation	1,800		47
Chubb Corporation	1,100		76
CIGNA Corporation	900		58
Cincinnati Financial Corporation	1,050		43
Humana Inc. (a)	1,000		16
Loews Corporation	1,100		64
MBIA, Inc.	900		53
MGIC Investment Corporation	600		44
Principal Financial Group, Inc.	2,000		71
Progressive Corporation (The)	1,300		114

	Shares	Value
Insurance (continued)
SAFECO Corporation	900	$	39
St. Paul Companies, Inc. (The)	4,047		165
UnitedHealth Group Incorporated	3,700		227
UnumProvident Corporation	1,700		26
WellPoint Health Networks Inc. (a)	800		89
XL Capital Ltd.–Class A	900		69
Insurance Agents, Brokers & Service (0.7%)
Express Scripts, Inc.–Class A (a)	550		43
Hartford Financial Services Group, Inc. (The)	1,600		98
Marsh & McLennan Companies, Inc.	3,200		144
MetLife, Inc.	4,500		155
Life Insurance (0.6%)
Jefferson-Pilot Corporation	900		45
Lincoln National Corporation	1,100		49
Manulife Financial Corporation	2,134		78
Prudential Financial, Inc.	3,100		136
Torchmark Corporation	700		36
Lumber & Other Building Materials (1.1%)
Home Depot, Inc. (The)	13,400		472
Lowe’s Companies, Inc.	4,600		239
Lumber & Wood Products (0.4%)
Georgia-Pacific Corporation	1,600		56
Louisiana-Pacific Corporation	700		17
Masco Corporation	2,800		78
Weyerhaeuser Company	1,300		77
Management Services (0.1%)
Paychex, Inc.	2,200		82
Manufacturing Industries (0.2%)
Hasbro Inc.	1,000		19
International Game Technology	2,000		75
Mattel, Inc.	2,600		44
Medical Instruments & Supplies (2.0%)
Bard, (C.R.) Inc.	300		32
Baxter International Inc.	3,600		114
Becton, Dickinson and Company	1,600		81
Biomet, Incorporated	1,600		63
Boston Scientific Corporation (a)	4,800		198
Guidant Corporation	1,900		120
Medtronic, Inc.	7,200		363
St. Jude Medical, Inc. (a)	1,000		76
Stryker Corporation	1,200		119
Zimmer Holdings, Inc. (a)	1,300		104
Metal Cans & Shipping Containers (0.0%)
Ball Corporation	400		26
Metal Mining (0.2%)
Freeport-McMoRan Copper & Gold Inc.–Class B	1,000		31
Newmont Mining Corporation	2,600		97
Mining (0.1%)
Vulcan Materials Company	700		32

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock     4

TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Mortgage Bankers & Brokers (0.2%)
Countrywide Financial Corporation	1,650	$	98
Motion Pictures (0.7%)
Time Warner Inc. (a)	26,900		452
Motor Vehicles, Parts & Supplies (0.1%)
Genuine Parts Company	1,000		36
Oil & Gas Extraction (2.0%)
Anadarko Petroleum Corporation	1,500		80
Apache Corporation	1,910		80
BJ Services Company (a)	1,000		45
Burlington Resources Inc.	1,200		81
ConocoPhillips	4,004		285
Devon Energy Corporation	1,100		67
Dynegy Inc. (a)	2,200		9
EOG Resources, Inc.	600		30
Halliburton Company	2,500		75
Kerr-McGee Corporation	500		24
Nabors Industries Ltd. (a)	800		35
Noble Corporation (a)	700		26
Occidental Petroleum Corporation	2,200		104
Rowan Companies, Inc. (a)	600		13
Schlumberger Limited	3,400		199
Transocean Inc. (a)	1,800		50
Unocal Corporation	1,600		58
Paper & Allied Products (1.4%)
3M Company	4,600		398
Avery Dennison Corporation	700		45
Bemis Company, Inc.	600		16
International Paper Company	2,900		117
Kimberly-Clark Corporation	3,000		196
MeadWestvaco Corporation	1,200		31
Pactiv Corporation (a)	1,000		23
Temple-Inland Inc.	400		25
Paper & Paper Products (0.0%)
Boise Cascade Corporation	400		13
Personal Credit Institutions (0.3%)
Capital One Financial Corporation	1,400		92
SLM Corporation	2,600		100
Personal Services (0.3%)
Block (H&R), Inc.	1,100		50
Cendant Corporation	6,200		147
Petroleum Refining (3.9%)
Amerada Hess Corporation	600		43
ChevronTexaco Corporation	6,600		604
Exxon Mobil Corporation	39,100		1,664
Marathon Oil Corporation	1,900		64
Sunoco, Inc.	500		31
Pharmaceuticals (9.7%)
Abbott Laboratories	9,200		405
Allergan, Inc.	700		62

	Shares	Value
Pharmaceuticals (continued)
AmerisourceBergen Corporation	700	$	41
Amgen Inc. (a)	7,872		443
Biogen, Inc. (a)	1,600		94
Bristol-Myers Squibb Co.	11,400		286
Cardinal Health, Inc.	2,600		190
Chiron Corporation (a)	1,100		51
Forest Laboratories, Inc. (a)	2,100		135
Genzyme Corporation–General Division (a)	1,400		61
Johnson & Johnson	17,500		946
King Pharmaceuticals, Inc. (a)	1,500		26
Lilly (Eli) and Company	6,700		495
McKesson HBOC, Inc.	1,800		59
Medimmune, Inc. (a)	1,500		36
Merck & Co., Inc.	13,200		620
Pfizer Inc.	45,240		1,618
Schering-Plough Corporation	8,600		144
Watson Pharmaceuticals, Inc. (a)	700		25
Wyeth	7,900		301
Primary Metal Industries (0.5%)
Alcoa Inc.	5,100		157
Allegheny Technologies Incorporated	500		5
Andrew Corporation (a)	700		12
Engelhard Corporation	800		23
Nucor Corporation	500		30
Phelps Dodge Corporation (a)	600		39
United States Steel Corporation	700		20
Worthington Industries, Inc.	600		11
Printing & Publishing (0.8%)
American Greetings Corporation–Class A (a)	400		8
Deluxe Corporation	300		12
Donnelley (R.R.) & Sons Company	700		21
Dow Jones & Company, Inc.	500		23
Gannett Co., Inc.	1,700		147
Knight-Ridder, Inc.	500		39
McGraw-Hill Companies, Inc. (The)	1,200		95
Meredith Corporation	300		15
New York Times Company (The)–Class A	800		37
Tribune Company	1,800		86
Radio & Television Broadcasting (0.1%)
Univision Communications Inc.–Class A (a)	1,600		54
Radio, Television & Computer Stores (0.2%)
Best Buy Co., Inc.	2,000		109
Circuit City Stores, Inc.–Circuit City Group	1,300		15
RadioShack Corporation	1,000		31
Railroads (0.4%)
Burlington Northern Santa Fe Corporation	2,100		69
CSX Corporation	1,300		40
Norfolk Southern Corporation	2,400		57
Union Pacific Corporation	1,600		94

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock    5

TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Restaurants (0.7%)
Darden Restaurants, Inc.	1,000	$	23
McDonald’s Corporation	7,500		204
Starbucks Corporation (a)	2,400		93
Wendy’s International, Inc.	700		27
YUM! Brands, Inc. (a)	1,800		70
Retail Trade (0.3%)
Alberto-Culver Company–Class B	600		28
Office Depot, Inc. (a)	1,800		32
Staples, Inc.	2,900		75
Tiffany & Co.	800		31
Toys “R” Us, Inc. (a)	1,300		20
Rubber & Misc. Plastic Products (0.4%)
Cooper Tire & Rubber Company	500		11
Goodyear Tire & Rubber Company (The) (a)	1,100		10
Newell Financial Trust I	1,700		40
NIKE, Inc.–Class B	1,600		115
Reebok International Ltd.	400		15
Sealed Air Corporation (a)	600		29
Savings Institutions (0.6%)
Charter One Financial, Inc.	1,390		46
Golden West Financial Corporation	800		84
Washington Mutual, Inc.	5,400		213
Security & Commodity Brokers (2.7%)
American Express Company	7,800		382
Bear Stearns Companies Inc. (The)	600		48
E*TRADE Financial Corporation (a)	1,950		22
Federated Investors, Inc.–Class B	550		16
Franklin Resources, Inc.	1,500		82
Goldman Sachs Group, Inc. (The)	2,800		270
Lehman Brothers Holdings Inc.	1,700		125
Merrill Lynch & Co., Inc.	5,500		298
Morgan Stanley	6,600		339
Schwab (Charles) Corporation (The)	8,100		83
T. Rowe Price Group, Inc.	800		41
Telecommunications (3.5%)
ALLTEL Corporation	1,900		96
AT&T Corp.	4,700		81
AT&T Wireless Services, Inc. (a)	16,100		222
BellSouth Corporation	11,000		284
CenturyTel, Inc.	900		26
Citizens Communications Company (a)	1,600		21
Nextel Communications, Inc.–Class A (a)	6,500		155
Qwest Communications International Inc. (a)	10,500		42
SBC Communications Inc.	19,800		493
Sprint Corporation (FON Group)	8,450		151
Verizon Communications, Inc.	16,400		619

	Shares		Value
Tobacco Products (0.1%)
R.J. Reynolds Tobacco Holdings, Inc.		600	$	39
UST Inc.		1,000		37
Transportation Equipment (0.2%)
General Dynamics Corporation		1,200		112
Trucking & Warehousing (0.8%)
United Parcel Service, Inc.–Class B		6,900		484
U.S. Government Agencies (1.0%)
Fannie Mae		5,700		392
Freddie Mac		4,100		239
Variety Stores (3.0%)
Big Lots, Inc. (a)		600		8
Costco Wholesale Corporation (a)		2,800		105
Dollar General Corporation		1,900		36
Family Dollar Stores, Inc.		1,000		32
Target Corporation		5,300		230
Wal-Mart Stores, Inc.		25,500		1,454
Water Transportation (0.3%)
Carnival Corporation		3,700		158
Wholesale Trade Durable Goods (0.0%)
Grainger (W.W.), Inc.		600		31
Wholesale Trade Nondurable Goods (0.3%)
SUPERVALU INC.		700		22
SYSCO Corporation		3,900		149
Total Common Stocks (cost: $52,758)				61,726
	Principal		Value
PURCHASED OPTIONS (0.7%)
Put Options (0.7%)
S & P 500 Index
Put Strike $1,025.00,
Expires 06/19/2004	$	127	$	79
S & P 500 Index
Put Strike $1,050.00,
Expires 05/22/2004		151		46
S & P 500 Index
Put Strike $1,050.00,
Expires 06/19/2004		151		152
S & P 500 Index
Put Strike $1,050.00,
Expires 06/19/2004		127		128
Total Purchased Options (cost: $455)				405
Total Investment Securities (cost: $53,213)			$	62,131

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock    6

TA IDEX Protected Principal Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Contracts (b)	Value
WRITTEN OPTIONS (-0.8%)
Covered Call Options (-0.8%)
S & P 500 Index
Call Strike $1,125.00,
Expires 05/22/2004	101	$	(75)
S & P 500 Index
Call Strike $1,125.00,
Expires 05/22/2004	68		(50)
S & P 500 Index
Call Strike $1,125.00,
Expires 06/19/2004	88		(142)
S & P 500 Index
Call Strike $1,125.00,
Expires 06/19/2004	86		(138)
S & P 500 Index
Call Strike $1,150.00,
Expires 05/22/2004	128		(25)
S & P 500 Index
Call Strike $1,150.00,
Expires 06/19/2004	86		(63)
Total Written Options (premium: $1,467)		$	(493)
SUMMARY:
Investments, at value	100.0%	$	62,131
Written options	(0.8)%		(493)
Other assets in excess of liabilities	0.8%		448
Net assets	100.0%	$	62,086

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) Contract amounts are not in thousands.

(c) 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).

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock    7

TA IDEX Protected Principal Stock

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $53,213)	$	62,131
Cash		601
Receivables:
Shares of beneficial interest sold		33
Dividends		80
Other		2
		62,847
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		5
Management and advisory fees		68
Due to advisor		75
Distribution fees		47
Transfer agent fees		39
Written options (premium: $1,467)		493
Other		34
		761
Net Assets	$	62,086
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	59,325
Accumulated net investment income (loss)		(353	)
Accumulated net realized gain (loss) from:
Investment securities		(4,993	)
Written option contracts		(1,785	)
Net unrealized appreciation (depreciation) on:
Investment securities		8,918
Written option contracts		974
Net Assets	$	62,086
Net Assets by Class:
Class A	$	8,440
Class B		43,918
Class C2		6,743
Class M		2,985
Shares Outstanding:
Class A		817
Class B		4,268
Class C2		655
Class M		290
Net Asset Value Per Share:
Class A	$	10.34
Class B		10.30
Class C2		10.30
Class M		10.31
Maximum Offering Price Per Share (a):
Class A	$	10.94
Class M		10.41

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	2
Dividends		549
		551
Expenses:
Management and advisory fees		418
Transfer agent fees		29
Printing and shareholder reports		16
Custody fees		8
Administration fees		11
Legal fees		2
Auditing and accounting fees		7
Trustees fees		2
Registration fees		25
Other		19
Distribution and service fees:
Class A		16
Class B		227
Class C2		35
Class M		14
Total expenses before recovery of waived expenses		829
Recovered expenses		75
Total expenses		904
Net Investment Income (Loss)		(353	)
Net Realized Gain (Loss) from:
Investment securities		(553	)
Written option contracts		(1,785	)
		(2,338	)
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		3,101
Written option contracts		578
		3,679
Net Gain (Loss) on Investment Securities and Written Option Contracts		1,341
Net Increase (Decrease) in Net Assets Resulting from Operations	$	988

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock    8

TA IDEX Protected Principal Stock

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(353	)	$	(685	)
Net realized gain (loss) from investment securities and written options		(2,338	)		(4,420	)
Net unrealized appreciation (depreciation) on investment securities and written options		3,679			11,181
		988			6,076
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			(728	)
Class B		–			(3,475	)
Class C2		–			(519	)
Class M		–			(301	)
		–			(5,023	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		3			171
Class B		1			–
Class C2		2			6
Class M		–			–
		6			177
Dividends and distributions reinvested:
Class A		–			733
Class B		–			3,468
Class C2		–			519
Class M		–			301
		–			5,021
Cost of shares redeemed:
Class A		(1,050	)		(2,125	)
Class B		(3,462	)		(4,642	)
Class C2		(402	)		(576	)
Class M		(640	)		(858	)
		(5,554	)		(8,201	)
		(5,548	)		(3,003	)
Net increase (decrease) in net assets		(4,560	)		(1,950	)
Net Assets:
Beginning of period		66,646			68,596
End of period	$	62,086		$	66,646
Accumulated Net Investment Income (Loss)	$	(353	)	$	–

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	–		17
Class B	–		–
Class C2	–		1
Class M	–		–
	–		18
Shares issued–reinvested from distributions:
Class A	–		78
Class B	–		369
Class C2	–		55
Class M	–		32
	–		534
Shares redeemed:
Class A	(102	)	(213	)
Class B	(336	)	(480	)
Class C2	(39	)	(59	)
Class M	(62	)	(87	)
	(539	)	(839	)
Net increase (decrease) in shares outstanding:
Class A	(102	)	(118	)
Class B	(336	)	(111	)
Class C2	(39	)	(3	)
Class M	(62	)	(55	)
	(539	)	(287	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Protected Principal Stock    9

TA IDEX Protected Principal Stock

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations							Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Total Operations		From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	10.15	$	(0.02	)	$	0.21	$	0.19	$	–	$	–		$	–		$	10.34
	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	04/30/2004		10.15		(0.05	)		0.20		0.15		–		–			–			10.30
	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 C2	04/30/2004		10.15		(0.05	)		0.20		0.15		–		–			–			10.30
	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	04/30/2004		10.14		(0.04	)		0.21		0.17		–		–			–			10.31
	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 Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	1.87	%	$	8,440	2.01	%	2.25	%	(0.54	)%	–	%
	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	04/30/2004	1.48			43,918	2.66		2.90		(1.19	)	–
	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 C2	04/30/2004	1.48			6,743	2.66		2.90		(1.19	)	–
	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	04/30/2004	1.68			2,985	2.56		2.80		(1.09	)	–
	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

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 excludes the recovery 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.

(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 2004

TA IDEX Protected Principal Stock    10

TA IDEX Protected Principal Stock

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Protected Principal Stock (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on July 1, 2002.

On March 1, 2004, the Fund changed its name from IDEX Protected Principal Stock to TA IDEX Protected Principal Stock.

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. All shares designated as Class C shares prior to March 1, 2004, were renamed to class C2 shares on that date. 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 the 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on a day 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 affect 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, 2004, was paying an interest rate of 0.75%.

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.

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 contracts at April 30, 2004, are listed in the Schedule of Investments.

Substantially all 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 the escrow receipt depository of the Options Clearing Corporation (“OCC”) to effect pledging while main -

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Protected Principal Stock    11

TA IDEX Protected Principal Stock

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

taining custody of the stock positions, rather than delivering them to 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 10/31/2003	$	2,599		638
Sales		6,078		2,037
Closing Buys		(6,778	)	(1,942	)
Expirations		(432	)	(176	)
Exercised		–		–
Balance at 04/30/2004	$	1,467		557

* Contracts not in thousands.

TA IDEX Protected Principal Stock Guarantee: The Fund’s investment adviser, AEGON/Transamerica Fund Advisers, Inc. (“ATFA”), 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 the Statement of Additional Information for further information on the Guarantee.

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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATIS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Investment advisory fees: The Fund pays management fees to ATFA 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

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

1.90% 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	9	10/31/2006
Fiscal Year 2002		85	10/31/2005

	Expenses Recovered by Adviser	Increase in Total Expenses to Average Net Assets
Recovered in 2004	75	0.24%

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 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 C2	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 period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	–
Retained by Underwriter		–
Contingent Deferred Sales Charges		129

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $11 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $29 for the period ended April 30, 2004.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Protected Principal Stock    12

TA IDEX Protected Principal Stock

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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, 2004, the value of invested plan amounts was $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	253
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		9,197
U.S. Government		116

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 treatments 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
$4,710	October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	53,211
Unrealized Appreciation	$	10,428
Unrealized (Depreciation)		(1,508	)
Net Unrealized Appreciation (Depreciation)	$	8,920

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares converted to Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Protected Principal Stock    13

TA IDEX Salomon All Cap

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
PREFERRED STOCKS (1.0%)
Motion Pictures (1.0%)
News Corporation Limited (The)–ADR	209,000	$	7,054
Total Preferred Stocks (cost: $5,838)			7,054
COMMON STOCKS (92.2%)
Aerospace (0.8%)
Boeing Company (The)	127,300		5,434
Amusement & Recreation Services (1.1%)
Disney (Walt) Company (The)	316,400		7,287
Apparel & Accessory Stores (0.4%)
Gap, Inc. (The) (b)	119,400		2,628
Apparel Products (0.3%)
Tommy Hilfiger Corporation (a)	121,800		1,900
Automotive (1.3%)
Delphi Corporation	376,300		3,838
Honeywell International Inc.	140,000		4,841
Business Services (0.4%)
Catalina Marketing Corporation (a)(b)	98,900		1,640
NDCHealth Corporation	57,600		1,317
Chemicals & Allied Products (3.0%)
Cabot Corporation	275,000		9,295
Crompton Corporation	477,100		2,968
Dow Chemical Company (The)	200,100		7,942
Commercial Banks (4.6%)
Bank of New York Company, Inc. (The)	154,700		4,508
Bank One Corporation	100,000		4,937
Mitsubishi Tokyo Financial Group, Inc.	946		8,420
Morgan Chase & Co. (J.P.) (b)	193,100		7,261
State Street Corporation	126,100		6,154
Communication (3.8%)
Comcast Corporation–Special Class A (a)	324,900		9,418
Liberty Media Corporation–Class A (a)	910,700		9,963
Viacom, Inc.–Class B	173,200		6,694
Communications Equipment (6.1%)
Lucent Technologies Inc. (a)(b)	2,115,300		7,129
Motorola, Inc.	811,600		14,812
Nokia Corporation–ADR (b)	525,000		7,355
Telefonaktiebolaget LM Ericsson–ADR (a)(b)	464,660		12,392
Computer & Data Processing Services (5.4%)
Actuate Corporation (a)	47,600		156
Micromuse Inc. (a)	700,000		4,697
Microsoft Corporation	339,700		8,822
RealNetworks, Inc. (a)	710,000		4,083
Sabre Holdings Corporation	240,300		5,669
SunGard Data Systems Inc. (a)	243,200		6,340
Unisys Corporation (a)	555,600		7,239
Computer & Office Equipment (0.5%)
3Com Corporation (a)	597,300		3,679

	Shares	Value
Construction (0.3%)
Fluor Corporation (b)	50,100	$	1,912
Electronic & Other Electric Equipment (0.3%)
Sony Corporation (b)	50,000		1,935
Electronic Components & Accessories (4.7%)
Intel Corporation	317,700		8,174
Lattice Semiconductor Corporation (a)	213,000		1,517
Solectron Corporation (a)	1,900,500		9,312
Taiwan Semiconductor Manufacturing Company Ltd.–ADR (a)	881,300		8,399
Texas Instruments Incorporated	194,200		4,874
Environmental Services (1.1%)
Waste Management, Inc.	275,400		7,821
Fabricated Metal Products (0.5%)
Shaw Group Inc. (The) (a)(b)	284,300		3,412
Food Stores (1.1%)
Safeway Inc. (a)(b)	321,200		7,372
Gas Production & Distribution (0.8%)
Williams Companies, Inc. (The)	526,500		5,423
Health Services (0.4%)
Enzo Biochemical, Inc. (a)(b)	168,800		2,456
Industrial Machinery & Equipment (1.7%)
Caterpillar, Inc.	87,000		6,763
Deere & Company	75,000		5,103
Instruments & Related Products (3.0%)
Agilent Technologies, Inc. (a)	362,300		9,785
Raytheon Company	330,400		10,659
Insurance (8.4%)
Ambac Financial Group, Inc.	112,900		7,790
American International Group, Inc.	138,100		9,895
Assured Guaranty Ltd. (a)(b)	97,000		1,717
Chubb Corporation	115,780		7,989
CNA Surety Corporation (a)	294,600		3,208
MBIA, Inc.	125,000		7,361
MGIC Investment Corporation	122,000		8,982
PMI Group, Inc. (The) (b)	41,100		1,769
Radian Group, Inc.	200,400		9,320
Insurance Agents, Brokers & Service (1.9%)
Hartford Financial Services Group, Inc. (The)	100,000		6,108
Marsh & McLennan Companies, Inc.	150,000		6,765
Life Insurance (0.3%)
Scottish Annuity & Life Holdings, Ltd. (b)	99,000		2,166
Lumber & Other Building Materials (0.9%)
Home Depot, Inc. (The)	182,100		6,408
Lumber & Wood Products (2.6%)
Georgia-Pacific Corporation	269,200		9,448
Weyerhaeuser Company	141,800		8,395

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon All Cap     1

TA IDEX Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Manufacturing Industries (1.1%)
Hasbro Inc.	384,700	$	7,267
Metal Mining (1.3%)
Newmont Mining Corporation	235,700		8,815
Motion Pictures (3.0%)
Metro-Goldwyn-Mayer Inc. (a)(b)	240,292		5,051
News Corporation Limited (The)–ADR (b)	149,900		5,480
Time Warner Inc. (a)	600,000		10,092
Oil & Gas Extraction (3.3%)
Anadarko Petroleum Corporation	126,500		6,778
GlobalSantaFe Corporation	175,000		4,615
Halliburton Company (b)	225,000		6,705
Schlumberger Limited	75,000		4,390
Paper & Allied Products (1.0%)
Smurfit-Stone Container Corporation (a)	379,300		6,520
Petroleum Refining (2.1%)
ChevronTexaco Corporation	95,400		8,729
Murphy Oil Corporation	80,500		5,514
Pharmaceuticals (11.6%)
Abbott Laboratories	223,200		9,825
Aphton Corporation (a)(b)	500,200		2,451
Genelabs Technologies, Inc. (a)	274,500		755
Glaxo Wellcome PLC–ADR	197,400		8,291
Johnson & Johnson	201,000		10,860
McKesson HBOC, Inc.	246,000		8,084
Merck & Co., Inc.	242,100		11,379
Novartis AG –ADR	125,000		5,600
Pfizer Inc.	347,800		12,437
Wyeth	212,000		8,071
XOMA Ltd. (a)	405,900		1,741
Primary Metal Industries (4.1%)
Alcoa Inc.	302,300		9,296
Allegheny Technologies Incorporated	371,400		3,796
Brush Engineered Materials Inc. (a)	90,600		1,466
Engelhard Corporation	179,900		5,224
Nucor Corporation (b)	100,000		5,940
RTI International Metals, Inc. (a)	128,800		1,887
Printing & Publishing (0.3%)
MarketWatch.com, Inc. (a)(b)	200,000		2,100
Savings Institutions (0.1%)
Washington Mutual, Inc.	15,300		603
Security & Commodity Brokers (3.2%)
American Express Company	175,000		8,566
Merrill Lynch & Co., Inc.	144,000		7,809
Morgan Stanley	100,000		5,139

	Shares		Value
Telecommunications (3.4%)
Nippon Telegraph and Telephone Corporation–ADR		313,900	$	8,152
SBC Communications Inc.		250,000		6,225
Vodafone Group PLC–ADR (b)		351,800		8,633
Transportation Equipment (0.2%)
Fleetwood Enterprises, Inc. (a)(b)		103,700		1,504
Variety Stores (1.0%)
Costco Wholesale Corporation (a)		175,000		6,554
Wholesale Trade Durable Goods (0.8%)
IKON Office Solutions, Inc.		468,300		5,212
Total Common Stocks (cost: $577,859)				628,612
	Principal		Value
SECURITY LENDING COLLATERAL (10.5%)
Debt (5.7%)
Bank Notes (1.0%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	3,538	$	3,538
Fleet National Bank 1.00%, due 07/21/2004		3,538		3,538
Euro Dollar Overnight (0.5%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		2,123		2,123
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		1,274		1,274
Euro Dollar Terms (1.4%)
Bank of Montreal 1.02%, due 05/21/2004		413		413
BNP Paribas SA 1.01%, due 05/18/2004		2,123		2,123
1.08%, due 07/29/2004		2,123		2,123
Den Danske Bank 1.02%, due 05/20/2004		1,415		1,415
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		1,415		1,415
Wells Fargo & Company 1.02%, due 05/14/2004		2,123		2,123
Promissory Notes (0.7%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		4,953		4,953
Repurchase Agreements (2.1%) (c)
Merrill Lynch & Co., Inc. 1.04%, Repurchase Agreement dated 04/30/2004 to be repurchased at $14,150 on 05/03/2004		14,150		14,150

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon All Cap    2

TA IDEX Salomon All Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Shares	Value
Investment Companies (4.8%)
Money Market Funds (4.8%)
American AAdvantage Select Fund 1-day yield of 0.98%,	4,245,418	$	4,245
Barclays Institutional Money Market Fund 1-day yield of 1.02%,	9,905,976		9,906
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%,	3,834,370		3,834
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%,	14,151,395		14,151
Total Security Lending Collateral (cost: $71,324)			71,324
Total Investment Securities (cost: $655,021)		$	706,990
SUMMARY:
Investments, at value	103.7%	$	706,990
Liabilities in excess of other assets	(3.7)%		(25,539)
Net assets	100.0%	$	681,451

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $67,191.

(c) Cash collateral for the Repurchase Agreements, valued at $14,434, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

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 2004

TA IDEX Salomon All Cap    3

TA IDEX Salomon All Cap

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $655,021 including securities loaned of $67,191)	$	706,990
Cash		47,741
Receivables:
Shares of beneficial interest sold		310
Interest		11
Dividends		731
Dividend reclaims receivable		5
Other		67
		755,855
Liabilities:
Investment securities purchased		1,604
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		294
Management and advisory fees		445
Distribution fees		331
Transfer agent fees		292
Payable for collateral for securities on loan		71,324
Other		114
		74,404
Net Assets	$	681,451
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	692,136
Accumulated net investment income (loss)		(1,497	)
Accumulated net realized gain (loss) from:
Investment securities		(61,148	)
Foreign currency transactions		(4	)
Net unrealized appreciation (depreciation) on:
Investment securities		51,966
Translation of assets and liabilities denominated in foreign currencies		(2	)
Net Assets	$	681,451
Net Assets by Class:
Class A	$	442,342
Class B		164,577
Class C		7,127
Class C2		30,581
Class M		36,824
Shares Outstanding:
Class A		29,982
Class B		11,536
Class C		500
Class C2		2,144
Class M		2,568
Net Asset Value Per Share:
Class A	$	14.75
Class B		14.27
Class C		14.27
Class C2		14.27
Class M		14.34
Maximum Offering Price Per Share (a):
Class A	$	15.61
Class M		14.48

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	125
Dividends		3,402
Income from loaned securities–net		70
Less withholding taxes on foreign dividends		(57	)
		3,540
Expenses:
Management and advisory fees		2,414
Transfer agent fees		458
Printing and shareholder reports		175
Custody fees		21
Administration fees		39
Legal fees		8
Auditing and accounting fees		5
Trustees fees		10
Registration fees		32
Other		13
Distribution and service fees:
Class A		653
Class B		836
Class C		27
Class C2		166
Class M		174
Total expenses		5,031
Net Investment Income (Loss)		(1,491	)
Net Realized Gain (Loss) from:
Investment securities		13,921
Foreign currency transactions		(4	)
		13,917
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		15,162
Translation of assets and liabilities denominated in foreign currencies		(2	)
		15,160
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions		29,077
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,586

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon All Cap    4

TA IDEX Salomon All Cap

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(1,491	)	$	(2,444	)
Net realized gain (loss) from investment securities and foreign currency transactions		13,917			(14,296	)
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		15,160			111,856
		27,586			95,116
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		166,820			202,927
Class B		14,506			26,289
Class C		5,098			2,385
Class C2		1,870			4,158
Class M		1,875			2,540
		190,169			238,299
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(11,329	)		(23,992	)
Class B		(16,677	)		(38,674	)
Class C		(615	)		(122	)
Class C2		(6,761	)		(15,143	)
Class M		(4,764	)		(12,598	)
		(40,146	)		(90,529	)
		150,023			147,770
Net increase (decrease) in net assets		177,609			242,886
Net Assets:
Beginning of period		503,842			260,956
End of period	$	681,451		$	503,842
Accumulated Net Investment Income (Loss)	$	(1,497	)	$	(6	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	11,250		16,039
Class B	1,008		2,195
Class C	354		198
Class C2	130		367
Class M	129		212
	12,871		19,011
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(762	)	(2,110	)
Class B	(1,158	)	(3,473	)
Class C	(42	)	(10	)
Class C2	(467	)	(1,383	)
Class M	(328	)	(1,147	)
	(2,757	)	(8,123	)
Net increase (decrease) in shares outstanding:
Class A	10,488		13,929
Class B	(150	)	(1,278	)
Class C	312		188
Class C2	(337	)	(1,016	)
Class M	(199	)	(935	)
	10,114		10,888

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon All Cap    5

TA IDEX Salomon All Cap

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	13.95	$	(0.02	)	$	0.82		$	0.80		$	–	$	–		$	–		$	14.75
	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
	10/31/1999		10.00		0.02			1.68			1.70			–		–			–			11.70
Class B	04/30/2004		13.53		(0.06	)		0.80			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
	10/31/1999		10.00		(0.02	)		1.68			1.66			–		–			–			11.66
Class C	04/30/2004		13.53		(0.07	)		0.81			0.74			–		–			–			14.27
	10/31/2003		10.26		(0.12	)		3.39			3.27			–		–			–			13.53
Class C2	04/30/2004		13.53		(0.06	)		0.80			0.74			–		–			–			14.27
	10/31/2003		10.08		(0.12	)		3.57			3.45			–		–			–			13.53
	10/31/2002		13.42		(0.10	)		(3.10	)		(3.20	)		–		(0.14	)		(0.14	)		10.08
	10/31/2001		15.36		0.02			(1.54	)		(1.52	)		–		(0.42	)		(0.42	)		13.42
	10/31/2000		11.66		(0.03	)		3.92			3.89			–		(0.19	)		(0.19	)		15.36
Class M	04/30/2004		13.60		(0.06	)		0.80			0.74			–		–			–			14.34
	10/31/2003		10.12		(0.10	)		3.58			3.48			–		–			–			13.60
	10/31/2002		13.44		(0.08	)		(3.10	)		(3.18	)		–		(0.14	)		(0.14	)		10.12
	10/31/2001		15.38		0.04			(1.56	)		(1.52	)		–		(0.42	)		(0.42	)		13.44
	10/31/2000		11.67		(0.02	)		3.92			3.90			–		(0.19	)		(0.19	)		15.38
	10/31/1999		10.00		(0.01	)		1.68			1.67			–		–			–			11.67

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	5.73	%	$	442,342	1.38	%	1.38	%	(0.23	)%	12	%
	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
	10/31/1999	17.03			1,880	1.55		8.85		0.35		83
Class B	04/30/2004	5.47			164,577	2.03		2.03		(0.88	)	12
	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
	10/31/1999	16.60			1,571	2.20		9.50		(0.30	)	83
Class C	04/30/2004	5.47			7,127	2.03		2.03		(0.88	)	12
	10/31/2003	31.87			2,547	2.20		2.29		(1.01	)	30
Class C2	04/30/2004	5.47			30,581	2.03		2.03		(0.88	)	12
	10/31/2003	34.23			33,572	2.20		2.29		(1.01	)	30
	10/31/2002	(24.11	)		35,248	2.20		2.30		(0.68	)	162
	10/31/2001	(10.09	)		46,369	2.23		2.33		0.10		82
	10/31/2000	33.72			10,675	2.20		3.06		(0.20	)	91
Class M	04/30/2004	5.44			36,824	1.93		1.93		(0.78	)	12
	10/31/2003	34.39			37,618	2.10		2.19		(0.91	)	30
	10/31/2002	(24.00	)		37,471	2.10		2.20		(0.58	)	162
	10/31/2001	(10.00	)		52,684	2.13		2.23		0.20		82
	10/31/2000	33.84			10,785	2.10		2.96		(0.10	)	91
	10/31/1999	16.67			728	2.10		9.40		(0.20	)	83

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon All Cap    6

TA IDEX Salomon All Cap

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, and 4/30/2004.

(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 classes are as follows:

Class C – November 11, 2002

Class C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon All Cap    7

TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Salomon All Cap (“the Fund”), part of Transamerica IDEX Mutual Funds , began operations on March 1, 1999.

On March 1, 2004, the Fund changed its name from IDEX Salomon All Cap to TA IDEX Salomon All Cap.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Salomon All Cap    8

TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $174 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 received 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 $30 of program net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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.

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, 2004, 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Salomon All Cap    9

TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 period ended April 30, 2004, this fee totaled $7. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATSF”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATSF is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	15,547	2%
TA IDEX Asset Allocation - Growth Portfolio		114,208	17%
TA IDEX Asset Allocation - Moderate Growth Portfolio		175,676	26%
TA IDEX Asset Allocation - Moderate Portfolio		64,634	9%
Total	$	370,065	54%

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 average 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	184
Retained by Underwriter		25
Contingent Deferred Sales Charges		217

Administrative services: The Fund has entered into an agreement with ATSF 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $39 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $458 for the period ended April 30, 2004.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Salomon All Cap    10

TA IDEX Salomon All Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended April 30, 2004, were $13.

