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Open Funds
Semi-Annual Report
April 30, 2009
April 30, 2009
www.transamericafunds.com
Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.
Dear Fellow Shareholder,
On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial advisor in the future. We value the trust you have placed in us.
This semi-annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.
We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Equity and fixed-income markets have continued to remain volatile over the past six months while exhibiting some signs of price improvement in March and April of 2009. The Federal Reserve has sought to stabilize financial markets by providing liquidity, and the Treasury department has taken an active role in the restructuring of financial companies and markets. At the end of 2008, and during the beginning of 2009, credit markets exhibited some signs of thawing, with improvement in returns, particularly within the high yield sector. While data has been mixed, there has been some evidence of an improvement in housing demand and construction spending. Additionally, consumer confidence has risen as investors look beyond weak economic and unemployment data. Oil prices have risen from their lows in 2008 while most major foreign currencies remain relatively weak against the U.S. dollar. For the six months ending April 30, 2009, the Dow Jones Industrial Average returned -10.78%, the Standard & Poor’s 500 Index returned -8.53%, and the Barclays Capital Aggregate U.S. Bond Index returned 7.74%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.
In addition to your active involvement in the investment process, we firmly believe that a financial advisor is a key resource to help you build a complete picture of your current and future financial needs. Financial advisors are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial advisor, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.
Please contact your financial advisor if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.
Sincerely,
John K. Carter | Christopher A. Staples | |
President & Chief Executive Officer | Vice President & Chief Investment Officer | |
Transamerica Funds | Transamerica Funds |
Understanding Your Funds’ Expenses
(unaudited)
SHAREHOLDER EXPENSES
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions and redemption fees; and (2) ongoing costs, including management fees, dividend expense on short-sales, and other fund expenses.
The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds’ and to compare these costs with the ongoing costs of investing in other funds.
The examples are based on an investment of $1,000 invested at November 1, 2008 and held for the entire period until April 30, 2009.
ACTUAL EXPENSES
The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses could have included a $15 annual fee. The amount of any fee paid through your account would increase the estimate of expenses you paid during the period and decrease your ending account value.
HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES
The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.
Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.
Actual Expenses | Hypothetical Expenses (b) | |||||||||||||||||||||||
Beginning | Ending Account | Expenses Paid | Ending Account | Expenses Paid | Annualized | |||||||||||||||||||
Fund Name | Account Value | Value | During Period (a) | Value | During Period (a) | Expense Ratio | ||||||||||||||||||
Transamerica Balanced | ||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,033.73 | $ | 8.67 | $ | 1,016.27 | $ | 8.60 | 1.72 | % | ||||||||||||
Class B | 1,000.00 | 1,029.22 | 12.33 | 1,012.65 | 12.23 | 2.45 | ||||||||||||||||||
Class C | 1,000.00 | 1,030.94 | 11.48 | 1,013.49 | 11.38 | 2.28 | ||||||||||||||||||
Transamerica Convertible Securities | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,020.48 | 7.41 | 1,017.46 | 7.40 | 1.48 | ||||||||||||||||||
Class B | 1,000.00 | 1,015.74 | 11.15 | 1,013.74 | 11.13 | 2.23 | ||||||||||||||||||
Class C | 1,000.00 | �� | 1,016.64 | 10.20 | 1,014.68 | 10.19 | 2.04 | |||||||||||||||||
Class I | 1,000.00 | 1,022.21 | 4.36 | 1,020.48 | 4.36 | 0.87 | ||||||||||||||||||
Transamerica Equity | ||||||||||||||||||||||||
Class A | 1,000.00 | 954.74 | 7.37 | 1,017.26 | 7.60 | 1.52 | ||||||||||||||||||
Class B | 1,000.00 | 950.15 | 10.49 | 1,014.03 | 10.84 | 2.17 | ||||||||||||||||||
Class C | 1,000.00 | 951.87 | 10.50 | 1,014.03 | 10.84 | 2.17 | ||||||||||||||||||
Class I | 1,000.00 | 957.51 | 3.88 | 1,020.83 | 4.01 | 0.80 | ||||||||||||||||||
Class T | 1,000.00 | 956.23 | 4.95 | 1,019.74 | 5.11 | 1.02 | ||||||||||||||||||
Transamerica Flexible Income | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,035.25 | 7.52 | 1,017.41 | 7.45 | 1.49 | ||||||||||||||||||
Class B | 1,000.00 | 1,031.47 | 11.13 | 1,013.84 | 11.03 | 2.21 | ||||||||||||||||||
Class C | 1,000.00 | 1,030.99 | 10.58 | 1,014.38 | 10.49 | 2.10 | ||||||||||||||||||
Class I | 1,000.00 | 1,038.94 | 4.30 | 1,020.58 | 4.26 | 0.85 | ||||||||||||||||||
Transamerica Growth Opportunities | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,003.04 | 8.69 | 1,016.12 | 8.75 | 1.75 | ||||||||||||||||||
Class B | 1,000.00 | 1,000.00 | 11.90 | 1,012.89 | 11.98 | 2.40 | ||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 11.90 | 1,012.89 | 11.98 | 2.40 | ||||||||||||||||||
Class I | 1,000.00 | 1,005.94 | 4.53 | 1,020.28 | 4.56 | 0.91 | ||||||||||||||||||
Transamerica High Yield Bond | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,158.30 | 6.48 | 1,018.79 | 6.06 | 1.21 | ||||||||||||||||||
Class B | 1,000.00 | 1,155.61 | 10.48 | 1,015.08 | 9.79 | 1.96 | ||||||||||||||||||
Class C | 1,000.00 | 1,155.20 | 9.83 | 1,015.67 | 9.20 | 1.84 | ||||||||||||||||||
Class I | 1,000.00 | 1,162.46 | 3.54 | 1,021.52 | 3.31 | 0.66 | ||||||||||||||||||
Transamerica Legg Mason Partners All Cap | ||||||||||||||||||||||||
Class A | 1,000.00 | 924.23 | 7.40 | 1,017.11 | 7.75 | 1.55 | ||||||||||||||||||
Class B | 1,000.00 | 920.74 | 10.48 | 1,013.88 | 10.99 | 2.20 | ||||||||||||||||||
Class C | 1,000.00 | 920.33 | 10.48 | 1,013.88 | 10.99 | 2.20 |
1
Actual Expenses | Hypothetical Expenses (b) | |||||||||||||||||||||||
Beginning | Ending Account | Expenses Paid | Ending Account | Expenses Paid | Annualized | |||||||||||||||||||
Fund Name | Account Value | Value | During Period (a) | Value | During Period (a) | Expense Ratio | ||||||||||||||||||
Transamerica Money Market | ||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,002.09 | $ | 3.97 | $ | 1,020.83 | $ | 4.01 | 0.80 | % | ||||||||||||
Class B | 1,000.00 | 1,000.79 | 5.11 | 1,019.69 | 5.16 | 1.03 | ||||||||||||||||||
Class C | 1,000.00 | 1,000.66 | 5.16 | 1,019.64 | 5.21 | 1.04 | ||||||||||||||||||
Class I | 1,000.00 | 1,003.41 | 2.53 | 1,022.27 | 2.56 | 0.51 | ||||||||||||||||||
Transamerica Science & Technology | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,017.61 | 7.65 | 1,017.21 | 7.65 | 1.53 | ||||||||||||||||||
Class B | 1,000.00 | 1,014.92 | 10.89 | 1,013.98 | 10.89 | 2.18 | ||||||||||||||||||
Class C | 1,000.00 | 1,014.92 | 10.89 | 1,013.98 | 10.89 | 2.18 | ||||||||||||||||||
Class I | 1,000.00 | 1,020.76 | 5.31 | 1,019.54 | 5.31 | 1.06 | ||||||||||||||||||
Transamerica Short-Term Bond | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,056.47 | 5.56 | 1,019.39 | 5.46 | 1.09 | ||||||||||||||||||
Class C | 1,000.00 | 1,054.31 | 8.76 | 1,016.27 | 8.60 | 1.72 | ||||||||||||||||||
Class I | 1,000.00 | 1,059.61 | 3.52 | 1,021.37 | 3.46 | 0.69 | ||||||||||||||||||
Transamerica Small/Mid Cap Value | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,030.15 | 8.81 | 1,016.12 | 8.75 | 1.75 | ||||||||||||||||||
Class B | 1,000.00 | 1,027.35 | 11.76 | 1,013.19 | 11.68 | 2.34 | ||||||||||||||||||
Class C | 1,000.00 | 1,027.76 | 11.51 | 1,013.44 | 11.43 | 2.29 | ||||||||||||||||||
Class I | 1,000.00 | 1,034.31 | 4.49 | 1,020.38 | 4.46 | 0.89 | ||||||||||||||||||
Transamerica Templeton Global | ||||||||||||||||||||||||
Class A | 1,000.00 | 967.72 | 7.56 | 1,017.11 | 7.75 | 1.55 | ||||||||||||||||||
Class B | 1,000.00 | 964.14 | 10.71 | 1,013.88 | 10.99 | 2.20 | ||||||||||||||||||
Class C | 1,000.00 | 964.43 | 10.72 | 1,013.88 | 10.99 | 2.20 | ||||||||||||||||||
Transamerica Value Balanced | ||||||||||||||||||||||||
Class A | 1,000.00 | 961.26 | 7.54 | 1,017.11 | 7.75 | 1.55 | ||||||||||||||||||
Class B | 1,000.00 | 958.02 | 10.68 | 1,013.88 | 10.99 | 2.20 | ||||||||||||||||||
Class C | 1,000.00 | 958.98 | 10.69 | 1,013.88 | 10.99 | 2.20 |
(a) | Expenses are calculated using the Funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days). | |
(b) | 5% return per year before expenses. |
2
Schedules of Investments Composition
At April 30, 2009
(the following charts summarize the Schedule of Investments of each Fund by asset type)
(unaudited)
(the following charts summarize the Schedule of Investments of each Fund by asset type)
(unaudited)
Transamerica Balanced
Common Stocks | 61.7 | % | ||
Corporate Debt Securities | 19.0 | |||
U.S. Government Agency Obligations | 15.7 | |||
Mortgage-Backed Securities | 1.9 | |||
Repurchase Agreement | 1.0 | |||
U.S. Government Obligations | 1.0 | |||
Municipal Government Obligation | 0.3 | |||
Other Assets and Liabilities, net W | (0.6 | ) | ||
Total | 100.0 | % | ||
Transamerica Convertible Securities | ||||
Convertible Bonds | 74.7 | % | ||
Convertible Preferred Stocks | 6.1 | |||
Reverse Convertible Bond | 4.1 | |||
Repurchase Agreement | 3.9 | |||
Preferred Stock | 2.5 | |||
Other Assets and Liabilities, net W | 8.7 | |||
Total | 100.0 | % | ||
Transamerica Equity | ||||
Common Stocks | 98.8 | % | ||
Repurchase Agreement | 1.5 | |||
Other Assets and Liabilities, net W | (0.3 | ) | ||
Total | 100.0 | % | ||
Transamerica Flexible Income | ||||
Corporate Debt Securities | 64.1 | % | ||
U.S. Government Agency Obligations | 16.4 | |||
Mortgage-Backed Securities | 5.3 | |||
Foreign Government Obligation | 3.8 | |||
Convertible Bonds | 3.1 | |||
Repurchase Agreement | 3.0 | |||
U.S. Government Obligations | 2.2 | |||
Preferred Stock | 0.8 | |||
Convertible Preferred Stock | 0.4 | |||
Other Assets and Liabilities, net W | 0.9 | |||
Total | 100.0 | % | ||
Transamerica Growth Opportunities | ||||
Common Stocks | 95.0 | % | ||
Repurchase Agreement | 6.0 | |||
Other Assets and Liabilities, net W | (1.0 | ) | ||
Total | 100.0 | % | ||
Transamerica High Yield Bond | ||||
Corporate Debt Securities | 92.5 | % | ||
Repurchase Agreement | 3.7 | |||
Preferred Stock | 0.2 | |||
Other Assets and Liabilities, net W | 3.6 | |||
Total | 100.0 | % | ||
Transamerica Legg Mason Partners All Cap | ||||
Common Stocks | 95.0 | % | ||
Repurchase Agreement | 5.9 | |||
Other Assets and Liabilities, net W | (0.9 | ) | ||
Total | 100.0 | % | ||
Transamerica Money Market | ||||
Commercial Paper | 92.0 | % | ||
Corporate Debt Securities | 6.4 | |||
Certificate of Deposit | 2.0 | |||
Repurchase Agreement | 0.0 | * | ||
Other Assets and Liabilities, net W | (0.4 | ) | ||
Total | 100.0 | % | ||
Transamerica Science & Technology | ||||
Common Stocks | 98.7 | % | ||
Repurchase Agreement | 1.3 | |||
Other Assets and Liabilities, net W | 0.0 | * | ||
Total | 100.0 | % | ||
Transamerica Short-Term Bond | ||||
Corporate Debt Securities | 77.2 | % | ||
U.S. Government Agency Obligations | 16.2 | |||
Mortgage-Backed Securities | 4.6 | |||
Repurchase Agreement | 2.1 | |||
Other Assets and Liabilities, net W | (0.1 | ) | ||
Total | 100.0 | % | ||
Transamerica Small/Mid Cap Value | ||||
Common Stocks | 97.7 | % | ||
Repurchase Agreement | 3.5 | |||
Other Assets and Liabilities, net W | (1.2 | ) | ||
Total | 100.0 | % | ||
Transamerica Templeton Global | ||||
Common Stocks | 98.3 | % | ||
Repurchase Agreement | 1.2 | |||
Other Assets and Liabilities, net W | 0.5 | |||
Total | 100.0 | % | ||
Transamerica Value Balanced | ||||
Common Stocks | 59.3 | % | ||
Corporate Debt Securities | 19.4 | |||
U.S. Government Agency Obligations | 17.4 | |||
Mortgage-Backed Securities | 1.5 | |||
U.S. Government Obligations | 1.4 | |||
Repurchase Agreement | 1.2 | |||
Municipal Government Obligations | 0.6 | |||
Other Assets and Liabilities, net W | (0.8 | ) | ||
Total | 100.0 | % | ||
W | The Other Assets and Liabilities, net category may include, but is not limited to, Forward Currency contracts, Futures contracts, Swap Agreements, Written options and swaptions, and Securities Sold Short. | |
* | Amount rounds to less than 0.05% or (0.05%). |
3
Transamerica Balanced
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
U.S. GOVERNMENT OBLIGATIONS (1.0%) | ||||||||
U.S. Treasury Bond | ||||||||
4.50%, 05/15/2038 | $ | 48 | $ | 52 | ||||
U.S. Treasury Inflation Indexed Bond | ||||||||
1.75%, 01/15/2028 | 425 | 383 | ||||||
2.50%, 01/15/2029 | 455 | 462 | ||||||
Total U.S. Government Obligations (cost $851) | 897 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (15.7%) | ||||||||
Fannie Mae | ||||||||
4.50%, 07/25/2021 | 572 | 582 | ||||||
5.00%, 04/25/2034- 09/01/2037 | 2,100 | 2,176 | ||||||
5.50%, 04/01/2037- 11/01/2038 | 2,556 | 2,651 | ||||||
5.77%, 12/01/2036 * | 1,192 | 1,245 | ||||||
Freddie Mac | ||||||||
4.79%, 03/01/2035 * | 458 | 469 | ||||||
5.00%, 02/01/2024- 01/01/2039 | 4,608 | 4,747 | ||||||
6.00%, 12/01/2037 | 1,409 | 1,484 | ||||||
Ginnie Mae | ||||||||
4.50%, 02/20/2037 * | 789 | 798 | ||||||
Total U.S. Government Agency Obligations (cost $13,919) | 14,152 | |||||||
MORTGAGE-BACKED SECURITIES (1.9%) | ||||||||
American Tower Trust | ||||||||
Series 2007-1A, Class AFX | ||||||||
5.42%, 04/15/2037-144A | 450 | 401 | ||||||
Crown Castle Towers LLC | ||||||||
Series 2006-1A, Class AFX | ||||||||
5.24%, 11/15/2036-144A | 739 | 679 | ||||||
Small Business Administration Trust | ||||||||
Series 2006-1A, Class A | ||||||||
5.31%, 11/15/2036-144A | 680 | 636 | ||||||
Total Mortgage-Backed Securities (cost $1,816) | 1,716 | |||||||
MUNICIPAL GOVERNMENT OBLIGATION (0.3%) | ||||||||
State of California | ||||||||
7.55%, 04/01/2039 | 250 | 261 | ||||||
Total Municipal Government Obligation (cost $261) | ||||||||
CORPORATE DEBT SECURITIES (19.0%) | ||||||||
Airlines (0.3%) | ||||||||
Delta Air Lines, Inc. | ||||||||
7.57%, 11/18/2010 | 270 | 251 | ||||||
Auto Components (0.5%) | ||||||||
Johnson Controls, Inc. | ||||||||
5.25%, 01/15/2011 | 458 | 451 | ||||||
Beverages (0.6%) | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
8.20%, 01/15/2039 -144A | 283 | 284 | ||||||
Bacardi, Ltd. | ||||||||
7.45%, 04/01/2014 -144A | 230 | 233 | ||||||
Capital Markets (0.4%) | ||||||||
Goldman Sachs Group, Inc. | ||||||||
6.00%, 05/01/2014 | 355 | 354 | ||||||
Chemicals (0.4%) | ||||||||
Dow Chemical Co. | ||||||||
6.13%, 02/01/2011 | 385 | 385 | ||||||
Commercial Banks (1.5%) | ||||||||
Barclays Bank PLC | ||||||||
7.70%, 04/25/2018 -144A § Ž | 395 | 249 | ||||||
BB&T Corp. | ||||||||
6.85%, 04/30/2019 | 335 | 326 | ||||||
PNC Bank NA | ||||||||
6.00%, 12/07/2017 | 250 | 225 | ||||||
6.88%, 04/01/2018 | 270 | 257 | ||||||
Wells Fargo Bank NA | ||||||||
5.75%, 05/16/2016 | 300 | 267 | ||||||
Commercial Services & Supplies (0.4%) | ||||||||
Allied Waste North America, Inc. | ||||||||
6.50%, 11/15/2010 | 365 | 372 | ||||||
Construction Materials (0.5%) | ||||||||
Lafarge SA | ||||||||
6.15%, 07/15/2011 | 455 | 442 | ||||||
Consumer Finance (0.4%) | ||||||||
Discover Financial Services | ||||||||
1.86%, 06/11/2010 * | 432 | 381 | ||||||
Containers & Packaging (0.3%) | ||||||||
Rexam PLC | ||||||||
6.75%, 06/01/2013 -144A | 315 | 286 | ||||||
Diversified Financial Services (2.2%) | ||||||||
Bank of America Corp. | ||||||||
5.75%, 12/01/2017 | 470 | 384 | ||||||
Bear Stearns Cos., Inc. | ||||||||
7.25%, 02/01/2018 | 378 | 386 | ||||||
General Electric Capital Corp. | ||||||||
6.88%, 01/10/2039 | 290 | 227 | ||||||
Glencore Funding LLC | ||||||||
6.00%, 04/15/2014 -144A | 200 | 123 | ||||||
Harley-Davidson Funding Corp. | ||||||||
5.25%, 12/15/2012 -144A | 235 | 181 | ||||||
Merrill Lynch & Co., Inc. | ||||||||
5.45%, 02/05/2013 | 475 | 416 | ||||||
Pemex Finance, Ltd. | ||||||||
9.03%, 02/15/2011 | 340 | 352 | ||||||
Electric Utilities (0.3%) | ||||||||
EDF SA | ||||||||
6.95%, 01/26/2039 -144A | 270 | 285 | ||||||
Energy Equipment & Services (1.4%) | ||||||||
DCP Midstream LLC | ||||||||
9.75%, 03/15/2019 -144A | 215 | 213 | ||||||
Halliburton Co. | ||||||||
6.15%, 09/15/2019 | 445 | 472 | ||||||
NGPL Pipeco LLC | ||||||||
6.51%, 12/15/2012 -144A | 330 | 326 | ||||||
Weatherford International, Ltd. | ||||||||
7.00%, 03/15/2038 | 285 | 211 | ||||||
Food & Staples Retailing (0.2%) | ||||||||
Stater Brothers Holdings, Inc. | ||||||||
8.13%, 06/15/2012 | 225 | 222 | ||||||
Food Products (0.3%) | ||||||||
Michael Foods, Inc. | ||||||||
8.00%, 11/15/2013 | 320 | 302 | ||||||
Hotels, Restaurants & Leisure (0.3%) | ||||||||
Royal Caribbean Cruises, Ltd. | ||||||||
8.75%, 02/02/2011 | 252 | 236 | ||||||
Insurance (0.4%) | ||||||||
MetLife, Inc. | ||||||||
5.38%, 12/15/2012 | 320 | 305 | ||||||
Oil Insurance, Ltd. | ||||||||
7.56%, 06/30/2011 -144A § Ž | 270 | 88 | ||||||
Machinery (0.4%) | ||||||||
PACCAR, Inc. | ||||||||
6.88%, 02/15/2014 | 320 | 335 |
The notes to the financial statements are an integral part of this report.
