Transamerica Bond (IDITX) N-14 Registration statement for investment companies business combination

Semi-Annual Report
June 30, 2009

www.transamericafunds.com

Customer Service 1-800-89-ASK-US (1-800-892-7587)
P.O. Box 219427 • Kansas City, MO 64121-9427
Distributor: Transamerica Capital, Inc.

Dear Fellow Shareholder,

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

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

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. During the past six months, markets have oscillated from weakness in conjunction with investors’ continuing concerns over the health of the economy to strength in conjunction with investor optimism of recovery and bargain hunting. The equity markets touched new lows in March, and then subsequently rallied sharply. The period ended in June with markets stuck in a trading range as investors began to question the timing and strength of an economic recovery as data was mixed and unemployment remained at multi-decade highs. As investors have become skeptical regarding an economic recovery, the U.S. dollar’s negative momentum has slowed from earlier in 2009, and the dollar ended the period in a trading range versus the Euro, British pound, and the yen. Oil prices have come off of their highs of the year in concert with moderating dollar weakness. The Federal Reserve continues to keep the federal funds rate in a range of 0%-0.25%. Investors have become somewhat skeptical of the impact of the government stimulus package, as the unemployment rate continues to climb and reached 9.5% in June. Bargain hunting, particularly in prior months, has led to year-to-date gains for particular equity and fixed-income sectors, including emerging market stocks, technology stocks, and high yield bonds. For the six months ending June 30, 2009, the Dow Jones Industrial Average returned -2.01%, the Standard & Poor’s 500 Index returned 3.16%, and the Barclay’s Capital Aggregate U.S. Bond Index returned 1.90%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

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

Understanding Your Funds’ Expenses
(unaudited)
SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs including management fees, 12b-1 distribution and service fees, and other fund expenses.

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

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

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account would increase the estimate of expenses you paid during the period and decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

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

			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio
Transamerica Premier Balanced Fund Investor Class	$	1,000.00	$	1,082.90	$	5.68	$	1,019.34	$	5.51		1.10	%
Transamerica Premier Cash Reserve Fund Investor Class		1,000.00		1,002.20		1.49		1,023.31		1.51		0.30
Transamerica Premier Diversified Equity Fund Investor Class		1,000.00		1,104.90		6.00		1,019.09		5.76		1.15
Transamerica Premier Equity Fund Investor Class		1,000.00		1,077.70		5.92		1,019.09		5.76		1.15
Transamerica Premier Focus Fund Investor Class		1,000.00		1,170.90		7.54		1,017.85		7.00		1.40
Transamerica Premier Growth Opportunities Fund Investor Class		1,000.00		1,132.90		7.40		1,017.85		7.00		1.40
Transamerica Premier High Yield Bond Fund Investor Class		1,000.00		1,251.00		5.02		1,020.33		4.51		0.90
Institutional Class		1,000.00		1,253.30		3.58		1,021.62		3.21		0.64
Transamerica Premier Institutional Bond Fund Institutional Class		1,000.00		1,078.60		2.32		1,022.56		2.26		0.45
Transamerica Premier Institutional Diversified Equity Fund Institutional Class		1,000.00		1,059.00		3.83		1,021.08		3.76		0.75
Transamerica Premier Institutional Equity Fund Institutional Class		1,000.00		1,083.20		3.87		1,021.08		3.76		0.75
Transamerica Premier Institutional Small Cap Value Fund Institutional Class		1,000.00		1,187.20		4.61		1,020.58		4.26		0.85

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

Transamerica Premier Funds		Semi-Annual Report 2009
	Page 3

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

Transamerica Premier Balanced Fund
Common Stocks	60.5	%
Corporate Debt Securities	21.9
U.S. Government Agency Obligations	10.7
Repurchase Agreement	2.8
Mortgage-Backed Securities	2.4
U.S. Government Obligations	1.9
Preferred Corporate Debt Security	0.4
Other Assets and Liabilities — Net	(0.6	)
Total	100.0	%

Transamerica Premier Cash Reserve Fund
Commercial Paper	78.8	%
Corporate Debt Securities	10.4
Certificates of Deposit	8.9
Repurchase Agreement	2.1
Other Assets and Liabilities — Net	(0.2	)
Total	100.0	%

Transamerica Premier Diversified Equity Fund
Common Stocks	94.7	%
Repurchase Agreement	5.3
Other Assets and Liabilities — Net	0.0	*
Total	100.0	%

Transamerica Premier Equity Fund
Common Stocks	93.9	%
Repurchase Agreement	6.1
Other Assets and Liabilities — Net	0.0	*
Total	100.0	%

Transamerica Premier Focus Fund
Common Stocks	84.8	%
Repurchase Agreement	19.4
Other Assets and Liabilities — Net	(4.2	)
Total	100.0	%

Transamerica Premier Growth Opportunities Fund
Common Stocks	95.8	%
Repurchase Agreement	3.1
Other Assets and Liabilities — Net	1.1
Total	100.0	%

Transamerica Premier High Yield Bond Fund
Corporate Debt Securities	93.5	%
Convertible Bonds	2.7
Repurchase Agreement	1.2
Convertible Preferred Stock	0.2
Other Assets and Liabilities — Net	2.4
Total	100.0	%

Transamerica Premier Institutional Bond Fund
Corporate Debt Securities	56.1	%
U.S. Government Agency Obligations	30.4
Mortgage-Backed Securities	6.5
U.S. Government Obligations	4.1
Repurchase Agreement	2.6
Preferred Corporate Debt Security	1.0
Municipal Government Obligation	0.7
Other Assets and Liabilities — Net	(1.4	)
Total	100.0	%

Transamerica Premier Institutional Diversified Equity Fund
Common Stocks	97.5	%
Repurchase Agreement	3.3
Other Assets and Liabilities — Net	(0.8	)
Total	100.0	%

Transamerica Premier Institutional Equity Fund
Common Stocks	97.3	%
Repurchase Agreement	2.5
Other Assets and Liabilities — Net	0.2
Total	100.0	%

Transamerica Premier Institutional Small Cap Value Fund
Common Stock	94.9	%
Repurchase Agreement	4.6
Other Assets and Liabilities — Net	0.5
Total	100.0	%

* Amount rounds to less than 0.05% or (0.05%).

Transamerica Premier Funds		Semi-Annual Report 2009
	Page 4

Transamerica Premier Balanced Fund

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

	Shares		Value
COMMON STOCKS - 60.5%
Aerospace & Defense - 1.0%
Boeing Co.		65,000	$	2,763
Air Freight & Logistics - 1.7%
CH Robinson Worldwide, Inc.		82,000		4,276
Expeditors International of Washington, Inc.		20,000		667
Auto Components - 3.3%
BorgWarner, Inc.		140,000		4,782
Johnson Controls, Inc.		220,000		4,778
Biotechnology - 2.1%
Gilead Sciences, Inc. ‡		130,000		6,089
Capital Markets - 4.3%
Charles Schwab Corp.		400,000		7,016
T. Rowe Price Group, Inc.		118,829		4,952
Chemicals - 2.7%
Sigma-Aldrich Corp.		150,000		7,434
Communications Equipment - 2.5%
Qualcomm, Inc.		155,000		7,006
Computers & Peripherals - 3.0%
Apple, Inc. ‡		60,000		8,546
Construction & Engineering - 1.0%
Jacobs Engineering Group, Inc. ‡		64,000		2,694
Diversified Financial Services - 1.7%
JPMorgan Chase & Co.		145,000		4,946
Diversified Telecommunication Services - 2.4%
Verizon Communications, Inc.		220,000		6,761
Electronic Equipment & Instruments - 1.4%
Tyco Electronics, Ltd.		219,000		4,071
Food & Staples Retailing - 1.3%
Wal-Mart Stores, Inc.		75,000		3,633
Health Care Equipment & Supplies - 3.1%
Becton Dickinson & Co.		75,000		5,348
Covidien PLC		50,000		1,872
Varian Medical Systems, Inc. ‡		40,000		1,406
Industrial Conglomerates - 1.0%
General Electric Co.		230,000		2,696
Internet & Catalog Retail - 3.1%
Amazon.com, Inc. ‡		105,000		8,784
Internet Software & Services - 2.8%
Google, Inc. -Class A ‡		19,000		8,010
IT Services - 1.9%
Automatic Data Processing, Inc.		152,000		5,387
Machinery - 5.9%
Caterpillar, Inc.		85,000		2,808
Kennametal, Inc.		350,000		6,713
PACCAR, Inc.		230,000		7,477
Paper & Forest Products - 1.9%
Weyerhaeuser Co.		180,000		5,477
Real Estate Investment Trusts - 0.4%
Plum Creek Timber Co., Inc.		40,000		1,191
Road & Rail - 1.6%
Burlington Northern Santa Fe Corp.		60,000		4,412
Semiconductors & Semiconductor Equipment - 2.2%
Intel Corp.		380,000		6,289
Software - 6.5%
Adobe Systems, Inc. ‡		255,000		7,217
Intuit, Inc. ‡		135,000		3,802
Oracle Corp.		340,000		7,282
Trading Companies & Distributors - 1.7%
WW Grainger, Inc.		60,000		4,913
Total Common Stocks (cost $179,109)				171,498

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 1.9%
U.S. Treasury Bond
3.50% 02/15/2039	$	2,120		1,833
U.S. Treasury Inflation Indexed Bond
1.75% 01/15/2028		641		605
2.50% 01/15/2029		1,341		1,425
U.S. Treasury Note
1.13% 06/30/2011		1,500		1,500
Total U.S. Government Obligations (cost $5,161)				5,363
U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.7%
Fannie Mae
4.50% 07/25/2021		1,528		1,564
5.00% 04/25/2034		3,210		3,348
5.50% 04/01/2037 - 11/01/2038		5,177		5,352
5.78% 12/01/2036 *		1,895		1,995
Freddie Mac
5.00% 02/01/2024 - 01/01/2039		11,275		11,559
6.00% 12/01/2037		3,986		4,201
Ginnie Mae
4.50% 02/20/2037 *		2,275		2,320
Total U.S. Government Agency Obligations (cost $29,803)				30,339
MORTGAGE-BACKED SECURITIES - 2.4%
American Tower Trust
Series 2007-1A, Class AFX
5.42% 04/15/2037 144A		1,315		1,197
Crown Castle Towers LLC
Series 2006-1A, Class AFX
5.24% 11/15/2036 144A		1,778		1,707
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.59% 12/26/2037 144A		598		527
Series 2009-R7, Class 10A3
6.00% 12/26/2036 144A		538		510
Series 2009-R7, Class 12A1
5.50% 08/26/2036 144A		610		537
Series 2009-R9, Class 1A1
5.84% 12/31/2049 144A		620		553
Small Business Administration CMBS Trust
Series 2006-1A, Class A
5.31% 11/15/2036 144A		1,770		1,655
Total Mortgage-Backed Securities (cost $6,837)				6,686
CORPORATE DEBT SECURITIES - 21.9%
Airlines - 0.5%
Continental Airlines, Inc.
7.49%, 10/02/2010		638		606
9.00%, 07/08/2016		360		360
Delta Air Lines, Inc.
7.57%, 11/18/2010		585		559

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

Transamerica Premier Funds		Semi-Annual Report 2009
	Page 5

Transamerica Premier Balanced Fund

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

	Principal		Value
Auto Components - 0.5%
Johnson Controls, Inc.
5.25%, 01/15/2011	$	1,344	$	1,359
Beverages - 0.6%
Anheuser-Busch InBev Worldwide, Inc.
8.20%, 01/15/2039 144A		833		928
Bacardi, Ltd.
7.45%, 04/01/2014 144A		690		736
Capital Markets - 1.2%
Charles Schwab Corp.
4.95%, 06/01/2014		1,035		1,053
Goldman Sachs Group, Inc.
1.06%, 03/22/2016 *		1,230		1,042
Morgan Stanley
6.00%, 05/13/2014		1,230		1,245
Chemicals - 1.2%
Chevron Phillips Chemical Co. LLC
8.25%, 06/15/2019 144A		510		532
Cytec Industries, Inc.
8.95%, 07/01/2017		510		509
Dow Chemical Co.
8.55%, 05/15/2019		1,160		1,162
Nalco Co.
8.25%, 05/15/2017 144A		525		528
Yara International ASA
7.88%, 06/11/2019 144A		560		584
Commercial Banks - 1.4%
Barclays Bank PLC
7.70%, 04/25/2018 144A Ž		1,090		906
BB&T Corp.
6.85%, 04/30/2019		985		1,024
PNC Bank NA
6.00%, 12/07/2017		425		393
Wachovia Corp.
1.38%, 10/28/2015 *		1,445		1,137
ZFS Finance USA Trust II
6.45%, 06/15/2016 144A ■		690		524
Commercial Services & Supplies - 0.4%
Allied Waste North America, Inc.
6.50%, 11/15/2010		1,000		1,018
Construction Materials - 0.5%
Lafarge SA
6.15%, 07/15/2011		1,335		1,349
Consumer Finance - 0.6%
American Express Credit Corp.
1.71%, 05/27/2010 *		700		691
Discover Financial Services
1.17%, 06/11/2010 *		1,173		1,105
Containers & Packaging - 0.3%
Rexam PLC
6.75%, 06/01/2013 144A		980		949
Diversified Financial Services - 2.0%
Bank of America Corp.
0.91%, 06/15/2016 *		2,215		1,646
Bear Stearns Cos., Inc.
7.25%, 02/01/2018		1,111		1,171
Citigroup, Inc.
0.94%, 05/18/2011 *		1,100		1,040
Glencore Funding LLC
6.00%, 04/15/2014 144A		706		583
Harley-Davidson Funding Corp.
5.25%, 12/15/2012 144A		1,130		1,059
Pemex Finance, Ltd.
9.03%, 02/15/2011		378		404
Electronic Equipment & Instruments - 0.4%
Tyco Electronics Group SA
6.00%, 10/01/2012		1,125		1,105
Energy Equipment & Services - 0.9%
DCP Midstream LLC
9.75%, 03/15/2019 144A		628		700
NGPL Pipeco LLC
6.51%, 12/15/2012 144A		980		1,027
Weatherford International, Ltd.
7.00%, 03/15/2038		830		799
Food & Staples Retailing - 0.4%
Ingles Market, Inc.
8.88%, 05/15/2017 144A		550		542
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		650		640
Food Products - 0.4%
M-Foods Holdings, Inc.
9.75%, 10/01/2013 144A		688		662
Michael Foods, Inc.
8.00%, 11/15/2013		500		488
Gas Utilities - 0.3%
EQT Corp.
8.13%, 06/01/2019		770		824
Health Care Equipment & Supplies - 0.4%
Beckman Coulter, Inc.
7.00%, 06/01/2019		909		961
Hotels, Restaurants & Leisure - 0.4%
Host Hotels & Resorts, LP
7.00%, 08/15/2012		555		536
Royal Caribbean Cruises, Ltd.
8.75%, 02/02/2011		715		682
Household Durables - 0.4%
Whirlpool Corp.
8.00%, 05/01/2012		1,040		1,076
Insurance - 0.6%
MetLife, Inc.
5.38%, 12/15/2012		950		971
Oil Insurance, Ltd.
7.56%, 06/30/2011 144A ■ Ž		1,220		599
IT Services - 0.2%
Aramark Corp.
8.50%, 02/01/2015		600		582
Leisure Equipment & Products - 0.4%
Hasbro, Inc.
6.30%, 09/15/2017		1,153		1,123
Media - 0.4%
Time Warner Cable, Inc.
6.75%, 07/01/2018		1,220		1,271
Metals & Mining - 1.0%
ArcelorMittal
5.38%, 06/01/2013		1,380		1,321
Falconbridge, Ltd.
7.35%, 06/05/2012		540		537
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019		975		1,084
Multi-Utilities - 0.7%
Black Hills Corp.
9.00%, 05/15/2014		550		565
Sempra Energy
9.80%, 02/15/2019		1,125		1,363