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, 2004, the value of invested plan amounts was $15. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	259,181
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		62,537
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 treatments 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
$60,548	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, 2004, are as follows:

Federal Tax Cost Basis	$	655,351
Unrealized Appreciation	$	65,541
Unrealized (Depreciation)		(13,902	)
Net Unrealized Appreciation (Depreciation)	$	51,639

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Salomon All Cap    11

TA IDEX Salomon Investors Value

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
PREFERRED STOCKS (1.5%)
Motion Pictures (1.5%)
News Corporation Limited (The)–ADR	187,600	$	6,332
Total Preferred Stocks (cost: $4,906)			6,332
COMMON STOCKS (96.0%)
Aerospace (3.6%)
Boeing Company (The)	116,600		4,978
Lockheed Martin Corporation	117,500		5,605
United Technologies Corporation	54,700		4,718
Automotive (1.6%)
Honeywell International Inc.	199,700		6,907
Chemicals & Allied Products (0.7%)
Dow Chemical Company (The)	78,100		3,100
Commercial Banks (9.4%)
Bank of America Corporation	140,200		11,284
Bank of New York Company, Inc. (The)	174,100		5,073
MBNA Corporation	202,600		4,939
Morgan Chase & Co. (J.P.) (b)	125,100		4,704
U.S. Bancorp	193,500		4,961
Wachovia Corporation (b)	98,700		4,516
Wells Fargo & Company	79,200		4,472
Communication (3.6%)
Comcast Corporation–Class A (a)	103,700		3,121
Comcast Corporation–Special Class A (a)(b)	112,700		3,267
Liberty Media Corporation–Class A (a)	551,200		6,030
Viacom, Inc.–Class B	74,500		2,879
Communications Equipment (3.3%)
Comverse Technology, Inc. (a)	151,500		2,479
Lucent Technologies Inc. (a)(b)	621,700		2,095
Nokia Corporation–ADR (b)	296,900		4,160
Nortel Networks Corporation (a)	1,352,800		5,059
Computer & Data Processing Services (2.2%)
Microsoft Corporation	286,400		7,438
Novell, Inc. (a)	204,100		1,968
Computer & Office Equipment (3.8%)
3Com Corporation (a)	238,700		1,470
Hewlett-Packard Company	356,700		7,028
International Business Machines Corporation	40,000		3,527
Sun Microsystems, Inc. (a)	1,038,500		4,050
Department Stores (0.5%)
Federated Department Stores, Inc.	43,300		2,122
Electric Services (2.2%)
FirstEnergy Corp.	138,100		5,400
Progress Energy, Inc. (b)	93,900		4,016
Electric, Gas & Sanitary Services (2.3%)
Ameren Corporation	69,000		3,017
NiSource Inc.	250,900		5,058
PG&E Corporation (a)	56,200		1,547
Electronic Components & Accessories (1.5%)
Celestica Inc. (U.S.) (a)(b)	176,600		3,105
Solectron Corporation (a)	651,600		3,193

	Shares	Value
Environmental Services (0.8%)
Waste Management, Inc.	122,600	$	3,482
Food & Kindred Products (3.7%)
Altria Group, Inc.	193,200		10,699
Kraft Foods, Inc.–Class A	154,000		5,068
Food Stores (3.0%)
Kroger Co. (The) (a)	404,300		7,076
Safeway Inc. (a)(b)	254,200		5,834
Gas Production & Distribution (0.8%)
El Paso Corporation (b)	498,500		3,494
Health Services (1.3%)
HCA Inc.	137,200		5,574
Holding & Other Investment Offices (1.8%)
Equity Office Properties Trust	180,200		4,536
Equity Residential	107,700		2,957
Insurance (5.1%)
American International Group, Inc.	118,500		8,491
Loews Corporation	103,400		5,998
St. Paul Companies, Inc. (The)	90,200		3,668
XL Capital Ltd.–Class A (b)	42,800		3,268
Insurance Agents, Brokers & Service (0.8%)
Hartford Financial Services Group, Inc. (The)	57,700		3,524
Lumber & Other Building Materials (1.0%)
Home Depot, Inc. (The)	122,000		4,293
Motion Pictures (1.3%)
Time Warner Inc. (a)	337,600		5,678
Oil & Gas Extraction (5.0%)
ENSCO International Incorporated (b)	191,100		5,230
GlobalSantaFe Corporation	110,600		2,917
Nabors Industries Ltd. (a)(b)	101,200		4,489
Total Fina Elf SA–ADR	91,400		8,420
Paper & Allied Products (4.1%)
Avery Dennison Corporation	72,600		4,663
International Paper Company (b)	138,300		5,576
Kimberly-Clark Corporation	112,200		7,343
Personal Credit Institutions (0.7%)
Capital One Financial Corporation	45,800		3,001
Petroleum Refining (5.0%)
BP PLC–ADR	143,800		7,607
ChevronTexaco Corporation	88,500		8,098
Royal Dutch Petroleum Company–NY Registered Shares (b)	112,700		5,484
Pharmaceuticals (8.5%)
Glaxo Wellcome PLC–ADR (b)	131,400		5,519
Johnson & Johnson	96,100		5,192
Merck & Co., Inc.	122,700		5,767
Pfizer Inc.	320,300		11,453
Schering-Plough Corporation	249,400		4,172
Wyeth	98,800		3,761

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon Investors Value    1

TA IDEX Salomon Investors Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Primary Metal Industries (1.5%)
Alcoa Inc.		202,600	$	6,230
Restaurants (1.7%)
McDonald’s Corporation		258,400		7,037
Rubber & Misc. Plastic Products (0.9%)
Newell Financial Trust I (b)		157,800		3,730
Savings Institutions (0.9%)
Washington Mutual, Inc.		96,500		3,801
Security & Commodity Brokers (5.7%)
American Express Company		107,500		5,262
Goldman Sachs Group, Inc. (The)		50,400		4,864
Merrill Lynch & Co., Inc.		110,400		5,987
Morgan Stanley		85,900		4,414
Waddell & Reed Financial, Inc.–Class A		162,900		3,621
Telecommunications (5.6%)
AT&T Corp. (b)		195,000		3,344
AT&T Wireless Services, Inc. (a)(b)		479,900		6,627
SBC Communications Inc.		254,900		6,347
Verizon Communications, Inc.		199,300		7,522
Variety Stores (2.1%)
Costco Wholesale Corporation (a)		75,600		2,831
Target Corporation		137,300		5,955
Total Common Stocks (cost: $382,047)				407,190
	Principal		Value
SECURITY LENDING COLLATERAL (9.6%)
Debt (5.3%)
Bank Notes (0.9%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	2,015	$	2,015
Fleet National Bank 1.00%, due 07/21/2004		2,015		2,015
Euro Dollar Overnight (0.5%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		1,209		1,209
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		725		725

	Principal	Value
Euro Dollar Terms (1.3%)
Bank of Montreal
1.02%, due 05/21/2004	$     235	$	235
BNP Paribas SA
1.01%, due 05/18/2004	1,209		1,209
1.08%, due 07/29/2004	1,209		1,209
Den Danske Bank
1.02%, due 05/20/2004	806		806
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004	806		806
Wells Fargo & Company 1.02%, due 05/14/2004	1,209		1,209
Promissory Notes (0.7%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004	2,821		2,821
Repurchase Agreements (1.9%)(c)
Merrill Lynch & Co., Inc. 1.04%, Repurchase Agreement dated 04/30/2004 to be repurchased at $8,062 on 05/03/2004	8,062		8,062
	Shares	Value
Investment Companies (4.3%)
Money Market Funds (4.3%)
American AAdvantage Select Fund 1 day yield of 0.98%	2,418,063		2,418
Barclays Institutional Money Market Fund 1 day yield of 1.02%	5,642,147		5,642
Merrill Lynch Premier Institutional Fund 1 day yield of 0.97%	2,183,942		2,184
Merrimac Cash Series Fund– Premium Class 1 day yield of 0.99%	8,060,209		8,060
Total Security Lending Collateral (cost: $40,625)			40,625
Total Investment Securities (cost: $427,578)		$	454,147
SUMMARY:
Investments, at value	107.1%	$	454,147
Liabilities in excess of other assets	(7.1)%		(29,928)
Net assets	100.0%	$	424,219

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $38,734.

(c) Cash collateral for the Repurchase Agreements, valued at $8,221, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

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 2004

TA IDEX Salomon Investors Value    2

TA IDEX Salomon Investors Value

STATEMENT OF ASSETS AND LIABILITIES

Period ended April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $427,578) (including $38,734 of securities loaned)	$	454,147
Cash		13,431
Receivables:
Shares of beneficial interest sold		3
Interest		6
Dividends		646
Dividend reclaims receivable		18
Other		27
		468,278
Liabilities:
Investment securities purchased		2,854
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		60
Management and advisory fees		278
Distribution fees		137
Transfer agent fees		49
Payable for collateral for securities on loan		40,625
Other		56
		44,059
Net Assets	$	424,219
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	390,423
Undistributed net investment income (loss)		628
Undistributed net realized gain (loss) from investment securities		6,600
Net unrealized appreciation (depreciation) on: Investment securities		26,568
Net Assets	$	424,219
Net Assets by Class:
Class A	$	396,445
Class B		21,364
Class C		1,551
Class C2		2,712
Class M		2,147
Shares Outstanding:
Class A		29,775
Class B		1,680
Class C		122
Class C2		213
Class M		168
Net Asset Value Per Share:
Class A	$	13.31
Class B		12.71
Class C		12.71
Class C2		12.71
Class M		12.80
Maximum Offering Price Per Share (a):
Class A	$	14.08
Class M		12.92

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	30
Dividends		3,438
Income from loaned securities–net		13
Less withholding taxes on foreign dividends		(53	)
		3,428
Expenses:
Management and advisory fees		1,366
Transfer agent fees		70
Printing and shareholder reports		31
Custody fees		14
Administration fees		25
Legal fees		4
Auditing and accounting fees		5
Trustees fees		5
Registration fees		21
Other		7
Distribution and service fees:
Class A		549
Class B		107
Class C		6
Class C2		14
Class M		10
Total expenses		2,234
Net Investment Income (Loss)		1,194
Net Realized and Unrealized Gain (Loss):
Net Realized gain (loss) from investment securities		8,666
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		5,262
Net Gain (Loss) on Investment Securities		13,928
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,122

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon Investors Value    3

TA IDEX Salomon Investors Value

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,194		$	794
Net realized gain (loss) from investment securities		8,666			(1,894	)
Net unrealized appreciation (depreciation) on investment securities and deferred compensation		5,262			33,192
		15,122			32,092
Distributions to Shareholders:
From net investment income:
Class A		(1,159	)		(100	)
Class B		(91	)		(30	)
Class C		(5	)		–
Class C2		(12	)		(4	)
Class M		(10	)		(4	)
		(1,277	)		(138	)
From net realized gains:
Class A		–			(420	)
Class B		–			(127	)
Class C		–			–
Class C2		–			(17	)
Class M		–			(16	)
		–			(580	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		152,726			165,506
Class B		2,379			4,507
Class C		944			733
Class C2		231			779
Class M		219			218
		156,499			171,743
Dividends and distributions reinvested:
Class A		1,157			517
Class B		86			148
Class C		4			–
Class C2		11			20
Class M		10			19
		1,268			704
Cost of shares redeemed:
Class A		(3,493	)		(6,083	)
Class B		(2,415	)		(5,016	)
Class C		(236	)		(8	)
Class C2		(471	)		(852	)
Class M		(407	)		(752	)
		(7,022	)		(12,711	)
		150,745			159,736
Net increase (decrease) in net assets		164,590			191,110
Net Assets:
Beginning of period		259,629			68,519
End of period	$	424,219		$	259,629
Undistributed Net Investment Income (Loss)	$	628		$	711

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	11,258		14,587
Class B	184		422
Class C	74		67
Class C2	18		75
Class M	17		20
	11,551		15,171
Shares issued–reinvested from distributions:
Class A	90		50
Class B	7		15
Class C	–		–
Class C2	1		2
Class M	1		2
	99		69
Shares redeemed:
Class A	(258	)	(550	)
Class B	(188	)	(485	)
Class C	(18	)	(1	)
Class C2	(37	)	(78	)
Class M	(31	)	(72	)
	(532	)	(1,186	)
Net increase (decrease) in shares outstanding:
Class A	11,090		14,087
Class B	3		(48	)
Class C	56		66
Class C2	(18	)	(1	)
Class M	(13	)	(50	)
	11,118		14,054

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon Investors Value    4

TA IDEX Salomon Investors Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	12.51	$	0.05		$	0.80		$	0.85		$	(0.05	)	$	–		$	(0.05	)	$	13.31
	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
	10/31/1999		11.09		0.05			0.41			0.46			–			(0.27	)		(0.27	)		11.28
Class B	04/30/2004		11.99		0.01			0.76			0.77			(0.05	)		–			(0.05	)		12.71
	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
	10/31/1999		10.98		(0.03	)		0.41			0.38			–			(0.27	)		(0.27	)		11.09
Class C	04/30/2004		11.99		0.01			0.76			0.77			(0.05	)		–			(0.05	)		12.71
	10/31/2003		9.77		0.01			2.30			2.31			(0.02	)		(0.07	)		(0.09	)		11.99
Class C2	04/30/2004		11.99		0.01			0.76			0.77			(0.05	)		–			(0.05	)		12.71
	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 M	04/30/2004		12.07		0.01			0.77			0.78			(0.05	)		–			(0.05	)		12.80
	10/31/2003		9.90		0.02			2.24			2.26			(0.02	)		(0.07	)		(0.09	)		12.07
	10/31/2002		12.25		–			(2.07	)		(2.07	)		–			(0.28	)		(0.28	)		9.90
	10/31/2001		12.66		(0.01	)		(0.39	)		(0.40	)		–			(0.01	)		(0.01	)		12.25
	10/31/2000		11.12		–			1.54			1.54			–			–			–			12.66
	10/31/1999		11.00		(0.02	)		0.41			0.39			–			(0.27	)		(0.27	)		11.12

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	6.85	%	$	396,445	1.26	%	1.26	%	0.75	%	14	%
	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
	10/31/1999	4.34			7,972	1.64		2.28		0.21		26
Class B	04/30/2004	6.48			21,364	1.91		1.91		0.10		14
	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
	10/31/1999	3.68			7,311	2.29		2.93		(0.44	)	26
Class C	04/30/2004	6.48			1,551	1.91		1.91		0.10		14
	10/31/2003	23.81			797	2.07		2.07		0.05		32
Class C2	04/30/2004	6.48			2,712	1.91		1.91		0.10		14
	10/31/2003	22.93			2,770	2.07		2.07		0.06		32
	10/31/2002	(17.47	)		2,295	2.20		2.56		(0.09	)	101
	10/31/2001	(3.31	)		2,288	2.20		2.58		(0.17	)	29
	10/31/2000	13.72			1,094	2.20		2.85		(0.25	)	50
Class M	04/30/2004	6.52			2,147	1.81		1.81		0.20		14
	10/31/2003	22.99			2,181	1.97		1.97		0.16		32
	10/31/2002	(17.35	)		2,284	2.10		2.46		0.01		101
	10/31/2001	(3.21	)		3,373	2.10		2.48		(0.07	)	29
	10/31/2000	13.82			2,508	2.10		2.75		(0.15	)	50
	10/31/1999	3.79			2,204	2.19		2.83		(0.34	)	26

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon Investors Value    5

TA IDEX Salomon Investors Value

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, and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Salomon Investors Value    6

TA IDEX Salomon Investors Value

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Salomon Investors Value (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1997.

On March, 1, 2004, the Fund changed its name from IDEX Salomon Investors Value to TA IDEX Salomon Investors Value.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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 2004

TA IDEX Salomon Investors Value    7

TA IDEX Salomon Investors Value

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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.

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

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 period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	26,291	6%
TA IDEX Asset Allocation - Growth Portfolio		105,977	25%
TA IDEX Asset Allocation - Moderate Growth Portfolio		158,675	37%
TA IDEX Asset Allocation - Moderate Portfolio		93,141	22%
Total	$	384,084	90%

Investment advisory fees: The Fund pays management fees to ATFA 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Salomon Investors Value    8

TA IDEX Salomon Investors Value

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	27
Retained by Underwriter		4
Contingent Deferred Sales Charges		29

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $25 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $70 for the period ended April 30, 2004.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended April 30, 2004, were $25.

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, 2004, the value of invested plan amounts was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	210,849
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		45,263
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 treatments for items including, but not limited to, wash sales 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
$222	October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	428,895
Unrealized Appreciation	$	32,972
Unrealized (Depreciation)		(7,720	)
Net Unrealized Appreciation (Depreciation)	$	25,252

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Salomon Investors Value    9

TA IDEX Templeton Great Companies Global

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
CONVERTIBLE BONDS (0.0%)
France (0.0%)
AXA Zero Coupon, due 12/21/2004	$	1	$	10
Total Convertible Bonds (cost: $6)				10
	Shares		Value
PREFERRED STOCKS (0.1%)
Brazil (0.1%)
Companhia Vale do Rio Doce–ADR		3,400	$	133
Total Preferred Stocks (cost: $125)				133
COMMON STOCKS (94.8%)
Australia (1.6%)
Alumina Limited		75,550		277
Australia and New Zealand Banking Group Limited		30,616		411
BHP Billiton Limited–ADR		9,900		162
Commonwealth Bank of Australia		17,150		387
Mayne Group Limited		116,720		269
Canada (1.0%)
Alcan Inc.		12,940		520
BCE Inc.		20,270		404
Cayman Islands (1.1%)
ACE Limited		10,580		464
XL Capital Ltd.–Class A (b)		6,550		500
Denmark (1.1%)
ISS A/S		9,870		493
Vestas Wind Systems A/S (a)		34,190		510
Finland (1.0%)
Stora Enso Oyj–R Shares		27,080		365
UPM-Kymmene Oyj		29,990		553
France (3.0%)
Accor SA		9,100		383
Aventis SA (a)		5,216		398
AXA		22,620		476
Compagnie Generale des Etablissements Michelin–Class B		9,180		430
Suez SA–ADR		15,580		303
Total Fina Elf SA		2,390		442
Valeo SA		8,230		339
Germany (3.1%)
BASF AG–ADR		9,400		487
Bayer AG–ADR		17,050		454
Deutsche Post AG–Registered Shares		31,170		688
E.ON AG–ADR		10,580		702
SAP AG–ADR		5,600		209
Volkswagen AG–ADR (b)		35,570		313
Hong Kong (0.7%)
Cheung Kong (Holdings) Limited		51,000		391
Hutchison Whampoa Limited		38,000		256

	Shares	Value
India (0.1%)
Satyam Computer Services Limited–ADR (b)	4,090	$	79
Israel (0.6%)
Check Point Software Technologies, Ltd. (a)	23,240		545
Italy (1.3%)
Eni SpA.–ADR (b)	8,230		839
Riunione Adriatica di Sicurta SpA	17,630		323
Japan (4.0%)
Canon Inc.–ADR	3,300		173
Denso Corporation	17,000		358
East Japan Railway Company	81		414
Hitachi, Ltd.	29,000		204
NEC Corporation	23,000		181
Nintendo Co., Ltd.	6,200		586
Nippon Telegraph and Telephone Corporation	118		619
Nomura Securities Co., Ltd. (The)	11,000		179
Sony Corporation–ADR	14,100		541
Yasuda Fire & Marine Insurance Company, Limited (The)	50,000		451
Mexico (0.7%)
Cemex, SA de CV–ADR (b)	5,650		166
Telefonos de Mexico SA de CV–ADR	14,410		492
Netherlands (2.6%)
Akzo Nobel NV–ADR	12,940		471
Elsevier NV	50,490		709
IHC Caland N.V.	3,000		141
ING Groep NV–ADR	21,450		455
Koninklijke Philips Electronics NV	20,570		561
New Zealand (0.1%)
Telecom Corporation of New Zealand Limited	21,810		77
Norway (0.4%)
Telenor ASA	54,800		360
Portugal (0.6%)
Portugal Telecom, SGPS, SA–Registered Shares	54,370		590
Singapore (0.4%)
DBS Group Holdings Ltd–ADR	11,100		373
South Korea (1.7%)
Kookmin Bank–ADR (a)(b)	7,010		260
Korea Electric Power Corporation–ADR (b)	26,650		250
KT Corp.–ADR (b)	23,280		430
Samsung Electronics Co., Ltd.–GDR–144A (USD) (b)	1,250		294
SK Telecom Co., Ltd.–ADR (b)	17,630		356
Spain (2.1%)
Endesa SA	17,050		313
Iberdrola SA	26,170		516
Repsol-YPF, SA	31,580		665
Telefonica SA	28,820		429

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Templeton Great Companies Global    1

TA IDEX Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Sweden (2.7%)
Atlas Copco AB–A Shares	13,540	$	475
Electolux AB–Rights (a)	7,650		2
Electrolux AB–Series B	7,650		151
Nordea AB–FDR	79,090		534
Securitas AB–Class B	32,930		475
Svenska Cellulosa AB–B Shares	11,980		470
Volvo AB–B Shares (a)	9,720		333
Switzerland (2.4%)
Lonza Group Ltd.–Registered Shares	960		46
Nestle SA–ADR (b)	9,400		593
Novartis AG–ADR	13,000		582
Swiss Reinsurance Company–Registered Shares	8,230		542
UBS AG–Registered Shares (b)	6,170		437
Taiwan (0.5%)
Chughwa Telecom Co., Ltd.–ADR	25,290		422
United Kingdom (8.6%)
Abbey National PLC	40,280		323
Alliance UniChem PLC	44,780		474
BAE Systems PLC	119,340		444
BP PLC–ADR	12,360		654
Brambles Industries PLC	51,200		191
British Airways PLC (a)	34,340		172
Cadbury Schweppes PLC	84,670		673
GlaxoSmithKline PLC	26,830		556
HSBC Holdings PLC–ADR	3,260		235
Marks and Spencer Group PLC	91,430		448
National Grid Group PLC (The)	60,250		457
Pearson PLC	34,980		408
Rentokil Initial PLC	108,670		363
Rolls-Royce Group PLC	92,620		381
Shell Transport & Trading Company PLC	96,330		665
Smiths Group PLC	40,260		499
Standard Chartered PLC	25,840		396
Unilever PLC	54,990		519
United States (53.4%)
3M Company	19,300		1,670
Abbott Laboratories	49,500		2,179
Advanced Neuromodulation Systems, Inc. (a)	22,300		608
American International Group, Inc.	30,500		2,185
Anheuser-Busch Companies, Inc.	47,000		2,408
Berkshire Hathaway Inc.–Class B (a)	700		2,183
Cintas Corporation	37,800		1,700
Clear Channel Communications, Inc.	52,500		2,178
Colgate-Palmolive Company	43,400		2,512
Dell Inc. (a)	45,800		1,591
eBay Inc. (a)	24,500		1,956
Electronic Arts Inc. (a)	29,200		1,479
First Data Corporation	37,900		1,721
General Electric Company	50,800		1,522
Genzyme Corporation–General Division (a)	33,100		1,443
IMS Health Incorporated	67,500		1,705
International Business Machines Corporation	15,100		1,332
Mattel, Inc.	120,200		2,039
Medtronic, Inc.	33,000		1,666
Merrill Lynch & Co., Inc.	36,000		1,953

	Shares		Value
United States (continued)
Microsoft Corporation		53,000	$	1,377
Moody’s Corporation		33,600		2,168
Omnicom Group, Inc. (b)		29,500		2,346
Pfizer Inc.		43,200		1,546
Procter & Gamble Company (The)		14,800		1,566
United Technologies Corporation		34,200		2,949
Yahoo! Inc. (a)		21,910		1,107
Total Common Stocks (cost: $84,416)				86,995
	Principal		Value
SECURITY LENDING COLLATERAL (6.1%)
Debt (3.3%)
Bank Notes (0.6%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	279	$	279
Fleet National Bank 1.00%, due 07/21/2004		279		279
Euro Dollar Overnight (0.3%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		168		168
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		100		100
Euro Dollar Terms (0.8%)
Bank of Montreal 1.02%, due 05/21/2004		33		33
BNP Paribas SA 1.01%, due 05/18/2004		168		168
1.08%, due 07/29/2004		168		168
Den Danske Bank 1.02%, due 05/20/2004		111		111
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		111		111
Wells Fargo & Company 1.02%, due 05/14/2004		162		167
Promissory Notes (0.4%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		391		391
Repurchase Agreements (1.2%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $1,119 on 05/03/2004		1,119		1,119
	Shares		Value
Investment Companies (2.8%)
Money Market Funds (2.8%)
American AAdvantage Select Fund 1-day yield of 0.98%		336,123		336
Barclays Institutional Money Market Fund 1-day yield of 1.02%		784,287		784

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Templeton Great Companies Global    2

TA IDEX Templeton Great Companies Global

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Money Market Funds (continued)
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%	303,579	$	304
Merrimac Cash Series Fund–Premium Class 1-day yield of 0.99%	1,120,411		1,120
Total Security Lending Collateral (cost: $5,638)			5,638
Total Investment Securities (cost: $90,185)		$	92,776
SUMMARY:
Investments, at value	101.0%	$	92,776
Liabilities in excess of other assets	(1.0)%		(916)
Net assets	100.0%	$	91,860

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Swiss Franc	23		05/03/2004	$	18	$	–
New Zealand Dollar	(8	)	05/03/2004		(5)		–
				$	13	$	–

	Percentage of Net Assets	Value
INVESTMENTS BY INDUSTRY:
Business Services	12.3 %	$	11,337
Insurance	7.4 %		6,791
Pharmaceuticals	7.4 %		6,779
Computer & Data Processing Services	7.1 %		6,497
Chemicals & Allied Products	6.5 %		5,934
Telecommunications	4.6 %		4,181
Aerospace	4.1 %		3,775
Electronic & Other Electric Equipment	4.0 %		3,656
Computer & Office Equipment	3.8 %		3,479
Commercial Banks	3.7 %		3,356
Beverages	3.4 %		3,083
Paper & Allied Products	3.3 %		3,057
Medical Instruments & Supplies	2.5 %		2,273
Electric Services	2.4 %		2,239

	Percentage of Net Assets	Value
INVESTMENTS BY INDUSTRY: (continued)
Apparel Products	2.3 %	$	2,147
Security & Commodity Brokers	2.3 %		2,131
Manufacturing Industries	2.2 %		2,039
Oil & Gas Extraction	2.1 %		1,946
Automotive	1.5 %		1,343
Petroleum Refining	1.4 %		1,319
Printing & Publishing	1.2 %		1,118
Food & Kindred Products	1.2 %		1,113
Industrial Machinery & Equipment	1.1 %		986
Trucking & Warehousing	1.0 %		957
Life Insurance	1.0 %		942
Primary Metal Industries	0.9 %		797
Transportation & Public Utilities	0.7 %		605
Electronic Components & Accessories	0.5 %		499
Rubber & Misc. Plastic Products	0.5 %		430
Real Estate	0.4 %		391
Hotels & Other Lodging Places	0.4 %		383
Personal Services	0.4 %		363
Electric, Gas & Sanitary Services	0.3 %		303
Metal Mining	0.3 %		295
Holding & Other Investment Offices	0.3 %		256
Air Transportation	0.2 %		172
Stone, Clay & Glass Products	0.2 %		166
Investments, at market value	94.9 %		87,138
Short-term investments	6.1 %		5,638
Liabilities in excess of other assets	(1.0)%		(916)
Net assets	100.0 %	$	91,860

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $5,473.

(c) Cash collateral for the Repurchase Agreements, valued at $1,142, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

DEFINITIONS:

ADR American Depositary Receipt

FDR Finnnish Depositary Receipt

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $294 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 2004

TA IDEX Templeton Great Companies Global    3

TA IDEX Templeton Great Companies Global

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $90,185) (including $5,473 of securities loaned)	$	92,776
Cash		4,665
Foreign cash (cost: $13)		13
Receivables:
Investment securities sold		5
Shares of beneficial interest sold		20
Interest		1
Dividends		271
Dividend reclaims receivable		21
Other		7
		97,779
Liabilities:
Investment securities purchased		29
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		86
Management and advisory fees		76
Distribution fees		31
Transfer agent fees		20
Payable for collateral for securities on loan		5,638
Other		39
		5,919
Net Assets	$	91,860
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	90,436
Undistributed net investment income (loss)		175
Accumulated net realized gain (loss) from:
Investment securities		(1,235	)
Foreign currency transactions		(105	)
Net unrealized appreciation (depreciation) on:
Investment securities		2,591
Translation of assets and liabilities denominated in foreign currencies		(2	)
Net Assets	$	91,860
Net Assets by Class:
Class A	$	84,591
Class B		4,807
Class C		400
Class C2		1,230
Class M		832
Shares Outstanding:
Class A		11,498
Class B		670
Class C		56
Class C2		171
Class M		116
Net Asset Value Per Share:
Class A	$	7.36
Class B		7.17
Class C		7.17
Class C2		7.18
Class M		7.19
Maximum Offering Price Per Share (a):
Class A	$	7.79
Class M		7.26

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	7
Dividends		746
Income from loaned securities–net		7
Less withholding taxes on foreign dividends		(63	)
		697
Expenses:
Management and advisory fees		279
Transfer agent fees		25
Printing and shareholder reports		15
Custody fees		9
Administration fees		11
Legal fees		1
Auditing and accounting fees		5
Trustees fees		1
Registration fees		29
Other		2
Distribution and service fees:
Class A		110
Class B		23
Class C		1
Class C2		7
Class M		4
Total expenses		522
Net Investment Income (Loss)		175
Net Realized Gain (Loss) from:
Investment securities		611
Foreign currency transactions		6
		617
Net Increase (Decrease) in Unrealized Appreciation on:
Investment Securities		822
Translation of assets and liabilities denominated in foreign currencies		(2	)
		820
Net Gain (Loss) on Investments and Foreign Currency Transactions		1,437
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,612

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Templeton Great Companies Global    4

TA IDEX Templeton Great Companies Global

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	175		$	(31	)
Net realized gain (loss) from investment securities and foreign currency transaction		617			959
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation		820			3,785
		1,612			4,713
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		57,927			12,562
Class B		1,356			1,292
Class C		267			133
Class C2		176			429
Class M		122			105
		59,848			14,521
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(731	)		(2,287	)
Class B		(680	)		(1,158	)
Class C		(12	)		(4	)
Class C2		(324	)		(294	)
Class M		(59	)		(256	)
		(1,806	)		(3,999	)
		58,042			10,522
Net increase (decrease) in net assets		59,654			15,235
Net Assets:
Beginning of period		32,206			16,971
End of period	$	91,860		$	32,206
Undistributed Net Investment Income (Loss)	$	175		$	–

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	7,804		2,112
Class B	190		203
Class C	37		21
Class C2	25		69
Class M	17		16
	8,073		2,421
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(99	)	(361	)
Class B	(94	)	(192	)
Class C	(2	)	(1	)
Class C2	(45	)	(49	)
Class M	(8	)	(42	)
	(248	)	(645	)
Net increase (decrease) in shares outstanding:
Class A	7,705		1,751
Class B	96		11
Class C	35		20
Class C2	(20	)	20
Class M	9		(26	)
	7,825		1,776

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Templeton Great Companies Global    5

TA IDEX Templeton Great Companies Global

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	6.90	$	0.02		$	0.44		$	0.46		$	–	$	–		$	–		$	7.36
	10/31/2003		5.86		–			1.04			1.04			–		–			–			6.90
	10/31/2002		6.65		(0.01	)		(0.78	)		(0.79	)		–		–			–			5.86
	10/31/2001		9.81		(0.03	)		(3.10	)		(3.13	)		–		(0.03	)		(0.03	)		6.65
	10/31/2000		10.00		–			(0.19	)		(0.19	)		–		–			–			9.81
Class B	04/30/2004		6.74		–			0.43			0.43			–		–			–			7.17
	10/31/2003		5.76		(0.04	)		1.02			0.98			–		–			–			6.74
	10/31/2002		6.59		(0.07	)		(0.76	)		(0.83	)		–		–			–			5.76
	10/31/2001		9.80		(0.08	)		(3.10	)		(3.18	)		–		(0.03	)		(0.03	)		6.59
	10/31/2000		10.00		(0.01	)		(0.19	)		(0.20	)		–		–			–			9.80
Class C	04/30/2004		6.74		–			0.43			0.43			–		–			–			7.17
	10/31/2003		5.73		(0.04	)		1.05			1.01			–		–			–			6.74
Class C2	04/30/2004		6.74		–			0.44			0.44			–		–			–			7.18
	10/31/2003		5.76		(0.04	)		1.02			0.98			–		–			–			6.74
	10/31/2002		6.59		(0.06	)		(0.77	)		(0.83	)		–		–			–			5.76
	10/31/2001		9.80		(0.09	)		(3.09	)		(3.18	)		–		(0.03	)		(0.03	)		6.59
	10/31/2000		10.00		(0.01	)		(0.19	)		(0.20	)		–		–			–			9.80
Class M	04/30/2004		6.77		–			0.42			0.42			–		–			–			7.19
	10/31/2003		5.78		(0.03	)		1.02			0.99			–		–			–			6.77
	10/31/2002		6.60		(0.06	)		(0.76	)		(0.82	)		–		–			–			5.78
	10/31/2001		9.80		(0.08	)		(3.09	)		(3.17	)		–		(0.03	)		(0.03	)		6.60
	10/31/2000		10.00		(0.01	)		(0.19	)		(0.20	)		–		–			–			9.80

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	6.67	%	$	84,591	1.45	%	1.45	%	0.61	%	25	%
	10/31/2003	17.75			26,177	1.55		2.05		–		99
	10/31/2002	(11.90	)		11,964	1.55		2.39		(0.26	)	66
	10/31/2001	(31.99	)		5,294	1.55		3.26		(0.37	)	80
	10/31/2000	(1.92	)		2,173	1.55		25.34		(0.52	)	15
Class B	04/30/2004	6.38			4,807	2.10		2.10		(0.04	)	25
	10/31/2003	17.01			3,877	2.20		2.70		(0.65	)	99
	10/31/2002	(12.58	)		3,251	2.20		3.04		(0.91	)	66
	10/31/2001	(32.57	)		3,400	2.20		3.91		(1.02	)	80
	10/31/2000	(2.01	)		582	2.20		25.99		(1.17	)	15
Class C	04/30/2004	6.38			400	2.10		2.10		(0.04	)	25
	10/31/2003	17.63			137	2.20		2.70		(0.65	)	99
Class C2	04/30/2004	6.53			1,230	2.10		2.10		(0.04	)	25
	10/31/2003	17.01			1,292	2.20		2.70		(0.65	)	99
	10/31/2002	(12.58	)		988	2.20		3.04		(0.91	)	66
	10/31/2001	(32.57	)		1,112	2.20		3.91		(1.02	)	80
	10/31/2000	(2.01	)		353	2.20		25.99		(1.17	)	15
Class M	04/30/2004	6.20			832	2.00		2.00		0.06		25
	10/31/2003	17.13			723	2.10		2.60		(0.55	)	99
	10/31/2002	(12.40	)		768	2.10		2.94		(0.81	)	66
	10/31/2001	(32.48	)		813	2.10		3.81		(0.92	)	80
	10/31/2000	(1.99	)		833	2.10		25.89		(1.07	)	15

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Templeton Great Companies Global    6

TA IDEX Templeton Great Companies Global

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 and 4/30/2004.

(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 Templeton Great Companies Global (“the Fund”) commenced operations on September 15, 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 2004

TA IDEX Templeton Great Companies Global    7

TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Templeton Great Companies Global (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on September 15, 2000.

On March 1, 2004, the Fund changed its name from IDEX Templeton Great Companies Global to TA IDEX Templeton Great Companies Global.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day 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 affect 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, 2004, was paying an interest rate of 0.75%.

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 2004

TA IDEX Templeton Great Companies Global    8

TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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.

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, 2004, 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Templeton Great Companies Global    9

TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

• 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 period ended April 30, 2004, this fee totaled $16. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Great Companies, LLC is both a co-subadviser to the Fund and an affiliate of 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
IDEX Asset Allocation - Conservative Portfolio	$	5,510	6%
IDEX Asset Allocation - Growth Portfolio		26,481	29%
IDEX Asset Allocation - Moderate Growth Portfolio		39,059	43%
IDEX Asset Allocation - Moderate Portfolio		5,285	6%
Total	$	76,335	84%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following stated break points:

0.80% of the first $500 million of ANA

0.70% of ANA over $500 million

ATFA has contractually agreed to waive its advisory fee and 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 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	127	10/31/2006
Fiscal Year 2002		115	10/31/2005
Fiscal Year 2001		144	10/31/2004

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	21
Retained by Underwriter		3
Contingent Deferred Sales Charges		4

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $11 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $25 for the period ended April 30, 2004.

Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Templeton Great Companies Global    10

TA IDEX Templeton Great Companies Global

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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, 2004, the value of invested plan amount was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	71,653
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		16,498
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 treatments 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 periods listed:

Capital Loss Carryforward	Available through
$1,008	October 31, 2009
836	October 31, 2010

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	90,298
Unrealized Appreciation	$	4,730
Unrealized (Depreciation)		(2,252	)
Net Unrealized Appreciation (Depreciation)	$	2,478

NOTE  5. SUBSEQUENT EVENTS

The Fund will merge into TA IDEX Janus Global effective as of the close of business on May 28, 2004.