4
(all amounts except share amounts in thousands)
(unaudited)
(unaudited)
Principal | Value | |||||||
Media (0.2%) | ||||||||
Time Warner Cable, Inc. | ||||||||
8.25%, 04/01/2019 | $ | 200 | $ | 221 | ||||
Metals & Mining (1.5%) | ||||||||
ArcelorMittal | ||||||||
5.38%, 06/01/2013 | 440 | 397 | ||||||
BHP Billiton Finance USA, Ltd. | ||||||||
6.50%, 04/01/2019 | 360 | 392 | ||||||
Falconbridge, Ltd. | ||||||||
7.35%, 06/05/2012 | 183 | 161 | ||||||
Rio Tinto Finance USA, Ltd. | ||||||||
9.00%, 05/01/2019 | 330 | 339 | ||||||
Multi-Utilities (0.5%) | ||||||||
Sempra Energy | ||||||||
9.80%, 02/15/2019 | 380 | 433 | ||||||
Office Electronics (0.4%) | ||||||||
Xerox Corp. | ||||||||
7.13%, 06/15/2010 | 400 | 404 | ||||||
Oil, Gas & Consumable Fuels (2.7%) | ||||||||
Energy Transfer Partners, LP | ||||||||
9.70%, 03/15/2019 | 275 | 305 | ||||||
Enterprise Products Operating, LP | ||||||||
7.50%, 02/01/2011 | 400 | 411 | ||||||
Hess Corp. | ||||||||
8.13%, 02/15/2019 | 410 | 449 | ||||||
Husky Energy, Inc. | ||||||||
6.25%, 06/15/2012 | 348 | 346 | ||||||
PetroHawk Energy Corp. | ||||||||
9.13%, 07/15/2013 | 360 | 353 | ||||||
TEPPCO Partners, LP | ||||||||
7.00%, 06/01/2067 § | 300 | 163 | ||||||
Valero Logistics Operations, LP | ||||||||
6.88%, 07/15/2012 | 450 | 438 | ||||||
Paper & Forest Products (0.4%) | ||||||||
Weyerhaeuser Co. | ||||||||
6.75%, 03/15/2012 | 380 | 379 | ||||||
Real Estate Investment Trusts (1.2%) | ||||||||
PPF Funding, Inc. | ||||||||
5.35%, 04/15/2012 -144A | 781 | 572 | ||||||
WEA Finance LLC / WCI Finance LLC | ||||||||
5.40%, 10/01/2012 -144A | 520 | 478 | ||||||
Real Estate Management & Development (0.3%) | ||||||||
Post Apartment Homes, LP | ||||||||
6.30%, 06/01/2013 | 349 | 277 | ||||||
Road & Rail (0.2%) | ||||||||
Hertz Corp. | ||||||||
8.88%, 01/01/2014 | 200 | 155 | ||||||
Specialty Retail (0.6%) | ||||||||
Staples, Inc. | ||||||||
9.75%, 01/15/2014 | 415 | 455 | ||||||
Wireless Telecommunication Services (0.2%) | ||||||||
Centennial Communications Corp. | ||||||||
6.96%, 01/01/2013 * | 170 | 170 | ||||||
Total Corporate Debt Securities (cost $18,200) | 17,125 | |||||||
Shares | ||||||||
COMMON STOCKS (61.7%) | ||||||||
Aerospace & Defense (0.9%) | ||||||||
Boeing Co. | 20,000 | 801 | ||||||
Air Freight & Logistics (2.2%) | ||||||||
CH Robinson Worldwide, Inc. | 27,000 | 1,435 | ||||||
Expeditors International of Washington, Inc. | 15,000 | 521 | ||||||
Auto Components (3.1%) | ||||||||
BorgWarner, Inc. | 50,000 | 1,447 | ||||||
Johnson Controls, Inc. | 72,000 | 1,369 | ||||||
Biotechnology (2.0%) | ||||||||
Gilead Sciences, Inc. ‡ | 40,000 | 1,832 | ||||||
Capital Markets (4.4%) | ||||||||
Charles Schwab Corp. | 130,000 | 2,402 | ||||||
T. Rowe Price Group, Inc. | 39,843 | 1,535 | ||||||
Chemicals (2.5%) | ||||||||
Sigma-Aldrich Corp. | 50,000 | 2,192 | ||||||
Communications Equipment (2.3%) | ||||||||
Qualcomm, Inc. | 50,000 | 2,116 | ||||||
Computers & Peripherals (3.1%) | ||||||||
Apple, Inc. ‡ | 22,000 | 2,768 | ||||||
Construction & Engineering (1.0%) | ||||||||
Jacobs Engineering Group, Inc. ‡ | 24,000 | 913 | ||||||
Diversified Financial Services (1.8%) | ||||||||
JPMorgan Chase & Co. | 48,000 | 1,584 | ||||||
Diversified Telecommunication Services (2.0%) | ||||||||
Verizon Communications, Inc. | 60,000 | 1,820 | ||||||
Electronic Equipment & Instruments (1.0%) | ||||||||
Tyco Electronics, Ltd. | 53,300 | 930 | ||||||
Food & Staples Retailing (1.3%) | ||||||||
Wal-Mart Stores, Inc. | 24,000 | 1,210 | ||||||
Health Care Equipment & Supplies (2.9%) | ||||||||
Becton Dickinson & Co. | 22,000 | 1,330 | ||||||
Covidien, Ltd. | 25,000 | 825 | ||||||
Varian Medical Systems, Inc. ‡ | 13,000 | 434 | ||||||
Industrial Conglomerates (1.8%) | ||||||||
General Electric Co. | 125,000 | 1,581 | ||||||
Internet & Catalog Retail (3.2%) | ||||||||
Amazon.com, Inc. ‡ | 35,000 | 2,818 | ||||||
Internet Software & Services (2.7%) | ||||||||
Google, Inc. -Class A ‡ | 6,200 | 2,455 | ||||||
IT Services (1.7%) | ||||||||
Automatic Data Processing, Inc. | 44,000 | 1,549 | ||||||
Machinery (6.0%) | ||||||||
Caterpillar, Inc. | 25,000 | 890 | ||||||
Kennametal, Inc. | 100,000 | 2,045 | ||||||
PACCAR, Inc. | 72,000 | 2,551 | ||||||
Paper & Forest Products (2.3%) | ||||||||
Weyerhaeuser Co. | 60,000 | 2,116 | ||||||
Real Estate Investment Trusts (0.5%) | ||||||||
Plum Creek Timber Co., Inc. | 14,000 | 483 | ||||||
Road & Rail (1.1%) | ||||||||
Burlington Northern Santa Fe Corp. | 15,000 | 1,012 | ||||||
Semiconductors & Semiconductor Equipment (2.7%) | ||||||||
Intel Corp. | 154,000 | 2,430 | ||||||
Software (7.4%) | ||||||||
Adobe Systems, Inc. ‡ | 87,000 | 2,379 | ||||||
Intuit, Inc. ‡ | 44,000 | 1,018 | ||||||
Oracle Corp. | 115,000 | 2,224 | ||||||
Salesforce.com, Inc. ‡ | 23,500 | 1,006 | ||||||
Trading Companies & Distributors (1.9%) | ||||||||
WW Grainger, Inc. | 20,000 | 1,678 | ||||||
Total Common Stocks (cost $61,849) | 55,699 | |||||||
The notes to the financial statements are an integral part of this report.
5
(all amounts in thousands)
(unaudited)
(unaudited)
Principal | Value | |||||||
REPURCHASE AGREEMENT (1.0%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $929 on 05/01/2009 • | $ | 929 | $ | 929 | ||||
Total Repurchase Agreement (cost $929) | ||||||||
Total Investment Securities (cost $97,825) # | 90,779 | |||||||
Other Assets and Liabilities, net | (637 | ) | ||||||
Net Assets | $ | 90,142 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
Ž | The security has a perpetual maturity. The date shown is the next call date. | |
§ | Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 04/30/2009. | |
* | Floating or variable rate note. Rate is listed as of 04/30/2009. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.74%, a maturity date of 04/01/2035, and with a market value plus accrued interest of $948. | |
# | Aggregate cost for federal income tax purposes is $97,825. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,707 and $12,753, respectively. Net unrealized depreciation for tax purposes is $7,046. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $5,034, or 5.58%, of the Fund’s net assets. | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||||
$ | 55,699 | $ | 35,080 | $ | — | $ | 90,779 |
The notes to the financial statements are an integral part of this report.
6
Transamerica Convertible Securities
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS (6.1%) | ||||||||
Diversified Financial Services (3.3%) | ||||||||
Vale Capital, Ltd. 5.50% 5 | 60,900 | $ | 2,132 | |||||
Pharmaceuticals (2.8%) | ||||||||
Mylan, Inc. 6.50% 5 | 2,055 | 1,751 | ||||||
Total Convertible Preferred Stocks (cost $3,536) | 3,883 | |||||||
PREFERRED STOCK (2.5%) | ||||||||
Commercial Services & Supplies (2.5%) | ||||||||
Avery Dennison Corp. 7.88% 5 | 52,000 | 1,586 | ||||||
Total Preferred Stock (cost $1,674) | ||||||||
REVERSE CONVERTIBLE BOND (4.1%) | ||||||||
Capital Markets (4.1%) | ||||||||
Goldman Sachs Group, Inc. -144A ‡ | 162,000 | 2,579 | ||||||
Total Reverse Convertible Bond (cost $2,603) |
Principal | ||||||||
CONVERTIBLE BONDS (74.7%) | ||||||||
Aerospace & Defense (2.6%) | ||||||||
Alliant Techsystems, Inc. | ||||||||
2.75%, 02/15/2024 | $ | 1,575 | 1,660 | |||||
Beverages (3.2%) | ||||||||
Molson Coors Brewing Co. | ||||||||
2.50%, 07/30/2013 | 1,925 | 2,043 | ||||||
Biotechnology (2.9%) | ||||||||
Gilead Sciences, Inc. | ||||||||
0.63%, 05/01/2013 | 1,450 | 1,867 | ||||||
Commercial Services & Supplies (3.1%) | ||||||||
Covanta Holding Corp. | ||||||||
1.00%, 02/01/2027 | 2,350 | 1,917 | ||||||
Communications Equipment (1.8%) | ||||||||
Ciena Corp. | ||||||||
0.88%, 06/15/2017 | 2,250 | 1,148 | ||||||
Computers & Peripherals (3.0%) | ||||||||
Maxtor Corp. | ||||||||
6.80%, 04/30/2010 | 1,950 | 1,921 | ||||||
Construction & Engineering (1.9%) | ||||||||
Quanta Services, Inc. | ||||||||
3.75%, 04/30/2026 | 1,075 | 1,226 | ||||||
Containers & Packaging (2.5%) | ||||||||
Sealed Air Corp. | ||||||||
3.00%, 06/30/2033 -144A | 1,675 | 1,581 | ||||||
Diversified Telecommunication Services (3.7%) | ||||||||
Global Crossing, Ltd. | ||||||||
5.00%, 05/15/2011 | 745 | 484 | ||||||
Lucent Technologies, Inc. | ||||||||
2.88%, 06/15/2023 Ђ | 2,050 | 1,884 | ||||||
Electronic Equipment & Instruments (3.4%) | ||||||||
Itron, Inc. | ||||||||
2.50%, 08/01/2026 | 2,137 | 2,164 | ||||||
Energy Equipment & Services (2.9%) | ||||||||
Transocean, Inc. | ||||||||
1.63%, 12/15/2037 | 2,005 | 1,867 | ||||||
Health Care Equipment & Supplies (2.5%) | ||||||||
NuVasive, Inc. | ||||||||
2.25%, 03/15/2013 -144A | 1,578 | 1,608 | ||||||
Industrial Conglomerates (3.0%) | ||||||||
Textron, Inc. | ||||||||
4.50%, 05/01/2013 | 1,750 | 1,892 | ||||||
Internet Software & Services (2.0%) | ||||||||
Equinix, Inc. | ||||||||
3.00%, 10/15/2014 | 1,525 | 1,252 | ||||||
Leisure Equipment & Products (3.4%) | ||||||||
Hasbro, Inc. | ||||||||
2.75%, 12/01/2021 | 1,650 | 2,141 | ||||||
Machinery (3.0%) | ||||||||
Danaher Corp. | ||||||||
Zero Coupon, 01/22/2021 | 2,120 | 1,903 | ||||||
Metals & Mining (8.4%) | ||||||||
Arcelormittal | ||||||||
5.00%, 05/15/2014 | 640 | 661 | ||||||
Newmont Mining Corp. | ||||||||
1.25%, 07/15/2014 | 1,375 | 1,540 | ||||||
U.S. Steel Corp. | ||||||||
4.00%, 05/15/2014 | 3,100 | 3,100 | ||||||
Oil, Gas & Consumable Fuels (1.3%) | ||||||||
Quicksilver Resources, Inc. | ||||||||
1.88%, 11/01/2024 | 940 | 807 | ||||||
Pharmaceuticals (6.2%) | ||||||||
Allergan, Inc. | ||||||||
1.50%, 04/01/2026 | 2,505 | 2,557 | ||||||
Sepracor, Inc. | ||||||||
Zero Coupon, 12/15/2010 | 1,525 | 1,331 | ||||||
Software (7.0%) | ||||||||
Nuance Communications, Inc. | ||||||||
2.75%, 08/15/2027 | 2,710 | 2,438 | ||||||
Symantec Corp. | ||||||||
0.75%, 06/15/2011 | 1,860 | 1,979 | ||||||
Wireless Telecommunication Services (6.9%) | ||||||||
Nextel Communications, Inc. | ||||||||
5.25%, 01/15/2010 | 1,920 | 1,884 | ||||||
SBA Communications Corp. | ||||||||
1.88%, 05/01/2013 -144A | 3,000 | 2,520 | ||||||
Total Convertible Bonds (cost $49,484) | 47,375 | |||||||
REPURCHASE AGREEMENT (3.9%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $2,471 on 05/01/2009 • | 2,471 | 2,471 | ||||||
Total Repurchase Agreement (cost $2,471) | ||||||||
Total Investment Securities (cost $59,768) # | 57,894 | |||||||
Other Assets and Liabilities, net | 5,506 | |||||||
Net Assets | $ | 63,400 | ||||||
The notes to the financial statements are an integral part of this report.
7
(all amounts in thousands)
(unaudited)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
5 | Rate shown reflects the yield at 04/30/2009. | |
‡ | Non-income producing security. | |
Ђ | Step bond. Interest rate may increase or decrease as the credit rating changes. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.73% to 4.80%, maturity dates ranging from 05/01/2035 to 09/01/2035, and with market values plus accrued interests of $2,521. | |
# | Aggregate cost for federal income tax purposes is $59,768. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,896 and $3,770, respectively. Net unrealized depreciation for tax purposes is $1,874. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $8,288, or 13.07%, of the Fund’s net assets. |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||||
$ | 8,048 | $ | 49,846 | $ | — | $ | 57,894 |
The notes to the financial statements are an integral part of this report.
8
Transamerica Equity
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (98.8%) | ||||||||
Aerospace & Defense (3.5%) | ||||||||
Raytheon Co. | 690,000 | $ | 31,209 | |||||
Air Freight & Logistics (2.2%) | ||||||||
Expeditors International of Washington, Inc. | 565,000 | 19,611 | ||||||
Auto Components (6.1%) | ||||||||
BorgWarner, Inc. | 793,400 | 22,969 | ||||||
Johnson Controls, Inc. | 1,630,000 | 30,986 | ||||||
Biotechnology (5.7%) | ||||||||
Gilead Sciences, Inc. ‡ | 1,100,000 | 50,380 | ||||||
Capital Markets (6.1%) | ||||||||
Charles Schwab Corp. | 1,536,280 | 28,390 | ||||||
T. Rowe Price Group, Inc. | 660,000 | 25,423 | ||||||
Chemicals (13.3%) | ||||||||
Ecolab, Inc. | 670,000 | 25,829 | ||||||
Monsanto Co. | 100,000 | 8,489 | ||||||
Praxair, Inc. | 674,000 | 50,286 | ||||||
Sigma-Aldrich Corp. | 770,000 | 33,757 | ||||||
Commercial Banks (2.9%) | ||||||||
Wells Fargo & Co. | 1,280,000 | 25,613 | ||||||
Communications Equipment (7.6%) | ||||||||
Cisco Systems, Inc. ‡ | 1,060,000 | 20,479 | ||||||
Qualcomm, Inc. | 1,100,000 | 46,552 | ||||||
Computers & Peripherals (9.3%) | ||||||||
Apple, Inc. ‡ | 422,000 | 53,101 | ||||||
Hewlett-Packard Co. | 240,000 | 8,635 | ||||||
International Business Machines Corp. | 206,000 | 21,262 | ||||||
Construction & Engineering (1.8%) | ||||||||
Jacobs Engineering Group, Inc. ‡ | 420,000 | 15,977 | ||||||
Diversified Telecommunication Services (2.3%) | ||||||||
AT&T, Inc. | 810,000 | 20,752 | ||||||
Electrical Equipment (2.0%) | ||||||||
Emerson Electric Co. | 511,000 | 17,394 | ||||||
Electronic Equipment & Instruments (1.6%) | ||||||||
Tyco Electronics, Ltd. | 806,285 | 14,062 | ||||||
Food & Staples Retailing (2.0%) | ||||||||
Wal-Mart Stores, Inc. | 350,955 | 17,688 | ||||||
Health Care Equipment & Supplies (4.8%) | ||||||||
Becton Dickinson & Co. | 435,000 | 26,309 | ||||||
Varian Medical Systems, Inc. ‡ | 488,225 | 16,292 | ||||||
Industrial Conglomerates (2.7%) | ||||||||
General Electric Co. | 1,925,000 | 24,351 | ||||||
Internet & Catalog Retail (6.6%) | ||||||||
Amazon.com, Inc. ‡ | 725,000 | 58,377 | ||||||
Internet Software & Services (4.7%) | ||||||||
Google, Inc. -Class A ‡ | 105,000 | 41,577 | ||||||
IT Services (2.0%) | ||||||||
Automatic Data Processing, Inc. | 509,275 | 17,926 | ||||||
Machinery (4.7%) | ||||||||
Caterpillar, Inc. | 385,900 | 13,730 | ||||||
PACCAR, Inc. | 774,000 | 27,431 | ||||||
Media (2.0%) | ||||||||
Walt Disney Co. | 830,000 | 18,177 | ||||||
Pharmaceuticals (2.1%) | ||||||||
Allergan, Inc. | 142,055 | 6,628 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 272,840 | 11,975 | ||||||
Road & Rail (2.7%) | ||||||||
Union Pacific Corp. | 490,000 | 24,079 | ||||||
Total Common Stocks (cost $969,233) | 875,696 | |||||||
Principal | ||||||||
REPURCHASE AGREEMENT (1.5%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $14,045 on 05/01/2009 • | $ | 14,045 | 14,045 | |||||
Total Repurchase Agreement (cost $14,045) | ||||||||
Total Investment Securities (cost $983,278) # | 889,741 | |||||||
Other Assets and Liabilities, net | (2,987 | ) | ||||||
Net Assets | $ | 886,754 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.23% to 4.44%, maturity dates ranging from 02/01/2035 to 03/01/2035, and with market values plus accrued interests of $14,326. | |
# | Aggregate cost for federal income tax purposes is $983,278. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $87,768 and $181,305, respectively. Net unrealized depreciation for tax purposes is $93,537. |
DEFINITIONS:
ADR | American Depositary Receipt |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||||
$ | 875,696 | $ | 14,045 | $ | — | $ | 889,741 |
The notes to the financial statements are an integral part of this report.
9
Transamerica Flexible Income
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
U.S. GOVERNMENT OBLIGATIONS (2.2%) | ||||||||
U.S. Treasury Inflation Indexed Bond | ||||||||
1.75%, 01/15/2028 | $ | 1,415 | $ | 1,272 | ||||
U.S. Treasury Note | ||||||||
1.75%, 03/31/2014 | 1,015 | 1,004 | ||||||
2.75%, 02/15/2019 | 586 | 568 | ||||||
Total U.S. Government Obligations (cost $2,910) | 2,844 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (16.4%) | ||||||||
Fannie Mae | ||||||||
4.50%, 07/25/2021 | 2,678 | 2,727 | ||||||
5.00%, 06/25/2019 - 03/01/2039 | 8,313 | 8,589 | ||||||
5.50%, 07/01/2038 - 11/01/2038 | 9,020 | 9,355 | ||||||
Total U.S. Government Agency Obligations (cost $20,196) | 20,671 | |||||||
FOREIGN GOVERNMENT OBLIGATION (3.8%) | ||||||||
France Government Bond | ||||||||
4.00%, 04/25/2018 | EUR | 3,500 | 4,801 | |||||
Total Foreign Government Obligation (cost $4,461) | ||||||||
MORTGAGE-BACKED SECURITIES (5.3%) | ||||||||
American Tower Trust | ||||||||
Series 2007-1A, Class C | ||||||||
5.62%, 04/15/2037 -144A | $ | 2,090 | 1,766 | |||||
Crown Castle Towers LLC | ||||||||
Series 2006-1A, Class C | ||||||||
5.47%, 11/15/2036 -144A | 2,000 | 1,810 | ||||||
Small Business Administration Trust | ||||||||
Series 2006-1A, Class D | ||||||||
5.85%, 11/15/2036 -144A | 2,054 | 1,849 | ||||||
Series 2006-1A, Class E | ||||||||
6.17%, 11/15/2036 -144A | 1,460 | 1,299 | ||||||
Total Mortgage-Backed Securities (cost $7,610) | 6,724 | |||||||
CORPORATE DEBT SECURITIES (64.1%) | ||||||||
Auto Components (1.6%) | ||||||||
Johnson Controls, Inc. | ||||||||
5.25%, 01/15/2011 | 1,565 | 1,540 | ||||||
Tenneco, Inc. | ||||||||
8.13%, 11/15/2015 | 1,180 | 472 | ||||||
Automobiles (1.1%) | ||||||||
Daimler Finance North America LLC | ||||||||
8.00%, 06/15/2010 | 1,360 | 1,392 | ||||||
Beverages (1.2%) | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
8.20%, 01/15/2039 -144A | 1,000 | 1,002 | ||||||
Bacardi, Ltd. | ||||||||
7.45%, 04/01/2014 -144A | 525 | 532 | ||||||
Capital Markets (0.9%) | ||||||||
Xstrata Finance Dubai, Ltd. | ||||||||
1.27%, 11/13/2009 -144A * | 1,095 | 1,075 | ||||||
Chemicals (3.1%) | ||||||||
Dow Chemical Co. | ||||||||
6.13%, 02/01/2011 | 1,115 | 1,114 | ||||||
Lubrizol Corp. | ||||||||
8.88%, 02/01/2019 | 1,300 | 1,411 | ||||||
Momentive Performance Materials, Inc. | ||||||||
9.75%, 12/01/2014 Ђ | 1,005 | 344 | ||||||
Nalco Co. | ||||||||
7.75%, 11/15/2011 | 1,000 | 1,010 | ||||||
Commercial Banks (3.0%) | ||||||||
Barclays Bank PLC | ||||||||
7.70%, 04/25/2018 -144A § Ž | 1,850 | 1,166 | ||||||
BB&T Corp. | ||||||||
6.85%, 04/30/2019 | 1,190 | 1,159 | ||||||
M&I Marshall & Ilsley Bank | ||||||||
1.54%, 12/04/2012 * | 2,000 | 1,431 | ||||||
Construction Materials (3.2%) | ||||||||
CRH America, Inc. | ||||||||
5.30%, 10/15/2013 | 1,140 | 959 | ||||||
Lafarge SA | ||||||||
6.15%, 07/15/2011 | 1,880 | 1,828 | ||||||
Martin Marietta Materials, Inc. | ||||||||
1.19%, 04/30/2010 * | 1,340 | 1,281 | ||||||
Consumer Finance (1.3%) | ||||||||
Cardtronics, Inc. | ||||||||
9.25%, 08/15/2013 Ђ | 835 | 605 | ||||||
Discover Financial Services | ||||||||
1.86%, 06/11/2010 * | 1,130 | 996 | ||||||
Containers & Packaging (1.7%) | ||||||||
Rexam PLC | ||||||||
6.75%, 06/01/2013 -144A | 2,365 | 2,149 | ||||||
Diversified Financial Services (10.2%) | ||||||||
Bank of America Corp. | ||||||||
5.75%, 12/01/2017 | 2,200 | 1,797 | ||||||
8.00%, 01/30/2018 § Ž | 2,250 | 1,278 | ||||||
Bear Stearns Cos., Inc. | ||||||||
7.25%, 02/01/2018 | 2,000 | 2,043 | ||||||
General Electric Capital Corp. | ||||||||
6.88%, 01/10/2039 | 2,000 | 1,567 | ||||||
Glencore Funding LLC | ||||||||
6.00%, 04/15/2014 -144A | 2,000 | 1,230 | ||||||
GMAC LLC | ||||||||
6.88%, 09/15/2011 -144A | 750 | 653 | ||||||
JPMorgan Chase & Co. | ||||||||
7.90%, 04/30/2018 § Ž | 1,750 | 1,331 | ||||||
Pemex Finance, Ltd. | ||||||||
9.03%, 02/15/2011 | 2,540 | 2,630 | ||||||
Sensus Metering Systems, Inc. | ||||||||
8.63%, 12/15/2013 | 500 | 425 | ||||||
Diversified Telecommunication Services (1.0%) | ||||||||
Sprint Capital Corp. | ||||||||
7.63%, 01/30/2011 | 1,300 | 1,252 | ||||||
Energy Equipment & Services (1.8%) | ||||||||
DCP Midstream LLC | ||||||||
9.75%, 03/15/2019 -144A | 725 | 719 | ||||||
Weatherford International, Ltd. | ||||||||
9.63%, 03/01/2019 | 1,500 | 1,619 | ||||||
Food & Staples Retailing (0.8%) | ||||||||
Stater Brothers Holdings, Inc. | ||||||||
8.13%, 06/15/2012 | 1,000 | 988 | ||||||
Food Products (1.6%) | ||||||||
ConAgra Foods, Inc. | ||||||||
9.75%, 03/01/2021 | 325 | 388 | ||||||
Michael Foods, Inc. | ||||||||
8.00%, 11/15/2013 | 1,575 | 1,488 | ||||||
Hotels, Restaurants & Leisure (2.3%) | ||||||||
Carrols Corp. | ||||||||
9.00%, 01/15/2013 | 500 | 463 | ||||||
MGM Mirage, Inc. | ||||||||
6.00%, 10/01/2009 | 1,000 | 839 | ||||||
Pokagon Gaming Authority | ||||||||
10.38%, 06/15/2014 -144A | 650 | 601 | ||||||
Station Casinos, Inc. | ||||||||
6.88%, 03/01/2016 Џ | 700 | 23 |
The notes to the financial statements are an integral part of this report.