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

Transamerica Premier Funds		Semi-Annual Report 2009
	Page 6

Transamerica Premier Balanced Fund

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

	Principal		Value
Office Electronics - 0.4%
Xerox Corp.
7.13%, 06/15/2010	$	1,195	$	1,234
Oil, Gas & Consumable Fuels - 1.8%
Energy Transfer Partners, LP
9.70%, 03/15/2019		805		924
Hess Corp.
8.13%, 02/15/2019		1,220		1,389
Husky Energy, Inc.
6.25%, 06/15/2012		1,025		1,058
PetroHawk Energy Corp.
9.13%, 07/15/2013		500		498
Teppco Partners, LP
7.00%, 06/01/2067 ■		500		375
Valero Logistics Operations, LP
6.88%, 07/15/2012		850		870
Paper & Forest Products - 0.4%
Weyerhaeuser Co.
6.75%, 03/15/2012		1,085		1,085
Pharmaceuticals - 0.3%
Allergan, Inc.
5.75%, 04/01/2016		925		912
Real Estate Investment Trusts - 1.5%
Healthcare Realty Trust, Inc.
8.13%, 05/01/2011		1,040		1,036
PPF Funding, Inc.
5.35%, 04/15/2012 144A		1,646		1,345
WEA Finance LLC / WCI Finance LLC
5.40%, 10/01/2012 144A		1,250		1,199
Weingarten Realty Investors
5.26%, 05/15/2012		1,000		887
Real Estate Management & Development - 0.4%
Post Apartment Homes, LP
5.45%, 06/01/2012		600		545
6.30%, 06/01/2013		537		483
Road & Rail - 0.2%
Hertz Corp.
8.88%, 01/01/2014		470		432
Specialty Retail - 0.4%
Staples, Inc.
9.75%, 01/15/2014		1,205		1,345
Tobacco - 0.2%
Lorillard Tobacco Co.
8.13%, 06/23/2019		485		501
Wireless Telecommunication Services - 0.2%
Centennial Communications Corp.
6.96%, 01/01/2013 *		500		498
Total Corporate Debt Securities (cost $61,507)				62,276
Preferred Corporate Debt Security - 0.4%
Rabobank Nederland NV
11.00%, 06/30/2019 144A ■ Ž		950		1,057
Total Preferred Corporate Debt Security (cost $1,000)
REPURCHASE AGREEMENT - 2.8%
State Street Repurchase Agreement
0.01%, dated 06/30/2009, to be repurchased at $7,813 on 07/01/2009 •		7,813		7,813
Total Repurchase Agreement (cost $7,813)
Total Investment Securities (cost $291,230) #				285,032
Other Assets and Liabilities — Net				(1,804	)
Net Assets			$	283,228

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
*	Floating or variable rate note. Rate is listed as of 06/30/2009.
Ž	The security has a perpetual maturity. The date shown is the next call date.
■	Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 06/30/2009.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 0.61% to 4.72%, maturity dates ranging from 08/01/2034 to 08/25/2034, and with market values plus accrued interests of $7,970.
#	Aggregate cost for federal income tax purposes is $291,230. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $19,595 and $25,793, respectively. Net unrealized depreciation for tax purposes is $6,198.
DEFINITIONS:
144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2009, these securities aggregated $21,146, or 7.47%, of the Fund’s net assets.
CMBS	Commercial Mortgage-Backed Security
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

Transamerica Premier Funds		Semi-Annual Report 2009
	Page 7

Transamerica Premier Balanced Fund

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	20,216	$	—	$	—	$	20,216
Equities — Consumer Staples		3,633		—		—		3,633
Equities — Financials		18,105		—		—		18,105
Equities — Health Care		12,843		—		—		12,843
Equities — Industrials		39,419		—		—		39,419
Equities — Information Technology		57,610		—		—		57,610
Equities — Materials		12,911		—		—		12,911
Equities — Telecommunication Services		6,761		—		—		6,761
Fixed Income — Consumer Discretionary		—		6,369		—		6,369
Fixed Income — Consumer Staples		—		5,521		—		5,521
Fixed Income — Energy		—		7,639		—		7,639
Fixed Income — Financials		—		23,145		—		23,145
Fixed Income — Health Care		—		1,873		—		1,873
Fixed Income — Industrials		—		2,975		—		2,975
Fixed Income — Information Technology		—		2,921		—		2,921
Fixed Income — Materials		—		9,640		—		9,640
Fixed Income — Mortgage-Backed Security		—		6,686		—		6,686
Fixed Income — Telecommunication Services		—		498		—		498
Fixed Income — U.S. Government Agency Obligation		—		30,339		—		30,339
Fixed Income — U.S. Government Obligation		—		5,363		—		5,363
Fixed Income — Utilities		—		2,752		—		2,752
Cash & Cash Equivalent — Repurchase Agreement		—		7,813		—		7,813
Total	$	171,498	$	113,534	$	—	$	285,032

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

Transamerica Premier Funds Annual Report 2008

Page 8

Transamerica Premier Cash Reserve Fund

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

	Principal		Value
COMMERCIAL PAPER - 78.8%
Capital Markets - 5.2%
State Street Corp.
0.20%, 07/07/2009	$	2,750	$	2,750
Chemicals - 4.7%
Ecolab, Inc.
0.27%, 09/02/2009 - 144A		2,500		2,499
Commercial Banks - 13.0%
Barclays Bank PLC
0.95%, 07/22/2009		1,200		1,199
Royal Bank of Scotland PLC
1.02%, 08/03/2009		3,100		3,098
UBS Finance Delaware LLC
0.36%, 08/13/2009		1,400		1,399
0.40%, 07/13/2009		1,100		1,100
Diversified Financial Services - 42.5%
Alpine Securitization
0.23%, 07/10/2009 - 144A		800		800
0.25%, 07/24/2009 - 144A		2,050		2,049
American Honda Finance Corp.
0.75%, 07/07/2009		1,100		1,100
0.85%, 07/09/2009		550		550
0.90%, 07/06/2009		1,500		1,500
Bank of America Corp.
0.36%, 09/10/2009		500		500
CAFCO LLC
0.85%, 07/22/2009 - 144A		1,700		1,699
Caterpillar Financial Services Corp.
0.30%, 07/13/2009		2,100		2,099
CIESCO LLC
0.30%, 07/14/2009 - 144A		1,200		1,200
MetLife Funding, Inc.
0.30%, 07/23/2009		1,200		1,200
Old Line Funding LLC
0.45%, 07/07/2009 - 144A		800		800
0.60%, 07/15/2009 - 144A		1,725		1,725
PACCAR Financial Corp.
0.17%, 07/14/2009		1,500		1,500
Rabobank USA Financial Corp.
0.42%, 07/15/2009		1,950		1,950
Ranger Funding Co. LLC
0.45%, 07/14/2009 - 144A		1,200		1,200
0.85%, 08/10/2009 - 144A		1,000		999
Wal-Mart Funding Corp.
0.27%, 07/06/2009 - 144A		1,500		1,500
Health Care Equipment & Supplies - 1.0%
Medtronic, Inc.
0.19%, 07/28/2009 - 144A		550		550
Industrial Conglomerates - 4.6%
General Electric Co.
0.25%, 08/24/2009 - 08/25/2009		2,400		2,399
Foreign Government Obligation - 7.8%
Province of Ontario Canada
0.30%, 07/08/2009		1,500		1,499
Province of Quebec Canada
0.23%, 08/21/2009 - 144A		1,400		1,400
0.29%, 07/09/2009 - 144A		1,200		1,200
Total Commercial Paper (cost $41,464)				41,464
CERTIFICATES OF DEPOSIT - 8.9%
Commercial Banks - 8.9%
Bank of Scotland PLC
0.56%, 09/09/2009		2,800		2,800
Barclays Bank PLC
0.45%, 08/13/2009		1,900		1,900
Total Certificate of Deposit (cost $4,700)				4,700
CORPORATE DEBT SECURITIES - 10.4%
Consumer Finance - 4.4%
Toyota Motor Credit Corp.
0.30%, 07/20/2009		1,200		1,199
0.31%, 08/04/2009		1,100		1,100
Diversified Financial Services - 6.0%
IBM International Group Capital LLC *
1.39%, 07/29/2009		3,200		3,201
Total Corporate Debt Security (cost $5,500)				5,500
REPURCHASE AGREEMENT - 2.1%
State Street Repurchase Agreement 0.01%, dated 6/30/2009, to be repurchased at $1,118 on 07/01/2009 •		1,118		1,118
Total Repurchase Agreements (cost $1,118)
Total Investment Securities (cost $52,782) #				52,782
Other Assets and Liabilities — Net				(82	)
Net Assets			$	52,700

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 9

Transamerica Premier Cash Reserve Fund

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

NOTES TO SCHEDULE OF INVESTMENTS:
*	Floating or variable rate note. Rate is listed as of 06/30/2009.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.72% to 4.74%, maturity dates of 08/01/2034, and with market values plus accrued interests of $1,140.
#	Aggregate cost for federal income tax purposes is $52,782.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2009, these securities aggregated $17,621, or 33.45%, of the Fund’s net assets.
LLC	Limited Liability Company
PLC	Public Limited Company

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Fixed Income — Financials	$	—	$	5,500	$	—	$	5,500
Cash & Cash Equivalent — Consumer Discretionary		—		550		—		550
Cash & Cash Equivalent — Financials		—		36,617		—		36,617
Cash & Cash Equivalent — Industrials		—		2,399		—		2,399
Cash & Cash Equivalent — Materials		—		2,499		—		2,499
Cash & Cash Equivalent — Repurchase Agreement		—		1,118		—		1,118
Cash & Cash Equivalent — Foreign Government Obligation		—		4,099		—		4,099
Total	$	—	$	52,782	$	—	$	52,782

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 10

Transamerica Premier Diversified Equity Fund

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

	Shares		Value
COMMON STOCKS - 94.7%
Aerospace & Defense - 4.8%
Boeing Co.		22,500	$	956
Lockheed Martin Corp.		40,000		3,226
Precision Castparts Corp.		90,000		6,573
Air Freight & Logistics - 1.8%
CH Robinson Worldwide, Inc.		40,000		2,086
Expeditors International of Washington, Inc.		58,000		1,934
Auto Components - 6.2%
BorgWarner, Inc.		200,000		6,830
Johnson Controls, Inc.		330,000		7,168
Beverages - 1.0%
PepsiCo, Inc.		40,000		2,198
Capital Markets - 8.4%
BlackRock, Inc. -Class A		34,000		5,964
Charles Schwab Corp.		410,000		7,192
T. Rowe Price Group, Inc.		140,000		5,834
Chemicals - 6.1%
Ecolab, Inc.		128,000		4,991
Monsanto Co.		30,000		2,230
Sigma-Aldrich Corp.		135,000		6,690
Communications Equipment - 1.8%
Qualcomm, Inc.		90,000		4,068
Computers & Peripherals - 8.7%
Apple, Inc. ‡		62,000		8,831
Hewlett-Packard Co.		195,000		7,537
International Business Machines Corp.		32,000		3,341
Construction & Engineering - 1.6%
Jacobs Engineering Group, Inc. ‡		85,000		3,578
Diversified Financial Services - 3.6%
Bank of America Corp.		180,495		2,383
JPMorgan Chase & Co.		170,000		5,798
Diversified Telecommunication Services - 3.5%
Verizon Communications, Inc.		255,000		7,836
Electronic Equipment & Instruments - 1.4%
Tyco Electronics, Ltd.		165,000		3,067
Energy Equipment & Services - 0.7%
Schlumberger, Ltd.		30,000		1,623
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.		78,000		3,565
Health Care Equipment & Supplies - 3.3%
Becton Dickinson & Co.		75,000		5,349
Covidien PLC		55,000		2,059
Internet & Catalog Retail - 3.9%
Amazon.com, Inc. ‡		105,000		8,784
Internet Software & Services - 2.4%
Google, Inc. -Class A ‡		13,000		5,481
Leisure Equipment & Products - 1.2%
Hasbro, Inc.		113,300		2,746
Life Sciences Tools & Services - 1.1%
Millipore Corp. ‡		35,000		2,457
Machinery - 7.4%
Caterpillar, Inc.		70,000		2,313
Donaldson Co., Inc.		100,000		3,464
Kennametal, Inc.		320,000		6,137
PACCAR, Inc.		155,000		5,039
Media - 3.6%
Dreamworks Animation SKG, Inc. -Class A ‡		80,000		2,207
Walt Disney Co.		250,000		5,833
Oil, Gas & Consumable Fuels - 1.0%
Anadarko Petroleum Corp.		49,000		2,224
Paper & Forest Products - 2.2%
Weyerhaeuser Co.		160,000		4,869
Real Estate Investment Trusts - 1.7%
Plum Creek Timber Co., Inc.		130,000		3,871
Road & Rail - 2.0%
Burlington Northern Santa Fe Corp.		60,000		4,412
Semiconductors & Semiconductor Equipment - 1.9%
Intel Corp.		255,000		4,220
Software - 7.3%
Activision Blizzard, Inc. ‡		160,000		2,021
Adobe Systems, Inc. ‡		192,000		5,433
Intuit, Inc. ‡		160,000		4,506
Oracle Corp.		215,000		4,605
Textiles, Apparel & Luxury Goods - 2.3%
Nike, Inc. -Class B		100,000		5,178
Trading Companies & Distributors - 2.2%
WW Grainger, Inc.		62,000		5,078
Total Common Stocks (cost $232,290)				213,785

	Principal		Value
REPURCHASE AGREEMENT - 5.3%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $12,065 on 07/01/2009 •	$	12,065		12,065
Total Repurchase Agreement (cost $12,065)
Total Investment Securities (cost $244,355) #				225,850
Other Assets and Liabilities — Net				79
Net Assets			$	225,929

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 11

Transamerica Premier Diversified Equity Fund

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

NOTES TO SCHEDULE OF INVESTMENTS:
‡	Non-income producing security.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.57% to 4.90%, maturity dates ranging from 09/01/2034 to 10/01/2034, and with market values plus accrued interests of $12,307.
#	Aggregate cost for federal income tax purposes is $244,355. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,466 and $29,971, respectively. Net unrealized depreciation for tax purposes is $18,505.

DEFINITION:

PLC Public Limited Company

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	40,805	$	—	$	—	$	40,805
Equities — Consumer Staples		5,763		—		—		5,763
Equities — Energy		3,847		—		—		3,847
Equities — Financials		31,042		—		—		31,042
Equities — Health Care		7,806		—		—		7,806
Equities — Industrials		44,796		—		—		44,796
Equities — Information Technology		53,110		—		—		53,110
Equities — Materials		18,780		—		—		18,780
Equities — Telecommunication Services		7,836		—		—		7,836
Cash & Cash Equivalent — Repurchase Agreement		—		12,065		—		12,065
Total	$	213,785	$	12,065	$	—	$	225,850

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 12

Transamerica Premier Equity Fund

SCHEDULE OF INVESTMENTS

At June 30, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
COMMON STOCKS - 93.9%
Aerospace & Defense - 3.4%
Raytheon Co.		341,896	$	15,190
Air Freight & Logistics - 2.1%
Expeditors International of Washington, Inc.		279,733		9,326
Auto Components - 6.9%
BorgWarner, Inc.		414,715		14,163
Johnson Controls, Inc.		755,000		16,398
Biotechnology - 4.0%
Gilead Sciences, Inc. ‡		377,000		17,659
Capital Markets - 6.0%
Charles Schwab Corp.		738,000		12,945
T. Rowe Price Group, Inc.		331,239		13,802
Chemicals - 12.0%
Ecolab, Inc.		195,368		7,617
Monsanto Co.		50,000		3,717
Praxair, Inc.		301,000		21,393
Sigma-Aldrich Corp.		412,939		20,465
Commercial Banks - 3.5%
Wells Fargo & Co.		639,395		15,512
Communications Equipment - 7.3%
Cisco Systems, Inc. ‡		546,150		10,180
Qualcomm, Inc.		485,000		21,922
Computers & Peripherals - 9.1%
Apple, Inc. ‡		173,000		24,640
Hewlett-Packard Co.		119,885		4,634
International Business Machines Corp.		103,014		10,757
Construction & Engineering - 2.0%
Jacobs Engineering Group, Inc. ‡		213,131		8,971
Electrical Equipment - 1.9%
Emerson Electric Co.		254,867		8,258
Electronic Equipment & Instruments - 1.4%
Tyco Electronics, Ltd.		338,000		6,283
Food & Staples Retailing - 1.9%
Wal-Mart Stores, Inc.		172,235		8,343
Health Care Equipment & Supplies - 4.9%
Becton Dickinson & Co.		190,000		13,549
Varian Medical Systems, Inc. ‡		244,303		8,585
Industrial Conglomerates - 1.9%
General Electric Co.		735,000		8,614
Internet & Catalog Retail - 5.7%
Amazon.com, Inc. ‡		304,618		25,484
Internet Software & Services - 4.5%
Google, Inc. -Class A ‡		47,400		19,983
IT Services - 2.0%
Automatic Data Processing, Inc.		254,415		9,016
Machinery - 4.1%
Caterpillar, Inc.		192,782		6,370
PACCAR, Inc.		360,000		11,703
Media - 2.2%
Walt Disney Co.		417,382		9,738
Oil, Gas & Consumable Fuels - 1.0%
EOG Resources, Inc.		65,000		4,415
Pharmaceuticals - 1.7%
Teva Pharmaceutical Industries, Ltd. ADR		149,335		7,368
Road & Rail - 2.9%
Union Pacific Corp.		248,651		12,945
Software - 1.5%
Microsoft Corp.		276,000		6,561
Total Common Stocks (cost $461,315)				416,506

	Principal		Value
REPURCHASE AGREEMENT - 6.1%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $27,020 on 07/01/2009 •	$	27,020		27,020
Total Repurchase Agreement (cost $27,020)
Total Investment Securities (cost $488,335) #				443,526
Other Assets and Liabilities — Net				7
Net Assets			$	443,533

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 0.61% to 4.90%, maturity dates ranging from 08/25/2034 to 09/01/2034, and with market values plus accrued interests of $27,562.
#	Aggregate cost for federal income tax purposes is $488,335. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $20,767 and $65,576, respectively. Net unrealized depreciation for tax purposes is $44,809.