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Templeton Great Companies Global    11

TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (0.3%)
Republic of Colombia 9.75%, due 04/23/2009	$	1,000	$	1,085
Total Foreign Government Obligations (cost: $935)				1,085
CORPORATE DEBT SECURITIES (95.9%)
Aerospace (0.6%)
K & F Industries, Inc. 9.63%, due 12/15/2010		1,000		1,120
Textron Inc. 4.50%, due 08/01/2010		1,000		996
Air Transportation (0.9%)
American Airlines, Inc. 3.86%, due 07/09/2010		977		953
Delta Air Lines, Inc. (f) 1.92%, due 01/25/2008		2,307		2,320
Amusement & Recreation Services (6.0%)
American Casino & Entertainment–144A (b) 7.85%, due 02/01/2012		2,000		2,050
International Speedway Corporation–144A 4.20%, due 04/15/2009		2,000		1,982
Isle of Capri Casinos, Inc.–144A 7.00%, due 03/01/2014		3,000		2,940
MGM MIRAGE 6.88%, due 02/06/2008		2,000		2,115
6.00%, due 10/01/2009		2,000		2,025
5.88%, due 02/27/2014 (b)		2,000		1,910
Mohegan Tribal Gaming Authority 6.38%, due 07/15/2009		1,000		1,020
Seneca Gaming Corp–144A 7.25%, due 05/01/2012		3,000		3,035
Speedway Motorsports, Inc. 6.75%, due 06/01/2013		1,000		1,040
Station Casinos, Inc.–144A 6.00%, due 04/01/2012		1,000		993
6.50%, due 02/01/2014		2,000		1,970
6.88%, due 03/01/2016		2,000		1,990
Automotive (3.0%)
ArvinMeritor, Inc. 6.75%, due 03/15/2008		3,000		3,059
DaimlerChrysler North America Holding Corporation 4.05%, due 06/04/2008		1,000		982
General Motors Corporation (b) 7.13%, due 07/15/2013		2,000		2,098
Navistar International Corporation 9.38%, due 06/01/2006		2,000		2,190
Tenneco Automotive Inc. (b) 10.25%, due 07/15/2013		2,500		2,881
Automotive Dealers & Service Stations (0.3%)
The Pantry, Inc–144A 7.75%, due 02/15/2014		1,000		1,000

	Principal		Value
Beverages (0.3%)
Cadbury Schweppes PLC–144A 3.88%, due 10/01/2008	$	1,000	$	989
Business Credit Institutions (1.3%)
Ford Motor Credit Company 6.50%, due 01/25/2007		500		530
5.80%, due 01/12/2009		3,000		3,055
HVB Funding Trust III–144A 9.00%, due 10/22/2031		1,000		1,241
Business Services (2.8%)
Clear Channel Communications, Inc. 4.63%, due 01/15/2008		1,000		1,020
7.65%, due 09/15/2010		1,000		1,143
R.H. Donnelley Financial Corporation I–144A 10.88%, due 12/15/2012		2,000		2,380
United Rentals (North America), Inc.–144A 6.50%, due 02/15/2012		2,000		1,930
Universal Compression, Inc. 7.25%, due 05/15/2010		2,000		2,145
Universal Hospital Services, Inc.–144A 10.13%, due 11/01/2011		2,000		2,130
Chemicals & Allied Products (4.1%)
Airgas, Inc.–144A 6.25%, due 07/15/2014		1,500		1,504
Eastman Chemical Company 3.25%, due 06/15/2008		1,000		960
Equistar Chemicals, LP 10.13%, due 09/01/2008		1,000		1,108
10.63%, due 05/01/2011		2,000		2,240
Huntsman International LLC 9.88%, due 03/01/2009		1,000		1,113
Huntsman LLC 11.63%, due 10/15/2010		1,500		1,650
Lyondell Chemical Company 10.50%, due 06/01/2013		1,000		1,095
Monsanto Company 4.00%, due 05/15/2008		2,000		1,993
Nalco Company–144A (b) 8.88%, due 11/15/2013		2,000		2,110
NOVA Chemicals Corporation 6.50%, due 01/15/2012		1,000		1,000
Scotts Company (The)–144A 6.63%, due 11/15/2013		1,000		1,030
Commercial Banks (1.1%)
Mizuho Financial Group, Inc.–144A 5.79%, due 04/15/2014		1,000		992
Popular, Inc 6.13%, due 10/15/2006		1,000		1,070
Wachovia Corporation 3.63%, due 02/17/2009		2,000		1,961

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Conservative High-Yield Bond     1

TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Communication (3.7%)
Adelphia Communications Corporation (e) 10.25%, due 11/01/2006	$	1,000	$	1,070
Charter Communications Holdings LLC 8.63%, due 04/01/2009 (b)		2,000		1,660
9.92%, due 04/01/2011 (j)		1,000		835
Comcast Cable Communications, Inc. 6.75%, due 01/30/2011		2,000		2,192
CSC Holdings, Inc. 7.88%, due 12/15/2007		1,000		1,065
CSC Holdings, Inc.–144A 6.75%, due 04/15/2012		2,000		1,985
Liberty Media Corporation 2.61%, due 09/17/2006 (f) 7.88%, due 07/15/2009		4,000 1,000		4,070 1,137
Communications Equipment (1.1%)
L-3 Communications Corporation 7.63%, due 06/15/2012		1,000		1,078
6.13%, due 07/15/2013		2,000		1,990
L-3 Communications Corporation–144A 6.13%, due 01/15/2014		1,000		995
Computer & Data Processing Services (0.5%)
Unisys Corporation 7.88%, due 04/01/2008		2,000		2,050
Computer & Office Equipment (0.3%)
Seagate Technology HDD Holdings 8.00%, due 05/15/2009		1,000		1,080
Construction (2.9%)
Beazer Homes USA, Inc.–144A (b) 6.50%, due 11/15/2013		2,000		1,960
Centex Corporation 5.80%, due 09/15/2009		750		784
D.R. Horton, Inc. 6.88%, due 05/01/2013		1,000		1,045
5.88%, due 07/01/2013 (b)		3,000		2,947
Great Lakes Dredge & Dock Corporation–144A 7.75%, due 12/15/2013		1,500		1,478
KB Home–144A 5.75%, due 02/01/2014		1,000		943
Standard Pacific Corp. 6.25%, due 04/01/2014		2,000		1,870
Department Stores (0.0%)
Saks Incorporated–144A 7.00%, due 12/01/2013		56		57
Saks Incorporated 8.25%, due 11/15/2008		(d)		(d)
Drug Stores & Proprietary Stores (0.6%)
Medco Health Solutions, Inc. (b) 7.25%, due 08/15/2013		1,000		1,079

	Principal		Value
Drug Stores & Proprietary Stores (continued)
Rite Aid Corporation 9.50%, due 02/15/2011	$	1,000	$	1,123
Electric Services (7.0%)
AES Corporation (The)–144A 8.75%, due 05/15/2013		2,000		2,175
Calpine Generating Company–144A (b)(f) 10.25%, due 04/01/2011		2,000		1,805
CenterPoint Energy Resources, Corp. 7.88%, due 04/01/2013		2,000		2,255
Cleveland Electric Illuminating Company (The)–144A 5.65%, due 12/15/2013		1,000		987
Dynegy Holdings Inc. 7.67%, due 11/08/2016		2,000		1,800
Dynegy Holdings Inc.–144A 10.13%, due 07/15/2013		3,000		3,285
Elwood Energy LLC 8.16%, due 07/05/2026		1,831		1,904
Illinova Corporation 11.50%, due 12/15/2010		1,000		1,185
Nevada Power Company 8.25%, due 06/01/2011		4,000		4,380
NRG Energy, Inc.–144A 8.00%, due 12/15/2013		3,000		3,022
Texas-New Mexico Power Company 6.13%, due 06/01/2008		3,000		3,058
Virginia Electric and Power Company 4.10%, due 12/15/2008		1,000		987
Electric, Gas & Sanitary Services (1.9%)
NiSource Finance Corporation 7.88%, due 11/15/2010		1,000		1,164
Pacific Gas and Electric Company 3.60%, due 03/01/2009		2,000		1,940
PG&E Corporation (f) 1.81%, due 04/03/2006		4,000		4,002
Electronic & Other Electric Equipment (0.6%)
Rayovac Corporation 8.50%, due 10/01/2013		2,000		2,140
Electronic Components & Accessories (3.2%)
Amkor Technology, Inc. (b) 7.75%, due 05/15/2013		2,000		1,970
Communications & Power Industries, Inc.–144A 8.00%, due 02/01/2012		750		765
Flextronics International Ltd. (b) 6.50%, due 05/15/2013		1,000		1,013
Tyco International Group SA 5.88%, due 11/01/2004		2,000		2,039
6.38%, due 02/15/2006		2,000		2,107
Tyco International Group SA–144A 6.00%, due 11/15/2013		4,000		4,055

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Conservative High-Yield Bond     2

TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Environmental Services (0.5%)
Allied Waste North America, Inc. 7.88%, due 04/15/2013	$	1,000	$	1,075
Allied Waste North America, Inc.–144A 6.50%, due 11/15/2010		1,000		1,000
Food & Kindred Products (2.3%)
Altria Group, Inc 7.20%, due 02/01/2007		2,256		2,433
Bunge Limited Finance Corp.–144A 4.38%, due 12/15/2008		2,000		1,993
Del Monte Foods Company (f) 8.63%, due 12/15/2012		3,000		3,315
Kraft Foods, Inc. 4.00%, due 10/01/2008		1,000		996
Food Stores (2.3%)
Ingles Markets, Incorporated 8.88%, due 12/01/2011		1,000		1,038
Pathmark Stores, Inc. (b) 8.75%, due 02/01/2012		4,000		4,200
Stater Bros. Holdings Inc. 10.75%, due 08/15/2006		3,500		3,666
Gas Production & Distribution (1.7%)
El Paso CGP Company 7.75%, due 06/15/2010		1,000		865
Northern Border Partners, L.P. 8.88%, due 06/15/2010		1,000		1,175
Northwest Pipeline Corporation 8.13%, due 03/01/2010		2,000		2,170
Williams Companies, Inc. (The) 8.63%, due 06/01/2010		2,000		2,200
Health Services (2.8%)
Curative Health Services, Inc.–144A 10.75%, due 05/01/2011		2,000		2,008
Extendicare Health Services Inc.–144A (b) 6.88%, due 05/01/2014		3,000		2,918
Manor Care, Inc. 6.25%, due 05/01/2013		2,000		2,058
Mariner Health Care, Inc.–144A 8.25%, due 12/15/2013		2,000		2,020
NeighborCare, Inc.–144A 6.88%, due 11/15/2013		1,500		1,530
Triad Hospitals, Inc. 8.75%, due 05/01/2009		71		79
Holding & Other Investment Offices (2.5%)
Developers Diversified Realty Corporation 3.88%, due 01/30/2009		3,000		2,910
FelCor Lodging LP (f) 10.00%, due 09/15/2008		1,000		1,068
iStar Financial Inc.–144A 4.88%, due 01/15/2009		1,000		974
5.70%, due 03/01/2014		1,500		1,423

	Principal		Value
Holding & Other Investment Offices (continued)
Matis Reef Ltd.–144A 4.69%, due 11/14/2008	$	2,000	$	1,990
Simon Property Group, Inc.–144A 3.75%, due 01/30/2009		1,000		969
Hotels & Other Lodging Places (2.9%)
Hilton Hotels Corporation 7.63%, due 12/01/2012		2,000		2,235
HMH Properties, Inc. 7.88%, due 08/01/2008		535		552
John Q. Hammons Hotels, Inc.–Series B 8.88%, due 05/15/2012		1,500		1,650
Las Vegas Sands, Inc. (Venetian Casino Resort LLC) 11.00%, due 06/15/2010		1,000		1,170
Park Place Entertainment Corporation 7.50%, due 09/01/2009		2,000		2,180
7.00%, due 04/15/2013 (b)		3,000		3,149
Industrial Machinery & Equipment (1.0%)
Grant Prideco, Inc. 9.63%, due 12/01/2007		500		558
SPX Corporation 7.50%, due 01/01/2013		2,000		2,115
Terex Corporation-Series 144A (b) 7.38%, due 01/15/2014		1,000		1,043
Lumber & Wood Products (1.5%)
Ainsworth Lumber Co. Ltd.–144A 6.75%, due 03/15/2014		2,500		2,475
Georgia-Pacific Corporation 8.88%, due 02/01/2010		1,000		1,155
Scotia Pacific Company LLC 7.11%, due 01/20/2014		2,000		1,912
Management Services (0.3%)
Corrections Corporation of America–144A 7.50%, due 05/01/2011		1,000		1,048
Medical Instruments & Supplies (0.4%)
Bard, (C.R.) Inc. 6.70%, due 12/01/2026		1,500		1,630
Metal Cans & Shipping Containers (0.9%)
Ball Corporation 6.88%, due 12/15/2012		2,000		2,110
Crown European Holdings SA 10.88%, due 03/01/2013		1,000		1,165
Metal Mining (0.3%)
Rio Tinto Finance (USA) Limited 2.63%, due 09/30/2008		1,000		948
Mining (2.1%)
Massey Energy Company 6.63%, due 11/15/2010		3,000		3,014

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Conservative High-Yield Bond     3

TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Mining (continued)
Peabody Energy Corporation 6.88%, due 03/15/2013	$	3,000	$	3,119
5.88%, due 04/15/2016		2,000		1,860
Motion Pictures (1.1%)
Time Warner Entertainment Company, LP 10.15%, due 05/01/2012		1,000		1,294
Time Warner Inc. 7.75%, due 06/15/2005		1,000		1,056
7.48%, due 01/15/2008		1,500		1,651
Motor Vehicles, Parts & Supplies (0.4%)
TRW Automotive Inc. 11.00%, due 02/15/2013		1,300		1,547
Oil & Gas Extraction (4.1%)
Chesapeake Energy Corporation 8.38%, due 11/01/2008		1,000		1,096
8.13%, due 04/01/2011		71		78
7.50%, due 09/15/2013		1,000		1,080
Evergreen Resources, Inc.–144A 5.88%, due 03/15/2012		1,500		1,485
Forest Oil Corporation 8.00%, due 12/15/2011		500		553
7.75%, due 05/01/2014		1,000		1,070
Key Energy Services, Inc. 6.38%, due 05/01/2013		1,000		985
Louisana Land and Exploration Company (The) 7.63%, due 04/15/2013		2,000		2,320
PDVSA Finance Ltd.–Series 1998-1B 6.65%, due 02/15/2006		1,500		1,500
Petroleum Geo-Services ASA 10.00%, due 11/05/2010		2,500		2,725
Stone Energy Corporation 8.25%, due 12/15/2011		1,000		1,080
XTO Energy, Inc. 6.25%, due 04/15/2013		2,000		2,131
Paper & Allied Products (1.4%)
Cascades, Inc. 7.25%, due 02/15/2013		2,000		2,085
Graphic Packaging Corporation 8.50%, due 08/15/2011		2,000		2,210
Smurfit-Stone Container Corporation 8.25%, due 10/01/2012		1,000		1,070
Paper & Paper Products (0.6%)
MDP Acquisitions PLC 9.63%, due 10/01/2012		2,000		2,250
Paperboard Containers & Boxes (0.5%)
Jefferson Smurfit Corporation (U.S.) 7.50%, due 06/01/2013		2,000		2,070
Personal Credit Institutions (1.4%)
Capital One Financial Corporation 6.25%, due 11/15/2013		3,000		3,067

	Principal		Value
Personal Credit Institutions (continued)
ERAC USA Finance Company–144A 7.95%, due 12/15/2009	$	1,000	$	1,162
General Motors Acceptance Corporation (b) 5.13%, due 05/09/2008		1,000		1,016
Personal Services (0.6%)
Service Corporation International 7.70%, due 04/15/2009		2,000		2,135
Petroleum Refining (1.8%)
Giant Industries, Inc. 8.00%, due 05/15/2014		1,500		1,500
Premcor Refining Group Inc. (The) 6.75%, due 02/01/2011		3,000		3,104
Tesoro Petroleum Corporation 8.00%, due 04/15/2008		2,000		2,155
Primary Metal Industries (2.4%)
General Cable Corporation–144A 9.50%, due 11/15/2010		2,000		2,190
International Steel Group Inc.–144A 6.50%, due 04/15/2014		3,000		2,880
Oregon Steel Mills, Inc. 10.00%, due 07/15/2009		1,000		1,035
United States Steel Corporation 9.75%, due 05/15/2010		1,682		1,905
Valmont Industries Inc.–144A 6.88%, due 05/01/2014		1,000		1,000
Printing & Publishing (4.2%)
American Color Graphics, Inc. 10.00%, due 06/15/2010		2,000		1,720
American Media Operations, Inc. 10.25%, due 05/01/2009		2,855		2,997
Dex Media East LLC (Dex Media Finance Co.) 9.88%, due 11/15/2009		1,000		1,121
Dex Media West LLC (Dex Media Finance Co.)–144A 8.50%, due 08/15/2010		2,000		2,170
Dex Media, Inc.–144A 8.00%, due 11/15/2013		1,000		970
Houghton Mifflin Company 9.88%, due 02/01/2013		2,000		1,975
News America Incorporated (b) 6.63%, due 01/09/2008		1,000		1,091
Primedia Inc. 8.88%, due 05/15/2011		2,000		2,035
Quebecor World Capital Corporation 4.88%, due 11/15/2008		2,000		1,971
Radio & Television Broadcasting (2.7%)
British Sky Broadcasting Group PLC 6.88%, due 02/23/2009		1,000		1,106
CanWest Media, Inc. 10.63%, due 05/15/2011		1,000		1,133
7.63%, due 04/15/2013		1,000		1,065

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

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TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Radio & Television Broadcasting (continued)
Susquehanna Media Co. 7.38%, due 04/15/2013	$	2,000	$	2,113
Videotron Ltee 6.88%, due 01/15/2014		1,500		1,515
Young Broadcasting Inc.–144A 8.50%, due 12/15/2008		3,000		3,218
Research & Testing Services (0.3%)
Quintiles Transnational Corp.–144A 10.00%, due 10/01/2013		1,000		1,035
Restaurants (0.3%)
YUM! Brands, Inc. 7.70%, due 07/01/2012		1,000		1,156
Rubber & Misc. Plastic Products (0.5%)
Sealed Air Corporation–144A 5.38%, due 04/15/2008		2,000		2,082
Savings Institutions (0.5%)
Washington Mutual, Inc. 4.00%, due 01/15/2009		2,000		1,971
Stone, Clay & Glass Products (0.9%)
Anchor Glass Container Corporation 11.00%, due 02/15/2013		1,000		1,155
Owens-Brockway Glass Container Inc. 7.75%, due 05/15/2011		1,000		1,048
8.75%, due 11/15/2012		1,000		1,093
Telecommunications (5.2%)
American Cellular Corporation 10.00%, due 08/01/2011		1,000		965
AT&T Corp. (g) 8.05%, due 11/15/2011		1,000		1,097
BT Group PLC (h) 8.38%, due 12/15/2010		1,000		1,190
France Telecom (i) 8.75%, due 03/01/2011		1,000		1,182
Nextel Communications, Inc. 9.38%, due 11/15/2009		3,000		3,244
5.95%, due 03/15/2014		2,000		1,880
Primus Telecommunications Group, Incorporated–144A (b) 8.00%, due 01/15/2014		2,000		1,840
Qwest Capital Funding, Inc. 7.00%, due 08/03/2009		2,000		1,675
7.90%, due 08/15/2010 (b)		2,000		1,710
Rogers Wireless Inc.–144A 6.38%, due 03/01/2014		2,500		2,350
Rural Cellular Corporation–144A 8.25%, due 03/15/2012		1,000		1,033
Triton PCS, Inc. (b) 8.75%, due 11/15/2011		2,000		1,845
Textile Mill Products (0.7%)
INVISTA, Inc.–144A 9.25%, due 05/01/2012		2,500		2,500

	Principal		Value
Transportation Equipment (1.2%)
Trinity Industries, Inc.–144A 6.50%, due 03/15/2014	$	2,500	$	2,431
Westinghouse Air Brake Technologies Corporation 6.88%, due 07/31/2013		2,000		2,075
Trucking & Warehousing (0.5%)
Iron Mountain Incorporated 7.75%, due 01/15/2015		2,000		2,050
Water Transportation (0.9%)
Royal Caribbean Cruises Ltd. (b) 7.00%, due 10/15/2007		1,000		1,058
8.75%, due 02/02/2011		2,000		2,255
Total Corporate Debt Securities (cost: $353,634)				363,355
	Shares		Value
PREFERRED STOCKS (0.6%)
Holding & Other Investment Offices (0.6%)
Duke Realty Corporation		40,000	$	2,148
Total Preferred Stocks (cost: $2,008)				2,148
COMMON STOCKS (0.0%)
Printing and Publishing (0.0%)
Golden Books Entertainment, Inc. (a)		63,750		(d)
Total Common Stocks (cost: $168)				(d)
	Principal		Value
SECURITY LENDING COLLATERAL (7.9%)
Debt (4.3%)
Bank Notes (0.8%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	1,487	$	1,487
Fleet National Bank 1.00%, due 07/21/2004		1,487		1,487
Euro Dollar Overnight (0.4%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		892		892
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		535		535
Euro Dollar Terms (1.1%)
Bank of Montreal 1.02%, due 05/21/2004		173		173
BNP Paribas SA 1.01%, due 05/18/2004		892		892
1.08%, due 07/29/2004		892		892
Den Danske Bank 1.02%, due 05/20/2004		595		595
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		595		595
Wells Fargo & Company 1.02%, due 05/14/2004		892		892

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

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TA IDEX Transamerica Conservative High-Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Promissory Notes (0.5%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004	$	2,081	$	2,081
Repurchase Agreements (1.5%) (c)
Merrill Lynch & Co., Inc.
1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $5,946 on 5/03/2004		5,946		5,946

	Shares	Value
Investment Companies (3.6%)
Money Market Funds (3.6%)
American AAdvantage Select Fund 1-day yield of 0.98%	1,784	$	1,784
Barclays Institutional Money Market Fund 1-day yield of 1.02%	4,163		4,163
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%	1,611		1,611
Merrimac Cash Series Fund–Premium Class 1-day yield of 0.99%	5,946		5,946
Total Security Lending Collateral (cost: $29,971)			29,971
Total Investment Securities (cost: $386,716)		$	396,559
SUMMARY:
Investments, at value	104.7%	$	396,559
Liabilities in excess of other assets	(4.7)%		(17,631)
Net assets	100.0%	$	378,928

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $29,095.

(c) Cash collateral for the Repurchase Agreements, valued at $6,065, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

(d) Value is less than $1.

(e) Securities are currently in default on interest payments.

(f) Floating or variable rate note. Rate is listed as of April 30, 2004.

(g) Securities are stepbonds. Coupon steps up by 25 BP for each rating downgrade by Standard and Poor’s or Moody’s for each notch below BBB+/A3. Coupon steps down by 25 BP for each rating upgrade.

(h) Securities are stepbonds. Coupon increases by 25 BP for each rating downgrade by Standard and Poor’s or Moody’s for each notch below A-/A3. Coupon steps down by 25 BP for each rating upgrade.

(i) Securities are stepbonds. France Telecom has a coupon rate of 8.75% until 09/01/2004, thereafter a coupon rate of 8.50%.

(j) Securities are stepbonds. Charter Communications Holdings LLC has a zero coupon rate until 04/30/2004, thereafter a coupon rate 9.92%.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004 these securities aggregated $103,515 or 27.3% 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 2004

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TA IDEX Transamerica Conservative High-Yield Bond

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $386,716) (including securities loaned of $29,095)	$	396,559
Cash		9,782
Receivables:
Investment securities sold		1,080
Shares of beneficial interest sold		275
Interest		7,191
Other		44
		414,931
Liabilities:
Investment securities purchased		5,475
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		66
Management and advisory fees		190
Distribution fees		154
Transfer agent fees		69
Dividends to shareholders		2
Payable for collateral for securities on loan		29,971
Other		76
		36,003
Net Assets	$	378,928
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	379,592
Undistributed net investment income (loss)		1,086
Accumulated net realized gain (loss) from
investment securities		(11,589	)
Net unrealized appreciation (depreciation) on:
Investment securities		9,839
Net Assets	$	378,928
Net Assets by Class:
Class A	$	298,886
Class B		50,712
Class C		9,138
Class C2		15,333
Class M		4,859
Shares Outstanding:
Class A		32,633
Class B		5,540
Class C		999
Class C2		1,676
Class M		531
Net Asset Value Per Share:
Class A	$	9.16
Class B		9.15
Class C		9.15
Class C2		9.15
Class M		9.15
Maximum Offering Price Per Share (a):
Class A	$	9.62
Class M		9.24

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	11,401
Dividends		80
Income from loaned securities–net		41
		11,522
Expenses:
Management and advisory fees		1,023
Transfer agent fees		98
Printing and shareholder reports		45
Custody fees		11
Administration fees		26
Legal fees		5
Auditing and accounting fees		7
Trustees fees		6
Registration fees		26
Other		21
Distribution and service fees:
Class A		454
Class B		258
Class C		48
Class C2		77
Class M		24
Total expenses		2,129
Net Investment Income (Loss)		9,393
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		2,666
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(1,938	)
Net Gain (Loss) on Investment Securities		728
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,121

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

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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, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net Investment Income (loss)	$	9,393		$	11,430
Net realized gain (loss) from investment securities		2,666			(4,706	)
Net unrealized appreciation (depreciation) on investment securities		(1,938	)		27,479
		10,121			34,203
Distributions to Shareholders:
From net investment income:
Class A		(6,981	)		(7,408	)
Class B		(1,229	)		(2,630	)
Class C		(228	)		(198	)
Class C2		(366	)		(796	)
Class M		(128	)		(368	)
		(8,932	)		(11,400	)
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		117,471			182,483
Class B		6,673			28,567
Class C		3,071			9,354
Class C2		3,417			14,942
Class M		629			1,902
		131,261			237,248
Dividends and distributions reinvested:
Class A		6,696			6,615
Class B		681			1,509
Class C		104			101
Class C2		106			305
Class M		92			256
		7,679			8,786
Cost of shares redeemed:
Class A		(19,435	)		(70,217	)
Class B		(8,602	)		(15,455	)
Class C		(2,528	)		(1,404	)
Class C2		(5,803	)		(5,727	)
Class M		(1,702	)		(3,107	)
		(38,070	)		(95,910	)
		100,870			150,124
Net increase (decrease) in net assets		102,059			172,927
Net Assets:
Beginning of period		276,869			103,942
End of period	$	378,928		$	276,869
Undistributed Net Investment Income (Loss)	$	1,086		$	625

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	12,690		21,036
Class B	721		3,332
Class C	334		1,074
Class C2	369		1,749
Class M	68		219
	14,182		27,410
Shares issued-reinvested from distributions:
Class A	725		767
Class B	74		176
Class C	11		12
Class C2	12		36
Class M	10		30
	832		1,021
Shares redeemed:
Class A	(2,107	)	(8,089	)
Class B	(930	)	(1,788	)
Class C	(272	)	(160	)
Class C2	(630	)	(660	)
Class M	(183	)	(362	)
	(4,122	)	(11,059	)
Net increase (decrease) in shares outstanding:
Class A	11,308		13,714
Class B	(135	)	1,720
Class C	73		926
Class C2	(249	)	1,125
Class M	(105	)	(113	)
	10,892		17,372

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

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TA IDEX Transamerica Conservative High-Yield Bond

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	9.08	$	0.27	$	0.06		$	0.33		$	(0.25	)	$	–		$	(0.25	)	$	9.16
	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
	10/31/1999		10.43		0.65		(0.54	)		0.11			(0.67	)		(0.20	)		(0.87	)		9.67
Class B	04/30/2004		9.08		0.23		0.06			0.29			(0.22	)		–			(0.22	)		9.15
	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
	10/31/1999		10.42		0.59		(0.54	)		0.05			(0.60	)		(0.20	)		(0.80	)		9.67
Class C	04/30/2004		9.08		0.23		0.06			0.29			(0.22	)		–			(0.22	)		9.15
	10/31/2003		8.08		0.51		1.02			1.53			(0.53	)		–			(0.53	)		9.08
Class C2	04/30/2004		9.08		0.23		0.06			0.29			(0.22	)		–			(0.22	)		9.15
	10/31/2003		7.92		0.51		1.18			1.69			(0.53	)		–			(0.53	)		9.08
	10/31/2002		9.26		0.51		(1.32	)		(0.81	)		(0.53	)		–			(0.53	)		7.92
	10/31/2001		9.24		0.52		0.15			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 M	04/30/2004		9.08		0.23		0.06			0.29			(0.22	)		–			(0.22	)		9.15
	10/31/2003		7.93		0.52		1.17			1.69			(0.54	)		–			(0.54	)		9.08
	10/31/2002		9.26		0.53		(1.32	)		(0.79	)		(0.54	)		–			(0.54	)		7.93
	10/31/2001		9.24		0.63		0.05			0.68			(0.66	)		–			(0.66	)		9.26
	10/31/2000		9.67		0.64		(0.37	)		0.27			(0.64	)		(0.06	)		(0.70	)		9.24
	10/31/1999		10.42		0.60		(0.54	)		0.06			(0.61	)		(0.20	)		(0.81	)		9.67

	For the Period Ended (g)	Total Return (c)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	3.64	%	$	298,886	1.09	%	1.09	%	5.67	%	24	%
	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
	10/31/1999	1.09			59,082	1.38		1.38		6.41		27
Class B	04/30/2004	3.19			50,712	1.74		1.74		5.02		24
	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
	10/31/1999	0.38			12,930	2.03		2.03		5.76		27
Class C	04/30/2004	3.19			9,138	1.74		1.74		5.02		24
	10/31/2003	19.52			8,403	1.87		1.87		5.92		46
Class C2	04/30/2004	3.19			15,333	1.74		1.74		5.02		24
	10/31/2003	21.94			17,473	1.87		1.87		5.92		46
	10/31/2002	(9.03	)		6,340	2.00		2.00		5.96		64
	10/31/2001	7.45			8,267	2.06		2.06		6.70		16
	10/31/2000	2.74			1,025	2.01		2.01		6.69		11
Class M	04/30/2004	3.25			4,859	1.64		1.64		5.12		24
	10/31/2003	22.06			5,774	1.77		1.77		6.02		46
	10/31/2002	(8.95	)		5,934	1.90		1.90		6.06		64
	10/31/2001	7.56			8,005	1.96		1.96		6.80		16
	10/31/2000	2.84			4,319	1.91		1.91		6.79		11
	10/31/1999	0.54			5,515	1.93		1.93		5.86		27

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Conservative High-Yield Bond    9

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 periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Conservative High-Yield Bond    10

TA IDEX Transamerica Conservative High-Yield Bond

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Conservative High-Yield Bond (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on June 14, 1985.

On March 1, 2004, the Fund changed its name from IDEX Transamerica Conservative High-Yield Bond to TA IDEX Transamerica Conservative High-Yield Bond.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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.

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

Debt securities are valued by independent pricing services; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 $18 of program net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Conservative High-Yield Bond    11

TA IDEX Transamerica Conservative High-Yield Bond

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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.

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 period ended April 30, 2004, this fee totaled $2. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

AEGON USA Investment Management, Inc. is both a sub-adviser to the Fund and an affiliate of 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
IDEX Asset Allocation - Conservative Portfolio	$	62,246	16	%
IDEX Asset Allocation - Moderate Growth Portfolio		73,532	19	%
IDEX Asset Allocation - Moderate Portfolio		122,565	32	%
Total	$	258,343	67	%

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

0.60% of ANA

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

1.25% Expense Limit

If total fund expenses fall below the annual expense limitation 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 are no amounts subject to recapture at April 30, 2004.

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 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Conservative High-Yield Bond    12

TA IDEX Transamerica Conservative High-Yield Bond

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	53
Retained by Underwriter		8
Contingent Deferred Sales Charges		158

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $26 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $98 for the period ended April 30, 2004.

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, 2004, 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, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	176,050
U.S. Government		7,968
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		68,779
U.S. Government		7,924

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 treatments for items including, but not limited to, wash sales 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
$1,984	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, 2004, were as follows:

Federal Tax Cost Basis	$	386,721
Unrealized Appreciation	$	13,560
Unrealized (Depreciation)		(3,722	)
Net Unrealized Appreciation (Depreciation)	$	9,838

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Conservative High-Yield Bond    13

TA IDEX Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (1.9%)
Amusement & Recreation Services (1.9%)
Mandalay Resort Group (a)(c) 1.86%, due 03/21/2033	$	2,750	$	3,860
Total Corporate Debt Securities (cost: $3,148)				3,860
CONVERTIBLE BONDS (82.2%)
Air Transportation (3.6%)
American Airlines, Inc–144A 4.25%, due 09/23/2023		4,250		4,022
JetBlue Airways Corporation–144A 3.50%, due 07/15/2033		3,050		3,172
Automotive (1.4%)
American Axle & Manufacturing, Inc.– 144A (a)(d) 2.00%, due 02/15/2024		2,750		2,791
Business Credit Institutions (3.8%)
Financial Federal Corporation–144A (a) 2.00%, due 04/15/2034		5,000		4,887
Structured Investment Corporation–144A 0.25%, due 08/05/2013		3,000		2,685
Commercial Banks (4.4%)
Bank of America Corporation 0.25%, due 04/30/2014		4,000		3,940
Wells Fargo & Company 0.25%, due 04/29/2014		5,000		4,725
Communication (1.4%)
Crown Castle International Corp. 4.00%, due 07/15/2010		1,800		2,819
Communications Equipment (1.7%)
Comtech Telecommunications Corp.–144A (e) 2.00%, due 02/01/2024		4,400		3,416
Computer & Data Processing Services (7.4%)
GTECH Holdings Corporation (a) 1.75%, due 12/15/2021		2,000		4,468
Openwave Systems, Inc.–144A 2.75%, due 09/09/2008		6,000		5,520
RealNetworks, Inc. Zero coupon, due 07/01/2010		5,100		4,622
Department Stores (1.8%)
Saks Incorporated–144A (a) 2.00%, due 03/15/2024		3,500		3,513
Electrical Goods (1.7%)
Avnet, Inc (a) 2.00%, due 03/15/2034		3,250		3,278
Electronic Components & Accessories (1.9%)
Micron Technology, Inc.–144A (a) 2.50%, due 02/01/2010		2,250		2,942
Micron Technology, Inc. (a) 2.50%, due 02/01/2010		600		785
Health Services (1.8%)
Matria Healthcare, Inc.–144A 4.88%, due 05/01/2024		3,500		3,500
Hotels & Other Lodging Places (2.5%)
Host Marriott, L.P.–144A 3.25%, due 04/15/2024		5,000		4,881

	Principal		Value
Instruments & Related Products (1.8%)
Roper Industries, Inc. (a)(g) 1.48%, due 01/15/2034	$	8,500	$	3,655
Insurance (0.5%)
Leucadia National Corporation–144A (a) 3.75%, due 04/15/2014		1,000		1,011
Manufacturing Industries (7.7%)
International Game Technology (a) Zero coupon, due 01/29/2033		4,900		4,116
K2 Corporation–144A 5.00%, due 06/15/2010		4,500		6,204
Shuffle Master, Inc.–144A (a) 1.25%, due 04/15/2024		4,850		4,977
Mining (0.6%)
Massey Energy Company–144A (a) 2.25%, due 04/01/2024		1,200		1,227
Motion Pictures (2.8%)
Lions Gate Entertainment Corp.–144A 4.88%, due 12/15/2010		4,000		5,480
Pharmaceuticals (10.0%)
Allergan, Inc. Zero coupon, due 11/06/2022		3,500		3,658
Indevus Pharmaceuticals, Inc. 6.25%, due 07/15/2008		1,500		2,023
Indevus Pharmaceuticals, Inc.–144A 6.25%, due 07/15/2008		1,900		2,563
Medarex, Inc.–144A 2.25%, due 05/15/2011		4,000		3,930
Teva Pharmaceutical Finance BV 0.25%, due 02/01/2024		2,400		2,448
Teva Pharmaceutical Finance BV–144A (a) 0.38%, due 11/15/2022		2,000		2,938
Watson Pharmaceuticals, Inc.–144A 1.75%, due 03/15/2023		1,950		2,140
Primary Metal Industries (1.5%)
Inco Limited (a) Zero coupon, due 03/29/2021		3,500		2,923
Printing & Publishing (2.2%)
Bowne & Co. Inc (a) 5.00%, due 10/01/2033		3,725		4,372
Radio, Television & Computer Stores (3.0%)
Guitar Center, Inc. 4.00%, due 07/15/2013		4,250		5,854
Research & Testing Services (1.5%)
deCODE genetics, Inc.–144A 3.50%, due 04/15/2011		3,250		3,063
Retail Trade (1.5%)
Dick’s Sporting Goods, Inc.–144A (f) 1.61%, due 02/18/2024		4,400		3,014
Security & Commodity Brokers (2.6%)
Morgan Stanley Zero coupon, due 08/15/2033		5,000		5,063
Telecommunications (9.1%)
Millicom International Cellular–144A 10.00%, due 11/20/2008		4,000		7,040
Nextel Partners, Inc.–144A 1.50%, due 11/15/2008		4,900		6,260

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Convertible Securities    1

TA IDEX Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Principal		Value
Telecommunications (continued)
NII Holdings, Inc.–144A (a) 2.88%, due 02/01/2034	$	4,500	$	4,635
Water Transportation (4.0%)
CP Ships Limited–144A 4.00%, due 06/30/2024		3,300		3,242
Royal Caribbean Cruises Ltd. Zero coupon, due 02/02/2021		4,000		2,085
Zero coupon, due 05/18/2021		4,000		2,670
Total Convertible Bonds (cost: $154,426)				162,557
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (17.0%)
Automotive (2.9%)
Ford Motor Company Capital Trust II		100,000	$	5,643
Commercial Banks (2.0%)
State Street Corporation		17,000		3,948
Communications Equipment (3.3%)
Motorola, Inc.–Units (a)		85,000		4,262
Nortel Networks Corporation		33		2,255
Insurance (1.8%)
Anthem, Inc.		34,550		3,570
Life Insurance (1.6%)
Prudential Financial, Inc.–Units		46,600		3,147
Metal Mining (2.4%)
Freeport-McMoRan Cooper & Gold Inc.–144A (a)		5,500		4,833
Security & Commodity Brokers (3.0%)
Morgan Stanley		99,475		6,012
Total Convertible Preferred Stocks (cost: $33,869)				33,670
	Principal		Value
SECURITY LENDING COLLATERAL (22.3%)
Debt (12.2%)
Bank Notes (2.2%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	2,191	$	2,191
Fleet National Bank 1.00%, due 07/21/2004		2,191		2,191

	Principal		Value
Euro Dollar Overnight (1.1%)
Credit Agricole Indosuez 1.00%, due 05/07/2004	$	1,315	$	1,315
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		789		789
Euro Dollar Terms (3.0%)
Bank of Montreal 1.02%, due 05/21/2004		256		256
BNP Paribas SA 1.01%, due 05/18/2004 1.08%, due 07/29/2004		1,315 1,315		1,315  1,315
Den Danske Bank 1.02%, due 05/20/2004		876		876
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		876		876
Wells Fargo & Company 1.02%, due 05/14/2004		1,315		1,315
Promissory Notes (1.5%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		3,067		3,067
Repurchase Agreements (4.4%) (b)
Merrill Lynch & Co., Inc. 1.04% Repurchased Agreement dated 04/30/2004 to be repurchased at $8,763 on 05/03/2004		8,763		8,763
	Shares		Value
Investment Companies (10.1%)
Money Market Funds (10.1%)
American AAdvantage Select Fund 1-day yield of 0.98%		2,629,030	$	2,629
Barclays Institutional Money Market Fund 1-day yield of 1.02%		6,134,404		6,134
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		2,374,483		2,374
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%		8,763,434		8,763
Total Security Lending Collateral (cost: $44,169)				44,169
Total Investment Securities (cost: $235,612)			$	244,256
SUMMARY:
Investments, at value		123.4%	$	244,256
Liabilities in excess of other assets		(23.4)%		(46,256)
Net assets		100.0%	$	198,000

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Convertible Securities    2

TA IDEX Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $42,868.