10
(all amounts except shares amounts in thousands)
(unaudited)
(unaudited)
Principal | Value | |||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Yum! Brands, Inc. | ||||||||
8.88%, 04/15/2011 | $ | 920 | $ | 987 | ||||
Household Durables (1.0%) | ||||||||
Whirlpool Corp. | ||||||||
8.00%, 05/01/2012 | 1,265 | 1,287 | ||||||
Household Products (0.1%) | ||||||||
Sealy Mattress Co. | ||||||||
8.25%, 06/15/2014 | 250 | 166 | ||||||
Industrial Conglomerates (0.5%) | ||||||||
Susser Holdings LLC | ||||||||
10.63%, 12/15/2013 | 582 | 588 | ||||||
Insurance (2.0%) | ||||||||
MetLife, Inc. | ||||||||
7.72%, 02/15/2019 | 1,750 | 1,755 | ||||||
Oil Insurance, Ltd. | ||||||||
7.56%, 06/30/2011 -144A § Ž | 2,245 | 735 | ||||||
IT Services (0.4%) | ||||||||
Aramark Corp. | ||||||||
8.50%, 02/01/2015 | 500 | 478 | ||||||
Machinery (2.5%) | ||||||||
PACCAR, Inc. | ||||||||
6.88%, 02/15/2014 | 1,750 | 1,832 | ||||||
Polypore, Inc. | ||||||||
8.75%, 05/15/2012 | 550 | 426 | ||||||
Titan International, Inc. | ||||||||
8.00%, 01/15/2012 | 1,200 | 960 | ||||||
Media (1.7%) | ||||||||
Comcast Cable Holdings LLC | ||||||||
9.80%, 02/01/2012 | 2,000 | 2,156 | ||||||
Metals & Mining (2.9%) | ||||||||
Anglo American Capital PLC | ||||||||
9.38%, 04/08/2019 -144A | 1,240 | 1,263 | ||||||
ArcelorMittal | ||||||||
5.38%, 06/01/2013 | 750 | 675 | ||||||
Falconbridge, Ltd. | ||||||||
7.35%, 06/05/2012 | 645 | 569 | ||||||
Rio Tinto Finance USA, Ltd. | ||||||||
9.00%, 05/01/2019 | 1,165 | 1,198 | ||||||
Multiline Retail (1.1%) | ||||||||
Macy’s Retail Holdings, Inc. | ||||||||
5.35%, 03/15/2012 | 1,480 | 1,351 | ||||||
Multi-Utilities (1.3%) | ||||||||
Sempra Energy | ||||||||
9.80%, 02/15/2019 | 1,455 | 1,659 | ||||||
Oil, Gas & Consumable Fuels (4.9%) | ||||||||
Energy Transfer Partners, LP | ||||||||
9.70%, 03/15/2019 | 900 | 1,000 | ||||||
Enterprise Products Operating, LP | ||||||||
8.38%, 08/01/2066 § | 1,150 | 794 | ||||||
Opti Canada, Inc. | ||||||||
8.25%, 12/15/2014 | 1,800 | 990 | ||||||
PetroHawk Energy Corp. | ||||||||
9.13%, 07/15/2013 | 1,255 | 1,230 | ||||||
Petroleum Development Corp. | ||||||||
12.00%, 02/15/2018 | 1,000 | 675 | ||||||
Valero Logistics Operations, LP | ||||||||
6.88%, 07/15/2012 | 1,500 | 1,459 | ||||||
Paper & Forest Products (2.1%) | ||||||||
Exopack Holding, Inc. | ||||||||
11.25%, 02/01/2014 | 2,000 | 1,400 | ||||||
Weyerhaeuser Co. | ||||||||
6.75%, 03/15/2012 | 1,300 | 1,297 | ||||||
Professional Services (0.4%) | ||||||||
FTI Consulting, Inc. | ||||||||
7.75%, 10/01/2016 | 480 | 487 | ||||||
Real Estate Investment Trusts (2.7%) | ||||||||
Healthcare Realty Trust, Inc. | ||||||||
8.13%, 05/01/2011 | 1,480 | 1,422 | ||||||
WEA Finance LLC / WCI Finance LLC | ||||||||
5.40%, 10/01/2012 -144A | 2,100 | 1,932 | ||||||
Road & Rail (2.5%) | ||||||||
CSX Corp. | ||||||||
6.75%, 03/15/2011 | 1,675 | 1,723 | ||||||
Hertz Corp. | ||||||||
10.50%, 01/01/2016 | 340 | 241 | ||||||
Kansas City Southern de Mexico SA de CV | ||||||||
7.63%, 12/01/2013 | 360 | 295 | ||||||
12.50%, 04/01/2016 -144A | 1,000 | 965 | ||||||
Specialty Retail (2.1%) | ||||||||
Michaels Stores, Inc. | ||||||||
11.38%, 11/01/2016 | 1,200 | 594 | ||||||
Penske Auto Group, Inc. | ||||||||
7.75%, 12/15/2016 | 750 | 548 | ||||||
Staples, Inc. | ||||||||
9.75%, 01/15/2014 | 1,435 | 1,575 | ||||||
Tobacco (0.3%) | ||||||||
Alliance One International, Inc. | ||||||||
11.00%, 05/15/2012 | 425 | 414 | ||||||
Wireless Telecommunication Services (0.8%) | ||||||||
Centennial Communications Corp. | ||||||||
6.96%, 01/01/2013 * | 1,000 | 1,003 | ||||||
Total Corporate Debt Securities (cost $87,534) | 80,929 | |||||||
Shares | ||||||||
CONVERTIBLE PREFERRED STOCK (0.4%) | ||||||||
Road & Rail (0.4%) | ||||||||
Kansas City Southern 5.13% 5 | 880 | 564 | ||||||
Total Convertible Preferred Stock (cost $751) | ||||||||
PREFERRED STOCK (0.8%) | ||||||||
Diversified Telecommunication Services (0.8%) | ||||||||
Centaur Funding Corp. 9.08% -144A 5 | 1,661 | 1,033 | ||||||
Total Preferred Stock (cost $2,153) |
Principal | ||||||||
CONVERTIBLE BONDS (3.1%) | ||||||||
Auto Components (1.0%) | ||||||||
Johnson Controls, Inc. | ||||||||
6.50%, 09/30/2012 | $ | 775 | 1,396 | |||||
Containers & Packaging (0.4%) | ||||||||
Sealed Air Corp. | ||||||||
3.00%, 06/30/2033 -144A | 500 | 472 | ||||||
Diversified Telecommunication Services (1.0%) | ||||||||
Lucent Technologies, Inc. | ||||||||
2.88%, 06/15/2023 Ђ | 1,350 | 1,240 | ||||||
Software (0.7%) | ||||||||
Symantec Corp. | ||||||||
0.75%, 06/15/2011 | 775 | 824 | ||||||
Total Convertible Bonds (cost $3,391) | 3,932 | |||||||
The notes to the financial statements are an integral part of this report.
11
(all amounts in thousands)
(unaudited)
(unaudited)
Principal | Value | |||||||
REPURCHASE AGREEMENT (3.0%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $3,739 on 05/01/2009 • | $ | 3,739 | $ | 3,739 | ||||
Total Repurchase Agreement (cost $3,739) | ||||||||
Total Investment Securities (cost $132,745) # | 125,237 | |||||||
Other Assets and Liabilities, net | 1,183 | |||||||
Net Assets | $ | 126,420 | ||||||
FORWARD FOREIGN CURRENCY CONTRACTS:
Settlement | Amount in U.S. | Net Unrealized | ||||||||||||||
Currency | (Sold) | Date | Dollars (Sold) | (Depreciation) | ||||||||||||
Euro | (3,642 | ) | 07/31/2009 | $ | (4,752 | ) | $ | (64 | ) |
NOTES TO SCHEDULE OF INVESTMENTS:
5 | Rate shown reflects the yield at 04/30/2009. | |
Ž | The security has a perpetual maturity. The date shown is the next call date. | |
§ | Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 04/30/2009. | |
Џ | In default. | |
* | Floating or variable rate note. Rate is listed as of 04/30/2009. | |
Ђ | Step bond. Interest rate may increase or decrease as the credit rating changes. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.74%, a maturity date of 07/01/2034, and with a market value plus accrued interest of $3,814. | |
# | Aggregate cost for federal income tax purposes is $132,745. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,929 and $11,437, respectively. Net unrealized depreciation for tax purposes is $7,508. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $22,251, or 17.60%, of the Fund’s net assets. | |
EUR | Euro | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | Other Financial Instruments* | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
$ | 1,033 | $ | 124,204 | $ | — | $ | 125,237 | $ | (64 | ) | $ | — | $ | — |
* | Other financial instruments are derivative instruments such as futures, forwards, and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The notes to the financial statements are an integral part of this report.
12
Transamerica Growth Opportunities
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (95.0%) | ||||||||
Aerospace & Defense (4.2%) | ||||||||
Precision Castparts Corp. | 77,300 | $ | 5,786 | |||||
Rockwell Collins, Inc. | 21,500 | 825 | ||||||
Air Freight & Logistics (3.9%) | ||||||||
CH Robinson Worldwide, Inc. | 116,900 | 6,214 | ||||||
Auto Components (4.8%) | ||||||||
BorgWarner, Inc. | 196,200 | 5,680 | ||||||
Johnson Controls, Inc. | 98,100 | 1,865 | ||||||
Capital Markets (6.9%) | ||||||||
Greenhill & Co., Inc. | 68,070 | 5,277 | ||||||
T. Rowe Price Group, Inc. | 143,430 | 5,526 | ||||||
Chemicals (1.8%) | ||||||||
Ecolab, Inc. | 70,700 | 2,725 | ||||||
Communications Equipment (3.8%) | ||||||||
Juniper Networks, Inc. ‡ | 97,400 | 2,109 | ||||||
Polycom, Inc. ‡ | 212,400 | 3,959 | ||||||
Computers & Peripherals (0.5%) | ||||||||
Data Domain, Inc. ‡ | 46,050 | 764 | ||||||
Construction & Engineering (1.2%) | ||||||||
Jacobs Engineering Group, Inc. ‡ | 49,300 | 1,875 | ||||||
Construction Materials (1.4%) | ||||||||
Martin Marietta Materials, Inc. | 27,200 | 2,286 | ||||||
Diversified Consumer Services (2.0%) | ||||||||
Strayer Education, Inc. | 17,100 | 3,239 | ||||||
Electrical Equipment (1.9%) | ||||||||
Cooper Industries, Ltd. -Class A | 93,500 | 3,066 | ||||||
Electronic Equipment & Instruments (1.7%) | ||||||||
FLIR Systems, Inc. ‡ | 123,000 | 2,728 | ||||||
Health Care Equipment & Supplies (3.5%) | ||||||||
Idexx Laboratories, Inc. ‡ | 64,300 | 2,528 | ||||||
Intuitive Surgical, Inc. ‡ | 15,900 | 2,285 | ||||||
Varian Medical Systems, Inc. ‡ | 20,400 | 681 | ||||||
Health Care Technology (1.2%) | ||||||||
Cerner Corp. ‡ | 34,600 | 1,861 | ||||||
Hotels, Restaurants & Leisure (1.1%) | ||||||||
Burger King Holdings, Inc. | 105,010 | 1,716 | ||||||
Internet & Catalog Retail (1.2%) | ||||||||
priceline.com, Inc. ‡ | 19,310 | 1,875 | ||||||
Leisure Equipment & Products (2.1%) | ||||||||
Hasbro, Inc. | 123,000 | 3,279 | ||||||
Life Sciences Tools & Services (3.3%) | ||||||||
Covance, Inc. ‡ | 44,600 | 1,752 | ||||||
Techne Corp. | 59,900 | 3,427 | ||||||
Machinery (8.8%) | ||||||||
Donaldson Co., Inc. | 80,100 | 2,642 | ||||||
Kennametal, Inc. | 246,300 | 5,037 | ||||||
PACCAR, Inc. | 174,900 | 6,198 | ||||||
Multiline Retail (0.6%) | ||||||||
Nordstrom, Inc. | 44,040 | 997 | ||||||
Oil, Gas & Consumable Fuels (0.8%) | ||||||||
Range Resources Corp. | 33,100 | 1,323 | ||||||
Pharmaceuticals (2.6%) | ||||||||
Allergan, Inc. | 89,000 | 4,153 | ||||||
Professional Services (1.7%) | ||||||||
FTI Consulting, Inc. ‡ | 50,000 | 2,744 | ||||||
Real Estate Investment Trusts (3.3%) | ||||||||
Plum Creek Timber Co., Inc. | 152,300 | 5,257 | ||||||
Real Estate Management & Development (1.3%) | ||||||||
St. Joe Co. ‡ | 85,500 | 2,127 | ||||||
Software (16.2%) | ||||||||
Activision Blizzard, Inc. ‡ | 473,300 | 5,097 | ||||||
Adobe Systems, Inc. ‡ | 196,825 | 5,383 | ||||||
Informatica Corp. ‡ | 190,100 | 3,023 | ||||||
Intuit, Inc. ‡ | 204,000 | 4,719 | ||||||
Macrovision Solutions Corp. ‡ | 60,900 | 1,231 | ||||||
Quality Systems, Inc. | 30,100 | 1,614 | ||||||
Salesforce.com, Inc. ‡ | 103,900 | 4,448 | ||||||
Specialty Retail (6.2%) | ||||||||
Gap, Inc. | 241,595 | 3,754 | ||||||
Guess, Inc. | 235,200 | 6,124 | ||||||
Textiles, Apparel & Luxury Goods (2.5%) | ||||||||
Carter’s, Inc. ‡ | 148,500 | 3,175 | ||||||
Under Armour, Inc. -Class A ‡ | 32,100 | 756 | ||||||
Trading Companies & Distributors (4.5%) | ||||||||
WW Grainger, Inc. | 84,700 | 7,105 | ||||||
Total Common Stocks (cost $165,336) | 150,235 | |||||||
Principal | ||||||||
REPURCHASE AGREEMENT (6.0%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $9,526 on 05/01/2009 • | $ | 9,526 | 9,526 | |||||
Total Repurchase Agreement (cost $9,526) | ||||||||
Total Investment Securities (cost $174,862) # | 159,761 | |||||||
Other Assets and Liabilities, net | (1,652 | ) | ||||||
Net Assets | $ | 158,109 | ||||||
The notes to the financial statements are an integral part of this report.
13
(all amounts in thousands)
(unaudited)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.97% to 4.75%, a maturity date of 05/01/2035, and with market values plus accrued interests of $9,719. | |
# | Aggregate cost for federal income tax purposes is $174,862. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $9,000 and $24,101, respectively. Net unrealized depreciation for tax purposes is $15,101. |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||
$150,235 | $ | 9,526 | $ | — | $ | 159,761 |
The notes to the financial statements are an integral part of this report.
14
Transamerica High Yield Bond
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (92.5%) | ||||||||
Aerospace & Defense (1.6%) | ||||||||
Alliant Techsystems, Inc. | ||||||||
6.75%, 04/01/2016 | $ | 4,110 | $ | 3,997 | ||||
BE Aerospace, Inc. | ||||||||
8.50%, 07/01/2018 | 1,800 | 1,629 | ||||||
L-3 Communications Corp. | ||||||||
6.13%, 01/15/2014 | 1,000 | 950 | ||||||
Auto Components (0.5%) | ||||||||
Lear Corp. | ||||||||
5.75%, 08/01/2014 | 3,955 | 771 | ||||||
TRW Automotive, Inc. | ||||||||
7.00%, 03/15/2014 -144A | 2,000 | 1,110 | ||||||
Automobiles (0.2%) | ||||||||
General Motors Corp. | ||||||||
7.13%, 07/15/2013 | 1,500 | 143 | ||||||
7.20%, 01/15/2011 | 5,265 | 579 | ||||||
8.25%, 07/15/2023 | 2,710 | 244 | ||||||
Beverages (1.9%) | ||||||||
Constellation Brands, Inc. | ||||||||
7.25%, 09/01/2016 | 4,900 | 4,728 | ||||||
Cott Beverages USA, Inc. | ||||||||
8.00%, 12/15/2011 | 3,350 | 2,479 | ||||||
Building Products (1.9%) | ||||||||
Owens Corning, Inc. | ||||||||
7.00%, 12/01/2036 Ђ | 3,690 | 2,272 | ||||||
Ply Gem Industries, Inc. | ||||||||
11.75%, 06/15/2013 | 8,520 | 4,941 | ||||||
Chemicals (3.0%) | ||||||||
Huntsman International LLC | ||||||||
7.38%, 01/01/2015 Ђ | 6,400 | 4,160 | ||||||
Ineos Group Holdings PLC | ||||||||
8.50%, 02/15/2016 -144A | 2,570 | 386 | ||||||
Lyondellbasell Industries AF SCA | ||||||||
8.38%, 08/15/2015 -144A Џ | 5,230 | 105 | ||||||
Nova Chemicals Corp. | ||||||||
5.72%, 11/15/2013 * | 5,400 | 4,238 | ||||||
6.50%, 01/15/2012 | 3,700 | 3,367 | ||||||
Commercial Banks (0.4%) | ||||||||
Wells Fargo Capital XV | ||||||||
9.75%, 12/29/2049 ■ Ž | 2,000 | 1,700 | ||||||
Commercial Services & Supplies (0.6%) | ||||||||
Ceridian Corp. | ||||||||
11.25%, 11/15/2015 Ђ | 2,930 | 2,139 | ||||||
12.25%, 11/15/2015 Ώ | 325 | 169 | ||||||
Communications Equipment (0.3%) | ||||||||
Nortel Networks, Ltd. | ||||||||
5.34%, 07/15/2011 Џ | 2,230 | 547 | ||||||
10.75%, 07/15/2016 -144A Џ | 1,820 | 482 | ||||||
Computers & Peripherals (0.9%) | ||||||||
Seagate Technology International | ||||||||
10.00%, 05/01/2014 -144A | 450 | 443 | ||||||
Seagate Technology, Inc. | ||||||||
6.38%, 10/01/2011 | 2,730 | 2,498 | ||||||
6.80%, 10/01/2016 | 950 | 684 | ||||||
Consumer Finance (2.2%) | ||||||||
Ford Motor Credit Co. LLC | ||||||||
7.88%, 06/15/2010 | 1,400 | 1,288 | ||||||
9.88%, 08/10/2011 | 8,575 | 7,504 | ||||||
Containers & Packaging (2.6%) | ||||||||
Graphic Packaging International, Inc. | ||||||||
8.50%, 08/15/2011 | 3,885 | 3,797 | ||||||
Jefferson Smurfit Corp. | ||||||||
8.25%, 10/01/2012 Џ | 7,745 | 1,626 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
6.75%, 12/01/2014 | 3,535 | 3,438 | ||||||
Sealed Air Corp. | ||||||||
6.88%, 07/15/2033 -144A | 2,100 | 1,384 | ||||||
Diversified Consumer Services (1.1%) | ||||||||
Service Corp. International 6.75%, 04/01/2015 350 321 | ||||||||
6.75%, 04/01/2016 Ђ | 4,300 | 3,870 | ||||||
7.00%, 06/15/2017 Ђ | 175 | 157 | ||||||
Diversified Financial Services (4.2%) | ||||||||
AES Red Oak LLC | ||||||||
9.20%, 11/30/2029 | 2,125 | 1,806 | ||||||
Firekeepers Development Authority | ||||||||
13.88%, 05/01/2015 -144A | 2,800 | 2,016 | ||||||
GMAC LLC | ||||||||
6.75%, 12/01/2014 -144A | 6,240 | 4,617 | ||||||
7.25%, 03/02/2011 -144A | 3,150 | 2,771 | ||||||
Hawker Beechcraft Acquisition Company LLC | ||||||||
8.50%, 04/01/2015 | 3,740 | 1,262 | ||||||
JPMorgan Chase & Co. | ||||||||
7.90%, 04/30/2018 ■ Ž | 2,000 | 1,522 | ||||||
Nuveen Investments, Inc. | ||||||||
10.50%, 11/15/2015 -144A | 4,310 | 2,177 | ||||||
Diversified Telecommunication Services (6.3%) | ||||||||
Cincinnati Bell, Inc. | ||||||||
7.00%, 02/15/2015 | 800 | 760 | ||||||
Fairpoint Communications, Inc. | ||||||||
13.13%, 04/01/2018 | 5,020 | 1,374 | ||||||
Frontier Communications Corp. | ||||||||
6.63%, 03/15/2015 | 1,360 | 1,244 | ||||||
9.00%, 08/15/2031 | 5,915 | 4,703 | ||||||
Qwest Communications International, Inc. | ||||||||
7.50%, 02/15/2014 | 2,615 | 2,425 | ||||||
7.50%, 02/15/2014 Ђ | 3,900 | 3,617 | ||||||
Sprint Capital Corp. | ||||||||
6.90%, 05/01/2019 | 5,570 | 4,624 | ||||||
Telcordia Technologies, Inc. | ||||||||
4.88%, 07/15/2012 -144A * | 4,535 | 3,333 | ||||||
Windstream Corp. | ||||||||
8.63%, 08/01/2016 | 3,250 | 3,234 | ||||||
Electric Utilities (3.7%) | ||||||||
Elwood Energy LLC | ||||||||
8.16%, 07/05/2026 | 4,035 | 3,176 | ||||||
Intergen NV | ||||||||
9.00%, 06/30/2017 -144A | 5,100 | 4,845 | ||||||
Ipalco Enterprises, Inc. | ||||||||
7.25%, 04/01/2016 -144A | 1,365 | 1,283 | ||||||
Texas Competitive Electric Holdings Co. LLC | ||||||||
10.25%, 11/01/2015 Ђ | 9,045 | 5,133 | ||||||
Electronic Equipment & Instruments (0.2%) | ||||||||
NXP BV / NXP Funding LLC | ||||||||
3.88%, 10/15/2013 * | 2,940 | 838 | ||||||
Food & Staples Retailing (1.0%) | ||||||||
Supervalu, Inc. | ||||||||
7.50%, 05/15/2012 | 4,000 | 3,884 | ||||||
Food Products (1.6%) | ||||||||
Del Monte Corp. | ||||||||
6.75%, 02/15/2015 | 1,075 | 1,032 | ||||||
8.63%, 12/15/2012 Ђ | 190 | 194 |
The notes to the financial statements are an integral part of this report.