DEFINITION:

ADR     American Depositary Receipt

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 13

Transamerica Premier Equity Fund

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2009

(all amounts in thousands)

(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	65,782	$	—	$	—	$	65,782
Equities — Consumer Staples		8,343		—		—		8,343
Equities — Energy		4,415		—		—		4,415
Equities — Financials		42,259		—		—		42,259
Equities — Health Care		47,161		—		—		47,161
Equities — Industrials		81,377		—		—		81,377
Equities — Information Technology		113,977		—		—		113,977
Equities — Materials		53,192		—		—		53,192
Cash & Cash Equivalent — Repurchase Agreement		—		27,020		—		27,020
Total	$	416,506	$	27,020	$	—	$	443,526

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 14

Transamerica Premier Focus Fund

SCHEDULE OF INVESTMENTS

At June 30, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
COMMON STOCKS - 84.8%
Air Freight & Logistics - 3.1%
CH Robinson Worldwide, Inc.		34,500	$	1,799
Beverages - 1.1%
Cia de Bebidas das Americas ADR		10,000		648
Biotechnology - 3.0%
Alexion Pharmaceuticals, Inc. ‡		23,300		958
Gilead Sciences, Inc. ‡		16,400		768
Chemicals - 1.5%
Praxair, Inc.		12,150		864
Commercial Banks - 1.0%
Wintrust Financial Corp.		35,800		576
Commercial Services & Supplies - 2.2%
Ritchie Bros. Auctioneers, Inc.		55,000		1,290
Communications Equipment - 11.5%
F5 Networks, Inc. ‡		23,800		823
Palm, Inc. ‡		70,000		1,160
Polycom, Inc. ‡		33,400		677
Qualcomm, Inc.		91,815		4,150
Computers & Peripherals - 6.3%
Apple, Inc. ‡		26,100		3,717
Diversified Consumer Services - 5.7%
Strayer Education, Inc.		15,535		3,388
Diversified Financial Services - 3.8%
JPMorgan Chase & Co.		65,750		2,242
Electronic Equipment & Instruments - 1.5%
FLIR Systems, Inc. ‡		39,000		880
Health Care Equipment & Supplies - 3.4%
Covidien PLC		54,000		2,022
Health Care Providers & Services - 1.0%
Nighthawk Radiology Holdings, Inc. ‡		158,930		588
Hotels, Restaurants & Leisure - 1.5%
Peet’s Coffee & Tea, Inc. ‡		34,000		857
Internet & Catalog Retail - 6.6%
Amazon.com, Inc. ‡		37,105		3,105
priceline.com, Inc. ‡		7,300		814
Internet Software & Services - 5.9%
Google, Inc. -Class A ‡		6,900		2,908
Valueclick, Inc. ‡		52,045		548
Leisure Equipment & Products - 1.2%
Hasbro, Inc.		28,500		691
Machinery - 2.8%
Kennametal, Inc.		26,670		512
PACCAR, Inc.		34,300		1,115
Oil, Gas & Consumable Fuels - 3.1%
Petroleo Brasileiro SA ADR		20,600		844
Petroleo Brasileiro SA -Class A ADR		29,300		978
Pharmaceuticals - 2.4%
Allergan, Inc.		30,300		1,442
Real Estate Investment Trusts - 1.2%
Host Hotels & Resorts, Inc.		87,106		731
Road & Rail - 3.1%
Kansas City Southern ‡		49,580		799
Landstar System, Inc.		29,420		1,056
Software - 7.6%
Activision Blizzard, Inc. ‡		169,695		2,143
Informatica Corp. ‡		86,800		1,492
Macrovision Solutions Corp. ‡		40,120		875
Textiles, Apparel & Luxury Goods - 1.6%
Nike, Inc. -Class B		18,700		968
Wireless Telecommunication Services - 2.7%
Sprint Nextel Corp. ‡		330,000		1,587
Total Common Stocks (cost $46,740)				50,015

	Principal		Value
REPURCHASE AGREEMENT - 19.4%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $11,405 on 07/01/2009 •	$	11,405		11,405
Total Repurchase Agreement (cost $11,405)
Total Investment Securities (cost $58,145) #				61,420
Other Assets and Liabilities — Net				(2,500	)
Net Assets			$	58,920

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 0.61%, a maturity date of 08/25/2034, and with a market value plus accrued interest of $11,635.
#	Aggregate cost for federal income tax purposes is $58,145. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,521 and $5,246, respectively. Net unrealized appreciation for tax purposes is $3,275.

DEFINITIONS:

ADR     American Depositary Receipt

PLC     Public Limited Company

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 15

Transamerica Premier Focus Fund

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2009

(all amounts in thousands)

(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	11,845	$	—	$	—	$	11,845
Equities — Consumer Staples		648		—		—		648
Equities — Energy		1,822		—		—		1,822
Equities — Financials		3,549		—		—		3,549
Equities — Health Care		3,756		—		—		3,756
Equities — Industrials		6,571		—		—		6,571
Equities — Information Technology		19,373		—		—		19,373
Equities — Materials		864		—		—		864
Equities — Telecommunication Services		1,587		—		—		1,587
Cash & Cash Equivalent — Repurchase Agreement		—		11,405		—		11,405
Total	$	50,015	$	11,405	$	—	$	61,420

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 16

Transamerica Premier Growth Opportunities Fund

SCHEDULE OF INVESTMENTS

At June 30, 2009

(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 95.8%
Aerospace & Defense - 4.1%
Precision Castparts Corp.		41,000	$	2,994
Rockwell Collins, Inc.		10,900		455
Air Freight & Logistics - 3.4%
CH Robinson Worldwide, Inc.		55,300		2,884
Auto Components - 5.8%
BorgWarner, Inc.		109,700		3,746
Johnson Controls, Inc.		49,900		1,084
Capital Markets - 6.9%
Greenhill & Co., Inc.		35,660		2,575
T. Rowe Price Group, Inc.		75,157		3,132
Chemicals - 1.5%
Ecolab, Inc.		31,635		1,233
Communications Equipment - 6.5%
Juniper Networks, Inc. ‡		49,600		1,171
Palm, Inc. ‡		157,480		2,609
Polycom, Inc. ‡		84,300		1,709
Construction & Engineering - 1.1%
Jacobs Engineering Group, Inc. ‡		22,640		953
Construction Materials - 1.4%
Martin Marietta Materials, Inc.		14,800		1,167
Diversified Consumer Services - 2.4%
Strayer Education, Inc.		9,100		1,985
Diversified Financial Services - 1.1%
MSCI, Inc. -Class A ‡		39,500		965
Electrical Equipment - 1.8%
Cooper Industries, Ltd. -Class A		49,000		1,521
Electronic Equipment & Instruments - 1.7%
FLIR Systems, Inc. ‡		63,000		1,421
Health Care Equipment & Supplies - 4.8%
Idexx Laboratories, Inc. ‡		33,000		1,524
Intuitive Surgical, Inc. ‡		8,250		1,350
Masimo Corp. ‡		48,395		1,167
Health Care Technology - 1.3%
Cerner Corp. ‡		17,800		1,109
Hotels, Restaurants & Leisure - 1.1%
Burger King Holdings, Inc.		53,900		931
Internet & Catalog Retail - 2.1%
priceline.com, Inc. ‡		16,100		1,796
Life Sciences Tools & Services - 3.9%
Covance, Inc. ‡		23,700		1,166
Techne Corp.		33,000		2,106
Machinery - 8.2%
Donaldson Co., Inc.		36,780		1,274
Kennametal, Inc.		139,930		2,684
PACCAR, Inc.		86,500		2,813
Media - 0.5%
Dreamworks Animation SKG, Inc. -Class A ‡		14,800		408
Oil, Gas & Consumable Fuels - 1.7%
Range Resources Corp.		35,065		1,452
Pharmaceuticals - 1.0%
Allergan, Inc.		17,800		847
Professional Services - 1.6%
FTI Consulting, Inc. ‡		26,200		1,329
Real Estate Investment Trusts - 1.4%
Plum Creek Timber Co., Inc.		40,853		1,217
Real Estate Management & Development - 1.9%
St. Joe Co. ‡		60,400		1,600
Software - 16.1%
Activision Blizzard, Inc. ‡		244,500		3,089
Adobe Systems, Inc. ‡		107,500		3,042
Informatica Corp. ‡		97,500		1,676
Intuit, Inc. ‡		85,195		2,399
Macrovision Solutions Corp. ‡		32,000		698
Quality Systems, Inc.		16,000		911
Salesforce.com, Inc. ‡		41,900		1,599
Specialty Retail - 6.2%
Gap, Inc.		126,900		2,081
Guess, Inc.		124,400		3,207
Textiles, Apparel & Luxury Goods - 2.8%
Carter’s, Inc. ‡		73,600		1,811
Under Armour, Inc. -Class A ‡		23,770		532
Trading Companies & Distributors - 3.5%
WW Grainger, Inc.		35,722		2,925
Total Common Stocks (cost $82,139)				80,347

	Principal		Value
REPURCHASE AGREEMENT - 3.1%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $2,630 on 07/01/2009 •	$	2,630		2,630
Total Repurchase Agreement (cost $2,630)
Total Investment Securities (cost $84,769) #				82,977
Other Assets and Liabilities — Net				962
Net Assets			$	83,939

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 0.61%, a maturity date of 08/25/2034, and with a market value plus accrued interest of $2,684.
#	Aggregate cost for federal income tax purposes is $84,769. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,814 and $8,606, respectively. Net unrealized depreciation for tax purposes is $1,792.

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 17

Transamerica Premier Growth Opportunities Fund

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2009

(all amounts in thousands)

(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	17,581	$	—	$	—	$	17,581
Equities — Energy		1,452		—		—		1,452
Equities — Financials		9,489		—		—		9,489
Equities — Health Care		9,269		—		—		9,269
Equities — Industrials		20,999		—		—		20,999
Equities — Information Technology		20,324		—		—		20,324
Equities — Materials		1,233		—		—		1,233
Cash & Cash Equivalent — Repurchase Agreement		—		2,630		—		2,630
Total	$	80,347	$	2,630	$	—	$	82,977

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 18

Transamerica Premier High Yield Bond Fund

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

	Principal		Value
CORPORATE DEBT SECURITIES - 93.5%
Aerospace & Defense - 0.8%
Transdigm, Inc.
7.75%, 07/15/2014	$	750	$	713
Auto Components - 1.4%
Goodyear Tire & Rubber Co.
10.50%, 05/15/2016		1,000		1,010
Tenneco, Inc.
8.13%, 11/15/2015		270		213
Beverages - 0.4%
Beverages & More, Inc.
9.25%, 03/01/2012 -144A		500		380
Biotechnology - 1.1%
FMC Finance III SA
6.88%, 07/15/2017		1,000		930
Chemicals - 1.4%
Hexion U S Finance Corp.
9.75%, 11/15/2014		1,000		450
Momentive Performance Materials, Inc.
9.75%, 12/01/2014 Ђ		230		102
Nalco Co.
8.25%, 05/15/2017 -144A		690		694
Commercial Services & Supplies - 3.3%
Hertz Corp.
10.50%, 01/01/2016		1,000		890
Iron Mountain, Inc.
7.75%, 01/15/2015		1,000		960
Protection One Alarm Monitoring, Inc.
12.00%, 11/15/2011		1,000		995
Construction Materials - 1.0%
Texas Industries, Inc.
7.25%, 07/15/2013		1,000		898
Consumer Finance - 3.2%
Cardtronics, Inc.
9.25%, 08/15/2013 Ђ		1,000		895
Ford Motor Credit Co. LLC
7.88%, 06/15/2010		2,000		1,900
Containers & Packaging - 3.6%
Graham Packaging Co., Inc.
9.88%, 10/15/2014		1,000		930
Graphic Packaging International, Inc.
9.50%, 08/15/2013		2,000		1,910
Solo Cup Co.
10.50%, 11/01/2013 -144A		250		251
Diversified Consumer Services - 1.1%
Education Management LLC
8.75%, 06/01/2014		1,000		970
Diversified Financial Services - 6.0%
CDX North America High Yield
8.88%, 06/29/2013 -144A		880		801
GMAC, Inc.
6.88%, 09/15/2011 -144A		1,250		1,093
Icahn Enterprises, LP
8.13%, 06/01/2012		1,000		920
Kar Holdings, Inc.
10.00%, 05/01/2015		1,000		820
Qwest Corp.
8.38%, 05/01/2016 -144A		1,000		965
Sensus Metering Systems, Inc.
8.63%, 12/15/2013		600		564
Diversified Telecommunication Services - 2.9%
Intelsat Jackson Holdings, Ltd.
11.25%, 06/15/2016		1,000		1,020
Millicom International Cellular SA
10.00%, 12/01/2013 Ђ		500		507
Sprint Capital Corp.
7.63%, 01/30/2011		1,000		989
Electric Utilities - 0.6%
Energy Future Holdings Corp.
10.88%, 11/01/2017 Ђ		725		529
Electrical Equipment - 1.6%
Belden, Inc.
7.00%, 03/15/2017		1,000		885
9.25%, 06/15/2019 -144A		500		484
Energy Equipment & Services - 0.8%
Seitel, Inc.
9.75%, 02/15/2014		1,000		650
Food & Staples Retailing - 3.6%
Ingles Market, Inc.
8.88%, 05/15/2017 -144A		1,155		1,138
New Albertsons, Inc.
7.25%, 05/01/2013		1,000		960
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		1,000		985
Food Products - 3.5%
Dole Food Co., Inc.
13.88%, 03/15/2014 -144A		1,000		1,100
M-Foods Holdings, Inc.
9.75%, 10/01/2013 -144A		1,000		963
Michael Foods, Inc.
8.00%, 11/15/2013		1,000		975
Health Care Equipment & Supplies - 0.6%
Biomet, Inc.
10.00%, 10/15/2017		500		509
Health Care Providers & Services - 2.3%
Community Health Systems, Inc.
8.88%, 07/15/2015		1,000		980
HCA, Inc.
9.88%, 02/15/2017 -144A		1,000		1,010
Hotels, Restaurants & Leisure - 8.9%
Carrols Corp.
9.00%, 01/15/2013		1,000		938
Harrahs Operating Escrow LLC
11.25%, 06/01/2017 -144A		1,000		945
MGM Mirage, Inc.
8.38%, 02/01/2011		1,150		920
11.13%, 11/15/2017 -144A		500		530
Mohegan Tribal Gaming Authority
8.00%, 04/01/2012		1,650		1,254
Pokagon Gaming Authority
10.38%, 06/15/2014 -144A		250		245
Royal Caribbean Cruises, Ltd.
7.00%, 06/15/2013		1,000		874
Scientific Games International, Inc.
9.25%, 06/15/2019 -144A		500		500
Station Casinos, Inc.
6.63%, 03/15/2018		1,000		20