(b) Cash collateral for the Repurchase Agreements, valued at $8,939, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

(c) Floating or variable rate note. Rate is listed as of April 30, 2004.

(d) Securities are stepbonds. American Axle & Manufacturing, Inc.–144A has a coupon rate of 2.00% until 02/15/2011, thereafter the coupon rate will be 0.00%.

(e) Securities are stepbonds. Comtech Telecommunications Corp.–144A has a coupon rate of 2.00% until 02/01/2011, thereafter the coupon rate will be 0.00%.

(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) Securities are stepbonds. Roper Industries, Inc. has a coupon rate of 1.48% until 01/15/2009, thereafter the coupon rate will be 0.00%.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $103,886 or 52.5% 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 2004

TA IDEX Transamerica Convertible Securities    3

TA IDEX Transamerica Convertible Securities

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $235,612) (including securities loaned of $42,868)	$	244,256
Receivables:
Investment securities sold		7,351
Shares of beneficial interest sold		23
Interest		822
Other		36
		252,488
Liabilities:
Investment securities purchased		7,500
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		26
Management and advisory fees		127
Distribution fees		67
Due to custodian		2,529
Transfer agent fees		10
Payable for collateral for securities on loan		44,169
Other		60
		54,488
Net Assets	$	198,000
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	178,593
Undistributed net investment income (loss)		308
Undistributed net realized gain (loss) from investment securities		10,455
Net unrealized appreciation (depreciation) on investment securities		8,644
Net Assets	$	198,000
Net Assets by Class:
Class A	$	184,089
Class B		6,756
Class C		5,515
Class C2		1,172
Class M		468
Shares Outstanding:
Class A		15,932
Class B		586
Class C		478
Class C2		102
Class M		41
Net Asset Value Per Share:
Class A	$	11.55
Class B		11.54
Class C		11.54
Class C2		11.54
Class M		11.54
Maximum Offering Price Per Share (a):
Class A	$	12.13
Class M		11.66

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	2,168
Dividends		816
Income from loaned securities–net		33
		3,017
Expenses:
Management and advisory fees		741
Transfer agent fees		10
Printing and shareholder reports		5
Custody fees		9
Administration fees		17
Legal fees		2
Auditing and accounting fees		5
Trustees fees		3
Registration fees		24
Other		5
Distribution and service fees:
Class A		321
Class B		33
Class C		27
Class C2		6
Class M		2
Total expenses		1,210
Net Investment Income (Loss)		1,807
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		10,455
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		(3,295	)
Net Gain (Loss) on Investment Securities		7,160
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,967

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Convertible Securities    4

TA IDEX Transamerica Convertible Securities

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	1,807		$	1,785
Net realized gain (loss) from investment securities		10,455			3,558
Net unrealized appreciation (depreciation) on investment securities		(3,295	)		12,078
		8,967			17,421
Distributions to Shareholders:
From net investment income:
Class A		(1,664	)		(1,469	)
Class B		(42	)		(51	)
Class C		(34	)		(21	)
Class C2		(8	)		(17	)
Class M		(3	)		(7	)
		(1,751	)		(1,565	)
From net realized gains:
Class A		(2,962	)		–
Class B		(104	)		–
Class C		(87	)		–
Class C2		(20	)		–
Class M		(8	)		–
		(3,181	)		–
Capital Share Transactions:
Proceeds from shares sold:
Class A		974			150,345
Class B		1,261			5,369
Class C		501			4,921
Class C2		483			761
Class M		149			234
		3,368			161,630
Dividends and distributions reinvested:
Class A		4,619			1,466
Class B		99			31
Class C		89			15
Class C2		20			11
Class M		12			7
		4,839			1,530
Cost of shares redeemed:
Class A		(459	)		(1,341	)
Class B		(1,234	)		(763	)
Class C		(224	)		(219	)
Class C2		(565	)		(701	)
Class M		(183	)		(154	)
		(2,665	)		(3,178	)
		5,542			159,982
Net increase (decrease) in net assets		9,577			175,838
Net Assets:
Beginning of period		188,423			12,585
End of period	$	198,000		$	188,423
Undistributed Net Investment Income (Loss)	$	308		$	252

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	84		14,376
Class B	108		525
Class C	43		465
Class C2	41		73
Class M	13		24
	289		15,463
Shares issued–reinvested from distributions:
Class A	414		137
Class B	9		3
Class C	8		1
Class C2	2		1
Class M	1		1
	434		143
Shares redeemed:
Class A	(39	)	(127	)
Class B	(106	)	(74	)
Class C	(19	)	(20	)
Class C2	(48	)	(67	)
Class M	(15	)	(16	)
	(227	)	(304	)
Net increase (decrease) in shares outstanding:
Class A	459		14,386
Class B	11		454
Class C	32		446
Class C2	(5	)	7
Class M	(1	)	9
	496		15,302

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Convertible Securities    5

TA IDEX Transamerica Convertible Securities

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	11.32	$	0.11	$	0.42		$	0.53		$	(0.11	)	$	(0.19	)	$	(0.30	)	$	11.55
	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	04/30/2004		11.31		0.07		0.42			0.49			(0.07	)		(0.19	)		(0.26	)		11.54
	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	04/30/2004		11.31		0.07		0.42			0.49			(0.07	)		(0.19	)		(0.26	)		11.54
	10/31/2003		9.36		0.17		1.95			2.12			(0.17	)		–			(0.17	)		11.31
Class C2	04/30/2004		11.31		0.07		0.42			0.49			(0.07	)		(0.19	)		(0.26	)		11.54
	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 M	04/30/2004		11.31		0.08		0.42			0.50			(0.08	)		(0.19	)		(0.27	)		11.54
	10/31/2003		9.38		0.18		1.93			2.11			(0.18	)		–			(0.18	)		11.31
	10/31/2002		10.00		0.12		(0.68	)		(0.56	)		(0.06	)		–			(0.06	)		9.38

	For the Period Ended (g)	Total Return (c)		Ratios/Supplemental Data
				Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	4.76	%	$	184,089	1.18	%	1.18	%	1.88	%	97	%
	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	04/30/2004	4.48			6,756	1.83		1.83		1.23		97
	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	04/30/2004	4.48			5,515	1.83		1.83		1.23		97
	10/31/2003	22.84			5,048	1.98		1.98		1.62		119
Class C2	04/30/2004	4.48			1,172	1.83		1.83		1.23		97
	10/31/2003	22.58			1,212	1.98		1.98		1.62		119
	10/31/2002	(5.68	)		934	2.38		4.50		1.94		170
Class M	04/30/2004	4.53			468	1.73		1.73		1.33		97
	10/31/2003	22.70			480	1.88		1.88		1.72		119
	10/31/2002	(5.64	)		308	2.28		4.40		2.04		170

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 2004

TA IDEX Transamerica Convertible Securities    6

TA IDEX Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Convertible Securities (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

On March 1, 2004, the Fund changed its name from IDEX Transamerica Convertible Securities to TA IDEX Transamerica Convertible Securities.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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 2004

TA IDEX Transamerica Convertible Securities    7

TA IDEX Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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.

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.

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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Transamerica Investment Management, LLC is both a co-subadviser to the Fund and an affiliate of 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
IDEX Asset Allocation - Conservative Portfolio	$43,788	22%
IDEX Asset Allocation - Moderate Growth Portfolio	56,036	28%
IDEX Asset Allocation - Moderate Portfolio	78,701	40%
Total	$  178,525	90%

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

0.75% of ANA

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Convertible Securities    8

TA IDEX Transamerica Convertible Securities

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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 period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	11
Retained by Underwriter		2
Contingent Deferred Sales Charges		15

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $17 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $10 for the period ended April 30, 2004.

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, 2004, the value of invested plan amounts was $3. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	198,037
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		189,395
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 treatments 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, 2004, were as follows:

Federal Tax Cost Basis	$	235,612
Unrealized Appreciation		15,392
Unrealized (Depreciation)		(6,748	)
Net Unrealized Appreciation (Depreciation)	$	8,644

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Convertible Securities    9

TA IDEX Transamerica Equity

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
COMMON STOCKS (97.8%)
Apparel & Accessory Stores (2.4%)
TJX Companies, Inc. (The)	75,000	$	1,843
Business Services (8.6%)
First Data Corporation	85,000		3,858
Moody’s Corporation	45,000		2,902
Chemicals & Allied Products (3.5%)
Praxair, Inc.	75,000		2,741
Commercial Banks (5.0%)
Northern Trust Corporation	55,000		2,325
State Street Corporation	32,000		1,562
Communication (14.1%)
Cox Communications, Inc.–Class A (a)(b)	95,000		3,106
Echostar Communications Corporation – Class A (a)	90,000		2,987
Liberty Media Corporation–Class A (a)	235,000		2,571
XM Satellite Radio Holdings Inc.– Class A (a)(b)	100,000		2,396
Communications Equipment (5.2%)
QUALCOMM Incorporated	65,000		4,060
Computer & Data Processing Services (4.2%)
Microsoft Corporation	125,000		3,246
Computer & Office Equipment (2.2%)
SanDisk Corporation (a)	73,000		1,687
Drug Stores & Proprietary Stores (3.1%)
Walgreen Co.	70,000		2,414
Electronic Components & Accessories (1.5%)
Intel Corporation	45,000		1,158
Fabricated Metal Products (3.7%)
Gillette Company (The)	70,000		2,864
Hotels & Other Lodging Places (2.7%)
Marriott International, Inc.–Class A (b)	45,000		2,122
Insurance (4.9%)
WellPoint Health Networks Inc. (a)	35,000		3,909
Management Services (3.6%)
Paychex, Inc.	75,000		2,796
Medical Instruments & Supplies (3.6%)
Zimmer Holdings, Inc. (a)	35,000		2,795
Personal Services (3.2%)
Weight Watchers International, Inc. (a)(b)	65,000		2,535
Pharmaceuticals (10.8%)
Allergan, Inc.	35,000		3,082
Genentech, Inc. (a)	26,500		3,254
Pfizer Inc.	60,000		2,146

	Shares		Value
Retail Trade (3.8%)
Staples, Inc.		115,000	$	2,962
Transportation & Public Utilities (3.6%)
Expeditors International of Washington, Inc.		70,000		2,813
Trucking & Warehousing (4.5%)
United Parcel Service, Inc.–Class B		50,000		3,508
Variety Stores (3.6%)
Wal-Mart Stores, Inc.		50,000		2,850
Total Common Stocks (cost: $61,033)				76,492
	Principal		Value
SECURITY LENDING COLLATERAL (11.7%)
Debt (6.5%)
Bank Notes (1.2%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	452	$	452
Fleet National Bank 1.00%, due 07/21/2004		452		452
Euro Dollar Overnight (0.6%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		271		271
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		163		163
Euro Dollar Terms (1.6%)
Bank of Montreal
1.02%, due 05/21/2004		53		53
BNP Paribas SA
1.01%, due 05/18/2004		271		271
1.08%, due 07/29/2004		271		271
Den Danske Bank
1.02%, due 05/20/2004		181		181
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		181		181
Wells Fargo & Company 1.02%, due 05/14/2004		271		271
Promissory Notes (0.8%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		632		632
Repurchase Agreements (2.3%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $1,805 on 05/03/2004		1,805		1,805

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Equity    1

TA IDEX Transamerica Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Shares	Value
Investment Companies (5.2%)
Money Market Funds (5.2%)
American AAdvantage Select Fund 1-day yield of 0.98%	541,866	$	542
Barclays Institutional Money Market Fund 1-day yield of 1.02%	1,264,354		1,264
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%	489,401		489
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%	1,806,219		1,806
Total Security Lending Collateral (cost: $9,104)			9,104
Total Investment Securities (cost: $70,137)		$	85,596
SUMMARY:
Investments, at value	109.5%	$	85,596
Liabilities in excess of other assets	(9.5)%		(7,456)
Net assets	100.0%	$	78,140

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $8,758.

(c) Cash collateral for the Repurchase Agreements, valued at $1,842, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Equity    2

TA IDEX Transamerica Equity

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $70,137) (including securities loaned of $8,758)	$	85,596
Cash		1,432
Receivables:
Shares of beneficial interest sold		477
Interest		1
Dividends		43
Other		172
		87,721
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		180
Management and advisory fees		215
Distribution fees		28
Transfer agent fees		17
Payable for collateral for securities on loan		9,104
Other		37
		9,581
Net Assets	$	78,140
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	66,848
Accumulated net investment income (loss)		(322	)
Accumulated net realized gain (loss) from investment securities		(3,845	)
Net unrealized appreciation (depreciation) on investment securities		15,459
Net Assets	$	78,140
Net Assets by Class:
Class A	$	68,074
Class B		5,308
Class C		3,348
Class C2		853
Class M		557
Shares Outstanding:
Class A		9,300
Class B		747
Class C		471
Class C2		120
Class M		78
Net Asset Value Per Share:
Class A	$	7.32
Class B		7.10
Class C		7.10
Class C2		7.10
Class M		7.14
Maximum Offering Price Per Share (a):
Class A	$	7.75
Class M		7.21

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	2
Dividends		206
Income from loaned securities–net		5
		213
Expenses:
Management and advisory fees		282
Transfer agent fees		23
Printing and shareholder reports		29
Custody fees		4
Administration fees		10
Legal fees		1
Auditing and accounting fees		5
Trustees fees		2
Registration fees		24
Other		3
Distribution and service fees:
Class A		108
Class B		25
Class C		12
Class C2		4
Class M		3
Total expenses		535
Net Investment Income (Loss)		(322	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		1,120
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		3,607
Net Gain (Loss) on Investment Securities		4,727
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,405

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Equity    3

TA IDEX Transamerica Equity

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(322	)	$	(491	)
Net realized gain (loss) from investment securities		1,120			(1,072	)
Net unrealized appreciation (depreciation) on investment securities		3,607			14,389
		4,405			12,826
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		8,968			37,805
Class B		1,171			2,327
Class C		2,083			1,359
Class C2		184			370
Class M		44			133
		12,450			41,994
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(1,410	)		(17,982	)
Class B		(778	)		(1,240	)
Class C		(289	)		(4	)
Class C2		(104	)		(706	)
Class M		(151	)		(379	)
		(2,732	)		(20,311	)
		9,718			21,683
Net increase (decrease) in net assets		14,123			34,509
Net Assets:
Beginning of period		64,017			29,508
End of period	$	78,140		$	64,017
Accumulated Net Investment Income (Loss)	$	(322	)	$	–

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	1,239		6,674
Class B	168		394
Class C	299		216
Class C2	26		65
Class M	6		23
	1,738		7,372
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(195	)	(2,972	)
Class B	(112	)	(209	)
Class C	(42	)	(1	)
Class C2	(15	)	(126	)
Class M	(22	)	(66	)
	(386	)	(3,374	)
Net increase (decrease) in shares outstanding:
Class A	1,044		3,702
Class B	56		185
Class C	257		215
Class C2	11		(61	)
Class M	(16	)	(43	)
	1,352		3,998

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Equity    4

TA IDEX Transamerica Equity

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	6.86	$	(0.03	)	$	0.49		$	0.46		$	–	$	–	$	–	$	7.32
	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	04/30/2004		6.68		(0.05	)		0.47			0.42			–		–		–		7.10
	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	04/30/2004		6.68		(0.05	)		0.47			0.42			–		–		–		7.10
	10/31/2003		5.30		(0.09	)		1.47			1.38			–		–		–		6.68
Class C2	04/30/2004		6.68		(0.05	)		0.47			0.42			–		–		–		7.10
	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 M	04/30/2004		6.70		(0.05	)		0.49			0.44			–		–		–		7.14
	10/31/2003		5.42		(0.08	)		1.36			1.28			–		–		–		6.70
	10/31/2002		6.31		(0.11	)		(0.78	)		(0.89	)		–		–		–		5.42
	10/31/2001		10.12		(0.14	)		(3.67	)		(3.81	)		–		–		–		6.31
	10/31/2000		10.00		(0.06	)		0.18			0.12			–		–		–		10.12

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	6.71	%	$	68,074	1.44	%	1.44	%	(0.84	)%	4	%
	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	04/30/2004	6.29			5,308	2.09		2.09		(1.49	)	4
	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	04/30/2004	6.29			3,348	2.09		2.09		(1.49	)	4
	10/31/2003	26.04			1,435	2.21		2.21		(1.52	)	55
Class C2	04/30/2004	6.29			853	2.09		2.09		(1.49	)	4
	10/31/2003	23.70			725	2.21		2.21		(1.52	)	55
	10/31/2002	(14.22	)		914	2.39		2.98		(1.84	)	19
	10/31/2001	(37.78	)		1,318	2.20		3.40		(1.80	)	42
	10/31/2000	1.17			1,118	2.20		6.75		(1.83	)	13
Class M	04/30/2004	6.57			557	1.99		1.99		(1.39	)	4
	10/31/2003	23.62			626	2.11		2.11		(1.42	)	55
	10/31/2002	(14.08	)		735	2.29		2.88		(1.74	)	19
	10/31/2001	(37.69	)		794	2.10		3.30		(1.70	)	42
	10/31/2000	1.24			969	2.10		6.65		(1.73	)	13

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Equity    5

TA IDEX Transamerica Equity

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 and 4/30/2004.

(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 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 2004

TA IDEX Transamerica Equity    6

TA IDEX Transamerica Equity

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Equity (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2000.

On March 1, 2004, the Fund changed its name from IDEX Transamerica Equity to TA IDEX Transamerica Equity.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $6 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 received 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 net 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Equity    7

TA IDEX Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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 period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	2,915	4%
TA IDEX Asset Allocation -Growth Portfolio		16,611	21%
TA IDEX Asset Allocation - Moderate Growth Portfolio		22,533	29%
TA IDEX Asset Allocation - Moderate Portfolio		19,675	25%
Total	$	61,734	79%

Investment advisory fees: The Fund pays management fees to ATFA 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Equity    8

TA IDEX Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	21
Retained by Underwriter		3
Contingent Deferred Sales Charges		4

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $23 for the period ended April 30, 2004.

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, 2004, the value of invested plan amounts was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	11,437
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		2,889
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 treatments 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
$     71	October 31, 2008
2,496	October 31, 2009
1,197	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, 2004, are as follows:

Federal Tax Cost Basis	$	71,245
Unrealized Appreciation	$	14,838
Unrealized (Depreciation)		(487	)
Net Unrealized Appreciation (Depreciation)	$	14,351

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Equity    9

TA IDEX Transamerica Equity

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  5. SUBSEQUENT EVENTS

On May 28, 2004, the Fund acquired all the net assets of TA IDEX Alger Aggressive Growth pursuant to a plan of reorganization. The acquisition was accomplished by a tax-free exchange of 17,122 shares of the Fund for the 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 depreciation, were combined with those of the Fund. 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
Total	17,122	$	125,279

On June 15, 2004, Class C2 shares will merge into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Equity    10

TA IDEX Transamerica Flexible Income

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (6.0%)
U.S. Treasury Note 5.75%, due 11/15/2005	$	212	$	224
1.88%, due 01/31/2006		695		691
U.S. Treasury Note (a) 1.88%, due 12/31/2005		435		433
2.63%, due 11/15/2006		990		989
4.38%, due 05/15/2007		2,920		3,045
3.00%, due 02/15/2009		1,705		1,662
5.75%, due 08/15/2010		935		1,028
5.00%, due 02/15/2011		1,520		1,603
Total U.S. Government Obligations (cost: $9,705)				9,675
U.S. GOVERNMENT AGENCY OBLIGATIONS (0.6%)
Fannie Mae 4.38%, due 10/15/2006		895		928
Total U.S. Government Agency Obligations (cost: $928)				928
CORPORATE DEBT SECURITIES (77.5%)
Air Transportation (1.9%)
JetBlue Airways Corporation–Series 2004-1 Class C (c) 5.36%, due 03/15/2008		3,000		3,068
Amusement & Recreation Services (7.3%)
Boyd Gaming Corporation–144A 6.75%, due 04/15/2014		2,500		2,463
Isle of Capri Casinos, Inc.–144A 7.00%, due 03/01/2014		2,000		1,960
Mandalay Resort Group 7.63%, due 07/15/2013		3,000		3,225
MGM MIRAGE–144A 5.88%, due 02/27/2014		2,250		2,149
Station Casinos, Inc.–144A 6.88%, due 03/01/2016		2,000		1,990
Beverages (1.9%)
PepsiAmericas, Inc. 3.88%, due 09/12/2007		3,000		3,040
Business Credit Institutions (2.2%)
ChevronTexaco Capital Corporation 3.50%, due 09/17/2007		1,035		1,044
Ford Motor Credit Company 7.00%, due 10/01/2013		2,500		2,571
Business Services (2.3%)
Clear Channel Communications, Inc. 8.00%, due 11/01/2008		3,275		3,748
Chemicals & Allied Products (1.1%)
Dial Corporation (The) 7.00%, due 08/15/2006		890		966
6.50%, due 09/15/2008		600		653
Nalco Company–144A 7.75%, due 11/15/2011		225		237
Commercial Banks (4.4%)
Citizens Banking Corporation 5.75%, due 02/01/2013		75		74

	Principal		Value
Commercial Banks (continued)
Hudson United Bancorp 8.20%, due 09/15/2006	$	300	$	331
7.00%, due 05/15/2012		310		340
Royal Bank of Scotland Group PLC (The) (c) 7.65%, due 08/31/2049		3,000		3,467
US Bank NA 3.75%, due 02/06/2009		3,000		2,963
Communication (3.2%)
American Tower Corporation–144A 7.50%, due 05/01/2012		125		121
Echostar DBS Corporation–144A 6.38%, due 10/01/2011		2,000		2,023
Liberty Media Corporation 5.70%, due 05/15/2013		3,000		3,000
Construction (0.2%)
Toll Brothers, Inc. 6.88%, due 11/15/2012		250		270
Electric Services (6.0%)
AES Gener SA–144A (a) 7.50%, due 03/25/2014		3,000		2,865
Dominion Resources, Inc. 5.13%, due 12/15/2009		650		666
Duke Energy Corporation 4.20%, due 10/01/2008		3,000		2,972
PSEG Power LLC 5.50%, due 12/01/2015		375		363
Southwestern Public Service Company 5.13%, due 11/01/2006		500		523
TXU Corp. 6.38%, due 06/15/2006		1,625		1,727
6.38%, due 01/01/2008		750		802
Electric, Gas & Sanitary Services (0.5%)
Public Service Company of Colorado–Series A 6.88%, due 07/15/2009		100		111
Xcel Energy Inc. 7.00%, due 12/01/2010		675		756
Food & Kindred Products (5.7%)
Burns, Philp & Company Limited 9.75%, due 07/15/2012		2,000		2,110
ConAgra Foods, Inc. 9.75%, due 03/01/2021		1,900		2,542
Dean Foods Company 6.90%, due 10/15/2017		2,200		2,244
Tyson Foods, Inc. 8.25%, due 10/01/2011		2,000		2,327
Furniture & Fixtures (2.6%)
Lear Corporation 7.96%, due 05/15/2005		4,067		4,281
Holding & Other Investment Offices (1.8%)
EOP Operating Limited Partnership 8.38%, due 03/15/2006		2,150		2,361
Hutchison Whampoa Limited–144A 5.45%, due 11/24/2010		475		468

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    1

TA IDEX Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Hotels & Other Lodging Places (2.1%)
Host Marriott, L.P. 7.13%, due 11/01/2013	$	2,000	$	2,030
Starwood Hotels & Resorts Worldwide, Inc. 6.75%, due 11/15/2005		1,335		1,402
Instruments & Related Products (1.8%)
RC Trust I 7.00%, due 05/15/2006		5,500		2,975
Insurance (3.9%)
ACE Capital Trust II 9.70%, due 04/01/2030		2,530		3,367
Farmers Insurance Exchange–144A 8.50%, due 08/01/2004		200		202
First American Capital Trust I 8.50%, due 04/15/2012		125		142
Kingsway America Inc.–144A 7.50%, due 02/01/2014		275		271
Liberty Mutual Insurance Company–144A 8.50%, due 05/15/2025		150		171
UnitedHealth Group Incorporated 7.50%, due 11/15/2005		360		387
4.88%, due 04/01/2013		525		517
WellPoint Health Networks Inc. 6.38%, due 06/15/2006		1,185		1,272
Iron & Steel Foundries (0.4%)
Precision Castparts Corp.–144A 5.60%, due 12/15/2013		575		567
Life Insurance (0.3%)
Nationwide Mutual Life Insurance Company–144A 7.50%, due 02/15/2024		415		429
Lumber & Wood Products (2.0%)
Weyerhaeuser Company 7.38%, due 03/15/2032		3,000		3,287
Metal Mining (1.4%)
Barrick Gold Finance, Inc. 7.50%, due 05/01/2007		2,000		2,252
Motion Pictures (5.3%)
News Corporation Limited (The) 7.75%, due 12/01/2045		3,700		4,254
Time Warner Inc. 6.88%, due 05/01/2012		950		1,039
7.63%, due 04/15/2031		3,000		3,283
Oil & Gas Extraction (4.4%)
Chesapeake Energy Corporation 6.88%, due 01/15/2016		2,000		2,030
Evergreen Resources, Inc.–144A 5.88%, due 03/15/2012		2,900		2,871
Occidental Petroleum Corporation 4.25%, due 03/15/2010		350		345
Petrobras International Finance Company–PIFCo (a) 8.38%, due 12/10/2018		2,000		1,880

	Principal		Value
Paper & Allied Products (1.8%)
Domtar Inc. 5.38%, due 12/01/2013	$	3,000	$	2,911
Petroleum Refining (0.6%)
Premcor Refining Group Inc. (The) 6.13%, due 05/01/2011		1,000		995
Primary Metal Industries (3.4%)
Noranda Inc. 6.00%, due 10/15/2015		3,000		3,029
Phelps Dodge Corporation 8.75%, due 06/01/2011		2,000		2,412
Printing & Publishing (0.5%)
News America Incorporated (a) 6.63%, due 01/09/2008		810		884
Radio & Television Broadcasting (0.4%)
USA Interactive 7.00%, due 01/15/2013		575		626
Restaurants (0.1%)
YUM! Brands, Inc. 7.70%, due 07/01/2012		85		98
Security & Commodity Brokers (2.4%)
Goldman Sachs Group, Inc. (The) 6.35%, due 02/15/2034		3,975		3,799
Telecommunications (2.9%)
America Movil, SA de CV–144A 5.50%, due 03/01/2014		3,000		2,807
Cincinnati Bell Inc. 8.38%, due 01/15/2014		2,000		1,890
Transportation & Public Utilities (0.1%)
Plains All American Pipeline, L.P.–144A 5.63%, due 12/15/2013		100		99
Transportation Equipment (1.2%)
Bombardier Recreational Products–144A (a) 8.38%, due 12/15/2013		2,000		1,980
Wholesale Trade Nondurable Goods (1.4%)
Domino’s, Inc. 8.25%, due 07/01/2011		2,150		2,322
Total Corporate Debt Securities (cost: $129,013)				125,646
	Shares		Value
CONVERTIBLE PREFERRED STOCKS (0.3%)
Business Credit Institutions (0.3%)
Sovereign Capital Trust IV		9,500	$	444
Total Convertible Preferred Stocks (cost: $475)				444
PREFERRED STOCKS (2.7%)
Holding & Other Investment Offices (0.0%)
Saul Centers, Inc.		1,850		48
Real Estate (0.2%)
Chevy Chase Preferred Capital Corporation		4,700		274

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    2

TA IDEX Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
Savings Institutions (0.3%)
Chevy Chase Bank, F.S.B.		15,650	$	430
Telecommunications (2.2%)
Centaur Funding Corp.–144A		2,750		3,484
Total Preferred Stocks (cost: $4,270)				4,236
COMMON STOCKS (0.00%)
Telecommunications (0.0%)
VersaTel Telecom International–Warrants, Expires 05/15/2008 (d)		75			(e)
Total Common Stocks					(e)
	Principal		Value
SECURITY LENDING COLLATERAL (9.7%)
Debt (5.4%)
Bank Notes (1.0%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	774	$	774
Fleet National Bank 1.00%, due 07/21/2004		774		774
Euro Dollar Overnight (0.5%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		464		464
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		279		279
Euro Dollar Terms (1.3%)
Bank of Montreal 1.02%, due 05/21/2004		90		90
BNP Paribas SA 1.01%, due 05/18/2004		464		464
1.08%, due 07/29/2004		464		464
Den Danske Bank 1.02%, due 05/20/2004		309		309
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		309		309
Wells Fargo & Company 1.02%, due 05/14/2004		464		464

	Principal		Value
Promissory Notes (0.7%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004	$	1,083	$	1,083
Repurchase Agreements (1.9%) (b)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $3,096 on 05/03/2004		3,096		3,096
	Shares		Value
Investment Companies (4.3%)
Money Market Funds (4.3%)
American AAdvantage Select Fund 1-day yield of 0.98%		928,412	$	928
Barclays Institutional Money Market Fund 1-day yield of 1.02%		2,166,295		2,166
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		838,522		839
Merrimac Cash Series Fund–Premium Class 1-day yield of 0.99%		3,094,708		3,095
Total Security Lending Collateral (cost: $15,598)				15,598
Total Investment Securities (cost: $159,989)			$	156,527
SUMMARY:
Investments, at value		96.8%	$	156,527
Other assets in excess of liabilities		3.2%		5,104
Net assets		100.0%	$	161,631

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $15,216.

(b) Cash collateral for the Repurchase Agreements, valued at $3,157, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

(c) Floating or variable rate note. Rate is listed as of April 30, 2004.

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

(e) Value is less than $1.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $27,157 or 16.8% 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 2004

TA IDEX Transamerica Flexible Income    3

TA IDEX Transamerica Flexible Income

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $159,989) (including securities loaned of $15,216)	$	156,527
Cash		19,278
Receivables:
Shares of beneficial interest sold		27
Interest		2,202
Dividends		8
Other		29
		178,071
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		461
Management and advisory fees		108
Distribution fees		91
Transfer agent fees		113
Dividends to shareholders		1
Payable for collateral for securities on loan		15,598
Other		68
		16,440
Net Assets	$	161,631
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	156,301
Accumulated net investment income (loss)		311
Accumulated net realized gain (loss) from:
Investment securities		9,506
Future contracts		(1,010	)
Foreign currency transaction		(12	)
Net unrealized appreciation (depreciation) on:
Investment securities		(3,465	)
Net Assets	$	161,631
Net Assets by Class:
Class A	$	82,773
Class B		54,519
Class C		5,597
Class C2		8,402
Class M		10,340
Share Outstanding:
Class A		8,328
Class B		5,489
Class C		564
Class C2		846
Class M		1,041
Net Asset Value Per Share:
Class A	$	9.94
Class B		9.93
Class C		9.93
Class C2		9.93
Class M		9.93
Maximum Offering Price Per Share (a):
Class A	$	10.44
Class M		10.03

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	4,527
Dividends		30
Income from loaned securities–net		26
		4,583
Expenses:
Management and advisory fees		730
Transfer agent fees		135
Printing and shareholder reports		63
Custody fees		17
Administration fees		15
Legal fees		5
Auditing and accounting fees		5
Trustees fees		6
Registration fees		30
Other		15
Distribution and service fees:
Class A		154
Class B		305
Class C		37
Class C2		56
Class M		52
Total expenses		1,625
Net Investment Income (Loss)		2,958
Net Realized Gain (Loss) from:
Investment securities		9,218
Futures contracts		(1,010	)
Foreign currency transactions		(12	)
		8,196
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(10,304	)
Futures contracts		346
Translation of assets and liabilities denominated in foreign currencies		103
		(9,855	)
Net Gain (Loss) on Investments, Futures Contracts, and Foreign Currency Transactions		(1,659	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,299

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    4

TA IDEX Transamerica Flexible Income

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	2,958		$	6,384
Net realized gain (loss) from investment securities, futures contracts and foreign currency transactions		8,196			3,731
Net unrealized appreciation (depreciation) on investment securities, futures contracts, and foreign currency translations		(9,855	)		1,116
		1,299			11,231
Distributions to Shareholders:
From net investment income:
Class A		(1,604	)		(3,126	)
Class B		(914	)		(2,115	)
Class C		(111	)		(130	)
Class C2		(169	)		(470	)
Class M		(179	)		(449	)
		(2,977	)		(6,290	)
From net realized gains:
Class A		(1,358	)		–
Class B		(970	)		–
Class C		(123	)		–
Class C2		(193	)		–
Class M		(181	)		–
		(2,825	)		–
Capital Share Transactions:
Proceeds from shares sold:
Class A		4,962			81,059
Class B		2,489			28,769
Class C		339			10,260
Class C2		511			9,606
Class M		172			2,737
		8,473			132,431
Dividends and distributions reinvested:
Class A		2,832			2,920
Class B		1,507			1,678
Class C		166			101
Class C2		286			366
Class M		327			403
		5,118			5,468
Cost of shares redeemed:
Class A		(10,622	)		(60,370	)
Class B		(17,463	)		(29,848	)
Class C		(2,923	)		(2,214	)
Class C2		(6,352	)		(13,557	)
Class M		(2,440	)		(6,886	)
		(39,800	)		(112,875	)
		(26,209	)		25,024
Net increase (decrease) in net assets		(30,712	)		29,965
Net Assets:
Beginning of period		192,343			162,378
End of period	$	161,631		$	192,343
Undistributed Net Investment Income (Loss)	$	311		$	330

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	487		8,049
Class B	244		2,820
Class C	33		1,008
Class C2	50		940
Class M	17		266
	831		13,083
Shares issued–reinvested from distributions:
Class A	279		287
Class B	149		165
Class C	16		10
Class C2	28		36
Class M	32		40
	504		538
Shares redeemed:
Class A	(1,046	)	(5,946	)
Class B	(1,715	)	(2,936	)
Class C	(288	)	(216	)
Class C2	(623	)	(1,335	)
Class M	(240	)	(679	)
	(3,912	)	(11,112	)
Net increase (decrease) in shares outstanding
Class A	(280	)	2,390
Class B	(1,322	)	49
Class C	(239	)	802
Class C2	(545	)	(359	)
Class M	(191	)	(373	)
	(2,577	)	2,509

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    5

TA IDEX Transamerica Flexible Income

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations							Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	10.21	$	0.18	$	(0.10	)	$	0.08	$	(0.19	)	$	(0.16	)	$	(0.35	)	$	9.94
	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
	10/31/1999		9.84		0.54		(0.38	)		0.16		(0.54	)		–			(0.54	)		9.46
Class B	04/30/2004		10.20		0.15		(0.11	)		0.04		(0.15	)		(0.16	)		(0.31	)		9.93
	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
	10/31/1999		9.83		0.49		(0.38	)		0.11		(0.48	)		–			(0.48	)		9.46
Class C	04/30/2004		10.20		0.15		(0.11	)		0.04		(0.15	)		(0.16	)		(0.31	)		9.93
	10/31/2003		9.98		0.29		0.22			0.51		(0.29	)		–			(0.29	)		10.20
Class C2	04/30/2004		10.20		0.14		(0.10	)		0.04		(0.15	)		(0.16	)		(0.31	)		9.93
	10/31/2003		9.94		0.30		0.25			0.55		(0.29	)		–			(0.29	)		10.20
	10/31/2002		9.99		0.35		0.01			0.36		(0.35	)		(0.06	)		(0.41	)		9.94
	10/31/2001		9.26		0.41		0.70			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 M	04/30/2004		10.20		0.15		(0.10	)		0.05		(0.16	)		(0.16	)		(0.32	)		9.93
	10/31/2003		9.94		0.31		0.25			0.56		(0.30	)		–			(0.30	)		10.20
	10/31/2002		9.99		0.36		0.01			0.37		(0.36	)		(0.06	)		(0.42	)		9.94
	10/31/2001		9.26		0.42		0.70			1.12		(0.39	)		–			(0.39	)		9.99
	10/31/2000		9.46		0.52		(0.19	)		0.33		(0.53	)		–			(0.53	)		9.26
	10/31/1999		9.84		0.49		(0.38	)		0.11		(0.49	)		–			(0.49	)		9.46

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	0.66	%	$	82,773	1.49	%	1.49	%	3.64	%	118	%
	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
	10/31/1999	1.70			14,963	1.85		2.00		5.72		100
Class B	04/30/2004	0.33			54,519	2.14		2.14		2.99		118
	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
	10/31/1999	1.01			9,006	2.50		2.65		5.07		100
Class C	04/30/2004	0.33			5,597	2.14		2.14		2.99		118
	10/31/2003	5.16			8,178	2.14		2.15		2.91		164
Class C2	04/30/2004	0.33			8,402	2.14		2.14		2.99		118
	10/31/2003	5.59			14,192	2.14		2.15		2.91		164
	10/31/2002	3.83			17,391	2.27		2.30		3.58		245
	10/31/2001	12.28			11,246	2.33		2.35		4.19		315
	10/31/2000	3.46			8,169	2.49		2.51		5.52		166
Class M	04/30/2004	0.38			10,340	2.04		2.04		3.09		118
	10/31/2003	5.69			12,573	2.04		2.05		3.01		164
	10/31/2002	3.93			15,952	2.17		2.20		3.68		245
	10/31/2001	12.40			14,745	2.23		2.25		4.29		315
	10/31/2000	3.56			6,220	2.39		2.41		5.62		166
	10/31/1999	1.11			3,778	2.40		2.55		5.17		100

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    6

TA IDEX Transamerica Flexible Income

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 and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    7

TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Flexible Income (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on June 29,1987.