15
Principal | Value | |||||||
Food Products (continued) | ||||||||
Smithfield Foods, Inc. | ||||||||
7.75%, 05/15/2013 | $ | 4,375 | $ | 2,881 | ||||
Tyson Foods, Inc. | ||||||||
7.00%, 05/01/2018 | 2,400 | 1,748 | ||||||
8.25%, 10/01/2011 | 700 | 711 | ||||||
Health Care Equipment & Supplies (2.4%) | ||||||||
Boston Scientific Corp. | ||||||||
6.25%, 11/15/2015 Ђ | 1,100 | 1,052 | ||||||
6.40%, 06/15/2016 | 1,125 | 1,076 | ||||||
Cooper Cos., Inc. | ||||||||
7.13%, 02/15/2015 | 4,495 | 4,203 | ||||||
Universal Hospital Services, Inc. | ||||||||
5.94%, 06/01/2015 * | 1,500 | 1,151 | ||||||
8.50%, 06/01/2015 | 2,300 | 2,139 | ||||||
Health Care Providers & Services (6.9%) | ||||||||
Community Health Systems, Inc. | ||||||||
8.88%, 07/15/2015 | 6,250 | 6,219 | ||||||
HCA, Inc. | ||||||||
8.50%, 04/15/2019 -144A | 1,100 | 1,107 | ||||||
9.25%, 11/15/2016 | 8,875 | 8,786 | ||||||
Omnicare, Inc. | ||||||||
6.13%, 06/01/2013 | 3,900 | 3,666 | ||||||
6.88%, 12/15/2015 | 600 | 563 | ||||||
US Oncology, Inc. | ||||||||
9.00%, 08/15/2012 | 6,975 | 6,870 | ||||||
Hotels, Restaurants & Leisure (6.5%) | ||||||||
Harrah’s Operating Co., Inc. | ||||||||
10.00%, 12/15/2018 -144A | 6,825 | 3,208 | ||||||
Mashantucket Western Pequot Tribe | ||||||||
8.50%, 11/15/2015 -144A | 6,000 | 1,290 | ||||||
MGM Mirage, Inc. | ||||||||
5.88%, 02/27/2014 | 2,500 | 1,419 | ||||||
6.75%, 04/01/2013 | 3,000 | 1,575 | ||||||
7.50%, 06/01/2016 | 1,625 | 910 | ||||||
Mohegan Tribal Gaming Authority | ||||||||
7.13%, 08/15/2014 | 3,275 | 1,998 | ||||||
Royal Caribbean Cruises, Ltd. | ||||||||
7.00%, 06/15/2013 | 4,850 | 3,758 | ||||||
7.25%, 06/15/2016 | 500 | 333 | ||||||
Seminole Hard Rock Entertainment, Inc. | ||||||||
3.82%, 03/15/2014 -144A * | 5,955 | 3,929 | ||||||
Seneca Gaming Corp. | ||||||||
7.25%, 05/01/2012 | 2,000 | 1,410 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | ||||||||
6.75%, 05/15/2018 | 1,600 | 1,368 | ||||||
Station Casinos, Inc. | ||||||||
6.00%, 04/01/2012 Џ | 5,485 | 1,906 | ||||||
6.50%, 02/01/2014 Џ | 2,620 | 92 | ||||||
Vail Resorts, Inc. | ||||||||
6.75%, 02/15/2014 | 1,325 | 1,193 | ||||||
Wynn Las Vegas Capital Corp. | ||||||||
6.63%, 12/01/2014 | 2,200 | 1,826 | ||||||
Household Durables (3.8%) | ||||||||
Dr. Horton, Inc. | ||||||||
5.25%, 02/15/2015 | 2,008 | 1,667 | ||||||
5.63%, 01/15/2016 | 1,900 | 1,568 | ||||||
Jarden Corp. | ||||||||
7.50%, 05/01/2017 | 3,390 | 3,000 | ||||||
Meritage Homes Corp. | ||||||||
6.25%, 03/15/2015 | 5,795 | 4,229 | ||||||
Mohawk Industries, Inc. | ||||||||
6.63%, 01/15/2016 Ђ | 475 | 403 | ||||||
Pulte Homes, Inc. | ||||||||
5.20%, 02/15/2015 | 2,000 | 1,680 | ||||||
7.88%, 08/01/2011 | 2,500 | 2,494 | ||||||
Independent Power Producers & Energy Traders (3.4%) | ||||||||
Edison Mission Energy | ||||||||
7.50%, 06/15/2013 | 3,725 | 3,166 | ||||||
7.75%, 06/15/2016 | 2,000 | 1,585 | ||||||
LSP Energy, LP/LSP Batesville Funding Corp. | ||||||||
7.16%, 01/15/2014 | 3,346 | 3,204 | ||||||
NRG Energy, Inc. | ||||||||
7.25%, 02/01/2014 | 4,020 | 3,879 | ||||||
7.38%, 01/15/2017 | 2,000 | 1,910 | ||||||
IT Services (4.0%) | ||||||||
Aramark Corp. | ||||||||
8.50%, 02/01/2015 | 2,350 | 2,244 | ||||||
DI Finance/Dyncorp International | ||||||||
9.50%, 02/15/2013 | 2,005 | 1,955 | ||||||
SunGard Data Systems, Inc. | ||||||||
9.13%, 08/15/2013 | 5,360 | 5,118 | ||||||
10.25%, 08/15/2015 | 4,200 | 3,654 | ||||||
Unisys Corp. | ||||||||
8.00%, 10/15/2012 | 2,750 | 1,320 | ||||||
12.50%, 01/15/2016 | 3,200 | 1,656 | ||||||
Machinery (0.7%) | ||||||||
Case New Holland, Inc. | ||||||||
7.13%, 03/01/2014 | 3,225 | 2,822 | ||||||
Media (6.5%) | ||||||||
CCH I Capital Corp. | ||||||||
11.00%, 10/01/2015 Џ | 4,075 | 316 | ||||||
CSC Holdings, Inc. | ||||||||
7.63%, 07/15/2018 | 4,650 | 4,463 | ||||||
8.50%, 06/15/2015 -144A | 925 | 937 | ||||||
DEX Media, Inc. | ||||||||
8.00%, 11/15/2013 | 2,500 | 300 | ||||||
DIRECTV Financing Co. | ||||||||
8.38%, 03/15/2013 | 2,080 | 2,111 | ||||||
Dish DBS Corp. | ||||||||
6.63%, 10/01/2014 | 2,740 | 2,548 | ||||||
7.75%, 05/31/2015 | 3,080 | 2,926 | ||||||
Intelsat Corp. | ||||||||
9.25%, 06/15/2016 -144A | 2,715 | 2,620 | ||||||
Intelsat Subsidiary Holding Co., Ltd. | ||||||||
8.50%, 01/15/2013 -144A | 420 | 416 | ||||||
Knight-Ridder, Inc. | ||||||||
5.75%, 09/01/2017 | 1,675 | 235 | ||||||
Lamar Media Corp. | ||||||||
6.63%, 08/15/2015 | 2,025 | 1,549 | ||||||
9.75%, 04/01/2014 -144A | 750 | 754 | ||||||
Liberty Media Corp. | ||||||||
5.70%, 05/15/2013 | 2,500 | 2,100 | ||||||
Medianews Group, Inc. | ||||||||
6.88%, 10/01/2013 | 1,500 | 15 | ||||||
Quebecor Media, Inc. | ||||||||
7.75%, 03/15/2016 | 1,250 | 1,044 | ||||||
RH Donnelley, Inc. | ||||||||
11.75%, 05/15/2015 -144A | 8,507 | 1,659 | ||||||
Univision Communications, Inc. | ||||||||
9.75%, 03/15/2015 -144A | 2,325 | 360 |
The notes to the financial statements are an integral part of this report.
16
(all amounts except amounts in thousands)
(unaudited)
(unaudited)
Principal | Value | |||||||
Media (continued) | ||||||||
Videotron Ltee | ||||||||
6.88%, 01/15/2014 | $ | 1,825 | $ | 1,773 | ||||
Metals & Mining (0.8%) | ||||||||
Noranda Aluminium Acquisition Corp. | ||||||||
6.60%, 05/15/2015 * | 1,800 | 630 | ||||||
Steel Dynamics, Inc. | ||||||||
7.38%, 11/01/2012 | 2,950 | 2,633 | ||||||
Multiline Retail (1.7%) | ||||||||
Bon-Ton Department Stores, Inc. | ||||||||
10.25%, 03/15/2014 | 5,125 | 1,602 | ||||||
JC Penney Corp., Inc. | ||||||||
7.65%, 08/15/2016 | 2,000 | 1,810 | ||||||
Macy’s Retail Holdings, Inc. | ||||||||
7.45%, 07/15/2017 | 4,100 | 3,530 | ||||||
Multi-Utilities (0.5%) | ||||||||
CMS Energy Corp. | ||||||||
6.55%, 07/17/2017 | 840 | 732 | ||||||
6.88%, 12/15/2015 | 1,340 | 1,205 | ||||||
Oil, Gas & Consumable Fuels (11.0%) | ||||||||
Chesapeake Energy Corp. | ||||||||
6.88%, 01/15/2016 | 2,000 | 1,778 | ||||||
7.00%, 08/15/2014 | 3,400 | 3,137 | ||||||
7.25%, 12/15/2018 | 830 | 726 | ||||||
7.63%, 07/15/2013 | 100 | 96 | ||||||
Connacher Oil And Gas, Ltd. | ||||||||
10.25%, 12/15/2015 -144A | 2,480 | 1,104 | ||||||
Dynegy Holdings, Inc. | ||||||||
7.50%, 06/01/2015 | 2,975 | 2,335 | ||||||
7.75%, 06/01/2019 | 4,440 | 3,263 | ||||||
El Paso Corp. | ||||||||
7.25%, 06/01/2018 | 3,100 | 2,829 | ||||||
Forest Oil Corp. | ||||||||
7.25%, 06/15/2019 -144A | 2,000 | 1,665 | ||||||
7.75%, 05/01/2014 | 275 | 259 | ||||||
Kinder Morgan Finance Co. | ||||||||
5.70%, 01/05/2016 | 5,810 | 5,040 | ||||||
Mariner Energy, Inc. | ||||||||
8.00%, 05/15/2017 | 1,555 | 1,127 | ||||||
Newfield Exploration Co. | ||||||||
6.63%, 09/01/2014 | 2,175 | 2,001 | ||||||
7.13%, 05/15/2018 | 295 | 267 | ||||||
Opti Canada, Inc. | ||||||||
7.88%, 12/15/2014 | 2,500 | 1,344 | ||||||
8.25%, 12/15/2014 | 2,100 | 1,155 | ||||||
Peabody Energy Corp. | ||||||||
6.88%, 03/15/2013 | 100 | 98 | ||||||
7.38%, 11/01/2016 | 1,230 | 1,202 | ||||||
Pioneer Natural Resources Co. | ||||||||
6.65%, 03/15/2017 | 3,225 | 2,759 | ||||||
Plains Exploration & Production Co. | ||||||||
7.00%, 03/15/2017 | 1,700 | 1,462 | ||||||
7.75%, 06/15/2015 | 3,000 | 2,745 | ||||||
Tennessee Gas Pipeline Co. | ||||||||
8.00%, 02/01/2016 -144A | 1,000 | 1,020 | ||||||
Tesoro Corp. | ||||||||
6.25%, 11/01/2012 | 3,275 | 2,980 | ||||||
6.63%, 11/01/2015 | 675 | 567 | ||||||
Verasun Energy Corp. | ||||||||
9.38%, 06/01/2017 Џ ∞ | 4,325 | 238 | ||||||
Whiting Petroleum Corp. | ||||||||
7.00%, 02/01/2014 | 3,380 | 2,907 | ||||||
Paper & Forest Products (3.3%) | ||||||||
Abitibi-Consolidated, Inc. | ||||||||
8.55%, 08/01/2010 Џ | 1,460 | 93 | ||||||
8.85%, 08/01/2030 Џ | 5,015 | 301 | ||||||
13.75%, 04/01/2011 -144A Џ | 3,200 | 2,784 | ||||||
Boise Cascade LLC | ||||||||
7.13%, 10/15/2014 | 896 | 396 | ||||||
Domtar Corp. | ||||||||
7.88%, 10/15/2011 | 3,720 | 3,311 | ||||||
Georgia-Pacific LLC | ||||||||
7.00%, 01/15/2015 -144A | 3,825 | 3,634 | ||||||
7.13%, 01/15/2017 -144A | 1,153 | 1,090 | ||||||
Westvaco Corp. | ||||||||
8.20%, 01/15/2030 | 2,300 | 1,758 | ||||||
Real Estate Investment Trusts (1.1%) | ||||||||
Host Hotels & Resorts, Inc. | ||||||||
7.13%, 11/01/2013 | 3,155 | 2,966 | ||||||
iStar Financial, Inc. | ||||||||
5.88%, 03/15/2016 | 5,000 | 1,600 | ||||||
Real Estate Management & Development (0.4%) | ||||||||
Realogy Corp. | ||||||||
10.50%, 04/15/2014 | 5,305 | 1,751 | ||||||
Road & Rail (0.8%) | ||||||||
Hertz Corp. | ||||||||
8.88%, 01/01/2014 | 4,150 | 3,216 | ||||||
Semiconductors & Semiconductor Equipment (1.6%) | ||||||||
Freescale Semiconductor, Inc. | ||||||||
8.88%, 12/15/2014 | 7,345 | 2,497 | ||||||
Spansion, Inc. | ||||||||
5.84%, 06/01/2013 -144A Џ | 3,960 | 1,584 | ||||||
Stats ChipPAC, Ltd. | ||||||||
6.75%, 11/15/2011 | 2,750 | 2,449 | ||||||
Software (0.7%) | ||||||||
First Data Corp. | ||||||||
9.88%, 09/24/2015 | 4,136 | 2,859 | ||||||
Textiles, Apparel & Luxury Goods (1.6%) | ||||||||
Levi Strauss & Co. | ||||||||
8.88%, 04/01/2016 | 1,200 | 1,062 | ||||||
9.75%, 01/15/2015 | 5,480 | 5,178 | ||||||
Wireless Telecommunication Services (0.6%) | ||||||||
Nextel Communications, Inc. | ||||||||
6.88%, 10/31/2013 | 3,125 | 2,398 | ||||||
Total Corporate Debt Securities (cost $494,213) | 369,256 | |||||||
Shares | ||||||||
PREFERRED STOCK (0.2%) | ||||||||
Diversified Financial Services (0.2%) | ||||||||
Preferred Blocker, Inc. 7.00% -144A Ђ ▲ | 2,228 | 668 | ||||||
Total Preferred Stock (cost $701) | ||||||||
Principal | ||||||||
REPURCHASE AGREEMENT (3.7%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $14,626 on 05/01/2009 • | $ | 14,626 | 14,626 | |||||
Total Repurchase Agreement (cost $14,626) | ||||||||
Total Investment Securities (cost $509,540) # | 384,550 | |||||||
Other Assets and Liabilities, net | 14,567 | |||||||
Net Assets | $ | 399,117 | ||||||
The notes to the financial statements are an integral part of this report.
17
(all amounts in thousands)
(unaudited)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
▲ | Rate shown reflects the yield at 04/30/2009. | |
Ž | The security has a perpetual maturity. The date shown is the next call date. | |
Ђ | Step bond. Interest rate may increase or decrease as the credit rating changes. | |
Џ | In default. | |
* | Floating or variable rate note. Rate is listed as of 04/30/2009. | |
Ώ | Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. | |
■ | Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 04/30/2009. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 0.80% to 4.66%, maturity dates ranging from 10/01/2034 to 12/15/2034, and with market values plus accrued interests of $14,920. | |
# | Aggregate cost for federal income tax purposes is $509,540. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,510 and $129,500, respectively. Net unrealized depreciation for tax purposes is $124,990. |
Description | Date of Acquisition | Principal | Cost | Value | ||||||||||
Verasun Energy Corp. 9.38%, 06/01/2017 | 09/21/2007 | 4,325 | $ | 3,482 | $ | 238 |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $54,781, or 13.74%, of the Fund’s net assets. | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||
$668 | $ | 383,882 | $— | $ | 384,550 |
The notes to the financial statements are an integral part of this report.
18
Transamerica Legg Mason Partners All Cap
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (95.0%) | ||||||||
Aerospace & Defense (3.3%) | ||||||||
Boeing Co. | 17,860 | $ | 715 | |||||
Honeywell International, Inc. | 31,120 | 972 | ||||||
Northrop Grumman Corp. | 6,950 | 336 | ||||||
Air Freight & Logistics (2.2%) | ||||||||
United Parcel Service, Inc. -Class B | 26,690 | 1,397 | ||||||
Building Products (0.4%) | ||||||||
Simpson Manufacturing Co., Inc. | 10,970 | 244 | ||||||
Capital Markets (4.5%) | ||||||||
Franklin Resources, Inc. | 21,900 | 1,325 | ||||||
Gamco Investors, Inc. -Class A | 6,000 | 301 | ||||||
State Street Corp. | 35,290 | 1,204 | ||||||
Teton Advisors, Inc. Ә ‡ | 89 | ♦ | ||||||
Commercial Banks (1.2%) | ||||||||
Comerica, Inc. | 29,410 | 617 | ||||||
East-West Bancorp, Inc. | 16,425 | 112 | ||||||
Communications Equipment (3.5%) | ||||||||
Cisco Systems, Inc. ‡ | 93,130 | 1,799 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 41,970 | 358 | ||||||
Computers & Peripherals (2.2%) | ||||||||
International Business Machines Corp. | 13,340 | 1,377 | ||||||
Construction & Engineering (1.5%) | ||||||||
Fluor Corp. | 14,320 | 542 | ||||||
Jacobs Engineering Group, Inc. ‡ | 6,850 | 261 | ||||||
Perini Corp. ‡ | 9,530 | 165 | ||||||
Diversified Financial Services (5.6%) | ||||||||
Bank of America Corp. | 146,380 | 1,307 | ||||||
JPMorgan Chase & Co. | 65,190 | 2,152 | ||||||
Energy Equipment & Services (6.9%) | ||||||||
Baker Hughes, Inc. | 27,250 | 970 | ||||||
Halliburton Co. | 46,940 | 949 | ||||||
Schlumberger, Ltd. | 24,490 | 1,199 | ||||||
Transocean, Ltd. ‡ | 5,926 | 400 | ||||||
Weatherford International, Ltd. ‡ | 46,550 | 774 | ||||||
Food & Staples Retailing (2.3%) | ||||||||
Wal-Mart Stores, Inc. | 28,460 | 1,434 | ||||||
Food Products (2.4%) | ||||||||
Unilever PLC ADR | 34,949 | 680 | ||||||
Unilever PLC | 41,575 | 816 | ||||||
Health Care Providers & Services (1.2%) | ||||||||
McKesson Corp. | 19,870 | 735 | ||||||
Hotels, Restaurants & Leisure (1.3%) | ||||||||
Carnival Corp. | 23,200 | 624 | ||||||
Marriott International, Inc. -Class A | 8,700 | 205 | ||||||
Household Durables (1.1%) | ||||||||
Toll Brothers, Inc. ‡ | 33,600 | 681 | ||||||
Industrial Conglomerates (3.4%) | ||||||||
General Electric Co. | 60,460 | 765 | ||||||
McDermott International, Inc. ‡ | 81,380 | 1,313 | ||||||
Insurance (3.2%) | ||||||||
Allied World Assurance Co. Holdings, Ltd. | 16,380 | 608 | ||||||
Chubb Corp. | 36,150 | 1,408 | ||||||
Internet Software & Services (1.6%) | ||||||||
eBay, Inc. ‡ | 59,630 | 982 | ||||||
Life Sciences Tools & Services (0.9%) | ||||||||
ENZO Biochem, Inc. ‡ | 133,887 | 549 | ||||||
Machinery (2.7%) | ||||||||
Dover Corp. | 21,550 | 663 | ||||||
PACCAR, Inc. | 17,200 | 610 | ||||||
Parker Hannifin Corp. | 9,700 | 440 | ||||||
Media (2.4%) | ||||||||
Walt Disney Co. | 69,520 | 1,521 | ||||||
Metals & Mining (0.7%) | ||||||||
BHP Billiton, Ltd. ADR | 3,200 | 154 | ||||||
Nucor Corp. | 7,440 | 303 | ||||||
Oil, Gas & Consumable Fuels (4.3%) | ||||||||
Anadarko Petroleum Corp. | 23,250 | 1,001 | ||||||
Chevron Corp. | 8,460 | 559 | ||||||
ConocoPhillips | 7,040 | 289 | ||||||
Exxon Mobil Corp. | 10,570 | 705 | ||||||
Murphy Oil Corp. | 3,250 | 155 | ||||||
Paper & Forest Products (1.1%) | ||||||||
Weyerhaeuser Co. | 19,210 | 677 | ||||||
Pharmaceuticals (8.7%) | ||||||||
Abbott Laboratories | 31,990 | 1,339 | ||||||
Johnson & Johnson | 27,780 | 1,454 | ||||||
Merck & Co., Inc. | 51,068 | 1,238 | ||||||
Novartis AG ADR | 38,270 | 1,451 | ||||||
Professional Services (0.3%) | ||||||||
Robert Half International, Inc. | 8,420 | 202 | ||||||
Real Estate Investment Trusts (0.5%) | ||||||||
Host Hotels & Resorts, Inc. | 13,350 | 103 | ||||||
LaSalle Hotel Properties | 18,130 | 216 | ||||||
Semiconductors & Semiconductor Equipment (14.6%) | ||||||||
Applied Materials, Inc. | 159,960 | 1,954 | ||||||
Novellus Systems, Inc. ‡ | 52,930 | 956 | ||||||
Samsung Electronics Co., Ltd. -144A GDR | 13,300 | 3,021 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 133,457 | 1,411 | ||||||
Texas Instruments, Inc. | 86,000 | 1,553 | ||||||
Varian Semiconductor Equipment Associates, Inc.‡ | 6,070 | 155 | ||||||
Verigy, Ltd. ‡ | 9,211 | 101 | ||||||
Software (3.7%) | ||||||||
Citrix Systems, Inc. ‡ | 14,710 | 420 | ||||||
Lawson Software, Inc. ‡ | 74,960 | 404 | ||||||
Microsoft Corp. | 73,410 | 1,486 | ||||||
Specialty Retail (5.2%) | ||||||||
Gap, Inc. | 49,070 | 763 | ||||||
Home Depot, Inc. | 71,370 | 1,878 | ||||||
Penske Auto Group, Inc. | 20,450 | 271 | ||||||
Williams-Sonoma, Inc. | 22,840 | 320 | ||||||
Wireless Telecommunication Services (2.1%) | ||||||||
Vodafone Group PLC ADR | 72,007 | 1,321 | ||||||
Total Common Stocks (cost $71,592) | 59,370 | |||||||
Principal | ||||||||
REPURCHASE AGREEMENT (5.9%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $3,667 on 05/01/2009 • | $ | 3,667 | 3,667 | |||||
Total Repurchase Agreement (cost $3,668) | ||||||||
Total Investment Securities (cost $75,260) # | 63,037 | |||||||
Other Assets and Liabilities, net | (546 | ) | ||||||
Net Assets | $ | 62,491 | ||||||
The notes to the financial statements are an integral part of this report.
19
(all amounts in thousands)
(unaudited)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
♦ | Value is less than $1. | |
Ә | Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.84% to 4.90%, a maturity date of 09/01/2034, and with market values plus accrued interests of $3,741. | |
# | Aggregate cost for federal income tax purposes is $75,260. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $2,800 and $15,023, respectively. Net unrealized depreciation for tax purposes is $12,223. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $3,020, or 4.83%, of the Fund’s net assets. | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
PLC | Public Limited Company |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||
$59,370 | $ | 3,667 | $ | ♦ | $ | 63,037 |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ending April 30, 2009:
Beginning | Net | Accrued | Total Unrealized | Net Transfers | Ending | |||||||||||||||||||
Balance at | Purchases/ | Discounts/ | Total Realized | Appreciation/ | In/(Out) | Balance at | ||||||||||||||||||
10/31/2008 | (Sales) | (Premiums) | Gain/ (Loss) | (depreciation) | of Level 3 | 04/30/2009 | ||||||||||||||||||
$0 | $ | ♦ | $ | — | $ | — | $ | — | $ | — | $ | ♦ |
The notes to the financial statements are an integral part of this report.