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 19

Transamerica Premier High Yield Bond Fund

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

	Principal		Value
Hotels, Restaurants & Leisure (continued)
WMG Acqusition Corp.
9.50%, 06/15/2016 -144A	$	250	$	249
Wynn Las Vegas Capital Corp.
6.63%, 12/01/2014		1,500		1,289
Household Durables - 1.2%
Lennar Corp.
12.25%, 05/15/2017 -144A		1,000		1,050
Household Products - 0.7%
Sealy Mattress Co.
8.25%, 06/15/2014		750		617
Independent Power Producers & Energy Traders - 1.1%
AES Corp.
8.00%, 10/15/2017		1,000		930
Industrial Conglomerates - 1.0%
Susser Holdings LLC
10.63%, 12/15/2013		852		854
Machinery - 2.8%
Allison Transmission, Inc.
11.00%, 11/01/2015 -144A		1,000		790
Polypore, Inc.
8.75%, 05/15/2012		800		709
Titan International, Inc.
8.00%, 01/15/2012		1,000		905
Media - 2.2%
Kabel Deutschland GmbH
10.63%, 07/01/2014		1,000		1,031
Lamar Media Corp.
6.63%, 08/15/2015		1,000		875
Metals & Mining - 6.5%
Algoma Acquisition Corp.
9.88%, 06/15/2015 -144A		1,000		560
Falconbridge, Ltd.
7.35%, 06/05/2012		350		348
FMG Finance Property, Ltd.
10.63%, 09/01/2016 -144A		1,000		960
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/2017		1,000		1,008
Steel Dynamics, Inc.
7.38%, 11/01/2012		650		616
Teck Resources, Ltd.
6.13%, 10/01/2035		1,500		1,100
10.75%, 05/15/2019 -144A		1,000		1,074
Multiline Retail - 1.8%
Dollar General Corp.
10.63%, 07/15/2015		1,000		1,080
Macy’s Retail Holdings, Inc.
5.35%, 03/15/2012		500		455
Oil, Gas & Consumable Fuels - 13.0%
Berry Petroleum Co.
10.25%, 06/01/2014		1,000		1,010
Chesapeake Energy Corp.
9.50%, 02/15/2015		1,250		1,259
Denbury Resources, Inc.
9.75%, 03/01/2016		500		514
Dynegy Holdings, Inc.
7.75%, 06/01/2019		2,000		1,557
Edison Mission Energy
7.20%, 05/15/2019		1,500		1,118
Enterprise Products Operating, LP
8.38%, 08/01/2066 §		1,000		805
Forest Oil Corp.
8.50%, 02/15/2014 -144A		1,500		1,474
Inergy, LP
8.75%, 03/01/2015 -144A		250		244
Markwest Energy Finance Corp.
8.50%, 07/15/2016		1,000		860
Opti Canada, Inc.
8.25%, 12/15/2014		1,500		990
PetroHawk Energy Corp.
9.13%, 07/15/2013		1,000		995
Petroleum Development Corp.
12.00%, 02/15/2018		500		420
Paper & Forest Products - 1.9%
Exopack Holding, Inc.
11.25%, 02/01/2014		2,000		1,640
Pipelines - 1.0%
Regency Energy Partners
9.38%, 06/01/2016 -144A		900		871
Professional Services - 0.8%
FTI Consulting, Inc.
7.75%, 10/01/2016		750		716
Real Estate Investment Trusts - 1.0%
Host Hotels & Resorts, LP
6.38%, 03/15/2015		1,000		865
Road & Rail - 1.4%
Kansas City Southern de Mexico SA de CV
7.63%, 12/01/2013		250		215
12.50%, 04/01/2016 -144A		1,000		1,015
Software - 1.6%
First Data Corp.
9.88%, 09/24/2015		2,000		1,420
Specialty Retail - 4.1%
Group 1 Automotive, Inc.
8.25%, 08/15/2013		1,000		845
Michaels Stores, Inc.
11.38%, 11/01/2016		1,450		950
Penske Auto Group, Inc.
7.75%, 12/15/2016		1,000		808
Sally Holdings LLC
9.25%, 11/15/2014		1,000		994
Tobacco - 1.2%
Alliance One International, Inc.
11.00%, 05/15/2012		1,000		1,045
Wireless Telecommunication Services - 2.1%
MetroPCS Wireless, Inc.
9.25%, 11/01/2014		1,000		993
Nextel Communications, Inc.
7.38%, 08/01/2015		1,000		798
Total Corporate Debt Securities (cost $80,541)				81,085

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.2%
Road & Rail - 0.2%
Kansas City Southern 5.13% ▲		210		158
Total Convertible Preferred Stock (cost $179)

	Principal		Value
CONVERTIBLE BONDS - 2.7%
Diversified Telecommunication Services - 0.9%
Lucent Technologies, Inc.
2.88%, 06/15/2023 Ђ	$	850		806

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 20

Transamerica Premier High Yield Bond Fund

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

	Principal		Value
Oil, Gas & Consumable Fuels - 0.8%
Quicksilver Resources, Inc.
1.88%, 11/01/2024	$	750	$	683
Software - 0.5%
Symantec Corp.
0.75%, 06/15/2011		400		403
Wireless Telecommunication Services - 0.5%
SBA Communications Corp.
1.88%, 05/01/2013 -144A		500		412
Total Convertible Bonds (cost $2,116)				2,304
REPURCHASE AGREEMENT - 1.2%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $1,035 on 07/01/2009 •		1,035		1,035
Total Repurchase Agreement (cost $1,035)
Total Investment Securities (cost $83,871) #				84,582
Other Assets and Liabilities — Net				2,051
Net Assets			$	86,633

NOTES TO SCHEDULE OF INVESTMENTS:

▲	Rate shown reflects the yield at 06/30/2009.
Ђ	Step bond. Interest rate may increase or decrease as the credit rating changes.
§	Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 06/30/2009.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.57%, a maturity date of 10/01/2034, and with a market value plus accrued interest of $1,056.
#	Aggregate cost for federal income tax purposes is $83,871. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,959 and $4,248, respectively. Net unrealized appreciation for tax purposes is $711.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2009, these securities aggregated $19,798, or 22.84%, of the Fund’s net assets.
CDX	A series of indices that track North American and emerging market credit derivative indices.
LLC	Limited Liability Company
LP	Limited Partnership

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Industrials	$	—	$	158	$	—	$	158
Fixed Income — Consumer Discretionary		—		19,328		—		19,328
Fixed Income — Consumer Staples		—		9,939		—		9,939
Fixed Income — Energy		—		12,089		—		12,089
Fixed Income — Financials		—		7,858		—		7,858
Fixed Income — Health Care		—		2,419		—		2,419
Fixed Income — Industrials		—		10,047		—		10,047
Fixed Income — Information Technology		—		1,823		—		1,823
Fixed Income — Materials		—		11,840		—		11,840
Fixed Income — Telecommunication Services		—		5,469		—		5,469
Fixed Income — Utilities		—		2,577		—		2,577
Cash & Cash Equivalent — Repurchase Agreement		—		1,035		—		1,035
Total	$	—	$	84,582	$	—	$	84,582

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 21

Transamerica Premier Institutional Bond Fund

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

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 4.1%
U.S. Treasury Bond
3.50% 02/15/2039	$	23	$	19
U.S. Treasury Inflation Indexed Bond
1.75% 01/15/2028		10		10
2.50% 01/15/2029		15		16
U.S. Treasury Note
3.13% 05/15/2019		5		5
Total U.S. Government Obligations (cost $47)				50
U.S. GOVERNMENT AGENCY OBLIGATIONS - 30.4%
Fannie Mae
4.72% 10/01/2035 *		23		23
5.00% 08/01/2035 - 03/01/2039		79		80
5.50% 03/01/2018 - 01/01/2038		58		61
6.00% 08/01/2036		25		26
Freddie Mac
4.83% 06/01/2035 *		23		23
5.00% 06/01/2021 - 01/01/2039		86		89
5.50% 11/01/2018		10		10
5.53% 09/01/2037 *		24		25
6.00% 01/01/2037		32		33
Total U.S. Government Agency Obligations (cost $361)				370
MORTGAGE-BACKED SECURITIES - 6.5%
American Tower Trust
Series 2007-1A, Class C
5.62% 04/15/2037 144A		25		22
Crown Castle Towers LLC
Series 2006-1A, Class AFX
5.24% 11/15/2036 144A		10		10
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.59% 12/26/2037 144A		7		6
Series 2009-R7, Class 10A3
6.00% 12/26/2036 144A		6		5
Series 2009-R7, Class 12A1
5.50% 08/26/2036 144A		7		6
Series 2009-R9, Class 1A1
5.84% 12/31/2049 144A		7		6
Small Business Administration CMBS Trust
Series 2006-1A, Class A
5.31% 11/15/2036 144A		25		24
Total Mortgage-Backed Securities (cost $81)				79
MUNICIPAL GOVERNMENT OBLIGATION - 0.7%
Metropolitan Transportation Authority
7.34% 11/15/2039		8		9
Total Municipal Government Obligation (cost $8)
CORPORATE DEBT SECURITIES - 56.1%
Aerospace & Defense - 1.1%
Boeing Co.
8.75%, 08/15/2021		10		13
Airlines - 1.1%
Continental Airlines, Inc.
7.49%, 10/02/2010		6		5
9.00%, 07/08/2016		4		4
Delta Air Lines, Inc.
7.57%, 11/18/2010		5		4
Auto Components - 1.1%
Johnson Controls, Inc.
5.25%, 01/15/2011		13		14
Automobiles - 0.8%
Daimler Finance North America LLC
8.00%, 06/15/2010		10		10
Beverages - 1.1%
Anheuser-Busch InBev Worldwide, Inc.
8.20%, 01/15/2039 144A		8		9
Bacardi, Ltd.
7.45%, 04/01/2014 144A		5		5
Capital Markets - 3.1%
Charles Schwab Corp.
4.95%, 06/01/2014		12		12
Goldman Sachs Group, Inc.
1.06%, 03/22/2016 *		15		13
Morgan Stanley
6.00%, 05/13/2014		13		13
Chemicals - 4.2%
Chevron Phillips Chemical Co. LLC
8.25%, 06/15/2019 144A		6		6
Cytec Industries, Inc.
8.95%, 07/01/2017		6		6
Dow Chemical Co.
8.55%, 05/15/2019		15		15
Lubrizol Corp.
8.88%, 02/01/2019		10		12
Nalco Co.
8.25%, 05/15/2017 144A		6		6
Yara International ASA
7.88%, 06/11/2019 144A		6		6
Commercial Banks - 4.7%
Barclays Bank PLC
7.70%, 04/25/2018 144A § Ž		15		12
BB&T Corp.
6.85%, 04/30/2019		11		11
Credit Suisse, Inc.
5.50%, 05/01/2014		12		12
Wachovia Corp.
1.38%, 10/28/2015 *		16		14
ZFS Finance USA Trust II
6.45%, 06/15/2016 144A §		10		8
Commercial Services & Supplies - 1.0%
Allied Waste North America, Inc.
6.50%, 11/15/2010		12		12
Construction Materials - 2.6%
Lafarge SA
6.15%, 07/15/2011		13		14
Martin Marietta Materials, Inc.
6.88%, 04/01/2011		13		14
Texas Industries, Inc.
7.25%, 07/15/2013		5		4
Consumer Finance - 0.7%
Discover Financial Services
1.17%, 06/11/2010 *		9		8
Containers & Packaging - 1.5%
Graphic Packaging International, Inc.
9.50%, 06/15/2017 144A		7		7

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 22

Transamerica Premier Institutional Bond Fund

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

	Principal		Value
Containers & Packaging (continued)
Rexam PLC
6.75%, 06/01/2013 144A	$	11	$	11
Diversified Financial Services - 5.5%
Bank of America Corp.
0.91%, 06/15/2016 *		25		19
Bear Stearns Cos., Inc.
7.25%, 02/01/2018		11		12
Citigroup, Inc.
0.94%, 05/18/2011 *		15		14
Glencore Funding LLC
6.00%, 04/15/2014 144A		9		7
Harley-Davidson Funding Corp.
5.25%, 12/15/2012 144A		15		14
Electronic Equipment & Instruments - 1.1%
Tyco Electronics Group SA
6.00%, 10/01/2012		13		13
Energy Equipment & Services - 1.2%
DCP Midstream LLC
9.75%, 03/15/2019 144A		6		7
Weatherford International, Ltd.
7.00%, 03/15/2038		8		7
Food & Staples Retailing - 0.9%
Ingles Market, Inc.
8.88%, 05/15/2017 144A		6		6
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		5		5
Food Products - 1.1%
M-Foods Holdings, Inc.
9.75%, 10/01/2013 144A		8		8
Michael Foods, Inc.
8.00%, 11/15/2013		5		5
Gas Utilities - 0.8%
EQT Corp.
8.13%, 06/01/2019		9		10
Household Durables - 1.0%
Whirlpool Corp.
8.00%, 05/01/2012		12		12
Insurance - 1.6%
MetLife, Inc.
5.38%, 12/15/2012		11		12
Oil Insurance, Ltd.
7.56%, 06/30/2011 144A § ž		15		7
IT Services - 0.4%
Aramark Corp.
8.50%, 02/01/2015		5		5
Leisure Equipment & Products - 1.1%
Hasbro, Inc.
6.30%, 09/15/2017		13		13
Media - 0.8%
Time Warner Cable, Inc.
6.75%, 07/01/2018		10		10
Metals & Mining - 3.5%
Anglo American Capital PLC
9.38%, 04/08/2019 144A		11		12
ArcelorMittal
5.38%, 06/01/2013		15		14
Falconbridge, Ltd.
7.35%, 06/05/2012		6		6
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019		10		11
Multi-Utilities - 1.5%
Black Hills Corp.
9.00%, 05/15/2014		6		6
Sempra Energy
9.80%, 02/15/2019		10		12
Oil, Gas & Consumable Fuels - 4.1%
Energy Transfer Partners, LP
9.70%, 03/15/2019		8		9
Hess Corp.
8.13%, 02/15/2019		12		15
Husky Energy, Inc.
6.25%, 06/15/2012		12		12
PetroHawk Energy Corp.
9.13%, 07/15/2013		5		5
Talisman Energy, Inc.
7.75%, 06/01/2019		9		10
Paper & Forest Products - 1.7%
Celulosa Arauco y Constitucion SA
8.63%, 08/15/2010		10		10
Weyerhaeuser Co.
6.75%, 03/15/2012		11		11
Real Estate Investment Trusts - 4.0%
BRE Properties, Inc.
5.75%, 09/01/2009		10		10
Healthcare Realty Trust, Inc.
8.13%, 05/01/2011		12		12
Host Hotels & Resorts, Inc.
7.13%, 11/01/2013		5		5
PPF Funding, Inc.
5.35%, 04/15/2012 144A		15		11
WEA Finance LLC / WCI Finance LLC
5.40%, 10/01/2012 144A		11		11
Real Estate Management & Development - 0.7%
Post Apartment Homes, LP
6.30%, 06/01/2013		10		9
Road & Rail - 0.4%
Hertz Corp.
8.88%, 01/01/2014		5		5
Specialty Retail - 1.2%
Staples, Inc.
9.75%, 01/15/2014		12		14
Tobacco - 0.5%
Lorillard Tobacco Co.
8.13%, 06/23/2019		6		6
Total Corporate Debt Securities (cost $663)				682
Preferred Corporate Debt Security - 1.0%
Rabobank Nederland NV
11.00%, 06/30/2019 144A § Ž		11		12
Total Preferred Corporate Debt Security (cost $12)
REPURCHASE AGREEMENT - 2.6%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $32 on 07/01/2009 •		32		32
Total Repurchase Agreement (cost $32)
Total Investment Securities (cost $1,204) #				1,234
Other Assets and Liabilities — Net				(17	)
Net Assets			$	1,217

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 23

Transamerica Premier Institutional Bond Fund

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

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 06/30/2009.
Ž	The security has a perpetual maturity. The date shown is the next call date.
§	Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 06/30/2009.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.90%, a maturity date of 09/01/2034, and with a market value plus accrued interest of $34.
#	Aggregate cost for federal income tax purposes is $1,204. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $46 and $16, respectively. Net unrealized appreciation for tax purposes is $30.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2009, these securities aggregated $244, or 20.16%, of the Fund’s net assets.
CMBS	Commercial Mortgage-Backed Security
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Fixed Income — Consumer Discretionary	$	—	$	60	$	—	$	60
Fixed Income — Consumer Staples		—		57		—		57
Fixed Income — Energy		—		65		—		65
Fixed Income — Financials		—		258		—		258
Fixed Income — Industrials		—		64		—		64
Fixed Income — Information Technology		—		18		—		18
Fixed Income — Materials		—		144		—		144
Fixed Income — Mortgage-Backed Security		—		79		—		79
Fixed Income — Municipal Government Obligation		—		9		—		9
Fixed Income — U.S. Government Agency Obligation		—		370		—		370
Fixed Income — U.S. Government Obligation		—		50		—		50
Fixed Income — Utilities		—		28		—		28
Cash & Cash Equivalent — Repurchase Agreement		—		32		—		32
Total	$	—	$	1,234	$	—	$	1,234

