Contract

Exhibit 23(h)(3)(b)

23(h)(3)(b)

Expense Limitation Agreement — Amended Schedules A and B dated July 1, 2009

AMENDED SCHEDULE A

TRANSAMERICA FUNDS

OPERATING EXPENSE LIMITS

July 1, 2009

          This Agreement relates to the following Funds of the Company:

		MAXIMUM OPERATING
		EXPENSE LIMIT
FUND NAME		EFFECTIVE THROUGH				EXPENSE LIMIT
Transamerica AllianceBernstein International Value		March 1, 2010					1.13	%
Transamerica American Century Large Company Value		March 1, 2010				None
Transamerica Asset Allocation — Conservative Portfolio		March 1, 2010					0.45	%
Transamerica Asset Allocation — Growth Portfolio		March 1, 2010					0.45	%
Transamerica Asset Allocation — Moderate Growth Portfolio		March 1, 2010					0.45	%
Transamerica Asset Allocation — Moderate Portfolio		March 1, 2010					0.45	%
Transamerica Balanced		March 1, 2010					1.45	%
Transamerica BlackRock Global Allocation		March 1, 2010					1.00	%
Transamerica BlackRock Large Cap Value		March 1, 2010					1.00	%
Transamerica BlackRock Natural Resources		March 1, 2010					1.00	%
Transamerica XXX Xxxxxx Xxxxxx Xxxxxxx Xxxxxxxx		Xxxxx 0, 0000					1.65	%*
Transamerica Clarion Global Real Estate Securities		March 1, 2010				None
Transamerica Convertible Securities		March 1, 2010					1.35	%
Transamerica Equity		March 1, 2010					1.17	%
Transamerica Evergreen Health Care		March 1, 2010				None
Transamerica Evergreen International Small Cap		March 1, 2010					1.32	%
Transamerica Federated Market Opportunity		March 1, 2010					1.05	%
Transamerica Flexible Income		March 1, 2010					1.50	%
Transamerica Growth Opportunities		March 1, 2010					1.40	%
Transamerica High Yield Bond		March 1, 2010					1.24	%
Transamerica Xxxxxxxx Growth		March 1, 2010				None
Transamerica JPMorgan Core Bond		June 30, 2010					0.70	%
Transamerica JPMorgan International Bond		March 1, 2010					0.75	%
Transamerica JPMorgan Mid Cap Value		March 1, 2010					1.05	%
Transamerica Xxxx Xxxxx Partners All Cap		March 1, 2010					1.20	%
Transamerica Xxxxxx Xxxxxx Bond		March 1, 2010					0.88	%
Transamerica Xxxxxxx Xxxxxx		Xxxxx 0, 0000				Xxxx
Transamerica Xxxxxxx International Growth		March 1, 2010					1.31	%
Transamerica MFS International Equity		March 1, 2010				None
Transamerica Money Market		March 1, 2010					0.48	%
Transamerica Multi-Manager Alternative Strategies Portfolio		March 1, 2010					0.55	%
Transamerica Multi-Manager International Portfolio		March 1, 2010					0.45	%
Transamerica Xxxxxxxxx Xxxxxx International		March 1, 2010					1.25	%
Transamerica Xxxxxxxxxxx Developing Markets		March 1, 2010					1.45	%
Transamerica Xxxxxxxxxxx Small- & Mid-Cap Value		March 1, 2010					1.15	%
Transamerica PIMCO Real Return TIPS		March 1, 2010				None
Transamerica PIMCO Total Return		March 1, 2010				None

		MAXIMUM OPERATING
		EXPENSE LIMIT
FUND NAME		EFFECTIVE THROUGH				EXPENSE LIMIT
Transamerica Schroders International Small Cap		March 1, 2010					1.27	%
Transamerica Science & Technology		March 1, 2010					1.18	%
Transamerica Short-Term Bond		March 1, 2010					0.85	%**
Transamerica Small/Mid Cap Value		March 1, 2010					1.40	%
Transamerica Xxxxxxxxx Global		March 1, 2010					1.20	%
Transamerica Third Avenue Value		March 1, 2010					1.00	%
Transamerica Xxxxxxxxx International Value		March 1, 2010					1.35	%
Transamerica UBS Dynamic Alpha		March 1, 2010					1.65	%*
Transamerica UBS Large Cap Value		March 1, 2010					1.02	%
Transamerica Value Balanced		March 1, 2010					1.20	%
Transamerica Xxx Xxxxxx Emerging Markets Debt		March 1, 2010					1.15	%
Transamerica Xxx Xxxxxx Mid-Cap Growth		March 1, 2010					1.00	%
Transamerica Xxx Xxxxxx Small Company Growth		March 1, 2010					1.15	%
Transamerica WMC Emerging Markets		March 1, 2010					1.40	%

*		Exclusive of dividend expense on short sales
**		Effective May 1, 2009, the Investment Manager agrees to further reduce the Fund Operating Expenses of Transamerica Short-Term Bond by waiving 0.10% of its investment management fees payable to it by Transamerica Short-Term Bond for one year through May 1, 2010. In addition, the Investment Manager agrees that 0.10% of the 0.35% 12b-1 fee applicable to Class A shares of Transamerica Short-Term Bond will be waived for one year through May 1, 2010.

AMENDED SCHEDULE B
TRANSAMERICA FUNDS
FUNDS SUBJECT TO EXPENSE REIMBURSEMENT

FUND NAME

Transamerica AllianceBernstein International Value*

Transamerica Asset Allocation — Conservative Portfolio

Transamerica Asset Allocation — Growth Portfolio

Transamerica Asset Allocation — Moderate Growth Portfolio

Transamerica Asset Allocation — Moderate Portfolio

Transamerica Balanced

Transamerica BlackRock Global Allocation*

Transamerica BlackRock Large Cap Value

Transamerica BlackRock Natural Resources

Transamerica BNY Mellon Market Neutral Strategy

Transamerica Convertible Securities

Transamerica Equity*

Transamerica Evergreen International Small Cap

Transamerica Federated Market Opportunity*

Transamerica Flexible Income

Transamerica Growth Opportunities*

Transamerica High Yield Bond*

Transamerica JPMorgan Core Bond

Transamerica JPMorgan International Bond*

Transamerica JPMorgan Mid Cap Value

Transamerica Xxxx Xxxxx Partners All Cap*

Transamerica Xxxxxx Xxxxxx Bond

Transamerica Xxxxxxx International Growth

Transamerica Money Market

Transamerica Multi-Manager Alternative Strategies Portfolio

Transamerica Multi-Manager International Portfolio*

Transamerica Xxxxxxxxx Xxxxxx International*

Transamerica Xxxxxxxxxxx Developing Markets*

Transamerica Xxxxxxxxxxx Small-& Mid-Cap Value

Transamerica Schroders International Small Cap

Transamerica Science & Technology

Transamerica Short-Term Bond

Transamerica Small/Mid Cap Value

Transamerica Xxxxxxxxx Global

Transamerica Third Avenue Value

Transamerica Xxxxxxxxx International Value

Transamerica UBS Dynamic Alpha

Transamerica UBS Large Cap Value

Transamerica Value Balanced*

Transamerica Xxx Xxxxxx Emerging Markets Debt

Transamerica Xxx Xxxxxx Mid Cap Growth*

Transamerica Xxx Xxxxxx Small Company Growth

Transamerica WMC Emerging Markets

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