20
Transamerica Money Market
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
COMMERCIAL PAPER (92%) | ||||||||
Capital Markets (3.9%) | ||||||||
State Street Corp. | ||||||||
0.30%, 05/15/2009 | $ | 4,600 | $ | 4,599 | ||||
0.33%, 05/05/2009 - 05/22/2009 | 7,500 | 7,500 | ||||||
Chemicals (1.9%) | ||||||||
Ecolab, Inc. | ||||||||
0.55%, 06/05/2009 - 144A | 6,000 | 5,997 | ||||||
Commercial Banks (20.2%) | ||||||||
Bank of Scotland PLC * | ||||||||
1.23%, 06/15/2009 | 5,900 | 5,900 | ||||||
1.24%, 06/09/2009 - 06/11/2009 | 10,400 | 10,399 | ||||||
Barclays Bank PLC | ||||||||
0.95%, 07/22/2009 | 2,800 | 2,794 | ||||||
1.25%, 05/26/2009 | 3,900 | 3,897 | ||||||
1.34%, 05/11/2009 | 4,200 | 4,198 | ||||||
1.35%, 05/06/2009 | 4,700 | 4,699 | ||||||
Royal Bank of Scotland PLC | ||||||||
1.01%, 05/11/2009 | 5,850 | 5,848 | ||||||
1.19%, 07/20/2009 | 3,100 | 3,092 | ||||||
1.28%, 05/04/2009 - 05/08/2009 | 3,300 | 3,300 | ||||||
1.30%, 05/12/2009 | 3,400 | 3,399 | ||||||
UBS Finance Delaware LLC | ||||||||
1.00%, 05/04/2009 | 1,000 | 1,000 | ||||||
1.03%, 05/21/2009 | 5,300 | 5,297 | ||||||
1.20%, 05/29/2009 | 8,850 | 8,845 | ||||||
Computers & Peripherals (1.5%) | ||||||||
Hewlett-Packard Co. | ||||||||
0.40%, 06/04/2009 - 144A | 4,550 | 4,548 | ||||||
Consumer Finance (9.7%) | ||||||||
American Express Credit Corp. | ||||||||
0.40%, 05/01/2009 - 05/07/2009 | 10,000 | 9,999 | ||||||
0.43%, 05/15/2009 - 05/28/2009 | 3,450 | 3,449 | ||||||
0.52%, 06/05/2009 | 1,250 | 1,249 | ||||||
Toyota Motor Credit Corp. | ||||||||
0.24%, 05/12/2009 | 3,300 | 3,300 | ||||||
0.26%, 05/13/2009 | 2,000 | 2,000 | ||||||
0.30%, 06/17/2009 | 9,000 | 8,997 | ||||||
0.50%, 05/05/2009 | 1,050 | 1,050 | ||||||
Diversified Financial Services (36.4%) | ||||||||
Alpine Securitization | ||||||||
0.33%, 05/20/2009 - 144A | 6,950 | 6,949 | ||||||
0.35%, 06/09/2009 - 144A | 1,700 | 1,699 | ||||||
0.42%, 06/03/2009 - 06/11/2009 - 144A | 6,900 | 6,897 | ||||||
American Honda Finance Corp. | ||||||||
0.75%, 07/07/2009 | 9,000 | 8,987 | ||||||
0.80%, 05/18/2009 | 4,800 | 4,798 | ||||||
0.85%, 06/02/2009 | 1,050 | 1,049 | ||||||
Bank of America Corp. | ||||||||
0.52%, 07/24/2009 | 2,500 | 2,500 | ||||||
CAFCO LLC | ||||||||
0.85%, 07/22/2009 - 144A | 1,700 | 1,697 | ||||||
0.90%, 05/14/2009 - 06/08/2009 - 144A | 6,900 | 6,895 | ||||||
Caterpillar Financial Services Corp. | ||||||||
0.32%, 05/04/2009 | 1,350 | 1,350 | ||||||
0.43%, 06/01/2009 | 4,300 | 4,298 | ||||||
CIESCO LLC | ||||||||
0.85%, 07/22/2009 - 144A | 3,600 | 3,593 | ||||||
0.95%, 07/13/2009 - 144A | 3,400 | 3,393 | ||||||
Citigroup Funding, Inc. | ||||||||
0.30%, 05/04/2009 | 8,000 | 8,000 | ||||||
MetLife Funding, Inc. | ||||||||
0.25%, 05/18/2009 | 1,300 | 1,300 | ||||||
0.30%, 05/13/2009 | 4,000 | 4,000 | ||||||
0.35%, 05/08/2009 | 7,700 | 7,699 | ||||||
MetLife Short Term Funding LLC | ||||||||
0.93%, 05/07/2009 - 144A | 2,500 | 2,500 | ||||||
Old Line Funding LLC | ||||||||
0.25%, 05/15/2009 - 144A | 3,200 | 3,200 | ||||||
0.45%, 07/07/2009 - 144A | 10,100 | 10,092 | ||||||
0.60%, 07/15/2009 - 144A | 2,275 | 2,272 | ||||||
PACCAR Financial Corp. | ||||||||
0.45%, 06/15/2009 | 2,900 | 2,898 | ||||||
Rabobank USA Financial Corp. | ||||||||
0.42%, 07/15/2009 | 4,300 | 4,296 | ||||||
0.50%, 05/11/2009 | 1,050 | 1,050 | ||||||
0.65%, 05/26/2009 | 10,200 | 10,196 | ||||||
Ranger Funding Co. LLC | ||||||||
0.55%, 05/06/2009 - 144A | 1,000 | 1,000 | ||||||
Food Products (2.9%) | ||||||||
Nestle Capital Corp. | ||||||||
0.32%, 06/16/2009 - 144A | 9,000 | 8,996 | ||||||
Industrial Conglomerates (4.5%) | ||||||||
General Electric Co. | ||||||||
0.32%, 05/19/2009 | 3,900 | 3,899 | ||||||
0.33%, 05/27/2009 | 5,000 | 4,999 | ||||||
0.37%, 06/22/2009 | 5,100 | 5,097 | ||||||
Short-Term Foreign Government Obligation (8.7%) | ||||||||
Province of Ontario Canada | ||||||||
0.30%, 07/08/2009 | 6,000 | 5,997 | ||||||
0.35%, 06/12/2009 | 9,400 | 9,396 | ||||||
Province of Quebec Canada | ||||||||
0.29%, 07/09/2009 - 144A | 2,800 | 2,798 | ||||||
0.32%, 05/05/2009 - 05/06/2009 - 144A | 8,750 | 8,750 | ||||||
Software (1.9%) | ||||||||
Microsoft Corp. | ||||||||
0.18%, 06/16/2009 - 144A | 5,900 | 5,899 | ||||||
Total Commercial Paper (cost $283,795) | 283,795 | |||||||
CORPORATE DEBT SECURITIES (6.4%) | ||||||||
Capital Markets (0.9%) | ||||||||
Goldman Sachs Group, Inc. * | ||||||||
0.53%, 06/23/2009 | 1,175 | 1,174 | ||||||
1.32%, 06/23/2009 | 1,649 | 1,646 | ||||||
Commercial Banks (0.5%) | ||||||||
Wells Fargo & Co. * | ||||||||
1.42%, 09/15/2009 | 1,595 | 1,585 | ||||||
Diversified Financial Services (5.1%) | ||||||||
Bank of America Corp. * | ||||||||
1.33%, 06/12/2009 | 3,700 | 3,698 | ||||||
Caterpillar Financial Services Corp. * | ||||||||
1.31%, 05/18/2009 | 2,150 | 2,150 | ||||||
General Electric Capital Corp. * | ||||||||
1.42%, 06/15/2009 | 1,250 | 1,248 | ||||||
IBM International Group Capital LLC * | ||||||||
1.39%, 07/29/2009 | 6,990 | 6,998 | ||||||
Merrill Lynch & Co., Inc. * | ||||||||
1.29%, 05/08/2009 | 1,750 | 1,749 | ||||||
Total Corporate Debt Security (cost $20,248) | 20,248 | |||||||
The notes to the financial statements are an integral part of this report.
21
Principal | Value | |||||||
CERTIFICATE OF DEPOSIT (2.0%) | ||||||||
Commercial Banks (2.0%) | ||||||||
Bank of America Corp. | ||||||||
0.55%, due 07/27/2009 * | $ | 6,200 | $ | 6,200 | ||||
Total Certificate of Deposit (cost $6,200) | ||||||||
REPURCHASE AGREEMENTS (0.0%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 4/30/2009, to be repurchased at $63 on 05/01/2009 • | 63 | 63 | ||||||
Total Repurchase Agreements (cost $63) | ||||||||
Total Investment Securities (cost $310,306) # | 310,306 | |||||||
Other Assets and Liabilities, net | (1,228 | ) | ||||||
Net Assets | $ | 309,078 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
* | Floating or variable rate note. Rate is listed as of 04/30/2009. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.74%, a maturity date of 10/01/2036, and with a market value plus accrued interest of $65. | |
# | Aggregate cost for federal income tax purposes is $310,306. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $87,175, or 28.13%, of the Fund’s net assets. | |
LLC | Limited Liability Company | |
PLC | Public Limited Company |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||
$— | $ | 310,306 | $— | $ | 310,306 |
The notes to the financial statements are an integral part of this report.
22
Transamerica Science & Technology
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (98.7%) | ||||||||
Aerospace & Defense (2.5%) | ||||||||
Hexcel Corp. ‡ | 136,000 | $ | 1,304 | |||||
Biotechnology (1.8%) | ||||||||
Gilead Sciences, Inc. ‡ | 20,700 | 948 | ||||||
Communications Equipment (17.2%) | ||||||||
Cisco Systems, Inc. ‡ | 30,000 | 580 | ||||||
F5 Networks, Inc. ‡ | 55,500 | 1,513 | ||||||
Juniper Networks, Inc. ‡ | 45,000 | 974 | ||||||
Palm, Inc. ‡ | 221,500 | 2,324 | ||||||
Polycom, Inc. ‡ | 120,000 | 2,237 | ||||||
Qualcomm, Inc. | 33,000 | 1,397 | ||||||
Computers & Peripherals (10.1%) | ||||||||
Apple, Inc. ‡ | 15,900 | 2,001 | ||||||
Data Domain, Inc. ‡ | 135,500 | 2,247 | ||||||
EMC Corp. -Series MA ‡ | 85,500 | 1,071 | ||||||
Diversified Consumer Services (1.1%) | ||||||||
Capella Education Co. ‡ | 11,100 | 570 | ||||||
Diversified Telecommunication Services (5.2%) | ||||||||
AT&T, Inc. | 54,100 | 1,386 | ||||||
Verizon Communications, Inc. | 45,000 | 1,365 | ||||||
Electronic Equipment & Instruments (6.0%) | ||||||||
DTS, Inc. ‡ | 32,000 | 853 | ||||||
FLIR Systems, Inc. ‡ | 53,500 | 1,186 | ||||||
Itron, Inc. ‡ | 24,000 | 1,104 | ||||||
Health Care Equipment & Supplies (7.0%) | ||||||||
Covidien, Ltd. | 24,700 | 815 | ||||||
Intuitive Surgical, Inc. ‡ | 9,700 | 1,394 | ||||||
NuVasive, Inc. ‡ | 38,000 | 1,440 | ||||||
Internet & Catalog Retail (6.6%) | ||||||||
Amazon.com, Inc. ‡ | 29,500 | 2,375 | ||||||
priceline.com, Inc. ‡ | 11,400 | 1,107 | ||||||
Internet Software & Services (9.4%) | ||||||||
Equinix, Inc. ‡ | 30,200 | 2,121 | ||||||
Google, Inc. -Class A ‡ | 3,900 | 1,544 | ||||||
Vocus, Inc. ‡ | 74,538 | 1,267 | ||||||
Pharmaceuticals (2.1%) | ||||||||
Allergan, Inc. | 24,200 | 1,129 | ||||||
Semiconductors & Semiconductor Equipment (1.0%) | ||||||||
Intel Corp. | 32,000 | 505 | ||||||
Software (20.0%) | ||||||||
Activision Blizzard, Inc. ‡ | 182,500 | 1,966 | ||||||
Adobe Systems, Inc. ‡ | 41,000 | 1,121 | ||||||
Concur Technologies, Inc. ‡ | 47,500 | 1,286 | ||||||
Informatica Corp. ‡ | 63,000 | 1,002 | ||||||
Nintendo Co., Ltd. ADR | 30,200 | 1,016 | ||||||
Nuance Communications, Inc. ‡ | 140,000 | 1,869 | ||||||
Salesforce.com, Inc. ‡ | 52,500 | 2,248 | ||||||
Wireless Telecommunication Services (8.8%) | ||||||||
American Tower Corp. -Class A ‡ | 32,000 | 1,016 | ||||||
NII Holdings, Inc. ‡ | 60,600 | 979 | ||||||
SBA Communications Corp. -Class A ‡ | 39,000 | 983 | ||||||
Sprint Nextel Corp. ‡ | 370,000 | 1,614 | ||||||
Total Common Stocks (cost $53,572) | 51,857 | |||||||
Principal | ||||||||
REPURCHASE AGREEMENT (1.3%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $693 on 05/01/2009 • | $ | 693 | 693 | |||||
Total Repurchase Agreement (cost $693) | ||||||||
Total Investment Securities (cost $54,265) # | 52,550 | |||||||
Other Assets and Liabilities, net | (23 | ) | ||||||
Net Assets | $ | 52,527 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.87%, a maturity date of 08/01/2034, and with a market value plus accrued interest of $707. | |
# | Aggregate cost for federal income tax purposes is $54,265. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,034 and $7,749, respectively. Net unrealized depreciation for tax purposes is $1,715. |
DEFINITIONS:
ADR | American Depositary Receipt |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||
$51,857 | $ | 693 | $ | — | $ | 52,550 |
The notes to the financial statements are an integral part of this report.
23
Transamerica Short-Term Bond
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (16.2%) | ||||||||
Fannie Mae | ||||||||
4.50%, 03/25/2017 - 04/25/2030 | $ | 19,398 | $ | 19,842 | ||||
5.00%, 10/25/2032 - 06/25/2034 | 17,354 | 17,841 | ||||||
5.50%, 03/25/2026 | 8,194 | 8,525 | ||||||
Freddie Mac | ||||||||
3.75%, 12/15/2011 | 4,273 | 4,304 | ||||||
4.00%, 10/15/2029 | 4,708 | 4,764 | ||||||
4.50%, 02/15/2027 | 4,444 | 4,556 | ||||||
4.82%, 06/01/2035 * | 8,184 | 8,301 | ||||||
5.00%, 06/15/2027 - 11/15/2032 | 18,497 | 18,850 | ||||||
5.50%, 01/15/2029 | 13,767 | 14,022 | ||||||
5.53%, 02/01/2038 * | 6,241 | 6,470 | ||||||
5.54%, 08/01/2037 * | 2,884 | 2,981 | ||||||
Ginnie Mae | ||||||||
4.50%, 01/17/2033 | 5,423 | 5,514 | ||||||
Total U.S. Government Agency Obligations (cost $112,402) | 115,970 | |||||||
MORTGAGE-BACKED SECURITIES (4.6%) | ||||||||
American Tower Trust | ||||||||
Series 2007-1A, Class AFX | ||||||||
5.42%, 04/15/2037 -144A | 4,000 | 3,560 | ||||||
Crown Castle Towers LLC | ||||||||
Series 2006-1A, Class B | ||||||||
5.36%, 11/15/2036 Ә -144A | 7,000 | 6,440 | ||||||
Series 2006-1A, Class C | ||||||||
5.47%, 11/15/2036 Ә -144A | 6,000 | 5,430 | ||||||
Global Signal Trust | ||||||||
Series 2004-2A, Class D | ||||||||
5.09%, 12/15/2014 -144A | 9,750 | 9,603 | ||||||
Small Business Administration Trust | ||||||||
Series 2006-1A, Class A | ||||||||
5.31%, 11/15/2036 -144A | 3,700 | 3,460 | ||||||
Series 2006-1A, Class E | ||||||||
6.17%, 11/15/2036 -144A | 5,000 | 4,450 | ||||||
Total Mortgage-Backed Securities (cost $33,898) | 32,943 | |||||||
CORPORATE DEBT SECURITIES (77.2%) | ||||||||
Airlines (0.4%) | ||||||||
Continental Airlines, Inc. | ||||||||
7.49%, 10/02/2010 | 3,061 | 2,877 | ||||||
Auto Components (0.9%) | ||||||||
Johnson Controls, Inc. | ||||||||
5.25%, 01/15/2011 | 6,600 | 6,495 | ||||||
Automobiles (0.7%) | ||||||||
Daimler Finance North America LLC | ||||||||
7.20%, 09/01/2009 | 5,200 | 5,227 | ||||||
Beverages (4.1%) | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
7.20%, 01/15/2014 -144A | 2,940 | 3,065 | ||||||
Bacardi, Ltd. | ||||||||
7.45%, 04/01/2014 -144A | 3,475 | 3,518 | ||||||
Diageo Capital PLC | ||||||||
4.38%, 05/03/2010 | 4,870 | 4,919 | ||||||
Foster’s Finance Corp. | ||||||||
6.88%, 06/15/2011 -144A | 6,225 | 6,344 | ||||||
Molson Coors Capital Finance ULC | ||||||||
4.85%, 09/22/2010 | 5,000 | 5,092 | ||||||
Sabmiller PLC | ||||||||
6.20%, 07/01/2011 -144A | 6,301 | 6,343 | ||||||
Capital Markets (2.5%) | ||||||||
Goldman Sachs Group, Inc. | ||||||||
1.32%, 11/16/2009 * | 6,100 | 6,019 | ||||||
Morgan Stanley Group, Inc. | ||||||||
1.36%, 01/18/2011 * | 6,700 | 6,241 | ||||||
Xstrata Finance Dubai, Ltd. | ||||||||
1.27%, 11/13/2009 -144A * | 5,700 | 5,594 | ||||||
Chemicals (3.2%) | ||||||||
Cytec Industries, Inc. | ||||||||
5.50%, 10/01/2010 | 5,880 | 5,853 | ||||||
Dow Chemical Co. | ||||||||
6.13%, 02/01/2011 | 7,240 | 7,233 | ||||||
Lubrizol Corp. | ||||||||
4.63%, 10/01/2009 | 6,566 | 6,604 | ||||||
Nalco Co. | ||||||||
7.75%, 11/15/2011 | 3,250 | 3,283 | ||||||
Commercial Banks (2.7%) | ||||||||
BB&T Corp. | ||||||||
5.70%, 04/30/2014 | 3,940 | 3,878 | ||||||
First Tennessee Bank NA | ||||||||
1.31%, 05/18/2009 * | 3,110 | 3,101 | ||||||
M&I Marshall & Ilsley Bank | ||||||||
1.54%, 12/04/2012 * | 5,390 | 3,857 | ||||||
PNC Funding Corp. | ||||||||
1.18%, 01/31/2012 * | 3,900 | 3,283 | ||||||
Wells Fargo & Co. | ||||||||
4.63%, 08/09/2010 | 4,800 | 4,839 | ||||||
Commercial Services & Supplies (0.5%) | ||||||||
Waste Management, Inc. | ||||||||
6.88%, 05/15/2009 | 3,355 | 3,357 | ||||||
Construction Materials (3.0%) | ||||||||
CRH America, Inc. | ||||||||
5.63%, 09/30/2011 | 6,890 | 6,207 | ||||||
Lafarge SA | ||||||||
6.15%, 07/15/2011 | 7,900 | 7,683 | ||||||
Martin Marietta Materials, Inc. | ||||||||
1.19%, 04/30/2010 * | 7,645 | 7,307 | ||||||
Consumer Finance (2.4%) | ||||||||
Discover Financial Services | ||||||||
1.86%, 06/11/2010 * | 6,920 | 6,098 | ||||||
John Deere Capital Corp. | ||||||||
2.04%, 06/10/2011 * | 6,125 | 5,884 | ||||||
Toyota Motor Credit Corp. | ||||||||
4.65%, 01/09/2012 * | 5,000 | 5,090 | ||||||
Containers & Packaging (0.4%) | ||||||||
Rexam PLC | ||||||||
6.75%, 06/01/2013 -144A | 2,950 | 2,681 | ||||||
Diversified Financial Services (8.4%) | ||||||||
American Honda Finance Corp. | ||||||||
1.40%, 01/29/2010 -144A * | 4,500 | 4,485 | ||||||
BAE Systems Holdings, Inc. | ||||||||
6.40%, 12/15/2011 -144A | 7,000 | 7,369 | ||||||
Bank of America Corp. | ||||||||
1.12%, 08/02/2010 * | 2,200 | 2,105 | ||||||
5.38%, 08/15/2011 | 5,260 | 5,134 | ||||||
Bear Stearns Cos., Inc. | ||||||||
5.50%, 08/15/2011 | 2,000 | 2,064 | ||||||
6.95%, 08/10/2012 | 5,000 | 5,264 | ||||||
Caterpillar Financial Services Corp. | ||||||||
1.98%, 06/24/2011 * | 7,390 | 6,988 | ||||||
Credit Suisse USA, Inc. | ||||||||
6.13%, 11/15/2011 | 5,267 | 5,519 | ||||||
General Electric Capital Corp. | ||||||||
1.26%, 07/27/2012 * | 1,400 | 1,209 | ||||||
5.88%, 02/15/2012 | 4,890 | 4,983 |
The notes to the financial statements are an integral part of this report.
24
Principal | Value | |||||||
Diversified Financial Services (continued) | ||||||||
Harley-Davidson Funding Corp. | ||||||||
5.00%, 12/15/2010 -144A | $ | 7,700 | $ | 7,025 | ||||
PACCAR Financial Corp. | ||||||||
4.64%, 01/12/2011 * | 5,000 | 4,989 | ||||||
Pemex Finance, Ltd. | ||||||||
9.03%, 02/15/2011 | 2,160 | 2,236 | ||||||
Diversified Telecommunication Services (2.2%) | ||||||||
Sprint Capital Corp. | ||||||||
7.63%, 01/30/2011 | 3,200 | 3,084 | ||||||
Telefonica Europe BV | ||||||||
7.75%, 09/15/2010 | 6,250 | 6,563 | ||||||
Verizon Global Funding Corp. | ||||||||
7.38%, 09/01/2012 | 5,500 | 6,020 | ||||||
Electric Utilities (0.7%) | ||||||||
PSEG Power LLC | ||||||||
7.75%, 04/15/2011 | 4,780 | 5,064 | ||||||
Energy Equipment & Services (2.6%) | ||||||||
Allied Waste North America, Inc. | ||||||||
5.75%, 02/15/2011 | 6,375 | 6,407 | ||||||
NGPL Pipeco LLC | ||||||||
6.51%, 12/15/2012 -144A | 6,470 | 6,388 | ||||||
Plains All American Pipeline, LP | ||||||||
4.75%, 08/15/2009 | 1,230 | 1,219 | ||||||
Rockies Express Pipeline LLC | ||||||||
5.10%, 08/20/2009 -144A * | 4,740 | 4,742 | ||||||
Food & Staples Retailing (2.7%) | ||||||||
Kroger Co. | ||||||||
8.05%, 02/01/2010 | 7,012 | 7,238 | ||||||
New Albertsons, Inc. | ||||||||
6.95%, 08/01/2009 | 3,617 | 3,640 | ||||||
Safeway, Inc. | ||||||||
6.50%, 03/01/2011 | 5,000 | 5,244 | ||||||
Stater Brothers Holdings, Inc. | ||||||||
8.13%, 06/15/2012 | 2,900 | 2,864 | ||||||
Food Products (3.0%) | ||||||||
ConAgra Foods, Inc. | ||||||||
7.88%, 09/15/2010 | 5,880 | 6,174 | ||||||
Dole Food Co., Inc. | ||||||||
8.63%, 05/01/2009 Ђ | 6,000 | 6,000 | ||||||
Michael Foods, Inc. | ||||||||
8.00%, 11/15/2013 | 3,215 | 3,038 | ||||||
UST, Inc. | ||||||||
6.63%, 07/15/2012 | 6,460 | 6,508 | ||||||
Hotels, Restaurants & Leisure (1.6%) | ||||||||
Carrols Corp. | ||||||||
9.00%, 01/15/2013 | 2,000 | 1,850 | ||||||
Royal Caribbean Cruises, Ltd. | ||||||||
8.75%, 02/02/2011 | 3,000 | 2,805 | ||||||
Yum! Brands, Inc. | ||||||||
8.88%, 04/15/2011 | 6,200 | 6,656 | ||||||
Household Durables (1.0%) | ||||||||
Whirlpool Corp. | ||||||||
8.00%, 05/01/2012 | 7,125 | 7,249 | ||||||
Insurance (1.1%) | ||||||||
MetLife, Inc. | ||||||||
5.38%, 12/15/2012 | 7,000 | 6,659 | ||||||
Oil Insurance, Ltd. | ||||||||
7.56%, 06/30/2011 -144A ■ Ž | 3,250 | 1,063 | ||||||
IT Services (0.8%) | ||||||||
Western Union Co. | ||||||||
5.40%, 11/17/2011 | 5,500 | 5,578 | ||||||
Machinery (0.8%) | ||||||||
Case New Holland, Inc. | ||||||||
6.00%, 06/01/2009 | 2,500 | 2,488 | ||||||
PACCAR, Inc. | ||||||||
6.88%, 02/15/2014 | 2,500 | 2,617 | ||||||
Media (3.8%) | ||||||||
British Sky Broadcasting Group PLC | ||||||||
8.20%, 07/15/2009 | 6,000 | 6,072 | ||||||
Time Warner, Inc. | ||||||||
1.15%, 11/13/2009 * | 6,406 | 6,363 | ||||||
Viacom, Inc. | ||||||||
1.67%, 06/16/2009 * | 7,000 | 6,973 | ||||||
5.75%, 04/30/2011 | 7,045 | 7,043 | ||||||
Metals & Mining (3.1%) | ||||||||
Anglo American Capital PLC | ||||||||
9.38%, 04/08/2014 -144A | 3,500 | 3,632 | ||||||
Arcelormittal | ||||||||
5.38%, 06/01/2013 | 4,500 | 4,051 | ||||||
BHP Billiton Finance USA, Ltd. | ||||||||
5.00%, 12/15/2010 | 6,000 | 6,236 | ||||||
Falconbridge, Ltd. | ||||||||
7.35%, 06/05/2012 | 3,585 | 3,164 | ||||||
Rio Tinto Finance USA, Ltd. | ||||||||
8.95%, 05/01/2014 | 4,795 | 4,963 | ||||||
Multiline Retail (1.4%) | ||||||||
JC Penney Corp., Inc. | ||||||||
8.00%, 03/01/2010 | 6,175 | 6,209 | ||||||
Macy’s Retail Holdings, Inc. | ||||||||
5.35%, 03/15/2012 | 4,170 | 3,806 | ||||||
Multi-Utilities (0.8%) | ||||||||
Sempra Energy | ||||||||
7.95%, 03/01/2010 | 5,500 | 5,661 | ||||||
Office Electronics (0.9%) | ||||||||
Xerox Corp. | ||||||||
7.13%, 06/15/2010 | 6,250 | 6,314 | ||||||
Oil, Gas & Consumable Fuels (11.1%) | ||||||||
Anadarko Finance Co. | ||||||||
6.75%, 05/01/2011 | 6,460 | 6,657 | ||||||
DCP Midstream LLC | ||||||||
7.88%, 08/16/2010 | 6,900 | 7,024 | ||||||
EnCana Corp. | ||||||||
6.30%, 11/01/2011 | 5,100 | 5,329 | ||||||
Enterprise Products Operating, LP | ||||||||
7.50%, 02/01/2011 | 8,100 | 8,324 | ||||||
Hess Corp. | ||||||||
6.65%, 08/15/2011 | 4,215 | 4,419 | ||||||
7.00%, 02/15/2014 | 2,450 | 2,657 | ||||||
Husky Energy, Inc. | ||||||||
6.25%, 06/15/2012 | 6,700 | 6,655 | ||||||
Kinder Morgan Energy Partners, LP | ||||||||
6.75%, 03/15/2011 | 6,450 | 6,620 | ||||||
Marathon Oil Corp. | ||||||||
8.38%, 05/01/2012 | 6,000 | 6,410 | ||||||
Ras Laffan Liquefied Natural Gas Co., Ltd. | ||||||||
3.44%, 09/15/2009 -144A | 2,040 | 2,034 | ||||||
Teppco Partners, LP | ||||||||
7.63%, 02/15/2012 | 6,800 | 6,716 | ||||||
Weatherford International, Inc. | ||||||||
5.95%, 06/15/2012 | 7,305 | 7,309 | ||||||
Williams Cos., Inc. | ||||||||
3.21%, 10/01/2010 -144A * | 1,450 | 1,363 | ||||||
6.38%, 10/01/2010 -144A | 1,100 | 1,089 |
The notes to the financial statements are an integral part of this report.