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 24

Transamerica Premier Institutional Diversified Equity Fund

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

	Shares		Value
COMMON STOCKS - 97.5%
Aerospace & Defense - 4.6%
Boeing Co.		168	$	7
Lockheed Martin Corp.		289		23
Precision Castparts Corp.		711		52
Air Freight & Logistics - 1.8%
CH Robinson Worldwide, Inc.		330		17
Expeditors International of Washington, Inc.		442		15
Auto Components - 6.8%
BorgWarner, Inc.		1,885		65
Johnson Controls, Inc.		2,550		55
Beverages - 1.1%
PepsiCo, Inc.		340		19
Capital Markets - 8.8%
BlackRock, Inc. -Class A		330		59
Charles Schwab Corp.		3,210		56
T. Rowe Price Group, Inc.		1,060		44
Chemicals - 6.2%
Ecolab, Inc.		980		38
Monsanto Co.		239		18
Sigma-Aldrich Corp.		1,110		55
Communications Equipment - 2.0%
Qualcomm, Inc.		775		35
Computers & Peripherals - 8.8%
Apple, Inc. ‡		508		72
Hewlett-Packard Co.		1,523		59
International Business Machines Corp.		255		27
Construction & Engineering - 1.6%
Jacobs Engineering Group, Inc. ‡		675		28
Diversified Financial Services - 3.8%
Bank of America Corp.		1,366		18
JPMorgan Chase & Co.		1,440		49
Diversified Telecommunication Services - 3.5%
Verizon Communications, Inc.		2,026		62
Electronic Equipment & Instruments - 1.3%
Tyco Electronics, Ltd.		1,300		24
Energy Equipment & Services - 0.8%
Schlumberger, Ltd.		275		15
Food & Staples Retailing - 1.4%
Costco Wholesale Corp.		574		26
Health Care Equipment & Supplies - 3.4%
Becton Dickinson & Co.		594		43
Covidien PLC		442		17
Internet & Catalog Retail - 3.8%
Amazon.com, Inc. ‡		812		68
Internet Software & Services - 2.4%
Google, Inc. -Class A ‡		102		43
Leisure Equipment & Products - 1.1%
Hasbro, Inc.		843		20
Life Sciences Tools & Services - 1.3%
Millipore Corp. ‡		330		23
Machinery - 7.9%
Caterpillar, Inc.		543		18
Donaldson Co., Inc.		885		31
Kennametal, Inc.		2,550		49
PACCAR, Inc.		1,330		43
Media - 3.5%
Dreamworks Animation SKG, Inc. -Class A ‡		612		17
Walt Disney Co.		1,995		46
Oil, Gas & Consumable Fuels - 1.2%
Anadarko Petroleum Corp.		445		20
Paper & Forest Products - 2.5%
Weyerhaeuser Co.		1,440		44
Real Estate Investment Trusts - 1.8%
Plum Creek Timber Co., Inc.		1,082		32
Road & Rail - 2.2%
Burlington Northern Santa Fe Corp.		545		40
Semiconductors & Semiconductor Equipment - 2.0%
Intel Corp.		2,105		35
Software - 7.4%
Activision Blizzard, Inc. ‡		1,356		17
Adobe Systems, Inc. ‡		1,530		44
Intuit, Inc. ‡		1,330		37
Oracle Corp.		1,605		34
Textiles, Apparel & Luxury Goods - 2.2%
Nike, Inc. -Class B		775		40
Trading Companies & Distributors - 2.3%
WW Grainger, Inc.		500		41
Total Common Stocks (cost $1,748)				1,740

	Principal		Value
REPURCHASE AGREEMENT - 3.3%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $59 on 07/01/2009 •	$	59		59
Total Repurchase Agreement (cost $59)
Total Investment Securities (cost $1,807) #				1,799
Other Assets and Liabilities — Net				(13	)
Net Assets			$	1,786

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 25

Transamerica Premier Institutional Diversified Equity Fund

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

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.72%, a maturity date of 08/01/2034, and with a market value plus accrued interest of $60.
#	Aggregate cost for federal income tax purposes is $1,807. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $55 and $63, respectively. Net unrealized depreciation for tax purposes is $8.

DEFINITION:

PLC Public Limited Company

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	328	$	—	$	—	$	328
Equities — Consumer Staples		45		—		—		45
Equities — Energy		35		—		—		35
Equities — Financials		258		—		—		258
Equities — Health Care		66		—		—		66
Equities — Industrials		364		—		—		364
Equities — Information Technology		427		—		—		427
Equities — Materials		155		—		—		155
Equities — Telecommunication Services		62		—		—		62
Cash & Cash Equivalent — Repurchase Agreement		—		59		—		59
Total	$	1,740	$	59	$	—	$	1,799

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 26

Transamerica Premier Institutional Equity Fund

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

	Shares		Value
COMMON STOCKS - 97.3%
Aerospace & Defense - 3.4%
Raytheon Co.		58,000	$	2,577
Air Freight & Logistics - 2.1%
Expeditors International of Washington, Inc.		47,000		1,567
Auto Components - 6.9%
BorgWarner, Inc.		68,500		2,339
Johnson Controls, Inc.		130,000		2,823
Biotechnology - 4.3%
Gilead Sciences, Inc. ‡		69,300		3,246
Capital Markets - 6.6%
Charles Schwab Corp.		138,560		2,430
T. Rowe Price Group, Inc.		60,000		2,500
Chemicals - 12.8%
Ecolab, Inc.		40,000		1,560
Monsanto Co.		10,000		743
Praxair, Inc.		54,000		3,838
Sigma-Aldrich Corp.		70,000		3,469
Commercial Banks - 3.5%
Wells Fargo & Co.		110,000		2,669
Communications Equipment - 7.9%
Cisco Systems, Inc. ‡		100,000		1,864
Qualcomm, Inc.		92,000		4,159
Computers & Peripherals - 9.3%
Apple, Inc. ‡		32,100		4,573
Hewlett-Packard Co.		20,000		773
International Business Machines Corp.		16,400		1,712
Construction & Engineering - 2.0%
Jacobs Engineering Group, Inc. ‡		35,000		1,473
Electrical Equipment - 2.2%
Emerson Electric Co.		50,000		1,620
Electronic Equipment & Instruments - 1.7%
Tyco Electronics, Ltd.		66,825		1,242
Food & Staples Retailing - 1.8%
Wal-Mart Stores, Inc.		28,655		1,388
Health Care Equipment & Supplies - 5.0%
Becton Dickinson & Co.		32,200		2,296
Varian Medical Systems, Inc. ‡		40,020		1,406
Industrial Conglomerates - 1.9%
General Electric Co.		123,000		1,442
Internet & Catalog Retail - 6.0%
Amazon.com, Inc. ‡		54,000		4,518
Internet Software & Services - 4.9%
Google, Inc. -Class A ‡		8,700		3,668
IT Services - 2.4%
Automatic Data Processing, Inc.		50,620		1,794
Machinery - 4.1%
Caterpillar, Inc.		30,920		1,022
PACCAR, Inc.		64,000		2,080
Media - 2.0%
Walt Disney Co.		66,000		1,540
Oil, Gas & Consumable Fuels - 1.0%
EOG Resources, Inc.		11,000		747
Pharmaceuticals - 1.6%
Teva Pharmaceutical Industries, Ltd. ADR		24,845		1,226
Road & Rail - 2.9%
Union Pacific Corp.		42,000		2,187
Software - 1.0%
Microsoft Corp.		31,000		736
Total Common Stocks (cost $82,331)				73,227

	Principal		Value
REPURCHASE AGREEMENT - 2.5%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $1,879 on 07/01/2009 •	$	1,879		1,879
Total Repurchase Agreement (cost $1,879)
Total Investment Securities (cost $84,210) #				75,106
Other Assets and Liabilities — Net				119
Net Assets			$	75,225

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.72%, a maturity date of 08/01/2034, and with a market value plus accrued interest of $1,918.
#	Aggregate cost for federal income tax purposes is $84,210. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,494 and $12,598, respectively. Net unrealized depreciation for tax purposes is $9,104.

DEFINITION:

ADR American Depositary Receipt

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 27

Transamerica Premier Institutional Equity Fund

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	11,220	$	—	$	—	$	11,220
Equities — Consumer Staples		1,388		—		—		1,388
Equities — Energy		747		—		—		747
Equities — Financials		7,599		—		—		7,599
Equities — Health Care		8,174		—		—		8,174
Equities — Industrials		13,968		—		—		13,968
Equities — Information Technology		20,521		—		—		20,521
Equities — Materials		9,610		—		—		9,610
Cash & Cash Equivalent — Repurchase Agreement		—		1,879		—		1,879
Total	$	73,227	$	1,879	$	—	$	75,106

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 28

Transamerica Premier Institutional Small Cap Value Fund

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

	Shares		Value
COMMON STOCKS - 94.9%
Auto Components - 3.3%
Tenneco, Inc. ‡		19,945	$	211
Chemicals - 4.7%
Intrepid Potash, Inc. ‡		6,865		193
Terra Industries, Inc.		4,370		106
Commercial Banks - 3.8%
Bank of Hawaii Corp.		3,326		119
City National Corp.		3,326		123
Communications Equipment - 7.9%
Arris Group, Inc. ‡		13,900		169
Brocade Communications Systems, Inc. ‡		21,468		168
Harmonic Lightwaves, Inc. ‡		28,565		168
Electric Utilities - 4.5%
ITC Holdings Corp.		2,866		130
NV Energy, Inc.		7,355		79
Portland General Electric Co.		3,990		78
Electrical Equipment - 5.2%
General Cable Corp. ‡		5,490		207
Woodward Governor Co.		6,324		125
Energy Equipment & Services - 5.3%
Atwood Oceanics, Inc. ‡		3,918		98
Oil States International, Inc. ‡		6,056		146
Superior Energy Services, Inc. ‡		5,378		93
Health Care Equipment & Supplies - 1.6%
West Pharmaceutical Services, Inc.		2,945		103
Health Care Providers & Services - 2.4%
Mednax, Inc. ‡		3,676		155
Health Care Technology - 2.7%
Allscripts-Misys Healthcare Solutions, Inc.		10,881		173
Hotels, Restaurants & Leisure - 3.7%
Cheesecake Factory ‡		7,656		133
Penn National Gaming, Inc. ‡		3,373		98
Household Durables - 2.1%
Tupperware Brands Corp.		5,185		135
IT Services - 2.4%
NeuStar, Inc. -Class A ‡		7,018		156
Leisure Equipment & Products - 1.7%
Pool Corp.		6,533		108
Life Sciences Tools & Services - 3.3%
Charles River Laboratories International, Inc. ‡		6,285		211
Machinery - 8.9%
Clarcor, Inc.		4,558		133
Lindsay Corp.		3,800		126
Titan International, Inc.		27,421		206
Watts Water Technologies, Inc. -Class A		5,155		111
Media - 0.8%
Lamar Advertising Co. -Class A ‡		3,475		53
Metals & Mining - 3.7%
Olympic Steel, Inc.		3,770		92
Thompson Creek Metals Co., Inc. ‡		14,307		146
Oil, Gas & Consumable Fuels - 1.5%
Comstock Resources, Inc. ‡		2,962		98
Pharmaceuticals - 2.0%
Sepracor, Inc. ‡		7,460		129
Professional Services - 2.4%
FTI Consulting, Inc. ‡		3,000		152
Real Estate Investment Trusts - 9.8%
Douglas Emmett, Inc.		9,090		82
Kilroy Realty Corp.		7,600		155
LaSalle Hotel Properties		11,624		143
Omega Healthcare Investors, Inc.		7,480		116
Potlatch Corp.		5,665		138
Real Estate Management & Development - 3.9%
Jones Lang Lasalle, Inc.		3,530		116
St. Joe Co. ‡		5,108		135
Road & Rail - 2.5%
Kansas City Southern ‡		10,143		163
Specialty Retail - 1.6%
Childrens Place Retail Stores, Inc. ‡		3,975		105
Trading Companies & Distributors - 3.2%
Beacon Roofing Supply, Inc. ‡		7,703		111
WESCO International, Inc. ‡		3,700		93
Total Common Stocks (cost $5,590)				6,088

	Principal		Value
REPURCHASE AGREEMENT - 4.6%
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $292 on 07/01/2009 •	$	292		292
Total Repurchase Agreement (cost $292)
Total Investment Securities (cost $5,882) #				6,380
Other Assets and Liabilities — Net				29
Net Assets			$	6,409

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 0.61%, a maturity date of 08/25/2034, and with a market value plus accrued interest of $300.
#	Aggregate cost for federal income tax purposes is $5,882. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $915 and $417 respectively. Net unrealized appreciation for tax purposes is $498.

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 29

Transamerica Premier Institutional Small Cap Value Fund

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	843	$	—	$	—	$	843
Equities — Energy		435		—		—		435
Equities — Financials		1,127		—		—		1,127
Equities — Health Care		771		—		—		771
Equities — Industrials		1,427		—		—		1,427
Equities — Information Technology		661		—		—		661
Equities — Materials		537		—		—		537
Equities — Utilities		287		—		—		287
Cash & Cash Equivalent — Repurchase Agreement		—		292		—		292
Total	$	6,088	$	292	$	—	$	6,380

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 30

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

																Transamerica
							Transamerica									Premier			Transamerica
	Transamerica			Transamerica			Premier			Transamerica			Transamerica			Growth			Premier High
	Premier			Premier Cash			Diversified			Premier Equity			Premier Focus			Opportunities			Yield Bond
	Balanced Fund			Reserve Fund			Equity Fund			Fund			Fund			Fund			Fund
Assets:
Investment securities, at value	$	277,219		$	51,664		$	213,785		$	416,506		$	50,015		$	80,347		$	83,547
Repurchase agreement, at value		7,813			1,118			12,065			27,020			11,405			2,630			1,035
Prepaid money market guarantee insurance		—			7			—			—			—			—			—
Receivables:
Investment securities sold		17			—			—			—			—			1,267			987
Shares of beneficial interest sold		221			62			245			1,020			17			22			690
Interest		1,189			10			—	(a)		—	(a)		—	(a)		—	(a)		1,932
Dividends		157			—			149			404			49			52			—
Dividend reclaims		—			—			—			—			—			2			—
Due from advisor		—			3			—			—			—			—			—
Other		—			—			—			—			—			100			—
	$	286,616		$	52,864		$	226,244		$	444,950		$	61,486		$	84,420		$	88,191
Liabilities:
Payables:
Investment securities purchased		2,906			—			—			—			2,474			358			1,207
Shares of beneficial interest redeemed		183			128			47			891			10			7			276
Management and advisory fees		119			—			118			244			37			51			34
Distribution and service fees		62			—			50			98			13			19			12
Transfer agent fees		64			3			55			112			9			19			—	(a)
Trustees fees		1			—	(a)		1			2			—	(a)		—	(a)		—	(a)
Administration fees		8			2			5			13			2			2			2
Distributions to shareholders		—			4			—			—			—			—			8
Other		45			27			39			57			21			25			19
		3,388			164			315			1,417			2,566			481			1,558
Net assets	$	283,228		$	52,700		$	225,929		$	443,533		$	58,920		$	83,939		$	86,633
Net assets consist of:
Paid-in capital	$	326,396		$	52,700		$	268,116		$	755,085		$	67,811		$	105,906		$	115,019
Undistributed (accumulated) net investment income (loss)		3,206			—			672			2,271			(182	)		(33	)		16
Accumulated net realized gain (loss) on investments		(40,176	)		—			(24,354	)		(269,014	)		(11,984	)		(20,142	)		(29,113	)
Net unrealized appreciation (depreciation) of investments		(6,198	)		—			(18,505	)		(44,809	)		3,275			(1,792	)		711
Net assets	$	283,228		$	52,700		$	225,929		$	443,533		$	58,920		$	83,939		$	86,633
Institutional Class
Net assets	$	—		$	—		$	—		$	—		$	—		$	—		$	35,181
Shares outstanding		—			—			—			—			—			—			5,926
Net asset value, offering price and redemption price per share	$	—		$	—		$	—		$	—		$	—		$	—		$	5.94
Investor Class
Net assets	$	283,228		$	52,700		$	225,929		$	443,533		$	58,920		$	83,939		$	51,452
Shares outstanding		15,374			52,700			20,832			29,615			3,788			4,537			8,566
Net asset value, offering price and redemption price per share		18.42			1.00			10.85			14.98			15.55			18.50			6.01
Investment securities, at cost	$	283,417		$	51,664		$	232,290		$	461,315		$	46,740		$	82,139		$	82,836
Repurchase agreement, at cost	$	7,813		$	1,118		$	12,065		$	27,020		$	11,405		$	2,630		$	1,035