On March 1, 2004, the Fund changed its name from IDEX Janus Flexible Income to TA IDEX Transamerica Flexible Income and changed its sub-adviser from Janus Capital Management, LLC to Transamerica Investment Management, LLC.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 affects 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 also 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.

The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day 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 affect 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

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    8

TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 $11 of program net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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. 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.

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 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, 2004, are listed in the Schedule of Investments.

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.

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 counterpart to meet the contract terms.

The underlying face amounts of open futures contracts at April 30, 2004, are listed in the Schedule of Investments. The variation margin payable is included in the accompanying Statements of Assets and

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    9

TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Liabilities. Variation margin payable represents the additional payments due 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.

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 period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	13,878	9%
TA IDEX Asset Allocation - Moderate Growth Portfolio		13,563	8%
TA IDEX Asset Allocation - Moderate Portfolio		22,936	14%
Total	$	50,377	31%

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From November 1, 2003 to February 28, 2004:

0.875% of the first $100 million of ANA

0.775% of the next $150 million of ANA

0.675% of ANA over $250 million

From March 1, 2003 on:

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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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. The amount of the discount received by the Fund at April 30, 2004 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 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 C2	1.00%
Class M	0.90%

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    10

TA IDEX Transamerica Flexible Income

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

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 period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	49
Retained by Underwriter		6
Contingent Deferred Sales Charges		176

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $15 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $135 for the period ended April 30, 2004.

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, 2004, 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, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	145,361
U.S. Government		57,709
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		145,622
U.S. Government		103,836

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 treatments for items including, but not limited to, wash sales, foreign currency transactions and capital loss carryforwards.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	160,003
Unrealized Appreciation	$	962
Unrealized (Depreciation)		(4,438	)
Net Unrealized Appreciation (Depreciation)	$	(3,476	)

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Flexible Income    11

TA IDEX Transamerica Flexible Income

SUPPLEMENTAL INFORMATION

RESULTS OF SHAREHOLDER PROXY (unaudited)

TA IDEX Transamerica Flexible Income

At a special meeting of shareholders held on February 25, 2004, the results of the Proposal were as follows:

Proposal 1:     Approval of a new sub-advisory agreement between AEGON/Transamerica Fund Advisers, Inc. and Transamerica Investment Management, LLC on behalf of the Fund.

For	Against	Abstentions/Broker Non-Votes
92.09%	1.80%	6.11%

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Annual Report 2004

TA IDEX Transamerica Flexible Income    12

TA IDEX Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (90.5%)
Automotive (4.4%)
Gentex Corporation (b)	310,000	$	12,192
Business Credit Institutions (4.0%)
Financial Federal Corporation (a)(b)	350,000		10,955
Business Services (3.0%)
Moody’s Corporation	130,000		8,386
Communication (4.7%)
Global Payments Inc.	175,000		8,397
XM Satellite Radio Holdings Inc.–Class A (a)(b)	190,000		4,552
Computer & Data Processing Services (14.6%)
GTECH Holdings Corporation	240,000		14,621
RealNetworks, Inc. (a)	1,700,000		9,775
SkillSoft PLC–ADR (a)	1,275,000		15,938
Educational Services (4.6%)
DeVRY Inc. (a)(b)	440,000		12,672
Electronic & Other Electric Equipment (3.3%)
Gemstar-TV Guide International, Inc. (a)	1,600,000		8,944
Industrial Machinery & Equipment (2.0%)
Graco Inc.	195,000		5,499
Management Services (5.3%)
ServiceMaster Company (The)	1,200,000		14,556
Oil & Gas Extraction (4.8%)
EOG Resources, Inc.	270,000		13,298
Paper & Allied Products (2.1%)
Pactiv Corporation (a)	250,000		5,738
Paperboard Containers & Boxes (4.4%)
Packaging Corporation of America	545,000		11,979
Personal Services (5.0%)
Weight Watchers International, Inc. (a)(b)	350,000		13,650
Pharmaceuticals (4.6%)
Techne Corporation (a)	325,000		12,662
Radio, Television & Computer Stores (4.2%)
RadioShack Corporation	380,000		11,689
Restaurants (4.8%)
IHOP Corp.	357,600		13,285
Security & Commodity Brokers (4.5%)
BlackRock, Inc.	199,500		12,408
Transportation & Public Utilities (10.2%)
C.H. Robinson Worldwide, Inc.	335,000		13,748
Expeditors International of Washington, Inc.	355,000		14,267
Total Common Stocks (cost: $191,614)			249,211

	Principal		Value
SECURITY LENDING COLLATERAL (13.7%)
Debt (7.6%)
Bank Notes (1.4%)
Canadian Imperial Bank of Commerce
1.10%, due 11/04/2004	$	1,868	$	1,868
Fleet National Bank
1.00%, due 07/21/2004		1,868		1,868
Euro Dollar Overnight (0.7%)
Credit Agricole Indosuez
1.00%, due 05/07/2004		1,121		1,121
Royal Bank of Scotland Group PLC (The)
1.00%, due 05/07/2004		672		672
Euro Dollar Terms (1.8%)
Bank of Montreal
1.02%, due 05/21/2004		218		218
BNP Paribas SA
1.01%, due 05/18/2004		1,121		1,121
1.08%, due 07/29/2004		1,121		1,121
Den Danske Bank
1.02%, due 05/20/2004		747		747
Royal Bank of Scotland Group PLC (The)
1.05%, due 07/15/2004		747		747
Wells Fargo & Company
1.02%, due 05/14/2004		1,121		1,121
Promissory Notes (1.0%)
Goldman Sachs Group, Inc. (The)
1.13%, due 07/29/2004		2,615		2,615
Repurchase Agreements (2.7%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $7,471 on 05/03/2004		7,471		7,471
	Shares		Value
Investment Companies (6.1%)
Money Market Funds (6.1%)
American AAdvantage Select Fund
1-day yield of 0.98%		2,241,551	$	2,242
Barclays Institutional Money Market Fund
1-day yield of 1.02%		5,230,286		5,230
Merrill Lynch Premier Institutional Fund
1-day yield of 0.97%		2,024,521		2,025
Merrimac Cash Series Fund– Premium Class
1-day yield of 0.99%		7,471,837		7,472
Total Security Lending Collateral (cost: $37,659)				37,659
Total Investment Securities (cost: $229,273)			$	286,870
SUMMARY:
Investments, at value		104.2%	$	286,870
Liabilities in excess of other assets		(4.2)%		(11,716)
Net assets		100.0%	$	275,154

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $36,205.

(c) Cash collateral for the Repurchase Agreements, valued at $7,621, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

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 2004

TA IDEX Transamerica Growth Opportunities     1

TA IDEX Transamerica Growth Opportunities

STATEMENT OF ASSETS AND LIABILITIES

Period ended April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $229,273) (including securities loaned of $36,205)	$	286,870
Cash		26,801
Receivables:
Shares of beneficial interest sold		338
Interest		7
Dividends		288
Other		29
		314,333
Liabilities:
Investment securities purchased		442
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		281
Management and advisory fees		218
Distribution fees		121
Transfer agent fees		374
Payable for collateral for securities on loan		37,659
Other		84
		39,179
Net Assets	$	275,154
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	541,133
Accumulated net investment income (loss)		(919	)
Accumulated net realized gain (loss) from
investment securities		(322,656	)
Net unrealized appreciation (depreciation) on:
Investment securities		57,596
Net Assets	$	275,154
Net Assets by Class:
Class A	$	201,728
Class B		54,070
Class C		672
Class C2		9,310
Class M		9,374
Shares Outstanding:
Class A		30,576
Class B		8,458
Class C		105
Class C2		1,456
Class M		1,460
Net Asset Value Per Share:
Class A	$	6.60
Class B		6.39
Class C		6.39
Class C2		6.39
Class M		6.42
Maximum Offering Price Per Share (a):
Class A	$	6.98
Class M		6.48

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	41
Dividends		1,461
Income from loaned securities–net		13
		1,515
Expenses:
Management and advisory fees		1,001
Transfer agent fees		464
Printing and shareholder reports		216
Custody fees		10
Administration fees		19
Legal fees		3
Auditing and accounting fees		5
Trustees fees		4
Registration fees		22
Other		5
Distribution and service fees:
Class A		309
Class B		269
Class C		3
Class C2		48
Class M		43
Total expenses		2,421
Net Investment Income (Loss)		(906	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		6,558
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		18,949
Net Gain (Loss) on Investment Securities		25,507
Net Increase (Decrease) in Net Assets Resulting from Operations	$	24,601

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Growth Opportunities    2

TA IDEX Transamerica Growth Opportunities

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(906	)	$	(1,618	)
Net realized gain (loss) from investment securities		6,558			(7,453	)
Net unrealized appreciation (depreciation) on investment securities		18,949			50,490
		24,601			41,419
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		48,753			19,246
Class B		2,366			36,877
Class C		252			–
Class C2		626			17,492
Class M		252			16,502
		52,249			90,117
Dividends and distributions reinvested:
Class A		–			33,925
Class B		–			38,948
Class C		–			280
Class C2		–			7,034
Class M		–			8,373
		–			88,560
Cost of shares redeemed:
Class A		(11,645	)		(7,951	)
Class B		(6,122	)		(7,834	)
Class C		(118	)		(1,116	)
Class C2		(1,871	)		(2,186	)
Class M		(1,443	)		(2,568	)
		(21,199	)		(21,655	)
		31,050			157,022
Net increase (decrease) in net assets		55,651			198,441
Net Assets:
Beginning of period		219,503			21,062
End of period	$	275,154		$	219,503
Accumulated Net Investment Income (Loss)	$	(919	)	$	(13	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	7,643		16,179
Class B	377		581
Class C	41		125
Class C2	101		172
Class M	41		79
	8,203		17,136
Shares issued–reinvested from distributions:
Class A	–		7,472
Class B	–		8,792
Class C	–		63
Class C2	–		1,588
Class M	–		1,886
	–		19,801
Shares redeemed:
Class A	(1,821	)	(1,537	)
Class B	(988	)	(1,559	)
Class C	(19	)	(105	)
Class C2	(303	)	(436	)
Class M	(231	)	(508	)
	(3,362	)	(4,145	)
Net increase (decrease) in shares outstanding:
Class A	5,822		22,114
Class B	(611	)	7,814
Class C	22		83
Class C2	(202	)	1,324
Class M	(190	)	1,457
	4,841		32,792

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Growth Opportunities    3

TA IDEX Transamerica Growth Opportunities

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions						Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	5.95	$	(0.02	)	$	0.67		$	0.65		$	–	$	–	$	–	$	6.60
	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	04/30/2004		5.79		(0.04	)		0.64			0.60			–		–		–		6.39
	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	04/30/2004		5.79		(0.04	)		0.64			0.60			–		–		–		6.39
	10/31/2003		4.62		(0.09	)		1.26			1.17			–		–		–		5.79
Class C2	04/30/2004		5.79		(0.04	)		0.64			0.60			–		–		–		6.39
	10/31/2003		4.70		(0.09	)		1.18			1.09			–		–		–		5.79
	10/31/2002		4.74		(0.10	)		0.06			(0.04	)		–		–		–		4.70
	10/31/2001		8.66		(0.11	)		(3.81	)		(3.92	)		–		–		–		4.74
	10/31/2000		10.00		(0.06	)		(1.28	)		(1.34	)		–		–		–		8.66
Class M	04/30/2004		5.81		(0.03	)		0.64			0.61			–		–		–		6.42
	10/31/2003		4.72		(0.09	)		1.18			1.09			–		–		–		5.81
	10/31/2002		4.75		(0.10	)		0.07			(0.03	)		–		–		–		4.72
	10/31/2001		8.67		(0.10	)		(3.82	)		(3.92	)		–		–		–		4.75
	10/31/2000		10.00		(0.05	)		(1.28	)		(1.33	)		–		–		–		8.67

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	10.92	%	$	201,728	1.75	%	1.75	%	(0.51	)%	7	%
	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	04/30/2004	10.36			54,070	2.40		2.40		(1.16	)	7
	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	04/30/2004	10.36			672	2.40		2.40		(1.16	)	7
	10/31/2003	25.32			483	2.42		2.89		(1.78	)	97
Class C2	04/30/2004	10.36			9,310	2.40		2.40		(1.16	)	7
	10/31/2003	23.19			9,598	2.41		2.87		(1.76	)	97
	10/31/2002	(0.70	)		1,569	2.39		3.18		(2.00	)	32
	10/31/2001	(45.35	)		1,530	2.20		3.48		(1.76	)	59
	10/31/2000	(13.39	)		1,704	2.20		5.19		(1.88	)	19
Class M	04/30/2004	10.50			9,374	2.30		2.30		(1.06	)	7
	10/31/2003	23.09			9,590	2.31		2.77		(1.66	)	97
	10/31/2002	(0.52	)		909	2.29		3.08		(1.90	)	32
	10/31/2001	(45.26	)		1,174	2.10		3.38		(1.66	)	59
	10/31/2000	(13.33	)		2,090	2.10		5.09		(1.78	)	19

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Growth Opportunities    4

TA IDEX Transamerica Growth Opportunities

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, and 4/30/2004.

(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 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 2004

TA IDEX Transamerica Growth Opportunities    5

TA IDEX Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Growth Opportunities (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2000.

On March 1, 2004, the Fund changed its name from IDEX Transamerica Growth Opportunities to TA IDEX Transamerica Growth Opportunities.

On March 1, 2003, the Fund acquired all the net assets of IDEX Janus Capital Appreciation pursuant to a plan of reorganization approved by shareholders of IDEX Janus Capital Appreciation on February 12, 2003. The acquisition was accomplished by a tax-free exchange of 19,801 shares of the Fund for the 8,814 shares of IDEX Janus Capital Appreciation outstanding on February 28, 2003. IDEX Janus Capital Appreciation’s net assets at that date $88,560, including $11,239 unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:

	Shares	Amount
Proceeds in connection with the acquisition
Class A	7,472	$	33,925
Class B	8,792		38,948
Class C	63		280
Class C2	1,588		7,034
Class M	1,886		8,373
		$	88,560

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Growth Opportunities    6

TA IDEX Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $11 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 received 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 $6 of program net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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 period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Transamerica Investment Management, LLC is both an affiliate to the Fund and sub-adviser to the Fund.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Growth Opportunities    7

TA IDEX Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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	$	7,558	3%
TA IDEX Asset Allocation - Growth Portfolio		40,687	15%
TA IDEX Asset Allocation - Moderate Growth Portfolio		71,710	26%
TA IDEX Asset Allocation - Moderate Portfolio		34,298	12%
Total	$	154,253	56%

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$66
Retained by Underwriter	9
Contingent Deferred Sales Charges	69

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $19 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $464 for the period ended April 30, 2004.

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, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	44,748
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		16,388
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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Growth Opportunities    8

TA IDEX Transamerica Growth Opportunities

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

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

Capital Loss Carryforward	Available through
$  26,385	October 31, 2007
201,049	October 31, 2008
89,665	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, 2004, are as follows:

Federal Tax Cost Basis	$	229,273
Unrealized Appreciation	$	59,181
Unrealized (Depreciation)		(1,584	)
Net Unrealized Appreciation (Depreciation)	$	57,597

NOTE  5. SUBSEQUENT EVENTS

On May 28, 2004, the Fund will acquire all the net assets of TA IDEX PBHG Mid Cap Growth pursuant to a plan of reorganization. The acquisition will be accomplished by a tax-free exchange of 8,966 shares of the Fund for the 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 depreciation, were combined with those of the Fund. 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	891		5,594
Class C2	561		3,540
Class M	125		783
		$	56,896

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Growth Opportunities    9

TA IDEX Transamerica Money Market

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

	Principal		Value
COMMERCIAL PAPER (92.7%)
Asset-Backed (13.1%)
CAFCO LLC–144A
1.02%, due 05/05/2004	$	3,650	$	3,650
1.04%, due 05/10/2004		1,800		1,800
1.03%, due 05/13/2004		2,200		2,199
1.04%, due 06/01/2004		350		350
1.03%, due 06/04/2004		300		300
1.03%, due 06/24/2004		400		399
Ciesco LLC
1.04%, due 05/11/2004		330		330
Delaware Funding Corporation–144A
1.03%, due 05/12/2004		1,000		1,000
1.03%, due 05/13/2004		1,000		1,000
1.03%, due 06/02/2004		1,300		1,299
1.04%, due 06/07/2004		2,300		2,298
1.04%, due 06/08/2004		3,600		3,596
Receivables Capital Corporation–144A
1.03%, due 05/26/2004		2,500		2,498
1.18%, due 06/01/2004		1,950		1,948
1.06%, due 07/13/2004		1,700		1,696
Beverages (3.4%)
The Coca-Cola Company
1.01%, due 05/05/2004		900		900
1.00%, due 06/09/2004		2,500		2,497
1.00%, due 06/21/2004		1,900		1,897
1.01%, due 06/21/2004		1,000		999
Business Credit Institutions (6.6%)
Caterpillar Financial Services Corporation
1.01%, due 05/05/2004		900		900
1.03%, due 05/10/2004		2,185		2,185
Old Line Funding LLC–144A
1.04%, due 06/01/2004		400		400
1.03%, due 06/09/2004		2,000		1,998
1.04%, due 06/10/2004		6,850		6,841
Chemicals & Allied Products (2.3%)
du Pont (E.I.) de Nemours and Company
1.00%, due 05/12/2004		900		900
1.00%, due 05/13/2004		1,300		1,300
1.01%, due 06/02/2004		400		400
1.01%, due 06/17/2004		1,700		1,698
Commercial Banks (16.3%)
Abbey National North America LLC
1.04%, due 05/07/2004		1,900		1,900
1.16%, due 05/14/2004		1,300		1,299
1.03%, due 05/25/2004		3,600		3,598
1.03%, due 06/02/2004		1,100		1,099
Bank of America Corporation
1.02%, due 05/07/2004		1,000		1,000

	Principal		Value
Commercial Banks (continued)
Canadian Imperial Bank of Commerce
1.03%, due 05/13/2004	$	900	$	900
1.05%, due 06/29/2004		2,370		2,366
The Toronto-Dominion Bank
1.04%, due 05/06/2004		1,400		1,400
1.04%, due 05/27/2004		2,700		2,698
1.01%, due 06/14/2004		900		899
1.03%, due 06/15/2004		1,700		1,698
1.10%, due 06/30/2004		750		749
UBS Finance (Delaware) LLC
1.06%, due 05/04/2004		2,100		2,100
1.07%, due 05/04/2004		900		900
1.03%, due 06/07/2004		300		300
1.03%, due 06/23/2004		850		849
1.05%, due 07/01/2004		1,274		1,272
1.05%, due 07/12/2004		3,800		3,792
Wells Fargo & Company
6.63%, due 07/15/2004		1,750		1,770
Food & Kindred Products (4.9%)
Nestle SA–ADR
1.05%, due 06/03/2004		6,400		6,394
1.07%, due 06/03/2004		1,600		1,598
1.03%, due 07/15/2004		500		499
1.10%, due 09/10/2004		600		598
Insurance Agents, Brokers & Service (3.5%)
MetLife, Inc.
1.04%, due 07/14/2004		4,100		4,090
1.06%, due 07/14/2004		950		948
1.08%, due 07/14/2004		1,538		1,535
Life Insurance (4.6%)
AIG Funding, Inc.
1.02%, due 06/18/2004		2,900		2,896
1.04%, due 07/06/2004		1,600		1,597
1.04%, due 07/07/2004		950		948
1.04%, due 07/08/2004		550		549
1.04%, due 07/09/2004		2,500		2,495
Medical Instruments & Supplies (0.7%)
Medtronic, Inc.–144A
1.01%, due 06/01/2004		1,300		1,299
Personal Credit Institutions (14.1%)
American Honda Finance Corporation 1.01%, due 05/07/2004		1,500		1,500
1.02%, due 05/11/2004		1,300		1,300
1.02%, due 05/12/2004		2,200		2,199
1.01%, due 05/19/2004		2,100		2,099
1.04%, due 06/07/2004		490		489
1.03%, due 06/08/2004		500		499

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Money Market    1

TA IDEX Transamerica Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

	Principal		Value
Personal Credit Institutions (continued)
General Electric Capital Corporation 1.05%, due 05/19/2004	$	500	$	500
1.04%, due 05/21/2004		1,200		1,199
1.03%, due 06/08/2004		1,100		1,099
1.03%, due 06/22/2004		1,200		1,198
1.05%, due 07/07/2004		800		798
1.21%, due 10/04/2004		4,300		4,276
Toyota Motor Credit Corporation 1.04%, due 05/11/2004		2,250		2,249
1.04%, due 05/20/2004		620		620
1.02%, due 06/02/2004		400		400
1.04%, due 06/04/2004		1,590		1,588
1.04%, due 06/07/2004		1,350		1,349
1.03%, due 06/16/2004		300		300
1.04%, due 06/23/2004		450		449
1.05%, due 07/12/2004		1,300		1,297
1.05%, due 07/13/2004		800		798
Pharmaceuticals (4.8%)
Pfizer Inc.
1.01%, due 05/11/2004		1,900		1,899
1.01%, due 06/10/2004		2,270		2,267
1.01%, due 06/11/2004		700		699
1.01%, due 06/15/2004		2,300		2,297
1.20%, due 10/13/2004		1,800		1,790
Public Administration (6.6%)
Canadian Wheat Board
1.00%, due 06/11/2004		3,350		3,346
Province of Quebec
1.07%, due 08/26/2004		5,200		5,181
1.15%, due 10/15/2004		3,750		3,730
Security & Commodity Brokers (9.2%)
Goldman Sachs Group, Inc. (The)–144A
1.15%, due 05/17/2004		3,600		3,598
1.15%, due 05/18/2004		2,000		1,999
1.14%, due 05/24/2004		3,400		3,398

	Principal		Value
Security & Commodity Brokers (continued)
Merrill Lynch & Co, Inc
1.00%, due 05/03/2004	$	2,300	$	2,300
1.00%, due 05/06/2004		4,900		4,898
6.55%, due 08/01/2004		1,000		1,014
Variety Stores (2.6%)
Wal-Mart Stores, Inc.–144A
1.10%, due 08/17/2004		800		797
1.10%, due 08/24/2004		4,050		4,036
Total Commercial Paper (cost: $172,768)				172,768
CERTIFICATES OF DEPOSITS (7.2%)
Canadian Imperial Bank of Commerce
1.03%, due 05/28/2004		1,500		1,500
1.04%, due 06/04/2004		1,500		1,500
1.02%, due 06/21/2004		400		400
1.02%, due 06/28/2004		900		900
1.05%, due 07/15/2004		1,700		1,700
Wells Fargo & Company
1.02%, due 05/14/2004		1,300		1,300
1.02%, due 05/20/2004		2,900		2,900
1.02%, due 05/26/2004		1,800		1,800
1.04%, due 06/01/2004		1,500		1,500
Total Certificates of Deposits (cost: $13,500)				13,500
Total Investment Securities (cost: $186,268)			$	186,268
SUMMARY:
Investments, at value		99.9%	$	186,268
Other assets in excess of liabilities		0.1%		171
Net assets		100.0%	$	186,439

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $48,399 or 25.96% 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 2004

TA IDEX Transamerica Money Market    2

TA IDEX Transamerica Money Market

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $186,268)	$	186,268
Cash		133
Receivables:
Shares of beneficial interest sold		859
Interest		63
Other		1,269
		188,592
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		529
Management and advisory fees		1,256
Distribution fees		57
Transfer agent fees		221
Dividends to shareholders		25
Other		65
		2,153
Net Assets	$	186,439
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	186,352
Undistributed net investment income (loss)		87
Net Assets	$	186,439
Net Assets by Class:
Class A	$	128,937
Class B		40,311
Class C		4,402
Class C2		9,584
Class M		3,205
Shares Outstanding:
Class A		128,937
Class B		40,311
Class C		4,402
Class C2		9,585
Class M		3,201
Net Asset Value Per Share:
Class A	$	1.00
Class B		1.00
Class C		1.00
Class C2		1.00
Class M		1.00
Maximum Offering Price Per Share (a):
Class M	$	1.01

(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 A, B, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	911
Expenses:
Management and advisory fees		340
Transfer agent fees		232
Printing and shareholder reports		139
Custody fees		12
Administration fees		15
Legal fees		6
Auditing and accounting fees		5
Trustees fees		7
Registration fees		46
Other		7
Distribution and service fees:
Class A		185
Class B		110
Class C		8
Class C2		27
Class M		9
Total expenses		1,148
Less:
Advisory fee waiver and expense reimbursement		(421	)
Net expenses		727
Net Investment Income (Loss)		184
Net Increase (Decrease) in Net Assets Resulting from Operations	$	184

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Money Market    3

TA IDEX Transamerica Money Market

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	184		$	595
		184			595
Distributions to Shareholders:
From net investment income:
Class A		(142	)		(478	)
Class B		(31	)		(85	)
Class C		(2	)		(2	)
Class C2		(7	)		(21	)
Class M		(3	)		(9	)
		(185	)		(595	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		77,408			212,939
Class B		9,730			44,548
Class C		9,126			11,745
Class C2		6,084			16,782
Class M		1,062			8,209
		103,410			294,223
Dividends and distributions reinvested:
Class A		135			485
Class B		29			86
Class C		2			2
Class C2		7			22
Class M		2			12
		175			607
Cost of shares redeemed:
Class A		(58,400	)		(235,579	)
Class B		(23,772	)		(71,993	)
Class C		(8,267	)		(8,205	)
Class C2		(9,180	)		(24,270	)
Class M		(2,722	)		(13,220	)
		(102,341	)		(353,267	)
		1,244			(58,437	)
Net increase (decrease) in net assets		1,243			(58,437	)
Net Assets:
Beginning of period		185,196			243,633
End of period	$	186,439		$	185,196
Undistributed Net Investment Income (Loss)	$	87		$	88

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	77,407		212,938
Class B	9,730		44,548
Class C	9,126		11,745
Class C2	6,084		16,782
Class M	1,062		8,208
	103,409		294,221
Shares issued–reinvested from distributions:
Class A	135		485
Class B	29		86
Class C	2		22
Class C2	7		2
Class M	3		12
	176		607
Shares redeemed:
Class A	(58,400	)	(235,579	)
Class B	(23,772	)	(71,993	)
Class C	(8,267	)	(8,205	)
Class C2	(9,180	)	(24,270	)
Class M	(2,721	)	(13,220	)
	(102,340	)	(353,267	)
Net increase (decrease) in shares outstanding:
Class A	19,142		(22,156	)
Class B	(14,013	)	(27,359	)
Class C	861		3,562
Class C2	(3,089	)	(7,486	)
Class M	(1,656	)	(5,000	)
	1,245		(58,439	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Money Market    4

TA IDEX Transamerica Money Market

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (c)(f)	Net Asset Value, Beginning of Period		Investment Operations							Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations		From Net Investment Income			From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	1.00	$	0.001	$	–		$	0.001	$	(0.001	)	$	–	$	(0.001	)	$	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	04/30/2004		1.00		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	04/30/2004		1.00		0.001		(0.001	)		–		–			–		–			1.00
	10/31/2003		1.00		0.002		–			0.002		(0.002	)		–		(0.002	)		1.00
Class C2	04/30/2004		1.00		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 M	04/30/2004		1.00		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

				Ratios/Supplemental Data
	For the Period Ended (f)	Total Return (b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)
						Net (d)		Total (e)
Class A	04/30/2004	0.13	%	$	128,937	0.83	%	1.30	%	0.27	%
	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	04/30/2004	0.07			40,311	0.94		1.43		0.14
	10/31/2003	0.12			54,324	1.16		1.55		0.08
	10/31/2002	0.28			81,683	1.48		2.01		0.28
Class C	04/30/2004	0.07			4,402	0.94		1.43		0.14
	10/31/2003	0.12			3,542	1.04		1.43		0.21
Class C2	04/30/2004	0.07			9,585	0.94		1.43		0.14
	10/31/2003	0.12			12,673	1.17		1.56		0.08
	10/31/2002	0.28			20,139	1.48		2.01		0.28
Class M	04/30/2004	0.07			3,201	0.94		1.43		0.14
	10/31/2003	0.12			4,863	1.15		1.55		0.09
	10/31/2002	0.30			9,862	1.38		1.91		0.38

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.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Money Market    5

TA IDEX Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Money Market (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

On March 1, 2004, the Fund changed its name form IDEX Transamerica Money Market to TA IDEX Transamerica Money Market.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.

Other securities for which quotations are not readily available also 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.

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, 2004, was paying an interest rate of 0.75%.

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 period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & 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 2004

TA IDEX Transamerica Money Market    6

TA IDEX Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	16,970	9%
TA IDEX Asset Allocation Moderate Growth Portfolio		4,491	2%
TA IDEX Asset Allocation Moderate Portfolio		24,954	13%
Total	$	46,415	24%

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

0.40% of ANA

ATFA has contractually agreed to waive its advisory fee and 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 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.

	Advisory Fee Waived		Available for Recapture Through
Fiscal Year 2003	$	869	10/31/2006
Fiscal Year 2002		543	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 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 C2	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.

In order to maintain a positive yield to shareholders, the Fund has waived a portion of the 12b-1 fees for all classes except Class A. The amount waived for the period ended April 30, 2004, was $165. These waivers are not subject to the expense recapture agreement. The waivers reduced the ratio of net expenses to average net assets by 0.19% for Classes B, C, C2 and M.

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 period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	5
Retained by Underwriter		–
Contingent Deferred Sales Charges		215

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $15 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $232 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, the value of invested plan amounts was $7. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Money Market    7

TA IDEX Transamerica Money Market

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

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 treatments for items including, but not limited to, excise taxes, distribution and service fee expenses.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	186,268
Unrealized Appreciation	$	–
Unrealized (Depreciation)		–
Net Unrealized Appreciation (Depreciation)	$	–

NOTE  4. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Money Market    8

TA IDEX Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2004

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

	Shares	Value
COMMON STOCKS (95.6%)
Aerospace (0.4%)
EnPro Industries, Inc. (a)	75,400	$	1,493
Agriculture (0.4%)
Chiquita Brands International, Inc. (a)(b)	77,500		1,396
Apparel Products (1.0%)
Gymboree Corporation (The) (a)	200,000		3,530
Automotive (2.4%)
GenCorp Inc.	355,900		3,776
National R.V. Holdings, Inc. (a)	302,500		4,069
Transpro, Inc. (a)(b)	105,000		549
Business Services (5.8%)
Equifax Inc. (b)	180,000		4,412
Fair Issac Corporation	175,000		5,901
Kroll Inc. (a)	200,000		5,928
Rewards Network Inc. (a)(b)	362,400		3,555
Chemicals & Allied Products (9.1%)
Acuity Brands, Inc.	250,000		6,118
American Vanguard Corporation	33,375		1,103
Crompton Corporation	918,300		5,712
Olin Corporation	229,900		3,970
PolyOne Corporation (a)	1,265,500		8,656
SurModics, Inc. (a)	150,000		3,357
Terra Nitrogen Company, L.P. (b)	280,900		2,567
Commercial Banks (4.7%)
Chittenden Corporation	86,200		2,622
First Community Bancorp	11,300		386
Gold Banc Corporation, Inc.	57,800		946
Hibernia Corporation–Class A	270,000		5,883
North Fork Bancorporation, Inc.	100,000		3,712
Provident Bankshares Corporation	95,500		2,690
Communications Equipment (0.7%)
Sycamore Networks, Inc. (a)	657,800		2,434
Computer & Data Processing Services (1.7%)
ActivCard Corp. (a)	290,100		1,831
InterCept, Inc. (a)(b)	273,700		4,059
SoftBrands, Inc.	2,576		3
Computer & Office Equipment (2.3%)
Drexler Technology Corporation (a)(b)	200,000		3,032
Hypercom Corporation (a)	729,700		4,889
Construction (0.7%)
Quanta Services, Inc. (a)(b)	437,100		2,391
Drug Stores & Proprietary Stores (2.0%)
Omnicare, Inc. (b)	170,000		7,052
Electric Services (1.3%)
Duquesne Light Holdings, Inc.	229,500		4,308
Electric, Gas & Sanitary Services (1.5%)
ALLETE	150,000		5,183
Electronic & Other Electric Equipment (1.0%)
Genlyte Group Incorporated (The) (a)	60,000		3,439
Electronic Components & Accessories (0.4%)
Woodhead Industries, Inc.	101,400		1,496

	Shares	Value
Fabricated Metal Products (0.4%)
Shaw Group Inc. (The) (a)(b)	111,300	$	1,336
Food & Kindred Products (1.0%)
Dean Foods Company (a)	100,000		3,358
Gas Production & Distribution (1.1%)
KeySpan Corporation	100,000		3,615
Health Services (1.1%)
Beverly Enterprises, Inc. (a)(b)	200,000		1,190
Hanger Orthopedic Group, Inc. (a)	167,400		2,740
Holding & Other Investment Offices (6.0%)
4Kids Entertainment, Inc. (a)	75,500		1,650
Annaly Mortgage Management, Inc. (b)	350,000		6,055
Host Marriott Corporation (a)(b)	500,000		5,950
Omega Healthcare Investors, Inc.	750,000		6,938
Industrial Machinery & Equipment (1.9%)
DT Industries, Inc. (a)	1,586,446		238
NACCO Industries, Inc.–Class A	47,800		4,067
Newpark Resources, Inc. (a)(b)	404,300		2,317
Instruments & Related Products (1.2%)
Analogic Corporation (b)	83,900		3,973
Insurance (4.4%)
Ambac Financial Group, Inc.	120,000		8,280
American Medical Security Group, Inc (a)	180,000		4,608
Triad Guaranty Inc. (a)	40,000		2,188
Leather & Leather Products (0.4%)
Steven Madden, Ltd. (a)	76,800		1,467
Management Services (1.4%)
First Consulting Group, Inc. (a)	253,600		1,407
FTI Consulting, Inc. (a)	200,000		3,290
Medical Instruments & Supplies (2.8%)
Celsion Corporation (a)	615,600		646
Orthofix International NV (a)	200,000		9,000
Metal Mining (0.4%)
Western Silver Corporation (a)	238,100		1,257
Miscellaneous Repair Services (0.8%)
Roto-Rooter, Inc	55,000		2,662
Mortgage Bankers & Brokers (1.1%)
GreenPoint Financial Corp.	100,000		3,900
Oil & Gas Extraction (13.6%)
Chesapeake Energy Corporation (b)	600,000		8,250
Denbury Resources Inc. (a)	386,600		7,059
EOG Resources, Inc.	140,000		6,894
Harvest Natural Resources, Inc. (a)	241,200		3,965
Magnum Hunter Resources, Inc. (a)	253,100		2,599
Pioneer Natural Resources Company	200,000		6,541
Superior Energy Services, Inc. (a)	600,000		6,234
Willbros Group, Inc. (a)(b)	374,400		5,421
Paper & Allied Products ( 2.0% )
Graphic Packaging Corporation (a)	581,700		3,188
Wausau-Mosinee Paper Corporation	267,700		3,756

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Small/Mid Cap Value    1

TA IDEX Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

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

	Shares		Value
Petroleum Refining (0.5%)
Tesoro Petroleum Corporation (a)		84,600	$	1,718
Pharmaceuticals (8.2%)
ARIAD Pharmaceuticals, Inc. (a)		975,500		11,082
Avigen, Inc. (a)(b)		69,000		326
Bradley Pharmaceuticals, Inc. (a)(b)		208,000		5,454
Chattem, Inc. (a)(b)		123,000		3,330
EPIX Medical, Inc. (a)		99,500		2,440
NeoPharm, Inc. (a)(b)		134,300		2,746
Neose Technologies, Inc. (a)(b)		170,300		1,565
Theragenics Corporation® (a)		244,600		1,282
Primary Metal Industries (1.3%)
Commonwealth Industries, Inc.		545,800		4,312
Printing & Publishing (1.0%)
Paxar Corporation (a)		218,900		3,607
Radio, Television & Computer Stores (1.4%)
InterTAN, Inc. (a)		352,000		4,882
Retail Trade (2.0%)
Sports Authority, Inc. (The) (a)(b)		180,000		6,900
Savings Institutions (0.7%)
Brookline Bancorp, Inc.		160,000		2,266
Telecommunications (2.3%)
Citizens Communications Company (a)		400,000		5,216
D&E Communications, Inc.		85,940		1,172
Lightbridge, Inc. (a)		241,300		1,535
Textile Mill Products (1.0%)
Russell Corporation		203,000		3,376
Water Transportation (1.0%)
Tidewater Inc.		125,000		3,526
Wholesale Trade Durable Goods (1.2%)
A.M. Castle & Co (a)(b)		219,900		2,056
Danka Business Systems PLC–ADR (a)(b)		487,700		1,985
Total Common Stocks (cost: $306,474)				329,263
	Principal		Value
SECURITY LENDING COLLATERAL (12.3%)
Debt (6.8%)
Bank Notes (1.2%)
Canadian Imperial Bank of Commerce
1.10%, due 11/04/2004	$	2,100	$	2,100
Fleet National Bank
1.00%, due 07/21/2004		2,100		2,100

	Principal		Value
Euro Dollar Overnight (0.6%)
Credit Agricole Indosuez
1.00%, due 05/07/2004	$	1,260	$	1,260
Royal Bank of Scotland Group PLC (The)
1.00%, due 05/07/2004		756		756
Euro Dollar Terms (1.7%)
Bank of Montreal
1.02%, due 05/21/2004		245		245
BNP Paribas SA
1.01%, due 05/18/2004		1,260		1,260
1.08%, due 07/29/2004		1,260		1,260
Den Danske Bank
1.02%, due 05/20/2004		840		840
Royal Bank of Scotland Group PLC (The)
1.05%, due 07/15/2004		840		840
Wells Fargo & Company
1.02%, due 05/14/2004		1,260		1,260
Promissory Notes (0.9%)
Goldman Sachs Group, Inc. (The)
1.13%, due 07/29/2004		2,940		2,940
Repurchase Agreements (2.4%) (c)
Merrill Lynch & Co., Inc.
1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $8,402 on 05/03/2004		8,402		8,402
	Shares		Value
Investment Companies (5.5%)
Money Market Funds (5.5%)
American AAdvantage Select Fund
1-day yield of 0.98%		2,520,271	$	2,520
Barclays Institutional Money Market Fund
1-day yield of 1.02%		5,880,633		5,881
Merrill Lynch Premier Institutional Fund
1-day yield of 0.97%		2,276,255		2,276
Merrimac Cash Series Fund– Premium Class
1-day yield of 0.99%		8,400,905		8,401
Total Security Lending Collateral (cost: $42,341)				42,341
Total Investment Securities (cost: $348,815)			$	371,604
SUMMARY:
Investments, at value		107.9%	$	371,604
Liabilities in excess of other assets		(7.9)%		(27,359)
Net assets		100.0%	$	344,245

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $39,658.