25
Principal | Value | |||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
XTO Energy, Inc. | �� | |||||||
5.00%, 08/01/2010 | $ | 5,770 | $ | 5,835 | ||||
Paper & Forest Products (1.0%) | ||||||||
Weyerhaeuser Co. | ||||||||
6.75%, 03/15/2012 | 7,200 | 7,185 | ||||||
Real Estate Investment Trusts (4.2%) | ||||||||
BRE Properties, Inc. | ||||||||
5.75%, 09/01/2009 | 6,000 | 5,990 | ||||||
Federal Realty Investment Trust | ||||||||
8.75%, 12/01/2009 | 2,680 | 2,673 | ||||||
Healthcare Realty Trust, Inc. | ||||||||
8.13%, 05/01/2011 | 3,000 | 2,883 | ||||||
Kimco Realty Corp. | ||||||||
4.62%, 05/06/2010 | 5,000 | 4,822 | ||||||
PPF Funding, Inc. | ||||||||
5.35%, 04/15/2012 -144A | 4,000 | 2,929 | ||||||
Simon Property Group, LP | ||||||||
4.88%, 03/18/2010 | 6,265 | 6,143 | ||||||
Wea Finance LLC / WCI Finance LLC | ||||||||
5.40%, 10/01/2012 -144A | 5,000 | 4,600 | ||||||
Real Estate Management & Development (0.7%) | ||||||||
Post Apartment Homes, LP | ||||||||
7.70%, 12/20/2010 | 5,000 | 4,859 | ||||||
Road & Rail (2.8%) | ||||||||
CSX Corp. | ||||||||
6.75%, 03/15/2011 | 6,580 | 6,767 | ||||||
Erac USA Finance Co. | ||||||||
7.95%, 12/15/2009 -144A | 6,875 | 6,684 | ||||||
Union Pacific Corp. | ||||||||
3.63%, 06/01/2010 | 5,030 | 5,004 | ||||||
6.13%, 01/15/2012 | 2,000 | 2,046 | ||||||
Specialty Retail (1.1%) | ||||||||
Home Depot, Inc. | ||||||||
1.45%, 12/16/2009 * | 3,000 | 2,970 | ||||||
Staples, Inc. | ||||||||
7.75%, 04/01/2011 | 1,500 | 1,571 | ||||||
9.75%, 01/15/2014 | 2,950 | 3,237 | ||||||
Wireless Telecommunication Services (1.3%) | ||||||||
Centennial Communications Corp. | ||||||||
6.96%, 01/01/2013 * | 3,750 | 3,759 | ||||||
Vodafone Group PLC | ||||||||
7.75%, 02/15/2010 | 5,000 | 5,186 | ||||||
Total Corporate Debt Securities (cost $552,233) | 552,736 | |||||||
REPURCHASE AGREEMENT (2.1%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $15,512 on 05/01/2009 • | 15,512 | 15,512 | ||||||
Total Repurchase Agreement (cost $15,512) | ||||||||
Total Investment Securities (cost $714,045) # | 717,161 | |||||||
Other Assets and Liabilities, net | (1,024 | ) | ||||||
Net Assets | $ | 716,137 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
Ž | The security has a perpetual maturity. The date shown is the next call date. | |
Ә | Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. | |
■ | Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 04/30/2009. | |
* | Floating or variable rate note. Rate is listed as of 04/30/2009. | |
Ђ | Step bond. Interest rate may increase or decrease as the credit rating changes. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.63% to 3.80%, a maturity date of 05/01/2035, and with market values plus accrued interests of $15,822. | |
# | Aggregate cost for federal income tax purposes is $714,045. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $13,551 and $10,435, respectively. Net unrealized appreciation for tax purposes is $3,116. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $113,888, or 16.03%, of the Fund’s net assets. | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company | |
ULC | Underwriters’ Laboratories of Canada |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||
$— | $ | 717,161 | $ | — | $ | 717,161 |
The notes to the financial statements are an integral part of this report.
26
Transamerica Small/Mid Cap Value
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (97.7%) | ||||||||
Aerospace & Defense (1.0%) | ||||||||
Alliant Techsystems, Inc. ‡ | 32,630 | $ | 2,599 | |||||
Auto Components (1.3%) | ||||||||
Tenneco, Inc. ‡ | 1,179,671 | 3,610 | ||||||
Chemicals (5.0%) | ||||||||
Intrepid Potash, Inc. ‡ | 294,090 | 7,261 | ||||||
Terra Industries, Inc. | 233,031 | 6,175 | ||||||
Commercial Banks (3.9%) | ||||||||
Bank of Hawaii Corp. | 132,255 | 4,647 | ||||||
City National Corp. | 160,900 | 5,889 | ||||||
Commercial Services & Supplies (2.0%) | ||||||||
Energysolutions, Inc. | 288,000 | 2,794 | ||||||
Republic Services, Inc. -Class A | 126,000 | 2,646 | ||||||
Communications Equipment (6.4%) | ||||||||
Arris Group, Inc. ‡ | 673,180 | 7,183 | ||||||
Brocade Communications Systems, Inc. ‡ | 727,855 | 4,207 | ||||||
Harmonic Lightwaves, Inc. ‡ | 836,792 | 6,134 | ||||||
Electric Utilities (4.2%) | ||||||||
ITC Holdings Corp. | 88,075 | 3,834 | ||||||
NV Energy, Inc. | 400,700 | 4,107 | ||||||
Portland General Electric Co. | 192,410 | 3,515 | ||||||
Electrical Equipment (2.5%) | ||||||||
General Cable Corp. ‡ | 248,560 | 6,746 | ||||||
Energy Equipment & Services (1.7%) | ||||||||
Superior Energy Services, Inc. ‡ | 246,585 | 4,737 | ||||||
Health Care Equipment & Supplies (4.1%) | ||||||||
Hologic, Inc. ‡ | 432,000 | 6,419 | ||||||
West Pharmaceutical Services, Inc. | 147,400 | 4,813 | ||||||
Health Care Providers & Services (1.8%) | ||||||||
Mednax, Inc. ‡ | 137,000 | 4,918 | ||||||
Health Care Technology (2.1%) | ||||||||
Allscripts-Misys Healthcare Solutions, Inc. | 452,765 | 5,623 | ||||||
Hotels, Restaurants & Leisure (5.0%) | ||||||||
Cheesecake Factory ‡ | 283,415 | 4,923 | ||||||
Penn National Gaming, Inc. ‡ | 153,715 | 5,229 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 157,500 | 3,285 | ||||||
Insurance (5.6%) | ||||||||
HCC Insurance Holdings, Inc. | 306,210 | 7,325 | ||||||
PartnerRe, Ltd. | 117,020 | 7,980 | ||||||
Internet Software & Services (2.1%) | ||||||||
Valueclick, Inc. ‡ | 540,848 | 5,733 | ||||||
IT Services (1.9%) | ||||||||
NeuStar, Inc. -Class A ‡ | 265,766 | 5,052 | ||||||
Leisure Equipment & Products (1.6%) | ||||||||
Pool Corp. | 236,100 | 4,217 | ||||||
Life Sciences Tools & Services (2.0%) | ||||||||
Charles River Laboratories International, Inc.‡ | 200,865 | 5,554 | ||||||
Machinery (3.4%) | ||||||||
Clarcor, Inc. | 167,700 | 5,212 | ||||||
Watts Water Technologies, Inc. -Class A | 179,325 | 3,992 | ||||||
Media (1.4%) | ||||||||
Lamar Advertising Co. -Class A ‡ | 226,800 | 3,833 | ||||||
Oil, Gas & Consumable Fuels (4.8%) | ||||||||
Comstock Resources, Inc. ‡ | 125,265 | 4,317 | ||||||
PetroHawk Energy Corp. ‡ | 367,595 | 8,675 | ||||||
Pharmaceuticals (1.9%) | ||||||||
Sepracor, Inc. ‡ | 356,195 | 5,062 | ||||||
Professional Services (6.2%) | ||||||||
FTI Consulting, Inc. ‡ | 180,000 | 9,878 | ||||||
Manpower, Inc. | 157,500 | 6,787 | ||||||
Real Estate Investment Trusts (12.5%) | ||||||||
Annaly Capital Management, Inc. | 616,742 | 8,678 | ||||||
Host Hotels & Resorts, Inc. | 1,071,000 | 8,236 | ||||||
Kilroy Realty Corp. | 179,155 | 3,859 | ||||||
Omega Healthcare Investors, Inc. | 464,500 | 7,302 | ||||||
Potlatch Corp. | 194,340 | 5,716 | ||||||
Real Estate Management & Development (2.2%) | ||||||||
St. Joe Co. ‡ | 236,675 | 5,887 | ||||||
Road & Rail (1.4%) | ||||||||
Kansas City Southern ‡ | 251,900 | 3,841 | ||||||
Software (1.5%) | ||||||||
Macrovision Solutions Corp. ‡ | 201,000 | 4,064 | ||||||
Specialty Retail (1.4%) | ||||||||
Childrens Place Retail Stores, Inc. ‡ | 133,720 | 3,803 | ||||||
Textiles, Apparel & Luxury Goods (0.7%) | ||||||||
Skechers U.S.A., Inc. -Class A ‡ | 173,140 | 2,026 | ||||||
Thrifts & Mortgage Finance (1.7%) | ||||||||
People’s United Financial, Inc. | 290,465 | 4,537 | ||||||
Trading Companies & Distributors (4.0%) | ||||||||
Beacon Roofing Supply, Inc. ‡ | 224,392 | 3,568 | ||||||
WESCO International, Inc. ‡ | 282,800 | 7,353 | ||||||
Total Common Stocks (cost $230,347) | 263,781 | |||||||
Principal | ||||||||
REPURCHASE AGREEMENT (3.5%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $9,457 on 05/01/2009 • | $ | 9,457 | 9,457 | |||||
Total Repurchase Agreement (cost $9,457) | ||||||||
Total Investment Securities (cost $239,804) # | 273,238 | |||||||
Other Assets and Liabilities, net | (3,313 | ) | ||||||
Net Assets | $ | 269,925 | ||||||
The notes to the financial statements are an integral part of this report.
27
(all amounts in thousands)
(unaudited)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS: | ||
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by a U.S. Government Obligation with a zero coupon interest rate, a maturity date of 06/24/2009, and with a market value plus accrued interest of $9,650. | |
# | Aggregate cost for federal income tax purposes is $239,804. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $49,371 and $15,937, respectively. Net unrealized appreciation for tax purposes is $33,434. |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||
$263,781 | $9,457 | $— | $273,238 |
The notes to the financial statements are an integral part of this report.
28
Transamerica Templeton Global
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (98.3%) | ||||||||
Australia (1.0%) | ||||||||
Alumina, Ltd. § | 96,049 | $ | 104 | |||||
Brambles, Ltd. | 55,748 | 240 | ||||||
National Australia Bank, Ltd. | 34,025 | 510 | ||||||
Austria (0.6%) | ||||||||
Telekom Austria AG | 41,880 | 555 | ||||||
Bermuda (0.7%) | ||||||||
Tyco Electronics, Ltd. | 36,945 | 644 | ||||||
Brazil (1.2%) | ||||||||
Cia Vale do Rio Doce -Class B ADR | 15,230 | 251 | ||||||
Empresa Brasileira de Aeronautica SA ADR ‡ | 25,360 | 411 | ||||||
Petroleo Brasileiro SA -Class A ADR | 13,480 | 364 | ||||||
China (0.4%) | ||||||||
China Telecom Corp., Ltd. | 670,000 | 333 | ||||||
Denmark (0.5%) | ||||||||
Vestas Wind Systems ‡ | 6,730 | 444 | ||||||
France (6.7%) | ||||||||
Accor SA | 7,040 | 300 | ||||||
AXA SA ‡ | 36,800 | 621 | ||||||
France Telecom SA | 47,180 | 1,053 | ||||||
GDF Suez | 14,448 | 522 | ||||||
Michelin -Class B | 10,407 | 537 | ||||||
Sanofi-Aventis SA | 16,139 | 935 | ||||||
Suez Environnement SA ‡ | 3,787 | 58 | ||||||
Total SA | 21,742 | 1,103 | ||||||
Vivendi | 26,410 | 715 | ||||||
Germany (6.0%) | ||||||||
Bayerische Motoren Werke AG | 21,040 | 731 | ||||||
Celesio AG | 19,660 | 437 | ||||||
Deutsche Post AG | 42,130 | 488 | ||||||
E.ON AG ADR ‡ | 24,540 | 825 | ||||||
Merck KGAA | 6,870 | 618 | ||||||
Muenchener Rueckversicherungs AG | 4,810 | 666 | ||||||
SAP AG | 17,410 | 669 | ||||||
Siemens AG | 11,760 | 793 | ||||||
Hong Kong (1.0%) | ||||||||
Cheung Kong Holdings, Ltd. | 47,000 | 490 | ||||||
Hutchison Whampoa, Ltd. | 59,000 | 350 | ||||||
Ireland (0.6%) | ||||||||
CRH PLC | 21,612 | 564 | ||||||
Israel (1.3%) | ||||||||
Check Point Software Technologies ‡ | 24,050 | 558 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 12,495 | 548 | ||||||
Italy (1.6%) | ||||||||
Autogrill SpA | 32,781 | 251 | ||||||
ENI SpA ADR | 17,185 | 733 | ||||||
UniCredit SpA | 173,709 | 430 | ||||||
Japan (5.0%) | ||||||||
Fujifilm Holdings Corp. | 16,700 | 423 | ||||||
Konica Minolta Holdings, Inc. | 54,500 | 443 | ||||||
Mabuchi Motor Co., Ltd. | 12,400 | 561 | ||||||
Mitsubishi UFJ Financial Group, Inc. ADR | 32,270 | 175 | ||||||
Nintendo Co., Ltd. | 2,200 | 587 | ||||||
Olympus Corp. | 27,800 | 451 | ||||||
Promise Co., Ltd. | 26,150 | 344 | ||||||
Sony Corp. ADR | 10,560 | 273 | ||||||
Takeda Pharmaceutical Co., Ltd. | 8,300 | 295 | ||||||
Toyota Motor Corp. | 13,100 | 511 | ||||||
USS Co., Ltd. | 7,410 | 334 | ||||||
Korea, Republic of (1.3%) | ||||||||
KB Financial Group, Inc. ADR ‡ | 8,150 | 260 | ||||||
Samsung Electronics Co., Ltd. -144A GDR | 4,030 | 915 | ||||||
Netherlands (2.1%) | ||||||||
Akzo Nobel NV | 5,540 | 234 | ||||||
ING Groep NV | 32,710 | 306 | ||||||
ING Groep NV ADR | 9,330 | 85 | ||||||
Koninklijke Philips Electronics NV | 33,360 | 607 | ||||||
Randstad Holding NV | 12,460 | 288 | ||||||
Reed Elsevier NV | 26,984 | 298 | ||||||
Norway (1.0%) | ||||||||
Aker Kvaerner ASA | 17,210 | 106 | ||||||
Statoilhydro ASA | 11,180 | 213 | ||||||
Telenor ASA | 88,850 | 557 | ||||||
Singapore (2.1%) | ||||||||
DBS Group Holdings, Ltd. ADR | 4,010 | 102 | ||||||
DBS Group Holdings, Ltd. | 128,400 | 823 | ||||||
Flextronics International, Ltd. ‡ | 61,830 | 240 | ||||||
Singapore Telecommunications, Ltd. | 378,000 | 654 | ||||||
South Africa (0.6%) | ||||||||
Sasol, Ltd. ADR | 16,850 | 507 | ||||||
Spain (1.5%) | ||||||||
Banco Santander SA | 25,719 | 247 | ||||||
Telefonica SA | 57,454 | 1,096 | ||||||
Sweden (0.6%) | ||||||||
Loomis AB | 5,150 | 44 | ||||||
Nordea Bank AB | 67,010 | 492 | ||||||
Switzerland (4.9%) | ||||||||
ACE, Ltd. | 18,590 | 861 | ||||||
Adecco SA | 12,770 | 506 | ||||||
Lonza Group AG | 7,370 | 679 | ||||||
Nestle SA ADR | 24,375 | 791 | ||||||
Novartis AG ADR | 16,740 | 635 | ||||||
Roche Holding AG | 2,640 | 334 | ||||||
Swiss Reinsurance | 11,470 | 276 | ||||||
UBS AG | 17,015 | 238 | ||||||
Taiwan (1.3%) | ||||||||
Chunghwa Telecom Co., Ltd. ADR | 11,348 | 214 | ||||||
Lite-On Technology Corp. GDR | 30,712 | 246 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 62,781 | 664 | ||||||
Turkey (0.7%) | ||||||||
Turkcell Iletisim Hizmet AS ADR | 47,270 | 600 | ||||||
United Kingdom (10.7%) | ||||||||
Aviva PLC | 92,990 | 434 | ||||||
BAE Systems PLC | 112,160 | 595 | ||||||
BP PLC ADR | 18,170 | 772 | ||||||
British Sky Broadcasting Group PLC | 79,790 | 574 | ||||||
Cadbury PLC | 38,348 | 288 | ||||||
Compass Group PLC | 92,320 | 442 | ||||||
GlaxoSmithKline PLC | 44,309 | 688 | ||||||
Group 4 Securicor PLC | 161,830 | 452 | ||||||
HSBC Holdings PLC ADR | 310 | 11 | ||||||
HSBC Holdings PLC | 38,729 | 275 | ||||||
Kingfisher PLC | 123,010 | 339 | ||||||
Kingfisher PLC ADR | 52,500 | 279 | ||||||
Pearson PLC | 31,090 | 325 | ||||||
Rolls-Royce Group PLC -Class C Ə ‡ | 10,352,713 | 15 | ||||||
Rolls-Royce Group PLC § ‡ | 120,661 | 604 | ||||||
Royal Dutch Shell PLC -Class B | 29,130 | 671 | ||||||
Tesco PLC | 103,780 | 518 |
The notes to the financial statements are an integral part of this report.
29
Shares | Value | |||||||
United Kingdom (continued) | ||||||||
Unilever PLC | 34,487 | $ | 676 | |||||
Vodafone Group PLC | 618,342 | 1,141 | ||||||
Wolseley PLC ‡ | 14,163 | 257 | ||||||
United States (44.9%) | ||||||||
Allergan, Inc. | 6,730 | 314 | ||||||
Amazon.com, Inc. ‡ | 34,000 | 2,738 | ||||||
Apple, Inc. ‡ | 20,100 | 2,529 | ||||||
AT&T, Inc. | 37,000 | 948 | ||||||
Automatic Data Processing, Inc. | 23,330 | 821 | ||||||
Becton Dickinson & Co. | 14,000 | 846 | ||||||
BorgWarner, Inc. | 37,300 | 1,080 | ||||||
Caterpillar, Inc. | 17,695 | 630 | ||||||
Charles Schwab Corp. | 70,285 | 1,298 | ||||||
Cisco Systems, Inc. ‡ | 50,000 | 966 | ||||||
Ecolab, Inc. | 31,500 | 1,214 | ||||||
Emerson Electric Co. | 23,500 | 800 | ||||||
Expeditors International of Washington, Inc. | 26,000 | 902 | ||||||
General Electric Co. | 92,000 | 1,164 | ||||||
Gilead Sciences, Inc. ‡ | 51,500 | 2,359 | ||||||
Google, Inc. -Class A ‡ | 5,000 | 1,980 | ||||||
Hewlett-Packard Co. | 11,000 | 396 | ||||||
International Business Machines Corp. | 9,500 | 980 | ||||||
Jacobs Engineering Group, Inc. ‡ | 20,000 | 761 | ||||||
Johnson Controls, Inc. | 75,000 | 1,426 | ||||||
Monsanto Co. | 4,300 | 365 | ||||||
PACCAR, Inc. | 36,000 | 1,275 | ||||||
Praxair, Inc. | 31,000 | 2,314 | ||||||
Qualcomm, Inc. | 51,500 | 2,179 | ||||||
Raytheon Co. | 31,000 | 1,402 | ||||||
Sigma-Aldrich Corp. | 36,000 | 1,579 | ||||||
T. Rowe Price Group, Inc. | 30,000 | 1,156 | ||||||
Union Pacific Corp. | 23,000 | 1,130 | ||||||
Varian Medical Systems, Inc. ‡ | 22,015 | 735 | ||||||
Wal-Mart Stores, Inc. | 15,985 | 806 | ||||||
Walt Disney Co. | 38,000 | 832 | ||||||
Wells Fargo & Co. | 58,800 | 1,176 | ||||||
Total Common Stocks (cost $111,883) | 85,823 | |||||||
Principal | ||||||||
REPURCHASE AGREEMENTS (1.2%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $1,069 on 05/01/2009 • | $ | 1,069 | 1,069 | |||||
Total Repurchase Agreements (cost $1,069) | ||||||||
Total Investment Securities (cost $112,952) # | 86,892 | |||||||
Other Assets and Liabilities, net | 372 | |||||||
Net Assets | $ | 87,264 | ||||||
Percentage of | ||||||||
Total Investments | Value | |||||||
INVESTMENTS BY INDUSTRY: | ||||||||
Chemicals | 6.6 | % | $ | 5,706 | ||||
Diversified Telecommunication Services | 6.2 | 5,410 | ||||||
Commercial Banks | 5.1 | 4,501 | ||||||
Pharmaceuticals | 5.1 | 4,367 | ||||||
Oil, Gas & Consumable Fuels | 5.0 | 4,363 | ||||||
Computers & Peripherals | 4.8 | 4,151 | ||||||
Communications Equipment | 3.6 | 3,145 | ||||||
Auto Components | 3.5 | 3,043 | ||||||
Aerospace & Defense | 3.5 | 3,027 | ||||||
Industrial Conglomerates | 3.4 | 2,914 | ||||||
Insurance | 3.3 | 2,858 | ||||||
Media | 3.2 | 2,744 | ||||||
Internet & Catalog Retail | 3.1 | 2,738 | ||||||
Capital Markets | 3.1 | 2,692 | ||||||
Biotechnology | 2.7 | 2,359 | ||||||
Health Care Equipment & Supplies | 2.3 | 2,032 | ||||||
Internet Software & Services | 2.3 | 1,980 | ||||||
Machinery | 2.2 | 1,905 | ||||||
Electronic Equipment & Instruments | 2.2 | 1,868 | ||||||
Software | 2.2 | 1,814 | ||||||
Food Products | 2.0 | 1,755 | ||||||
Wireless Telecommunication Services | 2.0 | 1,741 | ||||||
Semiconductors & Semiconductor Equipment | 1.9 | 1,579 | ||||||
Air Freight & Logistics | 1.6 | 1,390 | ||||||
Food & Staples Retailing | 1.5 | 1,324 | ||||||
Electrical Equipment | 1.4 | 1,244 | ||||||
Automobiles | 1.4 | 1,242 | ||||||
Road & Rail | 1.3 | 1,130 | ||||||
Hotels, Restaurants & Leisure | 1.1 | 993 |
The notes to the financial statements are an integral part of this report.
30
(all amounts in thousands)
(unaudited)
(unaudited)
Percentage of | ||||||||
Total Investments | Value | |||||||
INVESTMENTS BY INDUSTRY (continued): | ||||||||
Specialty Retail | 1.1 | % | $ | 952 | ||||
Electric Utilities | 0.9 | 825 | ||||||
IT Services | 0.9 | 821 | ||||||
Professional Services | 0.9 | 794 | ||||||
Construction & Engineering | 0.9 | 761 | ||||||
Commercial Services & Supplies | 0.9 | 736 | ||||||
Life Sciences Tools & Services | 0.8 | 679 | ||||||
Multi-Utilities | 0.7 | 580 | ||||||
Construction Materials | 0.6 | 564 | ||||||
Real Estate Management & Development | 0.6 | 490 | ||||||
Office Electronics | 0.5 | 443 | ||||||
Health Care Providers & Services | 0.5 | 437 | ||||||
Diversified Financial Services | 0.4 | 391 | ||||||
Metals & Mining | 0.4 | 355 | ||||||
Consumer Finance | 0.4 | 344 | ||||||
Household Durables | 0.3 | 273 | ||||||
Trading Companies & Distributors | 0.3 | 257 | ||||||
Energy Equipment & Services | 0.1 | 106 | ||||||
Investment Securities, at Value | 98.8 | 85,823 | ||||||
Short-Term Investments | 1.2 | 1,069 | ||||||
Total Investments | 100.0 | % | $ | 86,892 | ||||
NOTES TO SCHEDULE OF INVESTMENTS: | ||
‡ | Non-income producing security. | |
§ | Illiquid. These securities aggregated to $708, or 0.81%, of the Fund’s net assets. | |
Ə | Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation, with an interest rate of 0.95%, maturity date of 06/15/2034, and with a market value plus accrued interest of $1,091. | |
# | Aggregate cost for federal income tax purposes is $112,952. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,519 and $29,579, respectively. Net unrealized depreciation for tax purposes is $26,060. | |
DEFINITIONS: | ||
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $915, or 1.05%, of the Fund’s net assets. | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
PLC | Public Limited Company |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||
$85,808 | $1,084 | $— | $86,892 |
The notes to the financial statements are an integral part of this report.