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 31

STATEMENTS OF ASSETS & LIABILITIES (continued)
At June 30, 2009
(all amounts except per share amounts in thousands)
(unaudited)

				Transamerica						Transamerica
	Transamerica			Premier			Transamerica			Premier
	Premier			Institutional			Premier			Institutional
	Institutional			Diversified			Institutional			Small Cap
	Bond Fund			Equity Fund			Equity Fund			Value Fund
Assets:
Investment securities, at value	$	1,202		$	1,740		$	73,227		$	6,088
Repurchase agreement, at value		32			59			1,879			292
Receivables:
Shares of beneficial interest sold		—			—			138			44
Interest		14			—	(a)		—	(a)		—	(a)
Dividends		—			1			70			6
Due from advisor		4			2			—			1
	$	1,252		$	1,802		$	75,314		$	6,431
Liabilities:
Payables:
Investment securities purchased		16			—			—			—
Shares of beneficial interest redeemed		—			—			19			—
Management and advisory fees		—			—			38			—
Transfer agent fees		—	(a)		—	(a)		3			1
Trustees fees		—	(a)		—	(a)		—	(a)		—	(a)
Administration fees		—	(a)		—	(a)		2			—	(a)
Other		19			16			27			21
		35			16			89			22
Net assets	$	1,217		$	1,786		$	75,225		$	6,409
Net assets consist of:
Paid-in capital	$	1,243		$	1,848		$	111,819		$	11,786
Undistributed net investment income (loss)		—			5			485			30
Accumulated net realized gain (loss) on investments		(56	)		(59	)		(27,975	)		(5,905	)
Net unrealized appreciation (depreciation) of investments		30			(8	)		(9,104	)		498
Net assets	$	1,217		$	1,786		$	75,225		$	6,409
Institutional Class
Net assets	$	1,217		$	1,786		$	75,225		$	6,409
Shares outstanding		129			216			9,324			565
Net asset value, offering price and redemption price per share	$	9.41		$	8.26		$	8.07		$	11.35
Investment securities, at cost	$	1,172		$	1,748		$	82,331		$	5,590
Repurchase agreement, at cost	$	32		$	59		$	1,879		$	292

^(a) Rounds to less than $1.

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 32

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

							Transamerica									Transamerica
	Transamerica			Transamerica			Premier			Transamerica			Transamerica			Premier Growth
	Premier			Premier Cash			Diversified			Premier Equity			Premier Focus			Opportunities
	Balanced Fund			Reserve Fund			Equity Fund			Fund			Fund			Fund
Investment income:
Dividend income	$	1,438		$	—		$	1,689		$	3,899		$	164		$	472
Less withholding taxes on foreign dividends		—			—			—			(4	)		(2	)		—	(a)
Interest income		3,201			243			—	(a)		6			1			—	(a)
Securities lending income (net)		23			—			36			28			10			19
		4,662			243			1,725			3,929			173			491
Expenses
Management and advisory		992			107			728			1,872			222			318
Transfer agent and shareholder servicing:
Investor Class		399			42			297			479			72			128
Distribution and service:
Investor Class		331			—			242			551			65			93
Custodian		21			7			10			27			5			8
Registration:
Investor Class		9			10			13			35			15			15
Administration		40			10			28			69			8			11
Legal		9			2			6			15			2			2
Audit		14			14			14			14			14			14
Trustees		8			2			5			13			1			2
Money market guarantee insurance		—			16			—			—			—			—
Printing and shareholder reports		21			5			14			38			4			6
Other		6			2			4			12			1			2
Total expenses		1,850			217			1,361			3,125			409			599
Reimbursed expenses and waived fees:
Investor Class		(394	)		(120	)		(246	)		(592	)		(43	)		(75	)
Net expenses		1,456			97			1,115			2,533			366			524
Net investment income (loss)		3,206			146			610			1,396			(193	)		(33	)
Net realized gain (loss) on investments:
Net realized loss on investments		(34,771	)		—			(20,228	)		(123,995)			(7,343	)		(5,966	)
Change in unrealized appreciation (depreciation) on investments		51,864			—			40,926			147,304			16,139			15,572
Net realized and unrealized gain		17,093			—			20,698			23,309			8,796			9,606
Net increase In net assets resulting from operations	$	20,299		$	146		$	21,308		$	24,705		$	8,603		$	9,573

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 33

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

							Transamerica						Transamerica
	Transamerica			Transamerica			Premier			Transamerica			Premier
	Premier High			Premier			Institutional			Premier			Institutional
	Yield Bond			Institutional			Diversified			Institutional			Small Cap
	Fund			Bond Fund			Equity Fund			Equity Fund			Value Fund
Investment income:
Dividend income	$	11		$	—		$	8		$	612		$	42
Less withholding taxes on foreign dividends		—			—			—			(1	)		—
Interest income		3,072			34			—	(a)		—	(a)		—	(a)
Securities lending income (net)		3			—			—			6			—
		3,086			34			8			617			42
Expenses
Management and advisory		154			3			2			251			19
Transfer agent and shareholder servicing:
Institutional Class		—	(a)		—	(a)		—	(a)		9			10
Investor Class		15			—			—			—			—
Distribution and service:
Investor Class		35			—			—			—			—
Custodian		5			6			2			6			8
Registration:
Institutional Class		—			7			7			13			8
Investor Class		19			—			—			—			—
Administration		6			—	(a)		—	(a)		10			1
Legal		2			—	(a)		—	(a)		2			—	(a)
Audit		14			14			14			14			14
Trustees		1			—	(a)		—	(a)		2			—	(a)
Printing and shareholder reports		4			—	(a)		—	(a)		5			—	(a)
Other		1			—	(a)		—	(a)		2			—	(a)
Total expenses		256			30			25			314			60
Reimbursed expenses and waived fees:
Institutional Class		—			(28	)		(22	)		(56	)		(40	)
Investor Class		(33	)		—			—			—			—
Net expenses		223			2			3			258			20
Net investment income		2,863			32			5			359			22
Net realized gain (loss) on investments:
Net realized gain (loss) on investments		(637	)		2			(50	)		(13,346	)		(889	)
Change in unrealized appreciation (depreciation) on investments		12,067			55			108			18,003			1,564
Net realized and unrealized gain		11,430			57			58			4,657			675
Net increase In net assets resulting from operations	$	14,293		$	89		$	63		$	5,016		$	697

^(a) Rounds to less than $1.

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

 Transamerica Premier Funds Semi-Annual Report 2009

Page 34

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

	Transamerica Premier						Transamerica Premier Cash						Transamerica Premier
	Balanced Fund						Reserve Fund						Diversified Equity Fund
	June 30, 2009			December 31,			June 30, 2009			December 31,			June 30, 2009			December 31,
	(unaudited)			2008			(unaudited)			2008			(unaudited)			2008
From operations:
Net investment income	$	3,206		$	6,675		$	146		$	2,127		$	610		$	915
Net realized gain (loss) on investments		(34,771	)		3,790			—			(2	)		(20,228	)		(2,752	)
Change in unrealized appreciation (depreciation) on investments		51,864			(165,457	)		—			—			40,926			(127,173	)
Net increase (decrease) in net assets resulting from operations		20,299			(154,992	)		146			2,125			21,308			(129,010	)
Distributions to shareholders
From net investment income:
Investor Class		—			(6,185	)		(146	)		(2,127	)		—			(430	)
Return of capital:
Investor Class		—			410			—			—			—			—
From net realized gains on investments:
Investor Class		—			(10,717	)		—			—			—			(5,449	)
Total distributions to shareholders		—			(17,312	)		(146	)		(2,127	)		—			(5,879	)
Capital Share Transactions:
Proceeds from shares sold:
Investor Class		11,849			58,202			8,859			41,721			24,556			62,498
Dividends and distributions reinvested:
Investor Class		—			17,266			139			2,078			—			3,738
Cost of shares redeemed:
Investor Class		(28,435	)		(98,887	)		(25,883	)		(63,629	)		(14,384	)		(42,251	)
Redemption fee:
Investor Class		—			—			—			—			4			6
Net fund shares transactions		(16,586	)		(23,419	)		(16,885	)		(19,830	)		10,176			23,991
Net increase (decrease) in net assets		3,713			(195,723	)		(16,885	)		(19,832	)		31,484			(110,898	)
Net assets
Beginning of period/year	$	279,515		$	475,238		$	69,585		$	89,417		$	194,445		$	305,343
End of period/year	$	283,228		$	279,515		$	52,700		$	69,585		$	225,929		$	194,445
Undistributed net investment income	$	3,206		$	—		$	—		$	—		$	672		$	62
Share Activity:
Shares issued:
Investor Class		673			2,449			8,858			41,721			2,564			4,769
Shares issued-reinvested from distributions:
Investor Class		—			1,025			139			2,078			—			388
Shares redeemed:
Investor Class		(1,734	)		(4,548	)		(25,884	)		(63,629	)		(1,541	)		(3,147	)
Net increase (decrease) in shares outstanding:
Investor Class		(1,061	)		(1,074	)		(16,887	)		(19,830	)		1,023			2,010
Authorized shares		60			60			510			510			50			50

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 35

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

	Transamerica Premier Equity						Transamerica Premier Focus						Transamerica Premier
	Fund						Fund						Growth Opportunities Fund
	June 30, 2009			December 31,			June 30, 2009			December 31,			June 30, 2009			December 31,
	(unaudited)			2008			(unaudited)			2008			(unaudited)			2008
From operations:
Net investment income (loss)	$	1,396		$	2,637		$	(193	)	$	(381	)	$	(33	)	$	(561	)
Net realized gain (loss) on investments		(123,995	)		(145,013	)		(7,343	)		(4,628	)		(5,966	)		(14,019	)
Change in unrealized appreciation (depreciation) on investments		147,304			(364,089	)		16,139			(32,976	)		15,572			(42,689	)
Net increase (decrease) in net assets resulting from operations		24,705			(506,465	)		8,603			(37,985	)		9,573			(57,269	)
Distributions to shareholders
From net investment income:
Investor Class		—			(1,762	)		—			—			—			—
From net realized gains on investments:
Investor Class		—			(7,039	)		—			(2,249	)		—			—
Total distributions to shareholders		—			(8,801	)		—			(2,249	)		—			—
Capital Share Transactions:
Proceeds from shares sold:
Investor Class		58,458			452,101			4,739			5,204			3,772			9,811
Dividends and distributions reinvested:
Investor Class		—			8,591			—			2,226			—			—
Cost of shares redeemed:				��
Investor Class		(147,274	)		(484,339	)		(5,256	)		(11,740	)		(7,463	)		(21,356	)
Redemption fee:
Investor Class		8			137			—			6			1			19
Net fund shares transactions		(88,808	)		(23,510	)		(517	)		(4,304	)		(3,690	)		(11,526	)
Net increase (decrease) in net assets		(64,103	)		(538,776	)		8,086			(44,538	)		5,883			(68,795	)
Net assets
Beginning of period/year	$	507,636		$	1,046,412		$	50,834		$	95,372		$	78,056		$	146,851
End of period/year	$	443,533		$	507,636		$	58,920		$	50,834		$	83,939		$	78,056
Undistributed (accumulated) net investment income (loss)	$	2,271		$	875		$	(182	)	$	11		$	(33	)	$	—
Share Activity:
Shares issued:
Investor Class		4,426			21,310			342			274			232			429
Shares issued-reinvested from distributions:
Investor Class		—			629			—			170			—			—
Shares redeemed:
Investor Class		(11,334	)		(26,291	)		(383	)		(649	)		(475	)		(968	)
Net (decrease) in shares outstanding:
Investor Class		(6,908	)		(4,352	)		(41	)		(205	)		(243	)		(539	)
Authorized shares		70			70			60			60			60			60

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 36

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

													Transamerica Premier
	Transamerica Premier High						Transamerica Premier						Institutional Diversified
	Yield Bond Fund						Institutional Bond Fund						Equity Fund
	June 30, 2009			December 31,			June 30, 2009			December 31,			June 30, 2009			December 31,
	(unaudited)			2008			(unaudited)			2008			(unaudited)			2008
From operations:
Net investment income	$	2,863		$	4,164		$	32		$	54		$	5		$	4
Net realized gain (loss) on investments		(637	)		(6,655	)		2			(24	)		(50	)		7
Change in unrealized appreciation (depreciation) on investments		12,067			(9,237	)		55			(23	)		108			(315	)
Net increase (decrease) in net assets resulting from operations		14,293			(11,728	)		89			7			63			(304	)
Distributions to shareholders
From net investment income:
Institutional Class		(1,481	)		(3,216	)		(31	)		(55	)		—			(5	)
Investor Class		(1,425	)		(1,081	)		—			—			—			—
From net realized gains on investments:
Institutional Class		—			—			—			—			—			(21	)
Investor Class		—			—			—			—			—			—
Total distributions to shareholders		(2,906	)		(4,297	)		(31	)		(55	)		—			(26	)
Capital Share Transactions:
Proceeds from shares sold:
Institutional Class		4,299			2,637			14			—			1,287			2
Investor Class		53,783			39,338			—			—			—			—
		58,082			41,975			14			—			1,287			2
Dividends and distributions reinvested:
Institutional Class		1,481			3,216			31			54			—			26
Investor Class		1,381			1,006			—			—			—			—
		2,862			4,222			31			54			—			26
Cost of shares redeemed:
Institutional Class		(2,573	)		(15,126	)		—			—			—			—
Investor Class		(15,794	)		(39,095	)		—			—			—			—
		(18,367	)		(54,221	)		—			—			—			—
Net fund shares transactions		42,577			(8,024	)		45			54			1,287			28
Net increase (decrease) in net assets		53,964			(24,049	)		103			6			1,350			(302	)
Net assets
Beginning of period/year	$	32,669		$	56,718		$	1,114		$	1,108		$	436		$	738
End of period/year	$	86,633		$	32,669		$	1,217		$	1,114		$	1,786		$	436
Undistributed (accumulated) net investment income (loss)	$	16		$	59		$	—		$	(1	)	$	5		$	—
Share Activity:
Shares issued:
Institutional Class		789			405			3			—			160			1
Investor Class		9,942			5,708			—			—			—			—
		10,731			6,113			3			—			160			1
Shares issued-reinvested from distributions:
Institutional Class		269			512			3			5			—			3
Investor Class		240			153			—			—			—			—
		509			665			3			5			—			3
Shares redeemed:
Institutional Class		(478	)		(2,228	)		—			—			—			—
Investor Class		(2,827	)		(5,766	)		—			—			—			—
		(3,305	)		(7,994	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Institutional Class		580			(1,311	)		6			5			160			4
Investor Class		7,355			95			—			—			—			—
		7,935			(1,216	)		6			5			160			4
Authorized shares		50			50			50			50			50			50

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 37

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

							Transamerica Premier
	Transamerica Premier						Institutional Small Cap Value
	Institutional Equity Fund						Fund
	June 30, 2009			December 31,			June 30, 2009			December 31,
	(unaudited)			2008			(unaudited)			2008
From operations:
Net investment income	$	359		$	755		$	22		$	177
Net realized gain (loss) on investments		(13,346	)		(14,594	)		(889	)		(5,033	)
Change in unrealized appreciation (depreciation) on investments		18,003			(43,056	)		1,564			(1,195	)
Net increase (decrease) in net assets resulting from operations		5,016			(56,895	)		697			(6,051	)
Distributions to shareholders
From net investment income:
Institutional Class		—			(734	)		—			(153	)
From net realized gains on investments:
Institutional Class		—			(152	)		—			(55	)
Total distributions to shareholders		—			(886	)		—			(208	)
Capital Share Transactions:
Proceeds from shares sold:
Institutional Class		13,828			69,905			2,612			18,008
Dividends and distributions reinvested:
Institutional Class		—			715			—			171
Cost of shares redeemed:
Institutional Class		(16,358	)		(38,269	)		(1,959	)		(9,758	)
			��
Net fund shares transactions		(2,530	)		32,351			653			8,421
Net increase (decrease) in net assets		2,486			(25,430	)		1,350			2,162
Net assets
Beginning of period/year	$	72,739		$	98,169		$	5,059		$	2,897
End of period/year	$	75,225		$	72,739		$	6,409		$	5,059
Undistributed net investment income	$	485		$	126		$	30		$	8
Share Activity:
Shares issued:
Institutional Class		1,939			6,435			250			1,129
Shares issued-reinvested from distributions:
Institutional Class		—			98			—			19
Shares redeemed:
Institutional Class		(2,377	)		(4,072	)		(214	)		(802	)
Net increase (decrease) in shares outstanding:
Institutional Class		(438	)		2,461			36			346
Authorized shares		30			30			50			50