(c) Cash collateral for the Repurchase Agreements, valued at $8,569, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

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 2004

TA IDEX Transamerica Small/Mid Cap Value    2

TA IDEX Transamerica Small/Mid Cap Value

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $348,815) (including securities loaned of $39,658)	$	371,604
Cash		14,771
Receivables:
Investment securities sold		246
Shares of beneficial interest sold		883
Interest		5
Dividends		394
Other		37
		387,940
Liabilities:
Investment securities purchased		569
Accounts payable and accrued liabilities:
Shares of beneficial interest, redeemed		290
Investment advisory fees		225
Distribution fees		132
Transfer agent fees		76
Payable for collateral for securities on loan		42,341
Other		62
		43,695
Net Assets	$	344,245
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	295,000
Accumulated net investment income (loss)		(837	)
Undistributed net realized gain (loss) from investment securities		27,294
Net unrealized appreciation (depreciation) on: Investment securities		22,788
Net Assets	$	344,245
Net Assets by Class:
Class A	$	283,119
Class B		39,962
Class C		4,346
Class C2		11,025
Class M		5,793
Shares Outstanding:
Class A		19,320
Class B		2,782
Class C		302
Class C2		767
Class M		402
Net Asset Value Per Share:
Class A	$	14.65
Class B		14.36
Class C		14.37
Class C2		14.37
Class M		14.41
Maximum Offering Price Per Share (a):
Class A	$	15.50
Class M		14.56

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	53
Dividends		1,176
Income from loaned securities–net		76
		1,305
Expenses:
Management and advisory fees		1,192
Transfer agent fees		137
Printing and shareholder reports		46
Custody fees		16
Administration fees		21
Auditing and accounting fees		3
Trustees fees		5
Registration fees		4
Legal fees		26
Other		6
Distribution and service fees:
Class A		381
Class B		192
Class C		18
Class C2		68
Class M		26
Total expenses		2,141
Net Investment Income (Loss)		(836	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		29,603
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		1,576
Net Gain (Loss) on Investment Securities		31,179
Net Increase (Decrease) in Net Assets Resulting from Operations	$	30,343

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Small/Mid Cap Value    3

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, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(836	)	$	(1,435	)
Net realized gain (loss) from investment securities		29,603			1,765
Net unrealized appreciation (depreciation) on investment securities		1,576			39,433
		30,343			39,763
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		(605	)		–
Class B		(123	)		–
Class C		(11	)		–
Class C2		(50	)		–
Class M		(19	)		–
		(808	)		–
Capital Share Transactions:
Proceeds from shares sold:
Class A		118,555			106,174
Class B		6,354			7,499
Class C		4,035			1,782
Class C2		774			1,858
Class M		1,109			1,585
		130,827			118,898
Dividends and distributions reinvested:
Class A		596			–
Class B		112			–
Class C		9			–
Class C2		45			–
Class M		19			–
		781			–
Cost of shares redeemed:
Class A		(7,788	)		(26,571	)
Class B		(4,103	)		(7,874	)
Class C		(2,058	)		(53	)
Class C2		(6,049	)		(3,907	)
Class M		(1,468	)		(1,799	)
		(21,466	)		(40,204	)
		110,142			78,694
Net increase (decrease) in net assets		139,677			118,457
Net Assets:
Beginning of period		204,568			86,111
End of period	$	344,245		$	204,568
Accumulated Net Investment Income (Loss)	$	(837	)	$	(1	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	8,264		9,359
Class B	458		706
Class C	292		162
Class C2	56		193
Class M	81		139
	9,151		10,559
Shares issued–reinvested from distributions:
Class A	44		–
Class B	8		–
Class C	1		–
Class C2	3		–
Class M	1		–
	57		–
Shares redeemed:
Class A	(543	)	(2,811	)
Class B	(292	)	(813	)
Class C	(148	)	(5	)
Class C2	(423	)	(402	)
Class M	(105	)	(179	)
	(1,511	)	(4,210	)
Net increase (decrease) in shares outstanding:
Class A	7,765		6,548
Class B	174		(107	)
Class C	145		157
Class C2	(364	)	(209	)
Class M	(23	)	(40	)
	7,697		6,349

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Small/Mid Cap Value    4

TA IDEX Transamerica Small/Mid Cap Value

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	12.94	$	(0.03	)	$	1.79		$	1.76		$	–	$	(0.05	)	$	(0.05	)	$	14.65
	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	04/30/2004		12.73		(0.08	)		1.76			1.68			–		(0.05	)		(0.05	)		14.36
	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	04/30/2004		12.73		(0.08	)		1.77			1.69			–		(0.05	)		(0.05	)		14.37
	10/31/2003		9.01		(0.18	)		3.90			3.72			–		–			–			12.73
Class C2	04/30/2004		12.73		(0.07	)		1.76			1.69			–		(0.05	)		(0.05	)		14.37
	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 M	04/30/2004		12.76		(0.07	)		1.77			1.70			–		(0.05	)		(0.05	)		14.41
	10/31/2003		9.00		(0.16	)		3.92			3.76			–		–			–			12.76
	10/31/2002		10.09		(0.19	)		(0.90	)		(1.09	)		–		–			–			9.00
	10/31/2001		10.00		(0.06	)		0.15			0.09			–		–			–			10.09

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	13.60	%	$	283,119	1.40	%	1.40	%	(0.46	)%	57	%
	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	04/30/2004	13.19			39,962	2.05		2.05		(1.12	)	57
	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	04/30/2004	13.27			4,346	2.05		2.05		(1.12	)	57
	10/31/2003	41.29			1,995	2.38		2.38		(1.69	)	55
Class C2	04/30/2004	13.27			11,025	2.05		2.05		(1.12	)	57
	10/31/2003	41.76			14,392	2.38		2.38		(1.69	)	55
	10/31/2002	(10.91	)		12,034	2.50		2.63		(1.53	)	22
	10/31/2001	0.80			3,545	2.50		4.21		(0.97	)	8
Class M	04/30/2004	13.32			5,793	1.95		1.95		(1.02	)	57
	10/31/2003	41.78			5,428	2.28		2.28		(1.59	)	55
	10/31/2002	(10.80	)		4,186	2.40		2.53		(1.43	)	22
	10/31/2001	0.90			1,460	2.40		4.11		(0.87	)	8

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 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.

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Small/Mid Cap Value    5

TA IDEX Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Small/Mid Cap Value (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on April 2, 2001.

On March 1, 2004, the Fund changed its name from IDEX Isabelle Small Cap Value to TA IDEX Transamerica Small/Mid Cap Value and changed its sub-adviser from Ironwood Capital Management, LLC to Transamerica Investment Management, LLC.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $182 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 received 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 $33 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Small/Mid Cap Value    6

TA IDEX Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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 period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Transamerica Investment Management, LLC is 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	$	12,298	4%
TA IDEX Asset Allocation - Growth Portfolio		83,206	24%
TA IDEX Asset Allocation - Moderate Growth Portfolio		98,256	29%
TA IDEX Asset Allocation - Moderate Portfolio		57,736	17%
Total	$	251,496	74%

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Small/Mid Cap Value    7

TA IDEX Transamerica Small/Mid Cap Value

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:

From November 1, 2003 to February 28, 2004:

0.90% of the first $200 million of ANA

0.85% of ANA over $200 million

From March 1, 2004 on:

0.80% of the first $500 million of ANA

0.75% of ANA over $500 million

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	113
Retained by Underwriter		16
Contingent Deferred Sales Charges		50

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $21 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $137 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, the value of invested plan amounts was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	260,201
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		139,748
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 treatments 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, 2004, are as follows:

Federal Tax Cost Basis	$	350,360
Unrealized Appreciation	$	36,737
Unrealized (Depreciation)		(15,493	)
Net Unrealized Appreciation (Depreciation)	$	21,244

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Small/Mid Cap Value    8

TA IDEX Transamerica Small/Mid Cap Value

TRANSAMERICA IDEX MUTUAL FUNDS

RESULTS OF SHAREHOLDER PROXY (unaudited)

TA IDEX Transamerica Small/Mid Cap Value

At a special meeting of shareholders held on February 25, 2004, the results of the Proposal were as follows:

Proposal 1:    Approval of a new sub-advisory agreement between AEGON/Transamerica Fund Advisers, Inc. and Transamerica Investment Management, LLC on behalf of the Fund.

For	Against	Abstentions/Broker Non-Votes
97.59%	0.76%	1.65

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Annual Report 2004

TA IDEX Transamerica Small/Mid Cap Value    9

TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (3.1%)
U.S. Treasury Bond (b)(d) 5.38%, due 02/15/2031	$	595	$	603
U.S. Treasury Note (b)(d) 3.63%, due 05/15/2013		155		146
4.25%, due 08/15/2013		400		393
Total U.S. Government Obligations (cost: $1,178)				1,142
U.S. GOVERNMENT AGENCY (9.8%) OBLIGATIONS
Fannie Mae–Conventional Pool 5.00%, due 05/01/2018		202		203
5.00%, due 04/01/2019		198		200
6.00%, due 10/01/2033		326		333
6.00%, due 01/01/2034		649		664
6.00%, due 04/01/2034		445		455
Fannie Mae–Gold Pool 5.00%, due 04/01/2018		360		363
Freddie Mac–Gold Pool 7.00%, due 10/01/2028		175		185
6.50%, due 04/01/2029		177		184
6.00%, due 09/01/2033		210		215
6.00%, due 01/01/2034		553		566
Ginnie Mae–FHA/VA Pool 6.50%, due 10/15/2027		195		205
Total U.S. Government Agency Obligations (cost: $3,614)				3,573
CORPORATE DEBT SECURITIES (14.8%)
Amusement & Recreation Services (0.7%)
Disney (Walt) Company (The) 4.88%, due 07/02/2004		250		251
Beverages (0.8%)
Cia Brasileira de Bebidas–144A 8.75%, due 09/15/2013		25		26
PepsiAmericas, Inc. 3.88%, due 09/12/2007		250		253
Business Credit Institutions (1.6%)
Deere (John) Capital Corporation 3.90%, due 01/15/2008		250		251
eircom Funding 8.25%, due 08/15/2013		50		54
Ford Motor Credit Company 6.70%, due 07/16/2004		250		253
Chemicals & Allied Products (1.2%)
Dow Chemical Company (The) 5.25%, due 05/14/2004		250		250
ICI Wilmington Inc. 5.63%, due 12/01/2013		135		135
Nalco Company–144A 7.75%, due 11/15/2011		50		53
Commercial Banks (1.1%)
Abbey National PLC (i) 7.35%, due 10/29/2049		250		271
CS First Boston–144A (h) 7.90%, due 05/01/2007		125		139

	Principal		Value
Communication (0.8%)
Echostar DBS Corporation–144A 5.75%, due 10/01/2008	$	75	$	75
Liberty Media Corporation 5.70%, due 05/15/2013		200		200
Computer & Office Equipment (0.7%)
Hewlett-Packard Company 5.50%, due 07/01/2007		250		266
Electric, Gas & Sanitary Services (0.1%)
PG&E Corporation–144A 6.88%, due 07/15/2008		50		53
Food & Kindred Products (0.4%)
ConAgra Foods, Inc. 9.75%, due 03/01/2021		100		134
Health Services (0.3%)
HCA Inc. 7.13%, due 06/01/2006		100		106
Holding & Other Investment Offices (1.6%)
EOP Operating Limited Partnership 8.38%, due 03/15/2006		250		275
Hutchison Whampoa Limited–144A 6.25%, due 01/24/2014		275		270
Hotels & Other Lodging Places (0.2%)
Park Place Entertainment Corporation 7.00%, due 04/15/2013		75		79
Insurance Agents, Brokers & Service (0.3%)
Hartford Financial Services Group, Inc. (The)–144A 4.63%, due 07/15/2013		125		120
Metal Mining (0.7%)
Barrick Gold Finance, Inc. 7.50%, due 05/01/2007		212		239
Motion Pictures (1.0%)
News Corporation Limited (The) 7.75%, due 12/01/2045		175		201
Time Warner Inc. 9.13%, due 01/15/2013		125		154
Personal Credit Institutions (0.7%)
Capital One Bank 6.88%, due 02/01/2006		125		133
General Motors Acceptance Corporation 6.75%, due 01/15/2006		125		132
Primary Metal Industries (0.7%)
Phelps Dodge Corporation 8.75%, due 06/01/2011		225		271
Radio & Television Broadcasting (0.1%)
USA Interactive 7.00%, due 01/15/2013		50		54

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    1

TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Security & Commodity Brokers (1.1%)
BNP U.S. Funding L.L.C.–144A (g) 7.74%, due 12/31/2049	$	250	$	283
Goldman Sachs Group, Inc. (The) 5.25%, due 10/15/2013		125		123
Telecommunications (0.6%)
Cincinnati Bell Inc. 8.38%, due 01/15/2014		50		47
Millicom International Cellular–144A 10.00%, due 12/01/2013		25		26
Sprint Capital Corporation–144A 8.75%, due 03/15/2032		125		149
Transportation Equipment (0.1%)
Bombardier Recreational Products–144A (b) 8.38%, due 12/15/2013		50		50
Total Corporate Debt Securities (cost: $5,303)				5,376
	Shares		Value
COMMON STOCKS (56.5%)
Air Transportation (0.2%)
FedEx Corporation		1,000	$	72
Amusement & Recreation Services (3.3%)
Disney (Walt) Company (The)		52,200		1,202
Chemicals & Allied Products (2.5%)
du Pont (E.I.) de Nemours and Company		15,000		644
Praxair, Inc.		7,000		256
Commercial Banks (10.5%)
Bank of America Corporation (d)		39,278		3,160
SouthTrust Corporation		8,500		264
Wachovia Corporation (b)		8,000		366
Communication (2.0%)
Cox Communications, Inc.–Class A (a)(b)		22,300		729
Computer & Data Processing Services (2.7%)
Microsoft Corporation		38,300		995
Drug Stores & Proprietary Stores (0.2%)
Medco Health Solutions, Inc. (a)		2,170		77
Electronic & Other Electric Equipment (1.6%)
Cooper Industries, Inc.–Class A		6,000		329
Hubbell Incorporated–Class B		5,700		256
Electronic Components & Accessories (1.6%)
Intel Corporation (d)		23,000		592
Food & Kindred Products (3.8%)
Altria Group, Inc. (d)		12,000		665
Del Monte Foods Company (a)		5,280		58
Heinz (H.J.) Company		12,000		458
Sara Lee Corporation (b)		8,300		192
Insurance (0.7%)
St. Paul Companies, Inc. (The)		6,000		244
Life Insurance (0.7%)
Manulife Financial Corporation (b)(d)		7,112		262

	Shares		Value
Lumber & Wood Products (1.8%)
Louisiana-Pacific Corporation (b)(d)		27,000	$	637
Motion Pictures (0.4%)
Time Warner Inc. (a)		9,000		151
Oil & Gas Extraction (0.5%)
Schlumberger Limited		3,000		176
Petroleum Refining (1.0%)
ChevronTexaco Corporation		2,000		183
Exxon Mobil Corporation		4,200		179
Pharmaceuticals (6.8%)
Bristol-Myers Squibb Co.		34,450		865
Merck & Co., Inc.		18,500		870
Schering-Plough Corporation		43,580		729
Railroads (1.1%)
Union Pacific Corporation		6,500		383
Savings Institutions (2.5%)
Washington Mutual, Inc.		22,900		902
Security & Commodity Brokers (2.5%)
Jefferies Group, Inc.		5,000		171
Raymond James Financial, Inc. (d)		13,500		339
T. Rowe Price Group, Inc.		8,000		410
Telecommunications (7.0%)
ALLTEL Corporation		8,000		403
Sprint Corporation (FON Group)		91,100		1,630
Verizon Communications, Inc.		14,000		528
U.S. Government Agencies (3.1%)
Fannie Mae		16,500		1,134
Total Common Stocks (cost: $19,384)				20,511
	Principal		Value
SECURITY LENDING COLLATERAL (7.2%)
Debt (3.9%)
Bank Notes (0.7%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	130	$	130
Fleet National Bank 1.00%, due 07/21/2004		130		130
Euro Dollar Overnight (0.3%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		78		78
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		47		47
Euro Dollar Terms (1.0%)
Bank of Montreal 1.02%, due 05/21/2004		15		15
BNP Paribas SA 1.01%, due 05/18/2004		78		78
1.08%, due 07/29/2004		78		78
Den Danske Bank 1.02%, due 05/20/2004		52		52

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    2

TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Euro Dollar Terms (continued)
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004	$	52	$	52
Wells Fargo & Company 1.02%, due 05/14/2004		78		78
Promissory Notes (0.5%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		183		183
Repurchase Agreements (1.4%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $521 on 05/03/2004		521		521
	Shares		Value
Investment Companies (3.3%)
Money Market Funds (3.3%)
American AAdvantage Select Fund 1-day yield of 0.98%		156,107	$	156
Barclays Institutional Money Market Fund 1-day yield of 1.02%		364,250		364
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		140,993		141
Merrimac Cash Series Fund–Premium Class 1-day yield of 0.99%		520,357		520
Total Security Lending Collateral (cost: $2,623)				2,623
Total Investment Securities (cost: $32,102)			$	33,225
	Contracts (f)		Value
WRITTEN OPTIONS (-1.9%)
Covered Call Options (-0.5%)
Altria Group, Inc. Call Strike $65.00 Expires 01/22/2005		20	$	(2	)
Bank of America Corporation Call Strike $45.00 Expires 01/22/2005		610		(137	)
Intel Corporation Call Strike $40.00 Expires 07/17/2004		50		(e	)
Intel Corporation Call Strike $35.00 Expires 07/17/2004		40		(e	)
John Hancock Financial Services Call Strike $40.00 Expires 06/19/2005		30		(12	)
Louisiana Pacific Corporation Call Strike $20.00 Expires 05/22/2004		100		(37	)
Louisiana Pacific Corporation Call Strike $25.00 Expires 08/21/2004		25		(4	)

	Contracts (f)	Value
Covered Call Options (continued)
Louisiana Pacific Corporation Call Strike $30.00 Expires 08/21/2004	25	$	(1	)
Raymond James Financial, Inc. Call Strike $26.63 Expires 05/22/2004	10		(e	)
Put Options (-1.4%)
Altria Group, Inc. Put Strike $30.00 Expires 01/22/2005	100		(3	)
Bank of America Corporation Put Strike $65.00 Expires 01/22/2005	20		(3	)
Bank of America Corporation Put Strike $65.00 Expires 05/22/2004	130		(e	)
Bristol-Myers Squibb Co. Put Strike $25.00 Expires 01/22/2005	50		(12	)
Bristol-Myers Squibb Co. Put Strike $22.50 Expires 01/22/2005	60		(8	)
ChevronTexaco Corporation Put Strike $60.00 Expires 01/22/2005	20		(1	)
ChevronTexaco Corporation Put Strike $75.00 Expires 06/19/2004	40		(e	)
Dominion Resources, Inc. Put Strike $50.00 Expires 01/22/2005	135		(4	)
Dominion Resources, Inc. Put Strike $60.00 Expires 01/22/2005	85		(18	)
du Pont (E.I.) de Nemours and Company Put Strike $35.00 Expires 01/22/2005	20		(2	)
Duke Energy Corporation Put Strike $15.00 Expires 01/21/2006	20		(2	)
Duke Energy Corporation Put Strike $20.00 Expires 01/22/2005	300		(41	)
Duke Energy Corporation Put Strike $20.00 Expires 07/17/2004	250		(13	)
Exxon Mobil Corporation Put Strike $40.00 Expires 10/16/2004	45		(5	)
Exxon Mobile Corporation Put Strike $35.00 Expires 01/22/2005	40		(3	)
Fannie Mae Put Strike $60.00 Expires 01/22/2005	35		(11	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    3

TA IDEX Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Contracts (f)	Value
Put Options (continued)
Heinz (H.J.) Company Put Strike $35.00 Expires 09/18/2004	70	$	(3	)
Kimberly-Clark Corporation Put Strike $45.00 Expires 01/22/2005	90		(2	)
Merck & Co, Inc. Put Strike $40.00 Expires 01/22/2005	45		(6	)
Merck & Co, Inc. Put Strike $40.00 Expires 10/16/2004	50		(3	)
Microsoft Corporation Put Strike $15.00 Expires 01/22/2005	100		(1	)
Microsoft Corporation Put Strike $20.00 Expires 01/22/2005	40		(2	)
Microsoft Corporation Put Strike $25.00 Expires 10/16/2004	120		(16	)
Microsoft Corporation Put Strike $27.50 Expires 07/17/2004	40		(8	)
Plum Creek Timber Company, Inc. Put Strike $22.50 Expires 05/22/2004	200		(1	)
Rayonier, Inc. Put Strike $40.00 Expires 08/21/2004	127		(36	)
Sara Lee Corporation Put Strike $15.00 Expires 01/22/2005	140		(1	)
Sara Lee Corporation Put Strike $20.00 Expires 01/22/2005	30		(2	)
Sara Lee Corporation Put Strike $20.00 Expires 07/17/2004	60		(e	)
Schlumberger Limited Put Strike $50.00 Expires 08/21/2004	100		(8	)

	Contracts (f)	Value
Put Options (continued)
SouthTrust Corporation Put Strike $32.50 Expires 09/18/2004	170	$	(44	)
Sun Microsystems, Inc. Put Strike $5.00 Expires 01/22/2005	500		(67	)
Sun Microsystems, Inc. Put Strike $5.00 Expires 07/17/2004	600		(68	)
Time Warner, Inc. Put Strike $12.50 Expires 01/22/2005	100		(3	)
Time Warner, Inc. Put Strike $15.00 Expires 01/22/2005	270		(19	)
Time Warner, Inc. Put Strike $18.00 Expires 07/17/2004	180		(26	)
Union Pacific Corporation Put Strike $60.00 Expires 08/21/2004	85		(26	)
Walt Disney Company (The) Put Strike $22.50 Expires 07/17/2004	60		(5	)
Wilmington Trust Corporation Put Strike $30.00 Expires 05/22/2004	180		(11	)
Wilmington Trust Corporation Put Strike $32.50 Expires 05/22/2004	30		(1	)
Total Written Options (premium: $716)			(678	)
SUMMARY:
Investments, at value	91.4%	$	33,225
Written options	(1.9)%		(678	)
Other assets in excess of liabilities	10.5%		3,817
Net assets	100.0%	$	36,364

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $ 2,495.

(c) Cash collateral for the Repurchase Agreements, valued at $ 531, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

(d) At April 30, 2004, 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, 2004, is $ 4,670.

(e) Value is less than $ 1.

(f) Contract amounts are not in thousands.

(g) Floating or variable rate note. Rate is listed as of April 30, 2004.

(h) Securities are stepbonds. CS First Boston-144A has a coupon rate of 7.90% until 05/01/2007, thereafter the coupon rate will reset every 5 years at the 5-year current month treasury rate + 200BP if not called.

(i) Securities are stepbonds. Abbey National PLC has a coupon rate of 7.35% until 10/25/2006, thereafter, the coupon rate will reset every 5 years at the 5-year current month treasury rate + 178BP, if not called.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $1,244 or 3.42% 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 2004

TA IDEX Transamerica Value Balanced    4

TA IDEX Transamerica Value Balanced

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $32,102) (including securities loaned of $2,495)	$	33,225
Cash		7,273
Receivables:
Investment securities sold		52
Shares of beneficial interest sold		25
Interest		135
Dividends		36
Other		8
		40,754
Liabilities:
Investment securities purchased		903
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		69
Management and advisory fees		14
Distribution fees		23
Transfer agent fees		43
Payable for collateral for securities on loan		2,623
Written options (premium: $716)		678
Other		37
		4,390
Net Assets	$	36,364
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	39,028
Undistributed net investment income (loss)		9
Accumulated net realized gain (loss) from:
Investment securities		(4,707	)
Written option contracts		873
Net unrealized appreciation (depreciation) on:
Investment securities		1,123
Written option contracts		38
Net Assets	$	36,364
Net Assets by Class:
Class A	$	13,040
Class B		14,800
Class C		1,618
Class C2		3,556
Class M		3,350
Shares Outstanding:
Class A		1,108
Class B		1,260
Class C		138
Class C2		303
Class M		284
Net Asset Value Per Share:
Class A	$	11.77
Class B		11.74
Class C		11.74
Class C2		11.74
Class M		11.79
Maximum Offering Price Per Share (a):
Class A	$	12.46
Class M		11.91

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	281
Dividends		256
Income from loaned securities–net		2
		539
Expenses:
Management and advisory fees		134
Transfer agent fees		59
Printing and shareholder reports		30
Custody fees		5
Administration fees		9
Legal fees		1
Auditing and accounting fees		7
Trustees fees		1
Registration fees		26
Other		5
Distribution and service fees:
Class A		22
Class B		75
Class C		6
Class C2		19
Class M		15
Total expenses		414
Less:
Advisory fee waiver		(64	)
Net expenses		350
Net Investment Income (Loss)		189
Net Realized Gain (Loss) from:
Investment securities		637
Written option contracts		398
		1,035
Net Increase (Decrease) Unrealized Appreciation (Depreciation) on:
Investment securities		19
Written option contracts		(214	)
		(195	)
Net Gain (Loss) on Investment Securities and Written Option Contracts		840
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,029

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    5

TA IDEX Transamerica Value Balanced

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended

(all amounts in thousands)

	April 30, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	189		$	402
Net realized gain (loss) from investment securities and written option contracts		1,035			180
Net unrealized appreciation (depreciation) on investment securities and written option contracts		(195	)		4,968
		1,029			5,550
Distributions to Shareholders:
From net investment income:
Class A		(93	)		(220	)
Class B		(66	)		(167	)
Class C		(3	)		(1	)
Class C2		(17	)		(52	)
Class M		(17	)		(46	)
		(196	)		(486	)
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		2,757			3,070
Class B		2,286			3,185
Class C		1,111			500
Class C2		412			582
Class M		277			679
		6,843			8,016
Dividends and distributions reinvested:
Class A		90			210
Class B		64			161
Class C		3			1
Class C2		16			51
Class M		16			46
		189			469
Cost of shares redeemed:
Class A		(1,933	)		(4,327	)
Class B		(1,655	)		(3,669	)
Class C		(22	)		(15	)
Class C2		(616	)		(1,592	)
Class M		(293	)		(1,035	)
		(4,519	)		(10,638	)
		2,513			(2,153	)
Net increase (decrease) in net assets		3,346			2,911
Net Assets:
Beginning of period		33,018			30,107
End of period	$	36,364		$	33,018
Undistributed Net Investment Income (Loss)	$	9		$	16

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	234		289
Class B	196		298
Class C	93		48
Class C2	35		56
Class M	22		65
	580		756
Shares issued–reinvested from distributions:
Class A	8		21
Class B	5		16
Class C	–		–
Class C2	1		5
Class M	1		5
	15		47
Shares redeemed:
Class A	(162	)	(417	)
Class B	(139	)	(358	)
Class C	(2	)	(2	)
Class C2	(52	)	(156	)
Class M	(25	)	(100	)
	(380	)	(1,033	)
Net increase (decrease) in shares outstanding:
Class A	80		(107	)
Class B	62		(44	)
Class C	91		46
Class C2	(16	)	(95	)
Class M	(2	)	(30	)
	215		(230	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    6

TA IDEX Transamerica Value Balanced

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations								Distributions									Net Asset Value, End of Period
				Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	11.49	$	0.09	$	0.28		$	0.37		$	(0.09	)	$	–		$	(0.09	)	$	11.77
	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
	10/31/1999		13.14		0.27		(0.73	)		(0.46	)		(0.24	)		(0.65	)		(0.89	)		11.79
Class B	04/30/2004		11.46		0.05		0.28			0.33			(0.05	)		–			(0.05	)		11.74
	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
	10/31/1999		13.13		0.19		(0.73	)		(0.54	)		(0.16	)		(0.65	)		(0.81	)		11.78
Class C	04/30/2004		11.46		0.05		0.28			0.33			(0.05	)		–			(0.05	)		11.74
	10/31/2003		9.71		0.12		1.77			1.89			(0.14	)		–			(0.14	)		11.46
Class C2	04/30/2004		11.46		0.05		0.28			0.33			(0.05	)		–			(0.05	)		11.74
	10/31/2003		9.69		0.11		1.80			1.91			(0.14	)		–			(0.14	)		11.46
	10/31/2002		11.66		0.12		(1.66	)		(1.54	)		(0.08	)		(0.35	)		(0.43	)		9.69
	10/31/2001		12.74		0.17		(0.49	)		(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 M	04/30/2004		11.47		0.05		0.33			0.38			(0.06	)		–			(0.06	)		11.79
	10/31/2003		9.69		0.12		1.81			1.93			(0.15	)		–			(0.15	)		11.47
	10/31/2002		11.66		0.11		(1.63	)		(1.52	)		(0.10	)		(0.35	)		(0.45	)		9.69
	10/31/2001		12.74		0.19		(0.50	)		(0.31	)		(0.20	)		(0.57	)		(0.77	)		11.66
	10/31/2000		11.78		0.24		1.01			1.25			(0.29	)		–			(0.29	)		12.74
	10/31/1999		13.13		0.20		(0.73	)		(0.53	)		(0.17	)		(0.65	)		(0.82	)		11.78

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	3.21	%	$	13,040	1.55	%	1.89	%	1.47	%	27	%
	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
	10/31/1999	(3.74	)		12,377	1.66		1.85		2.12		82
Class B	04/30/2004	2.90			14,800	2.20		2.54		0.82		27
	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
	10/31/1999	(4.36	)		12,171	2.31		2.50		1.47		82
Class C	04/30/2004	2.99			1,618	2.20		2.54		0.82		27
	10/31/2003	19.73			530	2.20		2.86		1.10		50
Class C2	04/30/2004	2.90			3,556	2.20		2.54		0.82		27
	10/31/2003	19.98			3,645	2.20		2.85		1.10		50
	10/31/2002	(13.72	)		3,999	2.20		2.54		0.91		82
	10/31/2001	(2.74	)		3,619	2.20		2.60		1.39		50
	10/31/2000	10.76			565	2.20		2.67		1.85		28
Class M	04/30/2004	3.30			3,350	2.10		2.44		0.92		27
	10/31/2003	20.20			3,267	2.10		2.75		1.20		50
	10/31/2002	(13.64	)		3,050	2.10		2.44		1.01		82
	10/31/2001	(2.65	)		4,866	2.10		2.50		1.49		50
	10/31/2000	10.86			2,868	2.10		2.57		1.95		28
	10/31/1999	(4.26	)		4,689	2.21		2.40		1.57		82

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    7

TA IDEX Transamerica Value Balanced

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, and 4/30/2004.

(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 C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    8

TA IDEX Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Value Balanced (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on October 1, 1995.

On March 1, 2004, the Fund changed its name from IDEX Transamerica Value Balanced to TA IDEX Transamerica Value Balanced.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $1 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 received 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 net 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    9

TA IDEX Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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, 2004, are listed in the Schedule of Investments.

Transactions in written call and put options were as follows:

	Premium			Contracts*
Beginning Balance 10/31/2003	$	886		4,896
Sales		395		3,822
Closing Buys		(3	)	(38	)
Expirations		(397	)	(2,418	)
Exercised		(165	)	(615	)
Balance at 04/30/2004	$	716		5,647

^* 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 period ended April 30, 2004, this fee totaled $8. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    10

TA IDEX Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

Transamerica Investment Management, LLC is both an affiliate to the Fund and sub-adviser to the Fund.

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	29
Retained by Underwriter		4
Contingent Deferred Sales Charges		14

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $9 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $59 for the period ended April 30, 2004.