31
Transamerica Value Balanced
SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
U.S. GOVERNMENT OBLIGATIONS (1.4%) | ||||||||
U.S. Treasury Bond | ||||||||
4.50%, 05/15/2038 | $ | 6 | $ | 6 | ||||
U.S. Treasury Inflation Indexed Bond | ||||||||
1.75%, 01/15/2028 | 122 | 109 | ||||||
2.50%, 01/15/2029 | 124 | 126 | ||||||
U.S. Treasury Inflation Indexed Note | ||||||||
1.38%, 07/15/2018 | 49 | 48 | ||||||
U.S. Treasury Note | ||||||||
2.75%, 02/15/2019 | 76 | 74 | ||||||
Total U.S. Government Obligations (cost $349) | 363 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (17.4%) | ||||||||
Fannie Mae | ||||||||
4.72%, 10/01/2035 * | 318 | 327 | ||||||
5.00%, 05/01/2018- 03/01/2039 | 1,395 | 1,438 | ||||||
5.50%, 07/01/2019- 01/01/2038 | 501 | 521 | ||||||
6.00%, 08/01/2036- 12/01/2037 | 658 | 688 | ||||||
Freddie Mac | ||||||||
5.00%, 04/01/2018- 11/15/2032 | 942 | 975 | ||||||
5.50%, 09/01/2018- 11/01/2018 | 131 | 136 | ||||||
5.53%, 09/01/2037 * | 334 | 349 | ||||||
Total U.S. Government Agency Obligations (cost $4,300) | 4,434 | |||||||
MORTGAGE-BACKED SECURITIES (1.5%) | ||||||||
American Tower Trust | ||||||||
Series 2007-1A, Class C | ||||||||
5.62%, 04/15/2037-144A | 155 | 131 | ||||||
Crown Castle Towers LLC | ||||||||
Series 2006-1A, Class AFX | ||||||||
5.24%, 11/15/2036-144A | 115 | 106 | ||||||
Small Business Administration Trust | ||||||||
Series 2006-1A, Class A | ||||||||
5.31%, 11/15/2036-144A | 150 | 140 | ||||||
Total Mortgage-Backed Securities (cost $411) | 377 | |||||||
MUNICIPAL GOVERNMENT OBLIGATIONS (0.6%) | ||||||||
Metropolitan Transportation Authority | ||||||||
7.34%, 11/15/2039 | 71 | 76 | ||||||
State of California | ||||||||
7.55%, 04/01/2039 | 75 | 78 | ||||||
Total Municipal Government Obligations (cost $149) | 154 | |||||||
CORPORATE DEBT SECURITIES (19.4%) | ||||||||
Airlines (0.6%) | ||||||||
Continental Airlines, Inc. | ||||||||
7.49%, 10/02/2010 | 75 | 71 | ||||||
Delta Air Lines, Inc. | ||||||||
7.57%, 11/18/2010 | 85 | 79 | ||||||
Auto Components (0.5%) | ||||||||
Johnson Controls, Inc. | ||||||||
5.25%, 01/15/2011 | 124 | 122 | ||||||
Beverages (0.3%) | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
8.20%, 01/15/2039 -144A | 80 | 80 | ||||||
Capital Markets (0.4%) | ||||||||
Goldman Sachs Group, Inc. | ||||||||
6.00%, 05/01/2014 | 105 | 105 | ||||||
Chemicals (0.8%) | ||||||||
Lubrizol Corp. | ||||||||
8.88%, 02/01/2019 | 100 | 109 | ||||||
Potash Corp. of Saskatchewan, Inc. | ||||||||
6.50%, 05/15/2019 | 88 | 91 | ||||||
Commercial Banks (1.5%) | ||||||||
Barclays Bank PLC | ||||||||
7.70%, 04/25/2018 -144A n Ž | 120 | 76 | ||||||
BB&T Corp. | ||||||||
6.85%, 04/30/2019 | 100 | 97 | ||||||
PNC Bank NA | ||||||||
6.88%, 04/01/2018 | 110 | 105 | ||||||
Wells Fargo Bank NA | ||||||||
4.75%, 02/09/2015 | 130 | 112 | ||||||
Construction Materials (1.2%) | ||||||||
CRH America, Inc. | ||||||||
5.30%, 10/15/2013 | 100 | 84 | ||||||
Lafarge SA | ||||||||
6.15%, 07/15/2011 | 125 | 122 | ||||||
Martin Marietta Materials, Inc. | ||||||||
1.19%, 04/30/2010 * | 112 | 107 | ||||||
Consumer Finance (0.3%) | ||||||||
Discover Financial Services | ||||||||
1.86%, 06/11/2010 * | 95 | 84 | ||||||
Diversified Financial Services (2.7%) | ||||||||
American Honda Finance Corp. | ||||||||
1.40%, 01/29/2010 -144A * | 130 | 130 | ||||||
Bank of America Corp. | ||||||||
5.75%, 12/01/2017 | 130 | 106 | ||||||
Bear Stearns Cos., Inc. | ||||||||
7.25%, 02/01/2018 | 103 | 105 | ||||||
General Electric Capital Corp. | ||||||||
6.88%, 01/10/2039 | 80 | 63 | ||||||
Glencore Funding LLC | ||||||||
6.00%, 04/15/2014 -144A | 80 | 49 | ||||||
Merrill Lynch & Co., Inc. | ||||||||
5.45%, 02/05/2013 | 150 | 130 | ||||||
Pemex Finance, Ltd. | ||||||||
9.03%, 02/15/2011 | 100 | 104 | ||||||
Electric Utilities (0.3%) | ||||||||
EDF SA | ||||||||
6.95%, 01/26/2039 -144A | 80 | 84 | ||||||
Energy Equipment & Services (1.0%) | ||||||||
DCP Midstream LLC | ||||||||
9.75%, 03/15/2019 -144A | 60 | 60 | ||||||
Halliburton Co. | ||||||||
6.15%, 09/15/2019 | 120 | 127 | ||||||
Weatherford International, Ltd. | ||||||||
7.00%, 03/15/2038 | 80 | 59 | ||||||
Food & Staples Retailing (0.4%) | ||||||||
Stater Brothers Holdings, Inc. | ||||||||
8.13%, 06/15/2012 | 100 | 99 | ||||||
Food Products (0.3%) | ||||||||
Michael Foods, Inc. | ||||||||
8.00%, 11/15/2013 | 90 | 85 | ||||||
Hotels, Restaurants & Leisure (0.3%) | ||||||||
Royal Caribbean Cruises, Ltd. | ||||||||
8.75%, 02/02/2011 | 70 | 65 | ||||||
Insurance (0.5%) | ||||||||
MetLife, Inc. | ||||||||
5.38%, 12/15/2012 | 96 | 91 | ||||||
Oil Insurance, Ltd. | ||||||||
7.56%, 06/30/2011 -144A n Ž | 80 | 26 | ||||||
Machinery (0.3%) | ||||||||
PACCAR, Inc. | ||||||||
6.88%, 02/15/2014 | 85 | 89 | ||||||
Media (0.5%) | ||||||||
Time Warner Cable, Inc. | ||||||||
6.75%, 07/01/2018 | 125 | 127 |
The notes to the financial statements are an integral part of this report.
32
(all amounts except share amounts in thousands)
(unaudited)
(unaudited)
Principal | Value | |||||||
Metals & Mining (1.9%) | ||||||||
Anglo American Capital PLC | ||||||||
9.38%, 04/08/2019 -144A | $ | 106 | $ | 108 | ||||
ArcelorMittal | ||||||||
5.38%, 06/01/2013 | 130 | 117 | ||||||
BHP Billiton Finance USA, Ltd. | ||||||||
6.50%, 04/01/2019 | 96 | 104 | ||||||
Falconbridge, Ltd. | ||||||||
7.35%, 06/05/2012 | 55 | 49 | ||||||
Rio Tinto Finance USA, Ltd. | ||||||||
9.00%, 05/01/2019 | 100 | 103 | ||||||
Multi-Utilities (0.5%) | ||||||||
Sempra Energy | ||||||||
9.80%, 02/15/2019 | 105 | 120 | ||||||
Oil, Gas & Consumable Fuels (2.3%) | ||||||||
EnCana Corp. | ||||||||
6.50%, 05/15/2019 | 71 | 73 | ||||||
Energy Transfer Partners, LP | ||||||||
9.70%, 03/15/2019 | 75 | 83 | ||||||
Enterprise Products Operating, LP | ||||||||
7.50%, 02/01/2011 | 120 | 123 | ||||||
Hess Corp. | ||||||||
8.13%, 02/15/2019 | 110 | 121 | ||||||
Husky Energy, Inc. | ||||||||
6.25%, 06/15/2012 | 105 | 104 | ||||||
PetroHawk Energy Corp. | ||||||||
9.13%, 07/15/2013 | 100 | 98 | ||||||
Paper & Forest Products (1.1%) | ||||||||
Celulosa Arauco y Constitucion SA | ||||||||
8.63%, 08/15/2010 | 171 | 178 | ||||||
Weyerhaeuser Co. | ||||||||
6.75%, 03/15/2012 | 100 | 100 | ||||||
Real Estate Investment Trusts (0.6%) | ||||||||
WEA Finance LLC / WCI Finance LLC | ||||||||
5.40%, 10/01/2012 -144A | 168 | 155 | ||||||
Real Estate Management & Development (0.3%) | ||||||||
Post Apartment Homes, LP | ||||||||
6.30%, 06/01/2013 | 91 | 72 | ||||||
Road & Rail (0.2%) | ||||||||
Hertz Corp. | ||||||||
8.88%, 01/01/2014 | 75 | 58 | ||||||
Specialty Retail (0.6%) | ||||||||
Staples, Inc. | ||||||||
9.75%, 01/15/2014 | 115 | 126 | ||||||
Total Corporate Debt Securities (cost $5,121) | 4,935 | |||||||
Shares | ||||||||
COMMON STOCKS (59.3%) | ||||||||
Aerospace & Defense (2.4%) | ||||||||
Boeing Co. | 6,006 | 241 | ||||||
Raytheon Co. | 8,215 | 372 | ||||||
Air Freight & Logistics (0.7%) | ||||||||
United Parcel Service, Inc. -Class B | 3,200 | 167 | ||||||
Auto Components (2.1%) | ||||||||
BorgWarner, Inc. | 18,153 | 526 | ||||||
Capital Markets (1.5%) | ||||||||
BlackRock, Inc. -Class A | 1,530 | 224 | ||||||
Eaton Vance Corp. | 6,000 | 164 | ||||||
Chemicals (2.1%) | ||||||||
Praxair, Inc. | 7,200 | 537 | ||||||
Computers & Peripherals (2.6%) | ||||||||
Hewlett-Packard Co. | 9,800 | 352 | ||||||
International Business Machines Corp. | 3,150 | 325 | ||||||
Construction & Engineering (0.8%) | ||||||||
Jacobs Engineering Group, Inc. ‡ | 5,418 | 206 | ||||||
Diversified Financial Services (3.5%) | ||||||||
CME Group, Inc. -Class A | 1,660 | 367 | ||||||
JPMorgan Chase & Co. | 15,500 | 512 | ||||||
Diversified Telecommunication Services (1.4%) | ||||||||
AT&T, Inc. | 14,087 | 361 | ||||||
Electronic Equipment & Instruments (0.9%) | ||||||||
Tyco Electronics, Ltd. | 13,700 | 239 | ||||||
Food Products (1.2%) | ||||||||
Kraft Foods, Inc. -Class A | 13,600 | 318 | ||||||
Health Care Equipment & Supplies (2.0%) | ||||||||
Becton Dickinson & Co. | 8,423 | 509 | ||||||
Household Products (2.6%) | ||||||||
Colgate-Palmolive Co. | 7,000 | 413 | ||||||
Kimberly-Clark Corp. | 5,000 | 246 | ||||||
IT Services (0.6%) | ||||||||
Automatic Data Processing, Inc. | 4,000 | 141 | ||||||
Life Sciences Tools & Services (1.7%) | ||||||||
Thermo Fisher Scientific, Inc. ‡ | 12,000 | 421 | ||||||
Machinery (0.7%) | ||||||||
Caterpillar, Inc. | 5,100 | 181 | ||||||
Media (1.9%) | ||||||||
Walt Disney Co. | 22,500 | 493 | ||||||
Metals & Mining (1.2%) | ||||||||
Cia Vale do Rio Doce -Class B ADR | 18,500 | 305 | ||||||
Multi-Utilities (0.7%) | ||||||||
Dominion Resources, Inc. | 6,000 | 181 | ||||||
Oil, Gas & Consumable Fuels (8.3%) | ||||||||
Anadarko Petroleum Corp. | 11,000 | 474 | ||||||
BP PLC ADR | 9,485 | 403 | ||||||
Exxon Mobil Corp. | 10,700 | 713 | ||||||
XTO Energy, Inc. | 15,000 | 520 | ||||||
Paper & Forest Products (1.0%) | ||||||||
Weyerhaeuser Co. | 7,280 | 257 | ||||||
Pharmaceuticals (4.2%) | ||||||||
Bristol-Myers Squibb Co. | 29,000 | 557 | ||||||
Merck & Co., Inc. | 5,300 | 128 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 9,200 | 404 | ||||||
Real Estate Investment Trusts (2.4%) | ||||||||
Plum Creek Timber Co., Inc. | 17,600 | 608 | ||||||
Road & Rail (2.2%) | ||||||||
Union Pacific Corp. | 11,400 | 560 | ||||||
Software (2.2%) | ||||||||
Oracle Corp. | 17,500 | 338 | ||||||
Symantec Corp. ‡ | 12,605 | 217 | ||||||
Specialty Retail (3.1%) | ||||||||
Gap, Inc. | 24,790 | 385 | ||||||
Home Depot, Inc. | 15,500 | 407 | ||||||
Textiles, Apparel & Luxury Goods (0.6%) | ||||||||
Nike, Inc. -Class B | 3,100 | 163 | ||||||
Tobacco (4.6%) | ||||||||
Lorillard, Inc. | 8,000 | 505 | ||||||
Philip Morris International, Inc. | 18,750 | 680 | ||||||
Total Common Stocks (cost $15,097) | 15,120 | |||||||
The notes to the financial statements are an integral part of this report.
33
(all amounts in thousands)
(unaudited)
(unaudited)
Principal | Value | |||||||
REPURCHASE AGREEMENT (1.2%) | ||||||||
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $294 on 05/01/2009 • | $ | 294 | $ | 294 | ||||
Total Repurchase Agreement (cost $294) | ||||||||
Total Investment Securities (cost $25,721) # | 25,677 | |||||||
Other Assets and Liabilities, net | (205 | ) | ||||||
Net Assets | $ | 25,472 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS: | ||
‡ | Non-income producing security. | |
Ž | The security has a perpetual maturity. The date shown is the next call date. | |
n | Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 04/30/2009. | |
* | Floating or variable rate note. Rate is listed as of 04/30/2009. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.74%, a maturity date of 04/01/2035, and with a market value plus accrued interest of $300. | |
# | Aggregate cost for federal income tax purposes is $25,721. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,822 and $1,866, respectively. Net unrealized depreciation for tax purposes is $44. | |
DEFINITIONS: | ||
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $1,145, or 4.49%, of the Fund’s net assets. | |
ADR | American Depositary Receipt | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company |
The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.
Investments in Securities | ||||||||||||
Level 1 | Level 2 | Level 3 | Total Investments in Securities | |||||||||
$15,120 | $10,557 | $— | $25,677 |
The notes to the financial statements are an integral part of this report.
34
STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2009
(all amounts except per share amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts except per share amounts in thousands)
(unaudited)
Transamerica | Transamerica | |||||||||||||||||||
Transamerica | Convertible | Transamerica | Transamerica | Growth | ||||||||||||||||
Balanced | Securities | Equity | Flexible Income | Opportunities | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value | $ | 89,850 | $ | 55,423 | $ | 875,696 | $ | 121,498 | $ | 150,235 | ||||||||||
Repurchase agreement, at value | 929 | 2,471 | 14,045 | 3,739 | 9,526 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investment securities sold | 212 | 10,568 | 2,236 | 3,054 | 887 | |||||||||||||||
Shares of beneficial interest sold | 17 | 160 | 376 | 99 | 26 | |||||||||||||||
Interest | 385 | 247 | — | 1,918 | — | |||||||||||||||
Dividends | 72 | 112 | 837 | 11 | 25 | |||||||||||||||
Dividend reclaims | 60 | — | 369 | — | — | |||||||||||||||
Other | 41 | 8 | 422 | 16 | 18 | |||||||||||||||
$ | 91,566 | $ | 68,989 | $ | 893,981 | $ | 130,335 | $ | 160,717 | |||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities: | ||||||||||||||||||||
Investment securities purchased | 950 | 5,490 | 5,261 | 3,591 | 2,377 | |||||||||||||||
Shares of beneficial interest redeemed | 261 | 11 | 672 | 104 | 30 | |||||||||||||||
Management and advisory fees | 58 | 40 | 462 | 73 | 75 | |||||||||||||||
Distribution and service fees | 46 | 10 | 139 | 16 | 32 | |||||||||||||||
Trustees fees | 42 | 9 | 427 | 17 | 19 | |||||||||||||||
Transfer agent fees | 29 | 3 | 141 | 5 | 47 | |||||||||||||||
Administration fees | 1 | 1 | 14 | 2 | 2 | |||||||||||||||
Other | 37 | 25 | 111 | 43 | 26 | |||||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | — | 64 | — | |||||||||||||||
1,424 | 5,589 | 7,227 | 3,915 | 2,608 | ||||||||||||||||
Net assets | $ | 90,142 | $ | 63,400 | $ | 886,754 | $ | 126,420 | $ | 158,109 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 106,968 | $ | 106,092 | $ | 1,618,988 | $ | 205,727 | $ | 321,268 | ||||||||||
Undistributed net investment income (loss) | 131 | 261 | 2,980 | 533 | 69 | |||||||||||||||
Accumulated net realized gain (loss) from investments | (9,899 | ) | (41,075 | ) | (641,518 | ) | (72,260 | ) | (148,119 | ) | ||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investment securities | (7,064 | ) | (1,878 | ) | (93,731 | ) | (7,516 | ) | (15,109 | ) | ||||||||||
Translation of assets and liabilities denominated in foreign currencies | 6 | — | 35 | (64 | ) | — | ||||||||||||||
Net assets | $ | 90,142 | $ | 63,400 | $ | 886,754 | $ | 126,420 | $ | 158,109 | ||||||||||
Net assets by class: | ||||||||||||||||||||
Class A | $ | 51,144 | $ | 10,890 | $ | 270,559 | $ | 15,386 | $ | 42,495 | ||||||||||
Class B | 22,921 | 2,297 | 44,507 | 8,431 | 16,006 | |||||||||||||||
Class C | 16,077 | 6,255 | 37,088 | 6,752 | 9,820 | |||||||||||||||
Class I | 43,958 | 454,741 | 95,851 | 89,788 | ||||||||||||||||
Class T | 79,859 | |||||||||||||||||||
Shares outstanding: | ||||||||||||||||||||
Class A | 3,255 | 1,513 | 41,383 | 2,124 | 6,448 | |||||||||||||||
Class B | 1,466 | 322 | 7,298 | 1,163 | 2,611 | |||||||||||||||
Class C | 1,033 | 880 | 6,054 | 935 | 1,595 | |||||||||||||||
Class I | 6,102 | 68,414 | 13,184 | 13,236 | ||||||||||||||||
Class T | 4,364 | |||||||||||||||||||
Net asset value per share: | ||||||||||||||||||||
Class A | $ | 15.71 | $ | 7.20 | $ | 6.54 | $ | 7.24 | $ | 6.59 | ||||||||||
Class B | 15.63 | 7.14 | 6.10 | 7.25 | 6.13 | |||||||||||||||
Class C | 15.57 | 7.11 | 6.13 | 7.22 | 6.16 | |||||||||||||||
Class I | 7.20 | 6.65 | 7.27 | 6.78 | ||||||||||||||||
Class T | 18.30 | |||||||||||||||||||
Maximum offering price per share (a) | ||||||||||||||||||||
Class A | $ | 16.62 | $ | 7.56 | $ | 6.92 | $ | 7.60 | $ | 6.97 | ||||||||||
Investment securities, at cost | $ | 96,896 | $ | 57,297 | $ | 969,233 | $ | 129,006 | $ | 165,336 | ||||||||||
Repurchase agreement, at cost | $ | 929 | $ | 2,471 | $ | 14,045 | $ | 3,739 | $ | 9,526 | ||||||||||
The notes to the financial statements are an integral part of this report.
35
Transamerica | Transamerica | Transamerica | ||||||||||||||||||
Transamerica | Legg Mason | Transamerica | Science & | Short-Term | ||||||||||||||||
High Yield Bond | Partners All Cap | Money Market | Technology | Bond | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value | $ | 369,924 | $ | 59,370 | $ | 310,243 | $ | 51,857 | $ | 701,649 | ||||||||||
Repurchase agreement, at value | 14,626 | 3,667 | 63 | 693 | 15,512 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investment securities sold | 7,464 | 82 | — | — | 6,321 | |||||||||||||||
Shares of beneficial interest sold | 855 | 23 | 653 | 16 | 9,992 | |||||||||||||||
Interest | 12,033 | — | 54 | — | 8,539 | |||||||||||||||
Dividends | 38 | 44 | — | 47 | — | |||||||||||||||
Dividend reclaims | — | 26 | — | — | — | |||||||||||||||
Other | 26 | 28 | 12 | 4 | — | |||||||||||||||
$ | 404,966 | $ | 63,240 | $ | 311,025 | $ | 52,617 | $ | 742,013 | |||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities: | ||||||||||||||||||||
Investment securities purchased | 5,521 | 570 | — | — | 25,138 | |||||||||||||||
Shares of beneficial interest redeemed | 19 | 47 | 1,767 | 4 | 187 | |||||||||||||||
Management and advisory fees | 180 | 21 | 59 | 27 | 339 | |||||||||||||||
Distribution and service fees | 24 | 36 | 44 | 3 | 43 | |||||||||||||||
Trustees fees | 28 | 28 | 14 | 4 | 3 | |||||||||||||||
Transfer agent fees | 5 | 26 | — | 4 | — | |||||||||||||||
Administration fees | 6 | 1 | 5 | 1 | 11 | |||||||||||||||
Dividends from short sales | — | — | 26 | — | 70 | |||||||||||||||
Other | 66 | 20 | 32 | 47 | 85 | |||||||||||||||
5,849 | 749 | 1,947 | 90 | 25,876 | ||||||||||||||||
Net assets | $ | 399,117 | $ | 62,491 | $ | 309,078 | $ | 52,527 | $ | 716,137 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 554,727 | $ | 82,354 | $ | 308,995 | $ | 67,381 | $ | 731,358 | ||||||||||
Undistributed (accumulated) net investment income (loss) | 2,107 | 179 | 83 | (109 | ) | — | ||||||||||||||
Accumulated net realized gain (loss) from investments | (32,715 | ) | (7,806 | ) | — | (13,028 | ) | (18,339 | ) | |||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investment securities | (125,002 | ) | (12,236 | ) | — | (1,717 | ) | 3,118 | ||||||||||||
Net assets | $ | 399,117 | $ | 62,491 | $ | 309,078 | $ | 52,527 | $ | 716,137 | ||||||||||
Net assets by class: | ||||||||||||||||||||
Class A | $ | 33,996 | $ | 26,920 | $ | 155,852 | $ | 3,839 | $ | 41,188 | ||||||||||
Class B | 9,921 | 23,175 | 45,161 | 1,640 | ||||||||||||||||
Class C | 10,753 | 12,396 | 69,453 | 1,259 | 52,943 | |||||||||||||||
Class I | 344,447 | 38,612 | 45,789 | 622,006 | ||||||||||||||||
Shares outstanding: | ||||||||||||||||||||
Class A | 4,925 | 2,964 | 155,852 | 1,327 | 4,224 | |||||||||||||||
Class B | 1,438 | 2,733 | 45,161 | 603 | ||||||||||||||||
Class C | 1,562 | 1,463 | 69,453 | 463 | 5,438 | |||||||||||||||
Class I | 49,593 | 38,612 | 15,496 | 64,893 | ||||||||||||||||
Net asset value per share: | ||||||||||||||||||||
Class A | $ | 6.90 | $ | 9.08 | $ | 1.00 | $ | 2.89 | $ | 9.75 | ||||||||||
Class B | 6.90 | 8.48 | 1.00 | 2.72 | ||||||||||||||||
Class C | 6.88 | 8.47 | 1.00 | 2.72 | 9.73 | |||||||||||||||
Class I | 6.95 | 1.00 | 2.95 | 9.59 | ||||||||||||||||
Maximum offering price per share (a) | ||||||||||||||||||||
Class A | $ | 7.24 | $ | 9.61 | $ | 1.00 | $ | 3.06 | $ | 10.00 | ||||||||||
Investment securities, at cost | $ | 494,914 | $ | 71,593 | $ | 310,243 | $ | 53,572 | $ | 698,533 | ||||||||||
Repurchase agreement, at cost | $ | 14,626 | $ | 3,667 | $ | 63 | $ | 693 | $ | 15,512 | ||||||||||
The notes to the financial statements are an integral part of this report.