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 38

FINANCIAL HIGHLIGHTS
For the period or years ended:

	Transamerica Premier Balanced Fund
	Investor Class
For a share outstanding throughout each period	June 30, 2009 (unaudited)			December 31, 2008			December 31, 2007			December 31, 2006			December 31, 2005			December 31, 2004
Net asset value
Beginning of period/year	$	17.01		$	27.14		$	25.24		$	23.63		$	22.60		$	20.22
Investment operations
Net investment income (loss)(a)		0.20			0.39			0.33			0.25			0.26			(0.22	)
Net realized and unrealized gain (loss) on investments		1.21			(9.43	)		2.97			1.69			1.04			2.83
Total from investment operations		1.41			(9.04	)		3.30			1.94			1.30			2.61
Distributions
Net investment income		—			(0.39	)		(0.38	)		(0.19	)		(0.27	)		(0.23	)
Net realized gains on investments		—			(0.03	)		(1.02	)		(0.14	)		—			—
Return of capital		—			(0.67	)		—			—			—			—
Total distributions		—			(1.09	)		(1.40	)		(0.33	)		(0.27	)		(0.23	)
Net asset value
End of period/year	$	18.42		$	17.01		$	27.14		$	25.24		$	23.63		$	22.60
Total return(b)		8.29	%(c)		(33.27	%)		13.04	%		8.20	%		5.81	%		12.92	%
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.10	%(d)		1.10	%		1.10	%		1.10	%		1.08	%		1.29	%
Before reimbursement/fee waiver		1.40	%(d)		1.24	%		1.10	%		1.10	%		1.14	%		1.29	%
Net investment income (loss), to average net assets		2.42	%(d)		1.68	%		1.21	%		1.02	%		1.14	%		(1.04	%)
Portfolio turnover rate		69	%(c)		69	%		58	%		45	%		53	%		47	%
Net assets end of period/year (in thousands)	$	283,228		$	279,515		$	475,238		$	376,686		$	305,892		$	245,138
	Transamerica Premier Cash Reserve Fund
	Investor Class
For a share outstanding throughout each period	June 30, 2009 (unaudited)			December 31, 2008			December 31, 2007			December 31, 2006			December 31, 2005			December 31, 2004
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(a)		—	(e)		0.03			0.05			0.05			0.03			0.01
Total from investment operations		—	(e)		0.03			0.05			0.05			0.03			0.01
Distributions
Net investment income		—	(e)		(0.03	)		(0.05	)		(0.05	)		(0.03	)		(0.01	)
Total distributions		—	(e)		(0.03	)		(0.05	)		(0.05	)		(0.03	)		(0.01	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(b)		0.22	%(c)		2.57	%		5.12	%		4.91	%		3.06	%		1.16	%
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.30	%(d),(f)		0.26	%(f)		0.25	%		0.25	%		0.25	%		0.25	%
Before reimbursement/fee waiver		0.67	%(d),(f)		0.58	%(f)		0.60	%		0.68	%		0.74	%		0.63	%
Net investment income, to average net assets		0.45	%(d)		2.58	%		5.01	%		4.87	%		3.02	%		1.13	%
Net assets end of period/year (in thousands)	$	52,700		$	69,585		$	89,417		$	72,834		$	39,405		$	37,038

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 39

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended

	Transamerica Premier Diversified Equity Fund
	Investor Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	9.82		$	17.15		$	14.84		$	13.69		$	12.70		$	11.17
Investment operations
Net investment income(a)		0.03			0.05			0.01			0.01			0.02			0.03
Net realized and unrealized gain (loss) on investments		1.00			(7.08	)		2.77			1.28			0.99			1.51
Total from investment operations		1.03			(7.03	)		2.78			1.29			1.01			1.54
Distributions
Net investment income		—			(0.02	)		—	(e)		—			(0.02	)		(0.01	)
Net realized gains on investments		—			(0.28	)		(0.47	)		(0.14	)		—			—
Total distributions		—			(0.30	)		(0.47	)		(0.14	)		(0.02	)		(0.01	)
Net asset value
End of period/year	$	10.85		$	9.82		$	17.15		$	14.84		$	13.69		$	12.70
Total return(b)		10.49	%(c)		(40.93	%)		18.68	%		9.42	%		7.93	%		13.81	%
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.10	%		1.20	%
Before reimbursement/fee waiver		1.40	%(d)		1.29	%		1.15	%		1.15	%		1.31	%		1.47	%
Net investment income, to average net assets		0.63	%(d)		0.35	%		0.08	%		0.04	%		0.13	%		0.28	%
Portfolio turnover rate		13	%(c)		44	%		29	%		36	%		35	%		30	%
Net assets end of period/year (in thousands)	$	225,929		$	194,445		$	305,343		$	207,607		$	148,927		$	71,487
	Transamerica Premier Equity Fund
	Investor Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	13.90		$	25.60		$	22.52		$	22.05		$	19.46		$	16.90
Investment operations
Net investment income (loss)(a)		0.04			0.06			(0.03	)		(0.07	)		(0.08	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.04			(11.52	)		3.45			1.74			3.19			2.58
Total from investment operations		1.08			(11.46	)		3.42			1.67			3.11			2.56
Distributions
Net investment income		—			(0.05	)		—			—			—			—
Net realized gains on investments		—			(0.19	)		(0.34	)		(1.20	)		(0.52	)		—
Total distributions		—			(0.24	)		(0.34	)		(1.20	)		(0.52	)		—
Net asset value
End of period/year	$	14.98		$	13.90		$	25.60		$	22.52		$	22.05		$	19.46
Total return(b)		7.77	%(c)		(44.74	%)		15.19	%		7.54	%		15.96	%		15.15	%
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.09	%		1.29	%
Before reimbursement/fee waiver		1.42	%(d)		1.30	%		1.15	%		1.15	%		1.09	%		1.29	%
Net investment income (loss), to average net assets		0.63	%(d)		0.29	%		(0.14	%)		(0.28	%)		(0.38	%)		(0.13	%)
Portfolio turnover rate		18	%(c)		47	%		40	%		37	%		32	%		34	%
Net assets end of period/year (in thousands)	$	443,533		$	507,636		$	1,046,412		$	570,680		$	423,181		$	179,454

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

 Transamerica Premier Funds Semi-Annual Report 2009

Page 40

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended

	Transamerica Premier Focus Fund
	Investor Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	13.28		$	23.64		$	19.65		$	18.59		$	16.01		$	13.87
Investment operations
Net investment loss(a)		(0.05	)		(0.10	)		(0.11	)		(0.11	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments		2.32			(9.65	)		4.11			1.17			2.64			2.21
Total from investment operations		2.27			(9.75	)		4.00			1.06			2.58			2.14
Distributions
Net realized gains on investments		—			(0.61	)		(0.01	)		—			—			—
Total distributions		—			(0.61	)		(0.01	)		—			—			—
Net asset value
End of period/year	$	15.55		$	13.28		$	23.64		$	19.65		$	18.59		$	16.01
Total return(b)		17.09	%(c)		(41.19	%)		20.35	%		5.70	%		16.12	%		15.43	%
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.40	%(d)		1.37	%		1.18	%		1.20	%		1.32	%		1.36	%
Before reimbursement/fee waiver		1.57	%(d)		1.37	%		1.18	%		1.20	%		1.32	%		1.36	%
Net investment loss, to average net assets		(0.74	%)(d)		(0.52	%)		(0.50	%)		(0.61	%)		(0.38	%)		(0.48	%)
Portfolio turnover rate		32	%(c)		66	%		51	%		46	%		67	%		64	%
Net assets end of period/year (in thousands)	$	58,920		$	50,834		$	95,372		$	87,200		$	111,705		$	92,565

	Transamerica Premier Growth Opportunities Fund
	Investor Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	16.33		$	27.61		$	23.50		$	22.56		$	19.73		$	16.99
Investment operations
Net investment loss(a)		(0.01	)		(0.11	)		(0.14	)		(0.10	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments		2.18			(11.17	)		5.56			1.04			2.88			2.82
Total from investment operations		2.17			(11.28	)		5.42			0.94			2.83			2.74
Distributions
Net realized gains on investments		—			—			(1.31	)		—			—			—
Total distributions		—			—			(1.31	)		—			—			—
Net asset value
End of period/year	$	18.50		$	16.33		$	27.61		$	23.50		$	22.56		$	19.73
Total return(b)		13.29	%(c)		(40.85	%)		23.01	%		4.17	%		14.36	%		16.13	%
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.40	%(d)		1.38	%		1.17	%		1.17	%		1.31	%		1.36	%
Before reimbursement/fee waiver		1.60	%(d)		1.38	%		1.17	%		1.17	%		1.31	%		1.36	%
Net investment loss, to average net assets		(0.09	%)(d)		(0.50	%)		(0.52	%)		(0.43	%)		(0.24	%)		(0.44	%)
Portfolio turnover rate		33	%(c)		56	%		77	%		64	%		52	%		37	%
Net assets end of period/year (in thousands)	$	83,939		$	78,056		$	146,851		$	131,991		$	152,064		$	118,442

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 41

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended

	Transamerica Premier High Yield Bond Fund
	Investor Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	5.03		$	7.36		$	7.86		$	7.71		$	8.00		$	7.76
Investment operations
Net investment income(a)		0.28			0.57			0.55			0.53			0.50			0.52
Net realized and unrealized gain (loss) on investments		0.96			(2.32	)		(0.50	)		0.14			(0.28	)		0.25
Total from investment operations		1.24			(1.75	)		0.05			0.67			0.22			0.77
Distributions
Net investment income		(0.26	)		(0.58	)		(0.55	)		(0.52	)		(0.51	)		(0.53	)
Total distributions		(0.26	)		(0.58	)		(0.55	)		(0.52	)		(0.51	)		(0.53	)
Net asset value
End of period/year	$	6.01		$	5.03		$	7.36		$	7.86		$	7.71		$	8.00
Total return(b)		25.10	%(c)		(25.19	%)		0.59	%		9.01	%		2.93	%		10.38	%
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.90	%(d)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Before reimbursement/fee waiver		1.14	%(d)		1.37	%		1.32	%		1.19	%		1.34	%		1.43	%
Net investment income, to average net assets		9.81	%(d)		8.36	%		7.04	%		6.81	%		6.46	%		6.75	%
Portfolio turnover rate		26	%(c)		82	%		89	%		127	%		93	%		152	%
Net assets end of period/year (in thousands)	$	51,452		$	6,087		$	8,209		$	16,418		$	12,062		$	8,227

	Transamerica Premier High Yield Bond Fund
	Institutional Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	4.97		$	7.29		$	7.79		$	7.65		$	7.95		$	7.70
Investment operations
Net investment income(a)		0.27			0.57			0.57			0.55			0.52			0.54
Net realized and unrealized gain (loss) on investments		0.96			(2.30	)		(0.49	)		0.13			(0.29	)		0.26
Total from investment operations		1.23			(1.73	)		0.08			0.68			0.23			0.80
Distributions
Net investment income		(0.26	)		(0.59	)		(0.58	)		(0.54	)		(0.53	)		(0.55	)
Total distributions		(0.26	)		(0.59	)		(0.58	)		(0.54	)		(0.53	)		(0.55	)
Net asset value
End of period/year	$	5.94		$	4.97		$	7.29		$	7.79		$	7.65		$	7.95
Total return(b)		25.33	%(c)		(25.13	%)		0.86	%		9.23	%		3.08	%		10.88	%
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.64	%(d)		0.65	%		0.65	%		0.64	%		0.65	%		0.63	%
Before reimbursement/fee waiver		0.64	%(d)		0.65	%		0.66	%		0.64	%		0.70	%		0.63	%
Net investment income, to average net assets		9.91	%(d)		8.77	%		7.30	%		7.09	%		6.65	%		7.06	%
Portfolio turnover rate		26	%(c)		82	%		89	%		127	%		93	%		152	%
Net assets end of period/year (in thousands)	$	35,181		$	26,582		$	48,509		$	105,597		$	97,480		$	135,161

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 42

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended

	Transamerica Premier Institutional Bond Fund
	Institutional Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005(g)
Net asset value
Beginning of period/year	$	8.96		$	9.36		$	9.41		$	9.75		$	10.00
Investment operations
Net investment income(a)		0.25			0.45			0.47			0.46			0.38
Net realized and unrealized gain (loss) on investments		0.44			(0.40	)		(0.04	)		(0.10	)		(0.23	)
Total from investment operations		0.69			0.05			0.43			0.36			0.15
Distributions
Net investment income		(0.24	)		(0.45	)		(0.48	)		(0.48	)		(0.40	)
Return of capital		—			—			—			(0.22	)		—
Total distributions		(0.24	)		(0.45	)		(0.48	)		(0.70	)		(0.40	)
Net asset value
End of period/year	$	9.41		$	8.96		$	9.36		$	9.41		$	9.75
Total return(b)		7.86	%(c)		0.56	%		4.68	%		3.88	%		1.53	%(c)
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.45	%(d)		0.45	%		0.45	%		0.45	%		0.45	%(d)
Before reimbursement/fee waiver		5.26	%(d)		5.50	%		6.25	%		5.74	%		7.97	%(d)
Net investment income, to average net assets		5.58	%(d)		4.91	%		5.00	%		4.80	%		4.18	%(d)
Portfolio turnover rate		107	%(c)		109	%		88	%		151	%		269	%(c)
Net assets end of period/year (in thousands)	$	1,217		$	1,114		$	1,108		$	1,067		$	1,027

	Transamerica Premier Institutional Diversified Equity Fund
	Institutional Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005(g)
Net asset value
Beginning of period/year	$	7.79		$	14.06		$	12.21		$	11.14		$	10.00
Investment operations
Net investment income(a)		0.06			0.09			0.06			0.05			0.05
Net realized and unrealized gain (loss) on investments		0.41			(5.87	)		2.43			1.02			1.14
Total from investment operations		0.47			(5.78	)		2.49			1.07			1.19
Distributions
Net investment income		—			(0.09	)		(0.06	)		—			(0.05	)
Net realized gains on investments		—			(0.40	)		(0.58	)		—			—
Total distributions		—			(0.49	)		(0.64	)		—			(0.05	)
Net asset value
End of period/year	$	8.26		$	7.79		$	14.06		$	12.21		$	11.14
Total return(b)		6.03	%(c)		(41.06	%)		20.34	%		9.61	%		11.88	%(c)
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.75	%(d)		0.75	%		0.75	%		0.75	%		0.75	%(d)
Before reimbursement/fee waiver		7.51	%(d)		8.87	%		9.02	%		8.90	%		9.27	%(d)
Net investment income, to average net assets		1.52	%(d)		0.74	%		0.44	%		0.40	%		0.52	%(d)
Portfolio turnover rate		13	%(c)		46	%		31	%		40	%		38	%(c)
Net assets end of period/year (in thousands)	$	1,786		$	436		$	738		$	613		$	559

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 43

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended

	Transamerica Premier Institutional Equity Fund
	Institutional Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005			2004(h)
Net asset value
Beginning of period/year	$	7.45		$	13.45		$	12.21		$	11.41		$	11.11		$	10.00
Investment operations
Net investment income (loss)(a)		0.04			0.08			0.04			0.01			(0.01	)		0.08
Net realized and unrealized gain (loss) on investments		0.58			(5.99	)		1.79			0.93			1.91			1.40
Total from investment operations		0.62			(5.91	)		1.83			0.94			1.90			1.48
Distributions
Net investment income		—			(0.07	)		(0.01	)		(0.01	)		—			(0.36	)
Net realized gains on investments		—			(0.02	)		(0.58	)		(0.13	)		(1.60	)		(0.01	)
Total distributions		—			(0.09	)		(0.59	)		(0.14	)		(1.60	)		(0.37	)
Net asset value
End of period/year	$	8.07		$	7.45		$	13.45		$	12.21		$	11.41		$	11.11
Total return(b)		8.32	%(c)		(43.92	%)		14.96	%		8.22	%		17.03	%		11.51	%(c)
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.75	%(d)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%(d)
Before reimbursement/fee waiver		0.91	%(d)		0.85	%		0.90	%		0.93	%		1.05	%		0.90	%(d)
Net investment income (loss), to average net assets		1.05	%(d)		0.74	%		0.28	%		0.09	%		(0.06	%)		1.31	%(d)
Portfolio turnover rate		18	%(c)		35	%		47	%		31	%		122	%		18	%(c)
Net assets end of period/year (in thousands)	$	75,225		$	72,739		$	98,169		$	58,448		$	44,106		$	62,110