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, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	5,990
U.S. Government		3,491
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		4,490
U.S. Government		3,697

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 treatments for items including, but not limited to, wash sales 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
$4,869	October 31, 2010

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    11

TA IDEX Transamerica Value Balanced

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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, 2004, are as follows:

Federal Tax Cost Basis	$	32,102
Unrealized Appreciation	$	2,909
Unrealized (Depreciation)		(1,786	)
Net Unrealized Appreciation (Depreciation)	$	1,123

NOTE  5. SUBSEQUENT EVENTS

On May 28, 2004, the Fund acquired all the net assets of TA IDEX LKCM Strategic Total Return pursuant to a plan of reorganization. The acquisition was accomplished by a tax-free exchange of 4,268 shares of the Fund for the 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. 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
Total	4,268	$	50,386

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX Transamerica Value Balanced    12

TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
CONVERTIBLE PREFERRED STOCKS (0.0%)
Pharmaceuticals (0.0%)
NeoRx Corporation	3	$	13
Total Convertible Preferred Stocks (cost: $30)			13
COMMON STOCKS (93.3%)
Computer & Data Processing Services (0.2%)
WebMD Corporation (a)	28,600		251
Drug Stores & Proprietary Stores (2.0%)
drugstore.com, inc. (a)	24,000		111
Omnicare, Inc.	60,440		2,506
Electronic & Other Electric Equipment (0.6%)
Wilson Greatbatch Technologies, Inc. (a)	20,900		721
Furniture & Fixtures (0.6%)
Kinetic Concepts, Inc. (a)	16,700		808
Health Services (5.9%)
Caremark Rx, Inc. (a)	56,389		1,909
Community Health Systems, Inc. (a)(b)	16,900		436
CryoLife, Inc (a)	27,900		160
HCA Inc. (b)	29,100		1,182
LabOne, Inc. (a)	13,500		399
Laboratory Corporation of America Holdings (a)	14,700		584
Mariner Health Care, Inc. (a)	47,800		863
NeighborCare, Inc. (a)	10,100		234
Quest Diagnostics Incorporated	9,700		818
Sunrise Assisted Living, Inc. (a)	16,800		531
Triad Hospitals, Inc. (a)(b)	6,600		224
Universal Health Services, Inc.–Class B (b)	5,300		233
Holding & Other Investment Offices (0.5%)
Ventas, Inc.	26,700		590
Instruments & Related Products (0.9%)
Alcon, Inc.	2,700		200
Molecular Devices Corporation (a)	11,200		220
STAAR Surgical Company (a)	33,800		287
Waters Corporation (a)	11,200		483
Insurance (10.1%)
Anthem, Inc. (a)(b)	70,600		6,254
UnitedHealth Group Incorporated (b)	97,900		6,019
WellPoint Health Networks Inc. (a)	7,350		821
Medical Instruments & Supplies (8.4%)
Aspect Medical Sytems, Inc. (a)	11,100		187
Bard, (C.R.) Inc.	12,400		1,318
Boston Scientific Corporation (a)(b)	63,600		2,619
Encore Medical Corporation (a)	22,400		176
Endologix, Inc. (a)	26,700		135
Fischer Imaging Corporation (a)	36,280		134
Guidant Corporation (b)	6,400		403
Haemonetics Corporation (a)	15,400		435
Kyphon Inc. (a)	2,200		55
Medtronic, Inc. (b)	23,900		1,206

	Shares	Value
Medical Instruments & Supplies (continued)
Regeneration Technologies, Inc. (a)	21,700	$	206
Smith & Nephew PLC	77,100		783
St. Jude Medical, Inc. (a)	16,300		1,243
Stryker Corporation	10,200		1,009
Synthes-Stratec, Inc.	300		326
Ventana Medical Systems, Inc. (a)	3,200		158
Zimmer Holdings, Inc. (a)	6,700		535
Pharmaceuticals (60.1%)
Abbott Laboratories	3,750		165
Abgenix, Inc. (a)	64,400		1,048
Able Laboratories, Inc. (a)	35,400		681
Alexion Pharmaceuticals, Inc. (a)(b)	20,480		461
Alkermes, Inc. (a)	108,260		1,660
Allergan, Inc.	5,700		502
AmerisourceBergen Corporation	15,800		915
Amgen Inc. (a)(b)	73,420		4,131
Amylin Pharmaceuticals, Inc. (a)(b)	18,080		405
Andrx Corporation–Andrx Group (a)	4,100		94
Angiotech Pharmaceuticals, Inc. (a)	27,000		563
AtheroGenics, Inc. (a)	1,700		40
Barr Laboratories, Inc. (a)	4,150		172
BioCryst Pharmaceuticals, Inc. (a)	38,800		338
Biogen, Inc. (a)	46,800		2,761
BioSphere Medical, Inc. (a)	45,800		185
Cardinal Health, Inc. (b)	10,500		769
Celgene Corporation (a)	9,800		507
Celltech Group PLC (a)	61,100		456
Cephalon, Inc. (a)(b)	72,140		4,105
Cubist Pharmaceuticals, Inc. (a)	87,000		865
CV Therapeutics, Inc. (a)(b)	18,000		259
Cytogen Corporation (a)	24,000		348
Cytokinetics, Incorporated (a)	4,500		73
Dade Behring Holdings, Inc. (a)(b)	18,100		833
Discovery Laboratories, Inc. (a)	6,700		78
Elan Corporation PLC–ADR (a)	37,500		810
Encysive Pharmaceuticals Inc. (a)	35,400		356
EPIX Medical, Inc. (a)	15,300		375
Eyetech Pharmaceuticals, Inc. (a)	3,800		136
Forest Laboratories, Inc. (a)(b)	29,000		1,870
Genentech, Inc. (a)	22,470		2,759
Gilead Sciences, Inc. (a)(b)	85,970		5,230
Human Genome Sciences, Inc. (a)(b)	34,200		417
ICOS Corporation (a)	7,200		230
ImClone Systems Incorporated (a)(b)	77,890		5,209
Indevus Pharmaceuticals, Inc. (a)	25,000		182
Inspire Pharmaceuticals, Inc. (a)	23,700		390
Integra LifeSciences Holdings Corporation (a)	7,200		230
Invitrogen Corporation (a)	32,200		2,325
IVAX Corporation (a)	42,700		910
Johnson & Johnson (b)	22,300		1,205
Keryx Biopharmaceuticals, Inc. (a)	27,100		409
Ligand Pharmaceuticals Incorporated (a)	6,200		133
Lilly (Eli) and Company (b)	22,500		1,661

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Health Sciences    1

TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Pharmaceuticals (continued)
Martek Biosciences Corp. (a)(b)	7,800	$	495
Medicines Company (The) (a)	65,050		2,128
Medicis Pharmaceutical Corporation–Class A	4,100		176
Medimmune, Inc. (a)(b)	43,820		1,062
Merck & Co., Inc.	5,800		273
MGI PHARMA, INC. (a)	33,800		2,090
Millennium Pharmaceuticals, Inc. (a)	21,600		324
Myogen, Inc. (a)	3,400		39
Myriad Genetics, Inc. (a)	14,600		252
Nabi Biopharmaceuticals (a)	600		10
Nektar Therapeutics (a)	18,900		383
NeoRx Corporation–warrants, Expires 12/08/2008 (a)	1,200		(c	)
NeoRx Corporation (a)	4,600		11
Neurocrine Biosciences, Inc. (a)(b)	34,260		2,248
Novartis AG–ADR	2,000		90
Noven Pharmaceuticals, Inc. (a)	8,750		172
Novo Nordisk A/S–Class B	1,500		71
NPS Pharmaceuticals, Inc. (a)(b)	44,000		1,102
Onyx Pharmaceuticals, Inc. (a)	36,300		1,790
OSI Pharmaceuticals, Inc. (a)	10,830		799
Penwest Pharmaceuticals Co. (a)	7,000		111
Pfizer Inc. (b)	117,980		4,219
Protein Design Labs, Inc. (a)(b)	47,400		1,160
Regeneron Pharmaceuticals, Inc. (a)	12,100		152
Rigel Pharmaceuticals, Inc (a)	14,700		312
Roche Holding AG–Genusschein	1,520		160
Salix Pharmaceuticals, Ltd. (a)	11,300		350
Sanofi-Synthelabo	9,800		623
Schering-Plough Corporation	26,780		448
Sepracor Inc. (a)	16,600		794
Serologicals Corporation (a)	6,100		113
Shire Pharmaceuticals Group PLC–ADR (a)	5,900		164
Taro Pharmaceutical Industries Ltd. (a)	5,000		216
Teva Pharmaceutical Industries Ltd.–ADR	26,340		1,621
Transkaryotic Therapies, Inc. (a)	15,400		224
Trimeris, Inc. (a)(b)	50,520		743
United Therapeutics Corporation (a)	6,800		167
Valeant Pharmaceuticals International	29,300		677
Vertex Pharmaceuticals Incorporated (a)	43,600		377
Vion Pharmaceuticals, Inc. (a)	99,400		528
ViroLogic, Inc. (a)	7,300		21
ViroPharma Incorporated (a)	8,133		18
Watson Pharmaceuticals, Inc. (a)	18,200		648
Wyeth	69,300		2,638
XOMA Ltd. (a)	36,100		155
Yamanouchi Pharmaceutical Co., Ltd.	18,500		617
Research & Testing Services (1.6%)
deCODE genetics, Inc. (a)	42,300		366
Diversa Corporation (a)	29,400		280
Edwards Lifesciences Corporation (a)	9,400		324
Exelixis, Inc. (a)	76,580		696
Gen-Probe Incorporated (a)	11,800		393

	Shares		Value
Wholesale Trade Durable Goods (2.4%)
Symyx Technologies, Inc. (a)		42,600	$	1,091
Fisher Scientific International Inc. (a)		30,000		1,758
Patterson Dental Company (a)		3,500		258
Total Common Stocks (cost: $106,379)				120,960
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (7.5%)
U. S. Treasury Bill (b) 0.00%, due 05/06/2004	$	1,700	$	1,700
0.95%, due 06/17/2004		1,400		1,398
0.93%, due 06/17/2004		1,750		1,748
0.92%, due 06/17/2004		1,400		1,399
0.91%, due 06/17/2004		400		400
1.00%, due 08/26/2004		2,750		2,741
0.96%, due 08/26/2004		200		199
1.02%, due 08/26/2004		200		199
Total Short-Term U.S. Government Obligations (cost: $9,784)				9,784
Total Investment Securities (cost: $116,193)			$	130,757
	Contracts (d)		Value
WRITTEN OPTIONS (-1.3%)
Covered Call Options (-0.5%)
Alexion Pharmaceuticals, Inc.
Call Strike $22.50
Expires 05/22/2004		39	$	(4	)
Alexion Pharmaceuticals, Inc.
Call Strike $25.00
Expires 11/20/2004		128		(31	)
Amgen, Inc.
Call Strike $60.00
Expires 07/17/2004		47		(6	)
Amgen, Inc.
Call Strike $65.00
Expires 07/17/2004		278		(12	)
Amgen, Inc.
Call Strike $65.00
Expires 10/16/2004		141		(16	)
Amgen, Inc.
Call Strike $70.00
Expires 10/16/2004		48		(2	)
Amylin Pharmaceuticals, Inc.
Call Strike $30.00
Expires 07/17/2004		31		(1	)
Anthem, Inc.
Call Strike $100.00
Expires 09/18/2004		97		(15	)
Boston Scientific Corporation
Call Strike $37.50
Expires 05/22/2004		107		(42	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Health Sciences    2

TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Contracts (d)	Value
Covered Call Options (continued)
Cardinal Health, Inc.
Call Strike $65.00
Expires 06/19/2004	18	$	(16	)
Cardinal Health, Inc.
Call Strike $70.00
Expires 09/18/2004	65		(40	)
Cephalon, Inc.
Call Strike $60.00
Expires 05/22/2004	46		(3	)
Cephalon, Inc.
Call Strike $70.00
Expires 01/22/2005	95		(18	)
Cephalon, Inc.
Call Strike $70.00
Expires 11/20/2004	143		(17	)
Community Health Services, Inc.
Call Strike $30.00
Expires 09/18/2004	96		(6	)
CV Therapeutics, Inc.
Call Strike $17.50
Expires 07/17/2004	56		(3	)
Dade Behring Holdings, Inc.
Call Strike $50.00
Expires 05/22/2004	1		(c	)
Eli Lilly and Company
Call Strike $60.00
Expires 10/16/2004	13		(1	)
Eli Lilly and Company
Call Strike $75.00
Expires 07/17/2004	62		(15	)
Eli Lilly and Company
Call Strike $80.00
Expires 10/16/2004	86		(19	)
Forest Laboratories, Inc.
Call Strike $70.00
Expires 05/22/2004	36		(1	)
Gilead Sciences, Inc.
Call Strike $70.00
Expires 08/21/2004	71		(10	)
Gilead Sciences, Inc.
Call Strike $70.00
Expires 11/20/2004	98		(32	)
Guidant Corporation
Call Strike $75.00
Expires 07/17/2004	46		(2	)
HCA, Inc.
Call Strike $42.50
Expires 08/21/2004	97		(14	)
Human Genome Sciences, Inc.
Call Strike $15.00
Expires 10/16/2004	91		(8	)

	Contracts (d)	Value
Covered Call Options (continued)
ImClone Systems Incorporated
Call Strike $45.00
Expires 05/22/2004	23	$	(50	)
ImClone Systems Incorporated
Call Strike $45.00
Expires 08/21/2004	41		(95	)
ImClone Systems Incorporated
Call Strike $75.00
Expires 05/22/2004	73		(7	)
ImClone Systems Incorporated
Call Strike $75.00
Expires 11/20/2004	93		(68	)
ImClone Systems Incorporated
Call Strike $85.00
Expires 06/19/2004	98		(13	)
ImClone Systems Incorporated
Call Strike $90.00
Expires 06/19/2004	99		(8	)
Johnson & Johnson
Call Strike $55.00
Expires 07/17/2004	93		(10	)
Martek Biosciences Corporation
Call Strike $65.00
Expires 06/19/2004	20		(7	)
Medimmune, Inc.
Call Strike $27.50
Expires 06/19/2004	82		(4	)
Medtronic, Inc.
Call Strike $55.00
Expires 08/21/2004	88		(7	)
Neurocrine Biosciences, Inc.
Call Strike $60.00
Expires 05/22/2004	46		(31	)
Nps Pharmaceuticals, Inc.
Call Strike $30.00
Expires 05/22/2004	142		(2	)
Nps Pharmaceuticals, Inc.
Call Strike $35.00
Expires 11/20/2004	95		(9	)
Pfizer, Inc.
Call Strike $37.50
Expires 01/22/2005	131		(24	)
Pfizer, Inc.
Call Strike $37.50
Expires 06/19/2004	99		(4	)
Protein Design Labs, Inc.
Call Strike $22.50
Expires 08/21/2004	41		(15	)
Triad Hospitals, Inc.
Call Strike $35.00
Expires 05/22/2004	54		(3	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Health Sciences    3

TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Contracts (d)	Value
Covered Call Options (continued)
Trimeris, Inc.
Call Strike $15.00
Expires 07/17/2004	73	$	(9	)
UnitedHealth Group Incorporated
Call Strike $70.00
Expires 09/18/2004	96		(9	)
Universal Health Services, Inc.–Class B
Call Strike $50.00
Expires 07/17/2004	20		(1	)
Put Options (–0.8%)
Amgen, Inc.
Put Strike $60.00
Expires 07/17/2004	24		(12	)
Amylin Pharmaceuticals, Inc.
Put Strike $22.50
Expires 01/22/2005	36		(14	)
Andrx Corporation
Put Strike $30.00
Expires 01/22/2005	47		(38	)
Angiotech Pharmaceuticals, Inc.
Put Strike $25.00
Expires 09/18/2004	39		(20	)
Anthem, Inc.
Put Strike $80.00
Expires 01/22/2005	37		(16	)
Anthem, Inc.
Put Strike $90.00
Expires 01/22/2005	39		(32	)
Anthem, Inc.
Put Strike $90.00
Expires 09/18/2004	49		(31	)
Becton Dickinson and Company
Put Strike $55.00
Expires 09/18/2004	67		(36	)
Biogen Idec, Inc.
Put Strike $60.00
Expires 10/16/2004	45		(30	)
Boston Scientific Corporation
Put Strike $40.00
Expires 05/22/2004	49		(4	)
Boston Scientific Corporation
Put Strike $42.50
Expires 01/22/2005	20		(11	)
Caremark Rx, Inc.
Put Strike $40.00
Expires 01/22/2005	46		(32	)
Celgene Corporation
Put Strike $45.00
Expires 01/22/2005	73		(35	)
Celgene Corporation
Put Strike $50.00
Expires 01/22/2005	28		(20	)

	Contracts (d)	Value
Put Options (continued)
Elan Corporation, plc ADR
Put Strike $25.00
Expires 01/21/2006	33	$	(27	)
Elan Corporation, plc ADR
Put Strike $25.00
Expires 01/22/2005	38		(26	)
Fisher Scientific International, Inc.
Put Strike $55.00
Expires 09/18/2004	43		(11	)
Forest Laboratories, Inc.
Put Strike $75.00
Expires 05/22/2004	19		(20	)
Genentech, Inc.
Put Strike $115.00
Expires 01/22/2005	56		(56	)
Genentech, Inc.
Put Strike $125.00
Expires 01/22/2005	5		(8	)
HCA, Inc.
Put Strike $40.00
Expires 01/22/2005	24		(8	)
ImClone Systems Incorporated
Put Strike $40.00
Expires 08/21/2004	18		(1	)
ImClone Systems Incorporated
Put Strike $50.00
Expires 05/22/2004	18		(c	)
ImClone Systems Incorporated
Put Strike $50.00
Expires 08/21/2004	28		(6	)
ImClone Systems Incorporated
Put Strike $55.00
Expires 01/22/2005	28		(15	)
ImClone Systems Incorporated
Put Strike $60.00
Expires 01/22/2005	37		(27	)
ImClone Systems Incorporated
Put Strike $65.00
Expires 11/20/2004	24		(22	)
Invitrogen Corporation
Put Strike $65.00
Expires 05/22/2004	17		(1	)
Invitrogen Corporation
Put Strike $70.00
Expires 01/22/2005	38		(26	)
Invitrogen Corporation
Put Strike $70.00
Expires 05/22/2004	22		(3	)
Invitrogen Corporation
Put Strike $70.00
Expires 08/21/2004	29		(13	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Health Sciences    4

TA IDEX T. Rowe Price Health Sciences

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Contracts (d)	Value
Put Options (continued)
IVAX Corporation
Put Strike $25.00
Expires 01/22/2005	27	$	(13	)
IVAX Corporation
Put Strike $25.00
Expires 06/19/2004	34		(13	)
King Pharmaceuticals, Inc.
Put Strike $25.00
Expires 01/22/2005	25		(20	)
Medicines Company (The)
Put Strike $30.00
Expires 07/17/2004	34		(6	)
Medicines Company (The)
Put Strike $35.00
Expires 10/16/2004	37		(20	)
Medtronic, Inc.
Put Strike $45.00
Expires 08/21/2004	12		(1	)
Medtronic, Inc.
Put Strike $50.00
Expires 01/22/2005	22		(8	)
Mgi Pharma, Inc.
Put Strike $50.00
Expires 07/17/2004	21		(3	)
Mgi Pharma, Inc.
Put Strike $55.00
Expires 07/17/2004	57		(14	)
Mgi Pharma, Inc.
Put Strike $60.00
Expires 01/22/2005	17		(14	)
Mgi Pharma, Inc.
Put Strike $65.00
Expires 01/22/2005	34		(37	)
Nektar Therapeutics
Put Strike $22.50
Expires 08/21/2004	24		(10	)
Nektar Therapeutics
Put Strike $25.00
Expires 08/21/2004	24		(14	)
Nektar Therapeutics
Put Strike $25.00
Expires 11/20/2004	24		(16	)

	Contracts (d)	Value
Put Options (continued)
Pfizer, Inc.
Put Strike $37.50
Expires 06/19/2004	14	$	(3)
Protein Design Labs, Inc.
Put Strike $22.50
Expires 08/21/2004	16		(3)
Quest Diagnostics, Inc.
Put Strike $90.00
Expires 08/21/2004	18		(14)
Sepracor, Inc.
Put Strike $50.00
Expires 01/22/2005	39		(32)
Sepracor, Inc.
Put Strike $55.00
Expires 01/22/2005	34		(39)
St. Jude Medical, Inc.
Put Strike $70.00
Expires 10/16/2004	24		(7)
Stryker Corporation
Put Strike $90.00
Expires 09/18/2004	8		(2)
UnitedHealth Group Incorporated
Put Strike $65.00
Expires 09/18/2004	24		(13)
Waters Corporation
Put Strike $40.00
Expires 11/20/2004	23		(4)
Wilson Greatbatch Technologies, Inc.
Put Strike $45.00
Expires 05/22/2004	10		(11)
Wyeth
Put Strike $35.00
Expires 01/22/2005	17		(4)
Total Written Options (premium: $1,753)			(1,632)
SUMMARY:
Investments, at value	100.8%	$	130,757
Written options	(1.3)%		(1,632)
Liabilities in excess of other assets	0.5%		641
Net assets	100.0%	$	129,766

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, 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, 2004, is $26,300.

(c) Value is less than $1.

(d) Contract amounts are not in thousands.

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 2004

TA IDEX T. Rowe Price Health Sciences    5

TA IDEX T. Rowe Price Health Sciences

STATEMENT OF ASSETS AND LIABILITIES

Period ended April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $116,193)	$	130,757
Cash		1,328
Foreign cash (cost: $53)		54
Receivables:
Investment securities sold		569
Shares of beneficial interest sold		626
Dividends		17
Dividend reclaims receivable		1
		133,352
Liabilities:
Investment securities purchased		1,586
Accounts payable and accrued liabilities:
Management and advisory fees		105
Due to Advisor		182
Distribution fees		40
Transfer agent fees		9
Written options (premium: $1,753)		1,632
Other		32
		3,586
Net Assets	$	129,766
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	113,339
Accumulated net investment income (loss)		(756	)
Undistributed net realized gain (loss) from:
Investment securities		1,623
Written options contracts		875
Net unrealized appreciation (depreciation) on:
Investment securities		14,564
Written options contracts		121
Net Assets	$	129,766
Net Assets by Class:
Class A	$	122,743
Class B		4,761
Class C		791
Class C2		964
Class M		507
Shares Outstanding:
Class A		10,398
Class B		409
Class C		67
Class C2		83
Class M		44
Net Asset Value Per Share:
Class A	$	11.82
Class B		11.66
Class C		11.67
Class C2		11.65
Class M		11.66
Maximum Offering Price Per Share (a):
Class A	$	12.51
Class M		11.78

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	33
Dividends		133
Less withholding taxes on foreign dividends		(2	)
		164
Expenses:
Management and advisory fees		462
Transfer agent fees		11
Printing and shareholder reports		7
Custody fees		26
Administration fees		11
Legal fees		1
Auditing and accounting fees		5
Trustees fees		1
Registration fees		24
Other		9
Distribution and service fees:
Class A		152
Class B		19
Class C		5
Class C2		2
Class M		2
Total expenses before recovery of waived expenses		737
Recovered expenses		182
Total expenses		919
Net Investment Income (Loss)		(755	)
Net Realized Gain (Loss) from:
Investment securities		2,245
Written option contracts		667
		2,912
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		11,220
Written option contracts		(46	)
		11,174
Net Gain (Loss) on Investment Securities and Option Contracts		14,086
Net Increase (Decrease) in Net Assets Resulting from Operations	$	13,331

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Health Sciences    6

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, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(755	)	$	(417	)
Net realized gain (loss) from investment securities and option contracts		2,912			657
Net unrealized appreciation (depreciation) on investment securities and option contracts		11,174			3,723
		13,331			3,963
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		(452	)		–
Class B		(21	)		–
Class C		(2	)		–
Class C2		(7	)		–
Class M		(3	)		–
		(485	)		–
Capital Share Transactions:
Proceeds from shares sold:
Class A		52,506			52,189
Class B		1,550			2,260
Class C		571			213
Class C2		317			768
Class M		88			158
		55,032			55,588
Dividends and distributions reinvested:
Class A		452			–
Class B		21			–
Class C		2			–
Class C2		5			–
Class M		2			–
		482			–
Cost of shares redeemed:
Class A		(1,390	)		(410	)
Class B		(286	)		(344	)
Class C		(39	)		(19	)
Class C2		(405	)		(278	)
Class M		(3	)		(18	)
		(2,123	)		(1,069	)
		53,391			54,519
Net increase (decrease) in net assets		66,237			58,482
Net Assets:
Beginning of period		63,529			5,047
End of period	$	129,766		$	63,529
Accumulated Net Investment Income (Loss)	$	(756	)	$	(1	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	4,653		5,413
Class B	139		239
Class C	51		22
Class C2	29		82
Class M	8		16
	4,880		5,772
Shares issued–reinvested from distributions:
Class A	43		–
Class B	2		–
Class C	–		–
Class C2	1		–
Class M	–		–
	46		–
Shares redeemed:
Class A	(128	)	(42	)
Class B	(26	)	(37	)
Class C	(4	)	(2	)
Class C2	(37	)	(29	)
Class M	–		(1	)
	(195	)	(111	)
Net increase (decrease) in shares outstanding:
Class A	4,568		5,371
Class B	115		202
Class C	47		20
Class C2	(7	)	53
Class M	8		15
	4,731		5,661

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Health Sciences    7

TA IDEX T. Rowe Price Health Sciences

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	10.14	$	(0.07	)	$	1.82		$	1.75		$	–	$	(0.07	)	$	(0.07	)	$	11.82
	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	04/30/2004		10.03		(0.11	)		1.81			1.70			–		(0.07	)		(0.07	)		11.66
	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	04/30/2004		10.03		(0.11	)		1.82			1.71			–		(0.07	)		(0.07	)		11.67
	10/31/2003		8.10		(0.22	)		2.15			1.93			–		–			–			10.03
Class C2	04/30/2004		10.03		(0.10	)		1.79			1.69			–		(0.07	)		(0.07	)		11.65
	10/31/2003		8.24		(0.21	)		2.00			1.79			–		–			–			10.03
	10/31/2002		10.00		(0.12	)		(1.64	)		(1.76	)		–		–			–			8.24
Class M	04/30/2004		10.05		(0.10	)		1.78			1.68			–		(0.07	)		(0.07	)		11.66
	10/31/2003		8.24		(0.20	)		2.01			1.81			–		–			–			10.05
	10/31/2002		10.00		(0.12	)		(1.64	)		(1.76	)		–		–			–			8.24

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	17.33	%	$	122,743	1.56	%	1.95	%	(1.60	)%	15	%
	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	04/30/2004	17.02			4,761	2.21		2.60		(2.25	)	15
	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	04/30/2004	17.12			791	2.21		2.60		(2.25	)	15
	10/31/2003	23.83			201	2.60		2.84		(2.26	)	30
Class C2	04/30/2004	16.92			964	2.21		2.60		(2.25	)	15
	10/31/2003	21.72			904	2.60		2.84		(2.26	)	30
	10/31/2002	(17.60	)		308	2.60		9.41		(2.16	)	43
Class M	04/30/2004	16.79			507	2.11		2.50		(2.15	)	15
	10/31/2003	21.97			357	2.50		2.74		(2.16	)	30
	10/31/2002	(17.60	)		177	2.50		9.31		(2.06	)	43

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 and excludes the recovery of 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.

(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 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 2004

TA IDEX T. Rowe Price Health Sciences    8

TA IDEX T. Rowe Price Health Sciences

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX T. Rowe Price Health Sciences (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.

On March 1, 2004, the Fund changed its name from IDEX T. Rowe Price Health Sciences to TA IDEX T. Rowe Price Health Sciences.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $13 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.

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 2004

TA IDEX T. Rowe Price Health Sciences    9

TA IDEX T. Rowe Price Health Sciences

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

The underlying face amounts of open option contracts at April 30, 2004, are listed in the Schedule of Investments.

Transactions in written call and put options were as follows:

	Premium			Contracts*
Beginning Balance 10/31/2003	$	778		2,419
Sales		2,833		9,222
Closing Buys		(1,689	)	(5,574	)
Expirations		(110	)	(647	)
Exercised		(59	)	(182	)
Balance at 04/30/2004	$	1,753		5,238

* Contracts not in thousands.

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

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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	$	10,988	8%
TA IDEX Asset Allocation - Growth Portfolio		27,594	21%
TA IDEX Asset Allocation - Moderate Growth Portfolio		45,471	35%
TA IDEX Asset Allocation - Moderate Portfolio		35,787	28%
Total	$	119,840	92%

Investment advisory fees: The Fund pays management fees to ATFA 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

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

1.60% 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, 2004 was $3.

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.

	Expenses Recovered by Adviser		Increase in Total Expenses to Average Net Assets
Recovered in 2004	$	182	0.39%

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	20
Retained by Underwriter		3
Contingent Deferred Sales Charges		3

Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Health Sciences    10

TA IDEX T. Rowe Price Health Sciences

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  2–(continued)

other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $11 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $11 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, the value of invested plan amounts was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	60,956
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		12,755
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 treatments for items including, but not limited to, wash sales, foreign currency transactions and net operating losses.

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	116,437
Unrealized Appreciation	$	18,220
Unrealized (Depreciation)		(3,900	)
Net Unrealized Appreciation (Depreciation)	$	14,320

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Health Sciences    11

TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (97.4%)
Air Transportation (1.6%)
AirTran Holdings, Inc. (a)	37,500	$	458
Atlantic Coast Airlines Holdings, Inc. (a)	22,000		144
ExpressJet Holdings, Inc. (a)	16,100		205
Frontier Airlines, Inc. (a)(b)	66,600		605
JetBlue Airways Corporation (a)(b)	5,200		144
SkyWest, Inc.	47,800		870
Amusement & Recreation Services (1.4%)
Alliance Gaming Corporation (a)	22,100		552
International Speedway Corporation–Class A	3,200		135
Mandalay Resort Group	6,500		373
Station Casinos, Inc.	16,800		757
Westwood One, Inc. (a)	8,500		251
Apparel & Accessory Stores (2.0%)
AnnTaylor, Inc. (a)(b)	8,050		326
Christopher & Banks Corporation	37,900		678
Hot Topic, Inc. (a)(b)	29,800		663
Pacific Sunwear of California, Inc. (a)	23,450		503
Ross Stores, Inc.	22,400		683
Talbots, Inc. (The) (b)	3,400		119
Apparel Products (0.2%)
Too, Inc. (a)(b)	17,300		303
Auto Repair, Services & Parking (0.3%)
Dollar Thrifty Automotive Group, Inc. (a)	19,100		503
Automotive (1.0%)
Gentex Corporation	16,800		661
Oshkosh Truck Corporation	15,500		794
Automotive Dealers & Service Stations (1.0%)
Group 1 Automotive, Inc. (a)	12,600		435
O’Reilly Automotive, Inc. (a)	20,000		898
Sonic Automotive, Inc.	5,100		127
Beverages (0.1%)
Boston Beer Company, Inc. (The)–Class A (a)	11,100		212
Business Services (3.0%)
Catalina Marketing Corporation (a)(b)	7,300		121
ChoicePoint Inc. (a)	22,100		971
Digital Insight Corporation (a)(b)	39,300		758
Fair Issac Corporation (b)	25,605		863
Getty Images, Inc. (a)	10,200		557
Rent-A-Center, Inc. (a)	20,550		601
Valassis Communications, Inc. (a)	4,700		145
Websense, Inc. (a)	13,700		404
Chemicals & Allied Products (0.2%)
ATMI, Inc. (a)(b)	13,500		298
Commercial Banks (1.8%)
Boston Private Financial Holdings, Inc.	23,900		557
East West Bancorp, Inc.	9,100		513
Silicon Valley Bancshares (a)	9,400		323
Southwest Bancorporation of Texas, Inc.	10,500		427
UCBH Holdings, Inc. (b)	23,200		859

	Shares	Value
Communication (0.4%)
Global Payments Inc.	11,380	$	546
Insight Communications Company, Inc. (a)(b)	12,300		112
Communications Equipment (2.8%)
ADTRAN, Inc.	26,100		640
Advanced Fibre Communications, Inc. (a)(b)	17,800		297
Anaren Microwave, Inc. (a)	19,500		288
Centillium Communications, Inc. (a)	114,900		437
Inter-Tel, Incorporated	32,500		778
Plantronics, Inc. (a)	30,200		1,146
Powerwave Technologies, Inc. (a)(b)	72,600		492
Computer & Data Processing Services (8.4%)
Activision, Inc. (a)	39,450		594
Actuate Corporation (a)	44,800		146
BARRA, Inc.	15,650		639
Borland Software Corporation (a)	46,300		382
CACI International Inc.–Class A (a)	12,600		573
Cognizant Technology Solutions Corporation (a)	8,500		368
Computer Programs and Systems, Inc.	55,800		1,102
Concord Communications, Inc. (a)(b)	10,900		134
EarthLink, Inc. (a)	31,700		292
EPIQ Systems, Inc. (a)(b)	8,600		123
F5 Networks, Inc. (a)	21,100		536
FactSet Research Systems Inc. (b)	14,900		592
Henry (Jack) & Associates, Inc.	19,500		355
Hyperion Solutions Corporation (a)	21,200		814
Informatica Corporation (a)	32,600		236
Inforte Corp. (a)	31,900		346
Macromedia, Inc. (a)	4,200		87
MatrixOne, Inc. (a)	26,600		160
Mercury Interactive Corporation (a)(b)	1,500		64
MTC Technologies, Inc. (a)	21,600		566
National Instruments Corporation	15,600		477
Netegrity, Inc. (a)(b)	18,350		154
Network Associates, Inc. (a)	7,600		119
Open Text Corporation (a)	13,100		356
Packeteer, Inc. (a)(b)	29,800		359
Radiant Systems, Inc. (a)	17,550		78
Red Hat, Inc. (a)(b)	19,100		434
SERENA Software, Inc. (a)(b)	36,900		656
SkillSoft PLC–ADR (a)	19,000		238
SRA International, Inc.–Class A (a)	19,500		732
Symantec Corporation (a)(b)	11,400		514
Computer & Office Equipment (1.6%)
Avocent Corporation (a)	9,300		298
Black Box Corporation	6,100		311
Maxtor Corporation (a)	92,900		605
Polycom, Inc. (a)	28,706		548
SanDisk Corporation (a)(b)	25,800		596
Construction (1.3%)
D.R. Horton, Inc.	8,890		256
Insituform Technologies, Inc.–Class A (a)	23,300		378
M.D.C. Holdings, Inc.	8,734		540
Standard Pacific Corp.	3,600		182
Toll Brothers, Inc. (a)(b)	15,000		594

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    1

TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Drug Stores & Proprietary Stores (0.8%)
drugstore.com, inc. (a)	19,500	$	90
Omnicare, Inc. (b)	25,200		1,044
Educational Services (3.5%)
Apollo Group, Inc.–University of Phoenix Online (a)	14,466		1,259
Career Education Corporation (a)	11,200		717
Corinthian Colleges, Inc. (a)(b)	25,000		766
DeVRY Inc. (a)(b)	26,800		772
Education Management Corporation (a)	34,600		1,227
ITT Educational Services, Inc. (a)	10,300		415
Electrical Goods (0.3%)
Hughes Supply, Inc.	8,100		453
Electronic & Other Electric Equipment (0.3% )
Digital Theater Systems, Inc. (a)	10,500		235
Harman International Industries, Incorporated	3,600		273
Electronic Components & Accessories (6.6%)
Advanced Energy Industries, Inc. (a)	40,800		540
Aeroflex Incorporated (a)	81,500		1,025
AMIS Holdings, Inc. (a)	17,000		245
Exar Corporation (a)	24,000		366
Integrated Circuit Systems, Inc. (a)	21,500		509
Integrated Silicon Solution, Inc. (a)	45,300		622
Intersil Corporation–Class A	32,796		648
KEMET Corporation (a)	12,500		155
Kopin Corporation (a)	17,600		88
Lattice Semiconductor Corporation (a)	27,100		193
Mercury Computer Systems, Inc. (a)	33,500		750
Micrel, Incorporated (a)	6,900		84
Microchip Technology Incorporated	2,175		61
OmniVision Technologies, Inc. (a)(b)	31,400		700
Pericom Semiconductor Corporation (a)	21,400		226
Plexus Corp. (a)(b)	48,900		703
REMEC, Inc. (a)	14,600		92
Semtech Corporation (a)	25,700		540
Silicon Storage Technology, Inc. (a)	36,600		485
Skyworks Solutions, Inc. (a)	17,300		148
Tessera Technologies, Inc. (a)	18,300		324
TriQuint Semiconductor, Inc. (a)	24,426		134
TTM Technologies, Inc. (a)	37,300		414
Zoran Corporation (a)	40,297		666
Environmental Services (0.7%)
Stericycle, Inc. (a)	10,800		516
Waste Connections, Inc. (a)	12,800		515
Fabricated Metal Products (0.2%)
Simpson Manufacturing Co., Inc.	6,400		334
Food & Kindred Products (0.1%)
Peet’s Coffee & Tea, Inc. (a)	8,600		188
Food Stores (0.3%)
Whole Foods Market, Inc. (b)	5,500		440
Furniture & Fixtures (0.2%)
La-Z-Boy Incorporated	13,600		283

	Shares	Value
Furniture & Home Furnishings Stores (1.2%)
Cost Plus, Inc. (a)	25,000	$	905
Pier 1 Imports, Inc.	23,400		483
Williams-Sonoma, Inc. (a)(b)	13,100		425
Health Services (4.6%)
Accredo Health, Incorporated (a)(b)	29,950		1,158
AMN Healthcare Services, Inc. (a)(b)	6,347		103
AmSurg Corp. (a)	14,100		341
Caremark Rx, Inc. (a)	19,693		667
Community Health Systems, Inc. (a)	11,700		302
DaVita Inc. (a)	16,600		848
Gentiva Health Services, Inc. (a)	12,700		186
LifePoint Hospitals, Inc. (a)	23,700		848
Manor Care, Inc.	11,100		360
Odyssey HealthCare, Inc. (a)	10,200		171
Renal Care Group, Inc. (a)	7,000		346
Symbion, Inc. (a)	15,000		245
Triad Hospitals, Inc. (a)	9,000		306
United Surgical Partners International, Inc. (a)(b)	25,400		920
Holding & Other Investment Offices (0.3%)
Redwood Trust, Inc.	10,300		448
Industrial Machinery & Equipment (3.4%)
Axcelis Technologies, Inc. (a)	18,000		189
Cymer, Inc. (a)(b)	16,900		540
Engineered Support Systems, Inc.	21,350		1,037
FMC Technologies, Inc. (a)	8,800		240
National-Oilwell, Inc. (a)	14,900		416
Oil States International, Inc. (a)	27,400		371
Varco International Inc. (a)(b)	17,300		358
Varian Semiconductor Equipment Associates, Inc. (a)	18,800		612
Zebra Technologies Corporation–Class A (a)	17,000		1,246
Instruments & Related Products (4.4%)
August Technology Corporation (a)	11,500		152
Avid Technology, Inc. (a)	19,800		950
Cognex Corporation	15,900		505
Coherent, Inc. (a)	11,100		271
Cohu, Inc.	17,100		299
Cytyc Corporation (a)	19,500		417
Dionex Corporation (a)	8,750		447
FLIR Systems, Inc. (a)(b)	20,200		948
Fossil, Inc. (a)	16,030		393
Herley Industries, Inc. (a)	14,200		296
Lexar Media, Inc. (a)(b)	36,100		336
Newport Corporation (a)	3,400		50
Pinnacle Systems, Inc. (a)(b)	46,600		367
Rudolph Technologies, Inc. (a)(b)	6,900		111
SBS Technologies, Inc. (a)	13,000		194
STAAR Surgical Company (a)(b)	33,100		281
Varian, Inc. (a)	10,900		447
Insurance (3.4%)
Coventry Health Care, Inc. (a)	23,000		962
First Health Group Corp. (a)(b)	31,000		518
Max Re Capital Ltd.	19,500		429