	Transamerica Premier Institutional Small Cap Value Fund
	Institutional Class
	June 30, 2009			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2008			2007			2006			2005(g)
Net asset value
Beginning of period/year	$	9.56		$	15.81		$	12.32		$	10.73		$	10.00
Investment operations
Net investment income(a)		0.05			0.36			0.22			0.14			0.10
Net realized and unrealized gain (loss) on investments		1.74			(6.23	)		3.87			1.88			1.17
Total from investment operations		1.79			(5.87	)		4.09			2.02			1.27
Distributions
Net investment income		—			(0.28	)		(0.29	)		(0.12	)		(0.08	)
Net realized gains on investments		—			(0.10	)		(0.31	)		(0.31	)		(0.46	)
Total distributions		—			(0.38	)		(0.60	)		(0.43	)		(0.54	)
Net asset value
End of period/year	$	11.35		$	9.56		$	15.81		$	12.32		$	10.73
Total return(b)		18.72	%(c)		(37.01	%)		33.12	%		18.74	%		12.67	%(c)
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.85	%(d)		0.85	%		0.85	%		0.85	%		0.85	%(d)
Before reimbursement/fee waiver		2.59	%(d)		1.95	%		6.37	%		8.68	%		9.32	%(d)
Net investment income, to average net assets		0.94	%(d)		2.62	%		1.49	%		1.15	%		1.00	%(d)
Portfolio turnover rate		74	%(c)		135	%		31	%		53	%		53	%(c)
Net assets end of period/year (in thousands)	$	6,409		$	5,059		$	2,897		$	674		$	563

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 44

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended

(a)	Calculated based on the average number of shares outstanding during the period.
(b)	Total Return represents aggregate total return for each period.
(c)	Not annualized.
(d)	Annualized.
(e)	Rounds to less than $0.01 or $(0.01) per share.
(f)	Includes Money Market Guarantee expense. The impact of the Money Market Guarantee expense is 0.01% and 0.05% for 2008 and 2009, respectively.
(g)	Commenced operations on February 1, 2005.
(h)	Commenced operations on June 1, 2004.

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 45

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

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Investors, Inc. (the “Company”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Company is composed of eleven Funds: Transamerica Premier Balanced Fund (the “Balanced Fund”), Transamerica Premier Cash Reserve Fund (the “Cash Reserve Fund”), Transamerica Premier Diversified Equity Fund (the “Diversified Equity Fund”), Transamerica Premier Equity Fund (the “Equity Fund”), Transamerica Premier Focus Fund (the “Focus Fund”), Transamerica Premier Growth Opportunities Fund (the “Growth Opportunities Fund”), Transamerica Premier High Yield Bond Fund (the “High Yield Bond Fund”), Transamerica Premier Institutional Bond Fund (the “Institutional Bond Fund”), Transamerica Premier Institutional Diversified Equity Fund (the “Institutional Diversified Equity Fund”), Transamerica Premier Institutional Equity Fund (the “Institutional Equity Fund”), and Transamerica Premier Institutional Small Cap Value Fund (the “Institutional Small Cap Value Fund”), and (individually, a “Fund” and collectively, the “Funds”). All of the Funds are diversified except the Focus Fund, which is non-diversified under the 1940 Act. For information on investment objectives and strategies, please refer to the Funds’ prospectus.

The Company currently offers two classes of shares, either an Investor and/or an Institutional class in each of the Funds.

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

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

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

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

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

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

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

As permitted under Rule 2a-7 of the 1940 Act, the Cash Reserve Fund values its securities at amortized cost, which with accrued interest approximates fair value.

Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the Board of Trustees.

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

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc).

Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 46

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

NOTE 1. (continued)

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

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

Recaptured commissions for the period ended June 30, 2009 are included in net realized gains in the Statements of Operations and are summarized as follows:

Fund	Commissions
Balanced Fund	$	5
Diversified Equity Fund		4
Equity Fund		15
Focus Fund		1
Growth Opportunities Fund		3
Institutional Diversified Equity Fund		—	*
Institutional Equity Fund		2
Institutional Small Cap Value Fund		1

* Amount rounds to less than $1.

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

Securities transactions and investment income: Securities transactions are recorded as of the trade date. Gains and losses on sales of securities are determined on the identified cost basis for both financial statement and federal income tax purposes. Interest income and operating expenses are recorded daily on an accrual basis. Discount is recorded on a daily basis using the effective yield method, except the Cash Reserve Fund, which recognizes discount and premium on a straight-line basis. Dividend income is recorded on the ex-dividend date.

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

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

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

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 47

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

NOTE 1. (continued)

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

NOTE 2. RELATED PARTY TRANSACTIONS

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

Transamerica Fund Services, Inc. (“TFS”) serves as administrator and transfer agent to the Funds. TFS is also an affiliate of AEGON N.V.

Transamerica Capital, Inc. (“TCI”) is the principal underwriter and distributor of the shares for each of the Funds. TCI is an affiliate of AEGON N.V.

Transamerica Investment Management, LLC (“TIM”) is both an affiliate of the Fund and is sub-adviser of the Funds.

Certain directors and officers of the Funds are also directors and officers of TAM, TFS, TIM, and TCI.

The aggregate fee expensed to all directors who are not affiliated persons of TAM for the period ended June 30, 2009 can be found in the Statements of Operations.

As of June 30, 2009, TAM and its affiliates held the following percentages of outstanding shares:

	Outstanding
Fund	Shares %
Balanced Fund		8	%
Cash Reserve Fund		3	%
Diversified Equity Fund		3	%
Equity Fund		2	%
Focus Fund		21	%
Growth Opportunities Fund		19	%
Institutional Bond Fund		99	%
Institutional Diversified Equity Fund		26	%
Institutional Small Cap Value Fund		10	%

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

	Market		% of Fund’s
Fund Name	Value		Net Assets
Institutional Bond Fund	$	1,202		98.74	%
Institutional Diversified Equity Bond		461		25.83
Institutional Equity Fund		493		0.66
Institutional Small Cap Value Fund		666		10.39

Transamerica Premier Funds Semi-Annual Report 2009

Page 48

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

NOTE 2. (continued)

Investment advisory fees: For its services to the Funds, TAM receives a monthly fee, based on an annual percentage of the average daily net assets of each Fund. The annual fees for the following Funds are:

Fund	Advisory Fee Rate
Balanced Fund
First $1 billion		0.75	%
Over $1 billion up to $2 billion		0.72
Over $2 billion		0.70
Cash Reserve Fund		0.33
Diversified Equity Fund
First $1 billion		0.75
Over $1 billion up to $2 billion		0.72
Over $2 billion		0.70
Equity Fund
First $1 billion		0.85
Over $1 billion up to $2 billion		0.82
Over $2 billion		0.80
Focus Fund
First $1 billion		0.85
Over $1 billion up to $2 billion		0.82
Over $2 billion		0.80
Growth Opportunities Fund
First $1 billion		0.85
Over $1 billion up to $2 billion		0.82
Over $2 billion		0.80
High Yield Bond Fund		0.53
Institutional Bond Fund		0.43
Institutional Diversified Equity Fund		0.73
Institutional Equity Fund		0.73
Institutional Small Cap Value Fund		0.83

TAM has agreed to waive its fees and assume any other operating expenses (other than certain extraordinary or nonrecurring expenses) which together exceed a specified percentage of the average daily net assets of that Fund.

These waivers and subsidies may be terminated at any time without notice.

The specified percentages are as follows:

Fund	Investor Class			Institutional Class
Balanced Fund		1.10	%		—
Cash Reserve Fund		0.25	%		—
Diversified Equity Fund		1.15	%		—
Equity Fund		1.15	%		—
Focus Fund		1.40	%		—
Growth Opportunities Fund		1.40	%		—
High Yield Bond Fund		0.90	%		0.65	%
Institutional Bond Fund		—			0.45	%
Institutional Diversified Equity Fund		—			0.75	%
Institutional Equity Fund		—			0.75	%
Institutional Small Cap Value Fund		—			0.85	%

If Fund expense, excluding 12b-1 fees and certain extraordinary expenses, fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Funds may be required to pay the adviser a portion or all of the previously waived advisory fees.

There were no amounts recaptured during the period ended June 30, 2009. The following amounts available for recapture as of June 30, 2009 were as follows:

Fund	Available for Recapture at 06/30/2009
Balanced Fund	$	526
Cash Reserve Fund		223
Diversified Equity Fund		348
Equity Fund		1,342
High Yield Bond Fund		52
Institutional Bond Fund		46
Institutional Diversified Equity Fund		40
Institutional Equity Fund		90
Institutional Small Cap Value Fund		66

Transamerica Premier Funds Semi-Annual Report 2009

Page 49

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

NOTE 2. (continued)

Distribution and service fees: The 12b-1 plans of distribution and related distribution contracts require the Funds to pay distribution fees to TCI as compensation for its activities, not as reimbursement for specific expenses. For the Investor Shares, there is an annual 12b-1 distribution fee of 0.25% of the average daily net assets, except for the Transamerica Premier Cash Reserve Fund. TCI agreed to waive the distribution fees until at least April 30, 2010 for the Cash Reserve Fund. The fee waivers may be terminated at any time without notice after April 30, 2010. For the Institutional Shares, there is no annual 12b-1 distribution fee. This fee is paid to securities dealers and financial intermediaries for providing personal services and account maintenance for their customers who hold such shares.

Administrative services: The Company entered into an Administrative Services Agreement with TFS for financial and legal fund administration services which include such items as compliance, expenses, financial statement and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support and other legal matters. The Company pays TFS the greater of an annual fee of 0.02% of average net assets of the Funds, or $385 allocated based pro rata on the average net assets of the Funds.

Transfer agent fees: Transfer agent fees paid to TFS on behalf of the Funds for the period ended June 30, 2009 can be found in the Statement of Operations.

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

NOTE 3. INVESTMENT TRANSACTIONS

The aggregate cost of purchases and proceeds from sales of securities, excluding short-term investments, for the period ended June 30, 2009 was as follows:

			U.S.				U.S.
			Government		Proceeds		Government
Fund	Purchases		Purchases		from Sales		Sales
Balanced Fund	$	200,592	$	63,068	$	246,055	$	43,556
Diversified Equity Fund		127,987		—		108,264		—
Equity Fund		410,229		—		419,188		—
Focus Fund		42,908		—		55,843		—
Growth Opportunities Fund		60,263		—		70,580		—
High Yield Bond Fund		37,464		—		46,784		—
Institutional Bond Fund		853		461		953		286
Institutional Diversified Equity Fund		298		—		267		—
Institutional Equity Fund		66,908		—		33,946		—
Institutional Small Cap Value Fund		17,320		—		8,290		—

NOTE 4. FEDERAL INCOME TAX MATTERS

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

Transamerica Premier Funds Semi-Annual Report 2009

Page 50

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

NOTE 5. SUBSEQUENT EVENTS

The Board of Directors approved an Agreement and Plan of Reorganization relating to the proposed reorganization of the following Funds:

Target Fund(s)	Destination Fund
Transamerica Premier Balanced Fund	Transamerica Balanced*
Transamerica Value Balanced*
Transamerica Premier Cash Reserve Fund	Transamerica Money Market*
Transamerica Premier Diversified Equity Fund	Transamerica Diversified Equity*
Transamerica Premier Institutional Diversified Equity Fund
Transamerica Science & Technology*
Transamerica Templeton Global*
Transamerica Premier Equity Fund	Transamerica Equity*
Transamerica Premier Institutional Equity Fund
Transamerica Premier Focus Fund	Transamerica Legg Mason Partners All Cap*
Transamerica Premier Growth Opportunities Fund	Transamerica Growth Opportunities*
Transamerica Premier High Yield Bond Fund	Transamerica High Yield Bond*

* These Funds are apart of the Transamerica Fund Complex

An information statement/prospectus will be sent to shareholders to discuss the transaction in detail. The reorganization is expected to take place during the fourth quarter of 2009.

The Board of Directors approved the termination and liquidation of Transamerica Premier Institutional Bond Fund and Transamerica Premier Institutional Small Cap Value Fund. These funds will be liquidated on or about September 30, 2009.

Transamerica Premier Funds Semi-Annual Report 2009

Page 51

TRANSAMERICA INVESTORS, INC.

TRANSAMERICA PREMIER BALANCED FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Balanced Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors noted that TAM and the Sub-Adviser do not manage any comparable separate accounts. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods and in line with the median for its peer universe for the past 5-year period. The Directors discussed the reasons for the underperformance, and agreed they would continue to monitor the performance of the Fund closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

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

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

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER CASH RESERVE FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Cash Reserve Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

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

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was in the first quintile of its peer universe for the past 1-, 3- and 5- year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund.

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER DIVERSIFIED EQUITY FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Diversified Equity Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and above the median for its peer universe for the past 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

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

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

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER EQUITY FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Equity Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods and above the median for its peer universe for the past 5-year period. The Directors discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Fund closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

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

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

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER FOCUS FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Focus Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and above the median for its peer universe for the past 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

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

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

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER GROWTH OPPORTUNITIES FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Growth Opportunities Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-, 3- and 5- year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

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

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

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER HIGH YIELD BOND FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier High Yield Bond Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1- and 5-year periods and below the median for its peer universe for the past 3- year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund.

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER INSTITUTIONAL BOND FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Institutional Bond Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1- and 3- year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund.

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER INSTITUTIONAL DIVERSIFIED EQUITY FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Institutional Diversified Equity Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1- and 3-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

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

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER INSTITUTIONAL EQUITY FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Institutional Equity Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods. The Directors discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Fund closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

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

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

TRANSAMERICA PREMIER INSTITUTIONAL SMALL CAP VALUE FUND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Institutional Small Cap Value Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and above the median for its peer universe for the past 3-year period. The Board also noted that the current management team took over the Fund on October 1, 2008. The Directors agreed that they would continue to monitor the performance of the new management team closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

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

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

Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.

Transamerica Premier Funds

Investment Adviser

Transamerica Asset Management, Inc.
570 Carillon Parkway
St. Petersburg, FL 33716

Distributor

Transamerica Capital, Inc.
4600 South Syracuse Street
Denver, CO 80237

Custodian

State Street Bank & Trust Company
200 Clarendon Street
Boston, MA 02116

Transfer Agent

Transamerica Fund Services, Inc.
570 Carillon Parkway
St. Petersburg, Florida 33716

PROXY VOTING POLICIES AND PROCEDURES

A description of the Transamerica Premier Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-800-892-7587 (toll free) or on the Securities and Exchange Commission (SEC) website www.sec.gov.

In addition, the Funds are required to file SEC Form N-PX, with their complete proxy voting records for the 12 months ended June 30th no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-800-892-7587; and (2) on the SEC’s website at www.sec.gov.

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

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER DOCUMENTS

Every year, we send shareholders informative materials such as the Transamerica Premier Funds Annual Report, the Transamerica Premier Funds Prospectus, and other required documents that keep you informed regarding your funds.

Transamerica Premier Funds will only send one piece per mailing address, a method that saves your funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Premier Funds Customer Service Representative; toll free, at 1-800-892-7587, 8:00 a.m. to 7:00 p.m. Eastern Time, Monday — Friday. Your request will take effect within 30 days.

Transamerica Fund Services, Inc.
P.O. BOX 219427
Kansas City, MO 64121-9427

This report must be preceded or accompanied by a current prospectus that contains complete information about Transamerica Premier Funds including charges and expenses and other important facts. Investors should carefully consider their investment objectives and risks, along with a product’s charges and expenses, before investing. Please read the prospectus carefully before investing

This report is for the information of the shareholders of Transamerica Premier Funds.

Transamerica Capital, Inc., Distributor
1-800-89-ASK-US (1-800-892-7587)
www.transamericafunds.com
e-mail: PremierFunds@Transamerica.com

TPF 577-0209