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    2

TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Insurance (continued)
PMI Group, Inc. (The)	6,700	$	288
RenaissanceRe Holdings Ltd.	13,000		685
StanCorp Financial Group, Inc.	7,700		476
Triad Guaranty Inc. (a)	17,900		979
WellChoice, Inc. (a)	14,300		606
Insurance Agents, Brokers & Service (0.3%)
Brown & Brown, Inc.	11,100		433
Leather & Leather Products (0.2%)
Timberland Company (The)–Class A (a)	5,300		332
Management Services (1.7%)
Advisory Board Company (The) (a)	18,000		623
Corporate Executive Board Company (The)	26,500		1,369
Exult, Inc. (a)(b)	86,000		525
Manufacturing Industries (0.3%)
Marvel Enterprises, Inc. (a)(b)	24,750		470
Medical Instruments & Supplies (4.1%)
Advanced Neuromodulation Systems, Inc. (a)(b)	6,100		166
Apogent Technologies, Inc. (a)(b)	11,300		366
Conceptus, Inc. (a)(b)	9,800		113
Cyberonics, Inc. (a)(b)	4,300		102
DENTSPLY International Inc.	12,150		589
ICU Medical, Inc. (a)(b)	18,600		621
INAMED Corporation (a)(b)	19,950		1,174
Mentor Corporation	5,300		168
Respironics, Inc. (a)(b)	16,900		886
STERIS Corporation (a)	41,600		922
Thoratec Corporation (a)(b)	46,700		636
Wright Medical Group, Inc. (a)	8,000		275
Mortgage Bankers & Brokers (0.3%)
Doral Financial Corporation	11,425		375
Motion Pictures (0.6%)
CNET Networks, Inc. (a)(b)	20,700		176
Macrovision Corporation (a)	41,800		704
Oil & Gas Extraction (4.5%)
Atwood Oceanics, Inc. (a)	4,600		169
Brown (Tom), Inc. (a)	18,400		881
Cabot Oil & Gas Corporation–Class A	11,900		425
Cal Dive International, Inc. (a)	26,800		725
Core Laboratories NV (a)	4,200		96
Evergreen Resources, Inc. (a)(b)	13,700		550
Global Industries, Ltd. (a)	19,800		119
Grey Wolf, Inc. (a)	140,400		559
Helmerich & Payne, Inc.	12,300		332
Key Energy Services, Inc. (a)	11,300		120
Patterson-UTI Energy, Inc. (a)	21,400		774
Spinnaker Exploration Company (a)	14,600		521
Stone Energy Corporation (a)	15,500		763
Unit Corporation (a)	20,300		573
Personal Credit Institutions (0.1%)
First Marblehead Corporation (a)	5,700		169

	Shares	Value
Pharmaceuticals (9.1%)
Abgenix, Inc. (a)	18,800	$	306
Albany Molecular Research, Inc. (a)	17,900		290
Alkermes, Inc. (a)(b)	13,200		202
Andrx Corporation–Andrx Group (a)(b)	7,400		169
Bradley Pharmaceuticals, Inc. (a)(b)	26,300		690
Celgene Corporation (a)	11,700		605
Cephalon, Inc. (a)(b)	8,024		457
Charles River Laboratories, Inc. (a)(b)	16,600		764
Digene Corporation (a)	23,200		824
Eon Labs, Inc. (a)	13,000		855
Gilead Sciences, Inc. (a)	5,300		322
Human Genome Sciences, Inc. (a)	17,700		216
ICOS Corporation (a)(b)	10,200		326
IDEXX Laboratories, Inc. (a)(b)	4,100		251
Invitrogen Corporation (a)(b)	11,200		809
K-V Pharmaceutical Company–Class A (a)(b)	22,150		532
Martek Biosciences Corp. (a)(b)	13,600		863
Medicis Pharmaceutical Corporation–Class A	25,800		1,107
Neurocrine Biosciences, Inc. (a)(b)	12,700		834
Noven Pharmaceuticals, Inc. (a)	34,400		676
Pharmaceutical Resources, Inc. (a)	4,500		181
Priority Healthcare Corporation–Class B (a)	11,300		227
Protein Design Labs, Inc. (a)	23,900		585
Taro Pharmaceutical Industries Ltd. (a)	11,800		510
Techne Corporation (a)	14,100		549
Vertex Pharmaceuticals Incorporated (a)	7,694		66
Primary Metal Industries (0.6%)
Lone Star Technologies, Inc. (a)	10,000		205
Maverick Tube Corporation (a)	27,200		616
Printing & Publishing (0.5%)
Scholastic Corporation (a)	26,200		743
Radio & Television Broadcasting (1.7%)
Cox Radio, Inc.–Class A (a)	17,100		354
Emmis Communications Corporation–Class A (a)	26,500		620
Entercom Communications Corp. (a)	6,500		296
Radio One, Inc.–Class D (a)(b)	38,500		730
Regent Communications, Inc. (a)	42,000		268
Spanish Broadcasting System, Inc. (a)	25,400		247
Radio, Television & Computer Stores (0.3%)
GameStop Corp. (a)	17,000		299
Tweeter Home Entertainment Group, Inc. (a)	27,700		199
Research & Testing Services (1.2%)
Forrester Research, Inc. (a)	33,600		583
Pharmaceutical Product Development, Inc. (a)	17,900		529
Symyx Technologies, Inc. (a)	25,100		643
Restaurants (2.6%)
CEC Entertainment Inc. (a)	25,950		887
Cheesecake Factory Incorporated (The) (a)(b)	11,600		491
P.F. Chang’s China Bistro, Inc. (a)(b)	16,400		801
RARE Hospitality International, Inc. (a)	25,700		703
Ruby Tuesday, Inc.	16,900		506
Sonic Corp. (a)(b)	13,850		447

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    3

TA IDEX T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Retail Trade (1.9%)
A.C. Moore Arts & Crafts, Inc. (a)	32,100	$	874
Insight Enterprises, Inc. (a)	24,800		415
Michaels Stores, Inc.	9,800		490
PETsMART, Inc.	30,100		834
Schein (Henry), Inc. (a)	2,500		176
Rubber & Misc. Plastic Products (0.6%)
Entegris, Inc. (a)	39,600		402
VANS, INC. (a)	22,400		455
Savings Institutions (0.5%)
IndyMac Bancorp, Inc.	22,400		720
Security & Commodity Brokers (2.0%)
Affiliated Managers Group, Inc. (a)(b)	17,300		843
Eaton Vance Corp.	11,500		420
Investment Technology Group, Inc. (a)(b)	10,000		143
Investors Financial Services Corp.	21,500		836
Legg Mason, Inc. (b)	3,600		331
Waddell & Reed Financial, Inc.–Class A	18,350		408
Social Services (0.5%)
Bright Horizons Family Solutions, Inc. (a)	16,300		723
Stone, Clay & Glass Products (0.1%)
Cabot Microelectronics Corporation (a)(b)	5,373		159
Telecommunications (0.9%)
Nextel Partners, Inc.–Class A (a)(b)	83,600		1,116
NII Holdings, Inc. (a)(b)	6,900		242
Transportation & Public Utilities (1.2%)
Forward Air Corporation (a)	24,900		829
UTI Worldwide, Inc.	20,000		916
Trucking & Warehousing (1.3%)
Covenant Transport, Inc.–Class A (a)	8,800		155
Iron Mountain Incorporated (a)(b)	28,250		1,286
Old Dominion Freight Line, Inc. (a)	11,200		418
Variety Stores (0.5%)
Dollar Tree Stores, Inc. (a)	7,800		210
Family Dollar Stores, Inc.	4,600		148
Fred’s, Inc.	23,450		435
Wholesale Trade Durable Goods (1.3%)
Patterson Dental Company (a)(b)	11,600		855
SCP Pool Corporation (a)	25,687		1,033
Wholesale Trade Nondurable Goods (1.1%)
Performance Food Group Company (a)(b)	8,400		295
SunOpta Inc. (a)(b)	60,300		566
United Natural Foods, Inc. (a)	30,400		762
Total Common Stocks (cost: $125,699)			143,468

	Principal		Value
SECURITY LENDING COLLATERAL (21.4%)
Debt (11.7%)
Bank Notes (2.1%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	1,560	$	1,560
Fleet National Bank 1.00%, due 07/21/2004		1,560		1,560
Euro Dollar Overnight (1.0%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		936		936
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		562		562
Euro Dollar Terms (2.9%)
Bank of Montreal
1.02%, due 05/21/2004		183		183
BNP Paribas SA
1.01%, due 05/18/2004		936		936
1.08%, due 07/29/2004		936		936
Den Danske Bank
1.02%, due 05/20/2004		624		624
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		624		624
Wells Fargo & Company 1.02%, due 05/14/2004		936		936
Promissory Notes (1.5%)
Goldman Sachs Group, Inc. (The) 1.13%, due 05/30/2004		2,185		2,185
Repurchase Agreements (4.2%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $6,243 on 05/03/2004		6,243		6,243

	Shares	Value
Investment Companies (9.7%)
Money Market Funds (9.7%)
American AAdvantage Select Fund 1-day yield of 0.98%	1,872,493	$	1,872
Barclays Institutional Money Market Fund 1-day yield of 1.02%	4,369,150		4,369
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%	1,691,195		1,691
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%	6,241,642		6,242
Total Security Lending Collateral (cost: $31,459)			31,459
Total Investment Securities (cost: $157,158)		$	174,927
SUMMARY:
Investments, at value	118.8%	$	174,927
Liabilities in excess of other assets	(18.8)%		(27,715)
Net assets	100.0%	$	147,212

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $30,017.

(c) Cash collateral for the Repurchase Agreements, valued at $6,366, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

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 2004

TA IDEX T. Rowe Price Small Cap    4

TA IDEX T. Rowe Price Small Cap

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

(all amounts except per share amounts in thousands)

(unaudited)

Assets:
Investment securities, at value (cost: $157,158) (including securities loaned of $30,017)	$	174,927
Cash		3,676
Receivables:
Investment securities sold		456
Shares of beneficial interest sold		809
Interest		1
Dividends		15
Other		29
		179,913
Liabilities:
Investment securities purchased		896
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		93
Management and advisory fees		100
Distribution fees		54
Transfer agent fees		43
Payable for collateral for securities on loan		31,459
Other		56
		32,701
Net Assets	$	147,212
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	135,543
Accumulated net investment income (loss)		(818	)
Accumulated net realized gain (loss) from:
Investment securities		(5,319	)
Futures contracts		37
Net unrealized appreciation (depreciation) on investment securities		17,769
Net Assets	$	147,212
Net Assets by Class:
Class A	$	128,361
Class B		13,183
Class C		1,310
Class C2		2,479
Class M		1,879
Shares Outstanding:
Class A		11,518
Class B		1,225
Class C		122
Class C2		230
Class M		174
Net Asset Value Per Share:
Class A	$	11.14
Class B		10.76
Class C		10.76
Class C2		10.76
Class M		10.82
Maximum Offering Price Per Share (a):
Class A	$	11.79
Class M		10.93

(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, C, and C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Interest	$	5
Dividends		159
Income from loaned securities–net		19
		183
Expenses:
Management and advisory fees		536
Transfer agent fees		70
Printing and shareholder reports		30
Custody fees		11
Administration fees		13
Legal fees		1
Auditing and accounting fees		5
Trustees fees		2
Registration fees		24
Other		13
Distribution and service fees:
Class A		202
Class B		66
Class C		5
Class C2		13
Class M		10
Total expenses		1,001
Net Investment Income (Loss)		(818	)
Net Realized Gain (Loss) from:
Investment securities		2,492
Futures contracts		37
		2,529
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		3,783
Futures contracts		(17	)
		3,766
Net Gain (Loss) on Investment Securities and Futures Contracts		6,295
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,477

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    5

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, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(818	)	$	(797	)
Net realized gain (loss) from investment securities and future contracts		2,529			(1,233	)
Net unrealized appreciation (depreciation) on investment securities and future contracts		3,766			18,612
		5,477			16,582
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		34,581			80,987
Class B		1,905			3,085
Class C		1,319			692
Class C2		385			548
Class M		104			1,395
		38,294			86,707
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(5,902	)		(4,857	)
Class B		(1,523	)		(2,700	)
Class C		(655	)		(127	)
Class C2		(445	)		(740	)
Class M		(695	)		(1,073	)
		(9,220	)		(9,497	)
		29,074			77,210
Net increase (decrease) in net assets		34,551			93,792
Net Assets:
Beginning of year		112,661			18,869
End of year	$	147,212		$	112,661
Accumulated Net Investment Income (Loss)	$	(818	)		$     –

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	3,087		8,673
Class B	176		350
Class C	123		75
Class C2	36		63
Class M	10		155
	3,432		9,316
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(523	)	(547	)
Class B	(140	)	(322	)
Class C	(62	)	(14	)
Class C2	(41	)	(87	)
Class M	(65	)	(128	)
	(831	)	(1,098	)
Net increase (decrease) in shares outstanding:
Class A	2,564		8,126
Class B	36		28
Class C	61		61
Class C2	(5	)	(24	)
Class M	(55	)	27
	2,601		8,218

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    6

TA IDEX T. Rowe Price Small Cap

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income		From Net Realized Gains			Total Distributions
Class A	04/30/2004	$	10.61	$	(0.06	)	$	0.59		$	0.53		$	–	$	–		$	–		$	11.14
	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
	10/31/1999		10.00		0.02			0.99			1.01			–		–			–			11.01
Class B	04/30/2004		10.28		(0.10	)		0.58			0.48			–		–			–			10.76
	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
	10/31/1999		10.00		(0.02	)		0.99			0.97			–		–			–			10.97
Class C	04/30/2004		10.28		(0.10	)		0.58			0.48			–		–			–			10.76
	10/31/2003		7.52		(0.20	)		2.96			2.76			–		–			–			10.28
Class C2	04/30/2004		10.28		(0.10	)		0.58			0.48			–		–			–			10.76
	10/31/2003		7.63		(0.19	)		2.84			2.65			–		–			–			10.28
	10/31/2002		9.29		(0.21	)		(1.45	)		(1.66	)		–		–			–			7.63
	10/31/2001		13.05		(0.24	)		(3.51	)		(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 M	04/30/2004		10.33		(0.09	)		0.58			0.49			–		–			–			10.82
	10/31/2003		7.66		(0.18	)		2.85			2.67			–		–			–			10.33
	10/31/2002		9.31		(0.19	)		(1.46	)		(1.65	)		–		–			–			7.66
	10/31/2001		13.07		(0.20	)		(3.55	)		(3.75	)		–		(0.01	)		(0.01	)		9.31
	10/31/2000		10.98		(0.14	)		2.51			2.37			–		(0.28	)		(0.28	)		13.07
	10/31/1999		10.00		(0.01	)		0.99			0.98			–		–			–			10.98

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	5.00	%	$	128,361	1.40	%	1.40	%	(1.13	)%	10	%
	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
	10/31/1999	10.13			1,272	1.55		7.93		(1.15	)	43
Class B	04/30/2004	4.67			13,183	2.05		2.05		(1.78	)	10
	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
	10/31/1999	9.70			1,135	2.20		8.58		(1.80	)	43
Class C	04/30/2004	4.67			1,310	2.05		2.05		(1.78	)	10
	10/31/2003	36.70			628	2.40		2.58		(2.20	)	25
Class C2	04/30/2004	4.67			2,479	2.05		2.05		(1.78	)	10
	10/31/2003	34.73			2,417	2.40		2.58		(2.20	)	25
	10/31/2002	(17.85	)		1,975	2.39		3.32		(2.17	)	55
	10/31/2001	(28.73	)		1,943	2.20		3.21		(1.95	)	49
	10/31/2000	21.63			1,626	2.20		3.48		(1.79	)	53
Class M	04/30/2004	4.74			1,879	1.95		1.95		(1.68	)	10
	10/31/2003	34.86			2,371	2.30		2.48		(2.10	)	25
	10/31/2002	(17.76	)		1,547	2.29		3.22		(2.07	)	55
	10/31/2001	(28.64	)		2,161	2.10		3.11		(1.85	)	49
	10/31/2000	21.73			2,489	2.10		3.38		(1.69	)	53
	10/31/1999	9.77			685	2.10		8.48		(1.70	)	43

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    7

TA IDEX T. Rowe Price Small Cap

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 and 4/30/2004.

(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 classes are as follows:

Class C – November 11, 2002

Class C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    8

TA IDEX T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX T. Rowe Price Small Cap (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.

On March 1, 2004, the Fund changed its name from IDEX T. Rowe Price Small Cap to TA IDEX T. Rowe Price Small Cap.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).

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 the 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.

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

Other securities for which quotations are not readily available also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Directed brokerage: 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 Directed Brokerage Program. A Directed Brokerage 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. Directed commissions during the period ended April 30, 2004, of $3 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 received 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 $8 of program net 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    9

TA IDEX T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

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 counterpart to meet the contract terms.

The underlying face amount of open futures contracts at April 30, 2004, are listed in the Schedule of Investments. The variation margin payable, is included in the accompanying Statements of Assets and Liabilities. Variation margin payable represents the additional payments due 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.

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 period ended April 30, 2004, this fee totaled $2. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    10

TA IDEX T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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	$	5,941	4%
TA IDEX Asset Allocation - Growth Portfolio		34,153	23%
TA IDEX Asset Allocation - Moderate Growth Portfolio		51,713	35%
TA IDEX Asset Allocation - Moderate Portfolio		26,628	18%
Total	$	118,435	80%

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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, 2004 was $19.

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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	31
Retained by Underwriter		4
Contingent Deferred Sales Charges		14

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $13 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $70 for the period ended April 30, 2004.

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 Fund. At April 30, 2004, 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, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	39,523
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		12,740
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 treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap    11

TA IDEX T. Rowe Price Small Cap

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  4–(continued)

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

Capital Loss Carryforward	Available through
$1,832	October 31, 2009
4,119	October 31, 2010
1,038	October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, were as follows:

Federal Tax Cost Basis	$	157,735
Unrealized Appreciation	$	23,902
Unrealized (Depreciation)		(6,710	)
Net Unrealized Appreciation (Depreciation)	$	17,192

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares merged into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Small Cap     12

TA IDEX T. Rowe Price Tax-Efficient Growth

SCHEDULE OF INVESTMENTS

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS (101.4%)
Aerospace (0.3%)
Boeing Company (The)	2,600	$	111
Amusement & Recreation Services (1.2%)
Disney (Walt) Company (The)	16,600		382
Apparel Products (0.5%)
Cintas Corporation	3,600		162
Automotive (0.8%)
Harley-Davidson, Inc.	4,700		265
Beverages (3.3%)
Anheuser-Busch Companies, Inc.	2,900		149
Coca-Cola Company (The)	11,200		566
PepsiCo, Inc.	6,670		363
Business Services (9.1%)
ChoicePoint Inc. (a)	4,200		184
Clear Channel Communications, Inc.	15,400		640
eBay Inc. (a)	6,900		551
Equifax Inc.	1,700		42
First Data Corporation	6,800		309
Monster Worldwide, Inc. (a)(b)	4,300		110
Moody’s Corporation	3,800		245
Omnicom Group, Inc.	5,200		413
Robert Half International Inc. (a)	6,500		177
WPP Group PLC–ADR	5,400		266
Chemicals & Allied Products (3.2%)
Avon Products, Inc.	2,100		176
Colgate-Palmolive Company	3,500		203
Ecolab Inc.	3,600		107
Procter & Gamble Company (The)	4,300		455
Valspar Corporation (The)	2,000		99
Commercial Banks (7.0%)
Bank of New York Company, Inc. (The)	8,600		251
Citigroup Inc.	17,759		854
Mellon Financial Corporation	4,000		119
Northern Trust Corporation	8,000		338
State Street Corporation (b)	7,200		351
Wells Fargo & Company	6,400		361
Communication (2.6%)
Certegy Inc.	4,800		172
Viacom, Inc.–Class B	17,400		673
Communications Equipment (0.2%)
Nokia Corporation–ADR	5,500		77
Computer & Data Processing Services (6.7%)
Automatic Data Processing, Inc.	4,200		184
BMC Software, Inc. (a)	5,600		97
Computer Associates International, Inc. (b)	3,900		105
Intuit Inc. (a)	3,600		153
Microsoft Corporation	41,500		1,078
Oracle Corporation (a)	21,000		236
SAP AG–ADR	1,400		52
Yahoo! Inc. (a)	4,900		247
Computer & Office Equipment (4.2%)
Cisco Systems, Inc. (a)	31,300		653
Dell Inc. (a)	17,500		607
EMC Corporation (a)	7,700		86

	Shares	Value
Drug Stores & Proprietary Stores (1.5%)
CVS Corporation (b)	4,200	$	162
Medco Health Solutions, Inc. (a)	1,109		39
Walgreen Co.	8,300		286
Educational Services (1.1%)
Apollo Group, Inc.–Class A (a)	2,650		241
DeVRY Inc. (a)	4,500		130
Electronic & Other Electric Equipment (2.9%)
General Electric Company	31,550		945
Electronic Components & Accessories (10.2%)
Altera Corporation (a)(b)	14,700		294
Analog Devices, Inc.	7,400		315
Broadcom Corporation–Class A (a)	3,500		132
Intel Corporation	26,800		690
Linear Technology Corporation	11,600		413
Maxim Integrated Products	10,800		497
Microchip Technology Incorporated	6,300		177
Molex Incorporated–Class A	3,500		90
Texas Instruments Incorporated	13,700		344
Xilinx, Inc. (a)	9,400		316
Fabricated Metal Products (0.5%)
Gillette Company (The)	4,000		164
Food & Kindred Products (0.8%)
General Mills, Inc. (b)	2,800		137
Wrigley (Wm.) Jr. Company	1,700		105
Furniture & Home Furnishings Stores (0.8%)
Bed Bath & Beyond Inc. (a)	3,500		130
Williams-Sonoma, Inc. (a)(b)	3,600		117
Industrial Machinery & Equipment (0.8%)
Applied Materials, Inc. (a)	9,100		166
Illinois Tool Works Inc.	1,200		103
Insurance (6.6%)
Ambac Financial Group, Inc.	2,400		166
American International Group, Inc.	11,563		828
UnitedHealth Group Incorporated	9,200		566
WellPoint Health Networks Inc. (a)	5,000		558
Insurance Agents, Brokers & Service (1.8%)
Marsh & McLennan Companies, Inc.	12,800		577
Lumber & Other Building Materials (1.6%)
Home Depot, Inc. (The)	14,700		517
Management Services (0.6%)
Paychex, Inc.	5,200		194
Manufacturing Industries (0.2%)
International Game Technology	1,600		60
Medical Instruments & Supplies (3.5%)
Baxter International Inc.	3,200		101
Guidant Corporation	2,400		151
Medtronic, Inc.	13,900		701
Stryker Corporation	1,900		188
Motion Pictures (1.0%)
Time Warner Inc. (a)	20,000		336
Paper & Allied Products (0.7%)
3M Company	600		52
Kimberly-Clark Corporation	2,500		164

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    1

TA IDEX T. Rowe Price Tax-Efficient Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
Personal Credit Institutions (0.7%)
SLM Corporation	5,500	$	211
Pharmaceuticals (12.8%)
Abbott Laboratories	6,100		269
Amgen Inc. (a)	9,600		540
AstraZeneca PLC–ADR (b)	2,000		96
Cardinal Health, Inc.	1,700		125
Glaxo Wellcome PLC–ADR (b)	6,700		281
Johnson & Johnson	10,400		562
Lilly (Eli) and Company	6,500		480
Merck & Co., Inc.	7,100		334
Pfizer Inc.	33,385		1,194
Wyeth	6,100		232
Printing & Publishing (1.1%)
McGraw-Hill Companies, Inc. (The)	4,400		347
Radio & Television Broadcasting (0.6%)
Univision Communications Inc.–Class A (a)	5,500		186
Restaurants (0.5%)
Starbucks Corporation (a)	4,300		167
Retail Trade (0.6%)
Tiffany & Co.	4,600		179
Rubber & Misc. Plastic Products (0.3%)
NIKE, Inc.–Class B	1,300		94
Security & Commodity Brokers (1.8%)
American Express Company	4,400		215
Franklin Resources, Inc.	4,200		230
Schwab (Charles) Corporation (The)	14,600		150
Telecommunications (0.7%)
Vodafone Group PLC–ADR	9,000		221
Transportation & Public Utilities (0.9%)
Expeditors International of Washington, Inc.	2,800		113
InterActiveCorp (a)(b)	5,600		178
U.S. Government Agencies (3.3%)
Fannie Mae	8,000		550
Freddie Mac	8,600		502
Variety Stores (3.5%)
Dollar General Corporation	9,800		184
Family Dollar Stores, Inc.	3,900		125
Wal-Mart Stores, Inc.	14,500		827
Wholesale Trade Nondurable Goods (0.9%)
SYSCO Corporation	7,300		279
Total Common Stocks (cost: $25,102)			32,692

	Principal		Value
SECURITY LENDING COLLATERAL ( 4.1%)
Debt (2.3%)
Bank Notes (0.4%)
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004	$	66	$	66
Fleet National Bank 1.00%, due 07/21/2004		66		66
Euro Dollar Overnight (0.2%)
Credit Agricole Indosuez 1.00%, due 05/07/2004		40		40
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004		24		24
Euro Dollar Terms (0.6%)
Bank of Montreal
1.02%, due 05/21/2004		8		8
BNP Paribas SA
1.01%, due 05/18/2004		40		40
1.08%, due 07/29/2004		40		40
Den Danske Bank
1.02%, due 05/20/2004		26		26
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004		26		26
Wells Fargo & Company 1.02%, due 05/14/2004		40		40
Promissory Notes (0.3%)
Goldman Sachs Group, Inc. (The) 1.13%, due 07/29/2004		93		93
Repurchase Agreements (0.8%) (c)
Merrill Lynch & Co., Inc. 1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $265 on 05/03/2004		265		265
	Shares		Value
Investment Companies (1.8%)
Money Market Funds (1.8%)
Americana AAdvantage Select Fund 1-day yield of 0.98%		79,464		79
Barclays Institutional Money Market Fund 1-day yield of 1.02%		185,415		185
Merrill Lynch Premier Institutional Fund 1-day yield of 0.97%		71,770		72
Merrimac Cash Series Fund– Premium Class 1-day yield of 0.99%		264,879		265
Total Security Lending Collateral (cost: $1,335)				1,335
Total Investment Securities (cost: $26,437)			$	34,027
SUMMARY:
Investments, at value		105.5%	$	34,027
Liabilities in excess of other assets		(5.5)%		(1,763)
Net assets		100.0%	$	32,264

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    2

NOTES TO SCHEDULE OF INVESTMENTS:

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

(b) At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $1,292.

(c) Cash collateral for the Repurchase Agreements, valued at $270, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity.

DEFINITIONS:

ADR American Depositary Receipt

TA IDEX T. Rowe Price Tax-Efficient Growth

STATEMENT OF ASSETS AND LIABILITIES

At April 30, 2004

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

Assets:
Investment securities, at value (cost: $26,437) (including securities loaned of $1,292)	$	34,027
Receivables:
Investment securities sold		65
Shares of beneficial interest sold		13
Dividends		28
Other		3
		34,136
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		377
Management and advisory fees		18
Distribution fees		20
Due to custodian		58
Transfer agent fees		32
Payable for collateral for securities on loan		1,335
Other		32
		1,872
Net Assets	$	32,264
Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	30,519
Accumulated net investment income (loss)		(164	)
Accumulated net realized gain (loss) from investment securities		(5,681	)
Net unrealized appreciation (depreciation) on investment securities		7,590
Net Assets	$	32,264
Net Assets by Class:
Class A	$	12,548
Class B		14,577
Class C		529
Class C2		3,111
Class M		1,499
Shares Outstanding:
Class A		1,239
Class B		1,473
Class C		53
Class C2		314
Class M		151
Net Asset Value Per Share:
Class A	$	10.13
Class B		9.90
Class C		9.90
Class C2		9.90
Class M		9.93
Maximum Offering Price Per Share (a):
Class A	$	10.72
Class M		10.03

(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 C2 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, 2004

(all amounts in thousands)

(unaudited)

Investment Income:
Dividends	$	184
Income from loaned securities–net		1
		185
Expenses:
Management and advisory fees		126
Transfer agent fees		50
Printing and shareholder reports		22
Custody fees		3
Administration fees		9
Legal fees		1
Auditing and accounting fees		7
Trustees fees		1
Registration fees		25
Other		5
Distribution and service fees:
Class A		23
Class B		75
Class C		3
Class C2		17
Class M		7
Total expenses		374
Less:
Advisory fee waiver		(26	)
Net expenses		348
Net Investment Income (Loss)		(163	)
Net Realized and Unrealized Gain (Loss):
Realized gain (loss) from investment securities		368
Increase (decrease) in unrealized appreciation (depreciation) on investment securities		690
Net Gain (Loss) on Investment Securities		1,058
Net Increase (Decrease) in Net Assets Resulting from Operations	$	895

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    3

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, 2004 (unaudited)			October 31, 2003
Increase (Decrease) In Net Assets From:
Operations:
Net investment income (loss)	$	(163	)	$	(332)
Net realized gain (loss) from investment securities		368			(3,318)
Net unrealized appreciation (depreciation) on investment securities		690			11,969
		895			8,319
Distributions to Shareholders:
From net investment income:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
From net realized gains:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Capital Share Transactions:
Proceeds from shares sold:
Class A		1,229			15,466
Class B		2,077			3,312
Class C		64			457
Class C2		341			775
Class M		132			244
		3,843			20,254
Dividends and distributions reinvested:
Class A		–			–
Class B		–			–
Class C		–			–
Class C2		–			–
Class M		–			–
		–			–
Cost of shares redeemed:
Class A		(2,133	)		(28,901	)
Class B		(2,039	)		(3,349	)
Class C		(19	)		(16	)
Class C2		(516	)		(1,024	)
Class M		(355	)		(983	)
		(5,062	)		(34,273	)
		(1,219	)		(14,019	)
Net increase (decrease) in net assets		(324	)		(5,700	)
Net Assets:
Beginning of period		32,588			38,288
End of period	$	32,264		$	32,588
Accumulated Net Investment Income (Loss)	$	(164	)	$	(1	)

	April 30, 2004 (unaudited)		October 31, 2003
Share Activity:
Shares issued:
Class A	120		1,908
Class B	206		381
Class C	6		51
Class C2	34		89
Class M	13		29
	379		2,458
Shares issued–reinvested from distributions:
Class A	–		–
Class B	–		–
Class C	–		–
Class C2	–		–
Class M	–		–
	–		–
Shares redeemed:
Class A	(206	)	(3,225	)
Class B	(201	)	(403	)
Class C	(2	)	(2	)
Class C2	(52	)	(123	)
Class M	(35	)	(116	)
	(496	)	(3,869	)
Net increase (decrease) in shares outstanding:
Class A	(86	)	(1,317	)
Class B	5		(22	)
Class C	4		49
Class C2	(18	)	(34	)
Class M	(22	)	(87	)
	(117	)	(1,411	)

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    4

TA IDEX T. Rowe Price Tax-Efficient Growth

FINANCIAL HIGHLIGHTS

(unaudited for the period ended April 30, 2004)

		For a share of beneficial interest outstanding throughout each period
	For the Period Ended (d)(g)	Net Asset Value, Beginning of Period		Investment Operations									Distributions								Net Asset Value, End of Period
				Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total Operations			From Net Investment Income			From Net Realized Gains		Total Distributions
Class A	04/30/2004	$	9.85	$	(0.03	)	$	0.31		$	0.28		$	–		$	–	$	–		$	10.13
	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
	10/31/1999		10.00		0.06			0.18			0.24			(0.04	)		–		(0.04	)		10.20
Class B	04/30/2004		9.66		(0.06	)		0.30			0.24			–			–		–			9.90
	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
	10/31/1999		10.00		0.01			0.18			0.19			–			–		–			10.19
Class C	04/30/2004		9.66		(0.06	)		0.30			0.24			–			–		–			9.90
	10/31/2003		7.91		(0.11	)		1.86			1.75			–			–		–			9.66
Class C2	04/30/2004		9.66		(0.06	)		0.30			0.24			–			–		–			9.90
	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 M	04/30/2004		9.69		(0.06	)		0.30			0.24			–			–		–			9.93
	10/31/2003		8.00		(0.09	)		1.78			1.69			–			–		–			9.69
	10/31/2002		9.49		(0.08	)		(1.41	)		(1.49	)		–			–		–			8.00
	10/31/2001		10.63		(0.01	)		(1.13	)		(1.14	)		–			–		–			9.49
	10/31/2000		10.19		0.03			0.44			0.47			(0.03	)		–		(0.03	)		10.63
	10/31/1999		10.00		0.02			0.18			0.20			(0.01	)		–		(0.01	)		10.19

				Ratios/Supplemental Data
	For the Period Ended (g)	Total Return (c)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (a)				Net Investment Income (Loss) to Average Net Assets (a)		Portfolio Turnover Rate (b)
						Net (e)		Total (f)
Class A	04/30/2004	2.84	%	$	12,548	1.70	%	1.83	%	(0.58	)%	4	%
	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
	10/31/1999	2.40			1,840	1.55		7.57		1.09		20
Class B	04/30/2004	2.48			14,577	2.35		2.48		(1.23	)	4
	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
	10/31/1999	1.96			2,134	2.20		8.22		0.44		20
Class C	04/30/2004	2.48			529	2.35		2.48		(1.23	)	4
	10/31/2003	22.12			473	2.35		2.50		(1.21	)	50
Class C2	04/30/2004	2.48			3,111	2.35		2.48		(1.23	)	4
	10/31/2003	21.05			3,204	2.35		2.50		(1.21	)	50
	10/31/2002	(15.84	)		2,920	2.33		2.60		(0.92	)	76
	10/31/2001	(10.75	)		3,419	2.20		2.72		(0.18	)	30
	10/31/2000	4.49			1,935	2.20		3.33		0.01		58
Class M	04/30/2004	2.48			1,499	2.25		2.38		(1.13	)	4
	10/31/2003	21.13			1,673	2.25		2.40		(1.11	)	50
	10/31/2002	(15.71	)		2,082	2.23		2.50		(0.82	)	76
	10/31/2001	(10.66	)		2,888	2.10		2.62		(0.08	)	30
	10/31/2000	4.59			1,916	2.10		3.23		0.11		58
	10/31/1999	2.03			1,058	2.10		8.12		0.54		20

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    5

TA IDEX T. Rowe Price Tax-Efficient Growth

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 and 4/30/2004.

(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 classes are as follows:

Class C – November 11, 2002

Class C2 – November 1, 1999

The notes to the financial statements are an integral part of this report.
Transamerica IDEX Mutual Funds	Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    6

TA IDEX T. Rowe Price Tax-Efficient Growth

NOTES TO FINANCIAL STATEMENTS

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX T. Rowe Price Tax-Efficient Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.

On March 1, 2004, the Fund changed its name from IDEX T. Rowe Price Tax-Efficient Growth to TA IDEX T. Rowe Price Tax-Efficient Growth.

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 five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. 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 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 (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received). 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 the 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; 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 also 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.

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, 2004, was paying an interest rate of 0.75%.

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 are incurred.

Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received 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 net 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.

Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.

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 than 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.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    7

TA IDEX T. Rowe Price Tax-Efficient Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(all amounts in thousands)

(unaudited)

NOTE  1–(continued)

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 $), 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.

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 period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & 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.

NOTE  2. RELATED PARTY TRANSACTIONS

AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.

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

	Net Assets	% of Net Assets
TA IDEX Asset Allocation Conservative Portfolio	4,019	12%

Investment advisory fees: The Fund pays management fees to ATFA 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

ATFA has contractually agreed to waive its advisory fee and 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 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 are no amounts subject to recapture at April 30, 2004.

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, 2004 was $1.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    8

TA IDEX T. Rowe Price Tax-Efficient Growth

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2004

(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 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 C2	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, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:

Received by Underwriter	$	20
Retained by Underwriter		3
Contingent Deferred Sales Charges		25

Administrative services: The Fund has entered into an agreement with ATFS 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 Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $9 for the period ended April 30, 2004.

Transfer agent fees: The Fund paid ATIS $50 for the period ended April 30, 2004.

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, 2004, the value of invested plan amounts was $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, 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 period ended April 30, 2004, were as follows:

Purchases of securities:
Long-Term excluding U.S. Government	$	1,202
U.S. Government		–
Proceeds from maturities and sales of securities:
Long-Term excluding U.S. Government		2,278
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 treatments 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
$     32	October 31, 2007
378	October 31, 2008
219	October 31, 2009
1,972	October 31, 2010
3,180	October 31, 2011

The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:

Federal Tax Cost Basis	$	26,706
Unrealized Appreciation	$	7,357
Unrealized (Depreciation)		(36	)
Net Unrealized Appreciation (Depreciation)	$	7,321

NOTE  5. SUBSEQUENT EVENTS

On June 15, 2004, Class C2 shares will merge into Class C.

Transamerica IDEX Mutual Funds Semi-Annual Report 2004

TA IDEX T. Rowe Price Tax-Efficient Growth    9

P.O. Box 9015

Clearwater, FL 33758-9015

P.O. Box 9015 • Clearwater, FL 33758-9015

Distributor: AFSG Securities Corporation, Member NASD

Investor Services 1-888-233-IDEX (4339)

www.idexfunds.com

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.

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:

Not applicable

Item 9: 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 director candidates recommended by shareholders as it does not currently contemplate adding Board members or otherwise changing the Board’s composition.

10: 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, 2004, 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 11: 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.

(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.

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: July 8, 2004

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:	July 8, 2004
By:	/s/ Kim D. Day
	Senior Vice President, Treasurer and Principal Financial Officer
Date:	July 8, 2004

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
11(a)(2)	Section 302 N-CSR Certification of Principal Executive Officer
11(a)(2)	Section 302 N-CSR Certification of Principal Financial Officer
11(b)	Section 906 N-CSR Certification of Principal Executive Officer, Principal Financial Officer & General Counsel