36
Transamerica | Transamerica | |||||||||||
Small/Mid Cap | Templeton | Transamerica | ||||||||||
Value | Global | Value Balanced | ||||||||||
Assets: | ||||||||||||
Investment securities, at value | $ | 263,781 | $ | 85,823 | $ | 25,383 | ||||||
Repurchase agreement, at value | 9,457 | 1,069 | 294 | |||||||||
Foreign currency, at value | — | 303 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 4,298 | 106 | 360 | |||||||||
Shares of beneficial interest sold | 1,284 | 12 | 3 | |||||||||
Interest | — | — | 103 | |||||||||
Dividends | 206 | 260 | 33 | |||||||||
Dividend reclaims | — | 186 | — | |||||||||
Other | 15 | 119 | 16 | |||||||||
$ | 279,041 | $ | 87,878 | $ | 26,192 | |||||||
Liabilities: | ||||||||||||
Due to custodian | — | — | 1 | |||||||||
Accounts payable and accrued liabilities: | ||||||||||||
Investment securities purchased | 6,701 | 233 | 608 | |||||||||
Shares of beneficial interest redeemed | 1,957 | 118 | 44 | |||||||||
Management and advisory fees | 164 | 8 | 7 | |||||||||
Distribution and service fees | 127 | 35 | 12 | |||||||||
Trustees fees | 18 | 120 | 16 | |||||||||
Transfer agent fees | 116 | 57 | 10 | |||||||||
Administration fees | 4 | 1 | — | |||||||||
Other | 29 | 42 | 22 | |||||||||
9,116 | 614 | 720 | ||||||||||
Net assets | $ | 269,925 | $ | 87,264 | $ | 25,472 | ||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 470,247 | $ | 424,150 | $ | 31,994 | ||||||
Undistributed net investment income (loss) | 570 | 239 | 412 | |||||||||
Accumulated net realized gain (loss) from investments | (234,319 | ) | (311,003 | ) | (6,883 | ) | ||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||
Investment securities | 33,427 | (26,114 | ) | (51 | ) | |||||||
Translation of assets and liabilities denominated in foreign currencies | — | (8 | ) | — | ||||||||
Net assets | $ | 269,925 | $ | 87,264 | $ | 25,472 | ||||||
Net assets by class: | ||||||||||||
Class A | $ | 142,546 | $ | 66,649 | $ | 16,077 | ||||||
Class B | 29,937 | 8,209 | 4,592 | |||||||||
Class C | 87,795 | 12,406 | 4,803 | |||||||||
Class I | 9,647 | |||||||||||
Shares outstanding: | ||||||||||||
Class A | 11,198 | 3,541 | 1,905 | |||||||||
Class B | 2,436 | 463 | 546 | |||||||||
Class C | 7,229 | 704 | 571 | |||||||||
Class I | 755 | |||||||||||
Net asset value per share: | ||||||||||||
Class A | $ | 12.73 | $ | 18.82 | $ | 8.44 | ||||||
Class B | 12.29 | 17.75 | 8.41 | |||||||||
Class C | 12.14 | 17.62 | 8.41 | |||||||||
Class I | 12.78 | |||||||||||
Maximum offering price per share (a) | ||||||||||||
Class A | $ | 13.47 | $ | 19.92 | $ | 8.93 | ||||||
Investment securities, at cost | $ | 230,347 | $ | 111,883 | $ | 25,427 | ||||||
Repurchase agreement, at cost | $ | 9,457 | $ | 1,069 | $ | 294 | ||||||
Foreign currency, at cost | $ | — | $ | 313 | $ | — | ||||||
(a) | Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and I shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge. |
The notes to the financial statements are an integral part of this report.
37
STATEMENTS OF OPERATIONS
For the period ended April 30, 2009
(all amounts in thousands)
(unaudited)
For the period ended April 30, 2009
(all amounts in thousands)
(unaudited)
Transamerica | Transamerica | |||||||||||||||||||
Transamerica | Convertible | Transamerica | Transamerica | Growth | ||||||||||||||||
Balanced | Securities | Equity | Flexible Income | Opportunities | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Dividend income | $ | 502 | $ | 624 | $ | 8,172 | $ | 150 | $ | 828 | ||||||||||
Withholding taxes on foreign dividends | — | — | — | — | (2 | ) | ||||||||||||||
Interest income | 1,115 | 1,439 | — | 4,904 | — | |||||||||||||||
Securities lending income (net) | 68 | 42 | 290 | 31 | 231 | |||||||||||||||
1,685 | 2,105 | 8,462 | 5,085 | 1,057 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Management and advisory | 352 | 362 | 3,040 | 486 | 554 | |||||||||||||||
Distribution and service: | ||||||||||||||||||||
Class A | 83 | 19 | 442 | 24 | 65 | |||||||||||||||
Class B | 126 | 12 | 227 | 40 | 79 | |||||||||||||||
Class C | 78 | 31 | 185 | 29 | 45 | |||||||||||||||
Transfer agent: | ||||||||||||||||||||
Class A | 94 | 13 | 635 | 20 | 188 | |||||||||||||||
Class B | 66 | 4 | 191 | 14 | 85 | |||||||||||||||
Class C | 24 | 5 | 102 | 7 | 37 | |||||||||||||||
Class I | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||||||
Class T | 83 | |||||||||||||||||||
Printing and shareholder reports | 7 | 8 | 71 | 11 | 12 | |||||||||||||||
Custody | 13 | 10 | 74 | 24 | 17 | |||||||||||||||
Administration | 9 | 10 | 83 | 13 | 14 | |||||||||||||||
Legal | 1 | 1 | 13 | 2 | 2 | |||||||||||||||
Audit and tax | 10 | 10 | 12 | 10 | 10 | |||||||||||||||
Trustees | 1 | 1 | 9 | 2 | 1 | |||||||||||||||
Registration | 31 | 18 | 30 | 20 | 18 | |||||||||||||||
Other | 2 | 2 | 11 | 2 | 2 | |||||||||||||||
Total expenses | 897 | 506 | 5,208 | 704 | 1,129 | |||||||||||||||
Class expense reimbursed: | ||||||||||||||||||||
Class A | — | — | (172 | ) | — | (97 | ) | |||||||||||||
Class B | (6 | ) | — | (107 | ) | — | (47 | ) | ||||||||||||
Class C | — | — | (33 | ) | — | (14 | ) | |||||||||||||
Total reimbursement of expenses | (6 | ) | — | (312 | ) | — | (158 | ) | ||||||||||||
Net expenses | 891 | 506 | 4,896 | 704 | 971 | |||||||||||||||
Net investment income | 794 | 1,599 | 3,566 | 4,381 | 86 | |||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||||||
Investment securities | (9,799 | ) | (23,702 | ) | (177,917 | ) | (25,032 | ) | (16,098 | ) | ||||||||||
Foreign currency transactions | — | — | — | 457 | — | |||||||||||||||
(9,799 | ) | (23,702 | ) | (177,917 | ) | (24,575 | ) | (16,098 | ) | |||||||||||
Net increase (decrease) in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investment securities | 10,935 | 21,341 | 122,375 | 24,070 | 16,538 | |||||||||||||||
Translation of assets and liabilities denominated in foreign currencies | 1 | — | 6 | (111 | ) | — | ||||||||||||||
Change in unrealized appreciation (depreciation) | 10,936 | 21,341 | 122,381 | 23,959 | 16,538 | |||||||||||||||
Net realized and unrealized gain (loss): | 1,137 | (2,361 | ) | (55,536 | ) | (616 | ) | 440 | ||||||||||||
Net increase (decrease) In net assets resulting from operations | $ | 1,931 | $ | (762 | ) | $ | (51,970 | ) | $ | 3,765 | $ | 526 | ||||||||
The notes to the financial statements are an integral part of this report.
38
Transamerica Legg | Transamerica | |||||||||||||||||||
Transamerica High | Mason Partners All | Transamerica | Science & | Transamerica | ||||||||||||||||
Yield Bond | Cap | Money Market | Technology | Short-Term Bond | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Dividend income | $ | 60 | $ | 862 | $ | — | $ | 131 | $ | — | ||||||||||
Withholding taxes on foreign dividends | (2 | ) | (30 | ) | — | — | (2 | ) | ||||||||||||
Interest income | 25,438 | — | 1,548 | — | 14,095 | |||||||||||||||
Securities lending income (net) | 183 | 25 | 229 | 32 | 38 | |||||||||||||||
25,679 | 857 | 1,777 | 163 | 14,131 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Management and advisory | 1,252 | 250 | 601 | 181 | 1,626 | |||||||||||||||
Distribution and service: | ||||||||||||||||||||
Class A | 48 | 43 | 266 | 6 | 19 | |||||||||||||||
Class B | 43 | 127 | 217 | 8 | — | |||||||||||||||
Class C | 31 | 62 | 335 | 6 | 94 | |||||||||||||||
Transfer agent: | ||||||||||||||||||||
Class A | 26 | 69 | 139 | 13 | 2 | |||||||||||||||
Class B | 13 | 84 | 38 | 10 | ||||||||||||||||
Class C | 5 | 28 | 28 | 4 | 3 | |||||||||||||||
Class I | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||||||
Printing and shareholder reports | 35 | 6 | 22 | 5 | 38 | |||||||||||||||
Custody | 32 | 17 | 23 | 6 | 33 | |||||||||||||||
Administration | 42 | 6 | 30 | 5 | 52 | |||||||||||||||
Legal | 6 | 1 | 4 | 1 | 7 | |||||||||||||||
Audit and tax | 10 | 10 | 11 | 10 | 10 | |||||||||||||||
Trustees | 4 | 1 | 2 | — | 5 | |||||||||||||||
Registration | 22 | 19 | 41 | 37 | 30 | |||||||||||||||
Money market guarantee insurance | — | — | 48 | — | — | |||||||||||||||
Other | 6 | 2 | 6 | 1 | 6 | |||||||||||||||
Total expenses | 1,575 | 725 | 1,811 | 293 | 1,925 | |||||||||||||||
Fund expense reimbursed | — | — | (19 | ) | — | — | ||||||||||||||
Class expense reimbursed: | ||||||||||||||||||||
Class A | — | (44 | ) | (192 | ) | (12 | ) | — | ||||||||||||
Class B | — | (58 | ) | (141 | ) | (8 | ) | |||||||||||||
Class C | — | (15 | ) | (183 | ) | (3 | ) | — | ||||||||||||
Class I | — | — | — | (a) | — | — | ||||||||||||||
Total reimbursement of expenses | — | (117 | ) | (535 | ) | (23 | ) | — | ||||||||||||
Net expenses | 1,575 | 608 | 1,276 | 270 | 1,925 | |||||||||||||||
Net investment income (loss) | 24,104 | 249 | 501 | (107 | ) | 12,206 | ||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||||||
Investment securities | (21,873 | ) | (5,317 | ) | — | (12,465 | ) | (2,971 | ) | |||||||||||
Futures contracts | — | — | — | — | (1,328 | ) | ||||||||||||||
Foreign currency transactions | — | (1 | ) | — | — | — | ||||||||||||||
(21,873 | ) | (5,318 | ) | — | (12,465 | ) | (4,299 | ) | ||||||||||||
Net increase (decrease) in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investment securities | 52,549 | (1,683 | ) | — | 13,314 | 23,825 | ||||||||||||||
Futures contracts | — | — | — | — | 160 | |||||||||||||||
Change in unrealized appreciation (depreciation) | 52,549 | (1,683 | ) | — | 13,314 | 23,985 | ||||||||||||||
Net realized and unrealized gain (loss): | 30,676 | (7,001 | ) | — | 849 | 19,686 | ||||||||||||||
Net increase (decrease) In net assets resulting from operations | $ | 54,780 | $ | (6,752 | ) | $ | 501 | $ | 742 | $ | 31,892 | |||||||||
The notes to the financial statements are an integral part of this report.
39
Transamerica | Transamerica | Transamerica | ||||||||||
Small/Mid Cap | Templeton | Value | ||||||||||
Value | Global | Balanced | ||||||||||
Investment income: | ||||||||||||
Dividend income | $ | 3,031 | $ | 1,214 | $ | 289 | ||||||
Withholding taxes on foreign dividends | — | (65 | ) | (2 | ) | |||||||
Interest income | — | — | 336 | |||||||||
Securities lending income (net) | 279 | 53 | 11 | |||||||||
3,310 | 1,202 | 634 | ||||||||||
Expenses: | ||||||||||||
Management and advisory | 1,117 | 338 | 100 | |||||||||
Distribution and service: | ||||||||||||
Class A | 240 | 112 | 29 | |||||||||
Class B | 132 | 42 | 26 | |||||||||
Class C | 393 | 61 | 26 | |||||||||
Transfer agent: | ||||||||||||
Class A | 308 | 233 | 36 | |||||||||
Class B | 52 | 52 | 17 | |||||||||
Class C | 134 | 43 | 8 | |||||||||
Class I | — | (a | ) | |||||||||
Printing and shareholder reports | 80 | 8 | 2 | |||||||||
Custody | 41 | 31 | 10 | |||||||||
Administration | 28 | 9 | 3 | |||||||||
Legal | 5 | 1 | 1 | |||||||||
Audit and tax | 10 | 11 | 11 | |||||||||
Trustees | 4 | 1 | — | |||||||||
Registration | 26 | 28 | 19 | |||||||||
Other | 5 | 6 | 1 | |||||||||
Total expenses | 2,575 | 976 | 289 | |||||||||
Class expense reimbursed: | ||||||||||||
Class A | — | (177 | ) | (28 | ) | |||||||
Class B | — | (45 | ) | (14 | ) | |||||||
Class C | — | (32 | ) | (6 | ) | |||||||
Total reimbursement of expenses | — | (254 | ) | (48 | ) | |||||||
Net expenses | 2,575 | 722 | 241 | |||||||||
Net investment income | 735 | 480 | 393 | |||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investment securities | (135,265 | ) | (13,430 | ) | (3,121 | ) | ||||||
(135,265 | ) | (13,430 | ) | (3,121 | ) | |||||||
Net increase (decrease) in unrealized appreciation (depreciation) on: | ||||||||||||
Investment securities | 101,060 | 8,998 | 1,323 | |||||||||
Translation of assets and liabilities denominated in foreign currencies | — | 1 | — | |||||||||
Change in unrealized appreciation (depreciation) | 101,060 | 8,999 | 1,323 | |||||||||
Net realized and unrealized loss: | (34,205 | ) | (4,431 | ) | (1,798 | ) | ||||||
Net decrease In net assets resulting from operations | $ | (33,470 | ) | $ | (3,951 | ) | $ | (1,405 | ) | |||
(a) | Rounds to less than $1. |
The notes to the financial statements are an integral part of this report.
40
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended:
(all amounts in thousands)
For the period or year ended:
(all amounts in thousands)
Transamerica Convertible | ||||||||||||||||||||||||
Transamerica Balanced | Securities | Transamerica Equity | ||||||||||||||||||||||
April 30, 2009 | April 30, 2009 | April 30, 2009 | ||||||||||||||||||||||
(unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment income | $ | 794 | $ | 1,331 | $ | 1,599 | $ | 2,392 | $ | 3,566 | $ | 2,780 | ||||||||||||
Net realized gain (loss)(a) | (9,799 | ) | 6,222 | (23,702 | ) | (17,308 | ) | (177,917 | ) | (58,064 | ) | |||||||||||||
Change in unrealized appreciation (depreciation)(b) | 10,936 | (63,988 | ) | 21,341 | (55,761 | ) | 122,381 | (731,286 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,931 | (56,435 | ) | (762 | ) | (70,677 | ) | (51,970 | ) | (786,570 | ) | |||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A | (542 | ) | (699 | ) | (185 | ) | (133 | ) | — | — | ||||||||||||||
Class B | (178 | ) | (286 | ) | (35 | ) | (15 | ) | — | — | ||||||||||||||
Class C | (132 | ) | (161 | ) | (93 | ) | (38 | ) | — | — | ||||||||||||||
Class I | — | — | (1,545 | ) | (1,811 | ) | (2,946 | ) | — | |||||||||||||||
Class T | (9 | ) | — | |||||||||||||||||||||
(852 | ) | (1,146 | ) | (1,858 | ) | (1,997 | ) | (2,955 | ) | — | ||||||||||||||
From net realized gains: | ||||||||||||||||||||||||
Class A | (3,148 | ) | (1,615 | ) | — | (2,349 | ) | — | — | |||||||||||||||
Class B | (1,819 | ) | (2,368 | ) | — | (1,381 | ) | — | — | |||||||||||||||
Class C | (1,091 | ) | (828 | ) | — | (861 | ) | — | — | |||||||||||||||
Class I | — | — | — | (31,579 | ) | — | — | |||||||||||||||||
(6,058 | ) | (4,811 | ) | — | (36,170 | ) | — | — | ||||||||||||||||
Total distributions to shareholders | (6,910 | ) | (5,957 | ) | (1,858 | ) | (38,167 | ) | (2,955 | ) | — | |||||||||||||
Capital share transactions: | ||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||
Class A | 1,172 | 3,878 | 3,990 | 13,963 | 11,440 | 42,081 | ||||||||||||||||||
Class B | 675 | 2,063 | 220 | 1,164 | 1,773 | 4,848 | ||||||||||||||||||
Class C | 562 | 1,325 | 1,064 | 9,648 | 1,785 | 5,391 | ||||||||||||||||||
Class I | — | — | 72 | 6,078 | 30,383 | 51,057 | ||||||||||||||||||
Class T | 488 | 1,798 | ||||||||||||||||||||||
2,409 | 7,266 | 5,346 | 30,853 | 45,869 | 105,175 | |||||||||||||||||||
Dividends and distributions reinvested: | ||||||||||||||||||||||||
Class A | 3,493 | 2,018 | 134 | 1,721 | — | — | ||||||||||||||||||
Class B | 1,902 | 2,440 | 28 | 1,103 | — | — | ||||||||||||||||||
Class C | 1,097 | 879 | 34 | 599 | — | — | ||||||||||||||||||
Class I | — | — | 1,545 | 32,781 | 2,946 | — | ||||||||||||||||||
Class T | 9 | — | ||||||||||||||||||||||
6,492 | 5,337 | 1,741 | 36,204 | 2,955 | — | |||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||
Class A | (6,764 | ) | (15,261 | ) | (4,058 | ) | (7,685 | ) | (32,902 | ) | (89,748 | ) | ||||||||||||
Class B | (4,715 | ) | (19,396 | ) | (764 | ) | (1,659 | ) | (5,337 | ) | (28,453 | ) | ||||||||||||
Class C | (2,406 | ) | (6,156 | ) | (1,885 | ) | (2,109 | ) | (8,332 | ) | (19,902 | ) | ||||||||||||
Class I | — | — | (46,777 | ) | (4,311 | ) | (51,624 | ) | (56,853 | ) | ||||||||||||||
Class T | — | — | — | — | (6,848 | ) | (21,752 | ) | ||||||||||||||||
(13,885 | ) | (40,813 | ) | (53,484 | ) | (15,764 | ) | (105,043 | ) | (216,708 | ) | |||||||||||||
Redemption fee: | ||||||||||||||||||||||||
Class A | — | — | — | — | — | 3 | ||||||||||||||||||
— | — | — | — | — | 3 | |||||||||||||||||||
Automatic conversions: | ||||||||||||||||||||||||
Class A | 5,525 | 24,175 | 87 | 645 | 7,600 | 48,320 | ||||||||||||||||||
Class B | (5,525 | ) | (24,175 | ) | (87 | ) | (645 | ) | (7,600 | ) | (48,320 | ) | ||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital shares transactions | (4,984 | ) | (28,210 | ) | (46,397 | ) | 51,293 | (56,219 | ) | (111,530 | ) | |||||||||||||
Net decrease in net assets | (9,963 | ) | (90,602 | ) | (49,017 | ) | (57,551 | ) | (111,144 | ) | (898,100 | ) | ||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period/year | $ | 100,105 | $ | 190,707 | $ | 112,417 | $ | 169,968 | $ | 997,898 | $ | 1,895,998 | ||||||||||||
End of period/year | $ | 90,142 | $ | 100,105 | $ | 63,400 | $ | 112,417 | $ | 886,754 | $ | 997,898 | ||||||||||||
Undistributed net investment income (loss) | $ | 131 | $ | 189 | $ | 261 | $ | 520 | $ | 2,980 | $ | 2,369 | ||||||||||||
The notes to the financial statements are an integral part of this report.
41
Transamerica Convertible | ||||||||||||||||||||||||
Transamerica Balanced | Securities | Transamerica Equity | ||||||||||||||||||||||
April 30, 2009 | April 30, 2009 | April 30, 2009 | ||||||||||||||||||||||
(unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | |||||||||||||||||||
Share activity: | ||||||||||||||||||||||||
Shares issued: | ||||||||||||||||||||||||
Class A | 80 | 168 | 578 | 1,322 | 1,906 | 4,098 | ||||||||||||||||||
Class B | 45 | 93 | 33 | 111 | 323 | 511 | ||||||||||||||||||
Class C | 39 | 60 | 158 | 939 | 313 | 552 | ||||||||||||||||||
Class I | — | — | 10 | 509 | 4,677 | 6,453 | ||||||||||||||||||
Class T | 29 | 64 | ||||||||||||||||||||||
164 | 321 | 779 | 2,881 | 7,248 | 11,678 | |||||||||||||||||||
Shares issued-reinvested from distributions: | ||||||||||||||||||||||||
Class A | 237 | 95 | 20 | 159 | — | 6 | ||||||||||||||||||
Class B | 130 | 104 | 4 | 100 | — | — | ||||||||||||||||||
Class C | 75 | 39 | 5 | 55 | — | — | ||||||||||||||||||
Class I | — | — | 227 | 3,008 | 458 | — | ||||||||||||||||||
Class T | 1 | — | ||||||||||||||||||||||
442 | 238 | 256 | 3,322 | 459 | 6 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (464 | ) | (712 | ) | (594 | ) | (784 | ) | (5,556 | ) | (9,119 | ) | ||||||||||||
Class B | (324 | ) | (893 | ) | (112 | ) | (168 | ) | (969 | ) | (3,011 | ) | ||||||||||||
Class C | (168 | ) | (289 | ) | (279 | ) | (235 | ) | (1,503 | ) | (2,172 | ) | ||||||||||||
Class I | — | — | (6,891 | ) | (465 | ) | (8,375 | ) | (7,429 | ) | ||||||||||||||
Class T | (415 | ) | (787 | ) | ||||||||||||||||||||
(956 | ) | (1,894 | ) | (7,876 | ) | (1,652 | ) | (16,818 | ) | (22,518 | ) | |||||||||||||
Automatic conversions: | ||||||||||||||||||||||||
Class A | 367 | 1,089 | 13 | 62 | 1,240 | 4,704 | ||||||||||||||||||
Class B | (369 | ) | (1,096 | ) | (13 | ) | (62 | ) | (1,328 | ) | (5,003 | ) | ||||||||||||
(2 | ) | (7 | ) | — | — | (88 | ) | (299 | ) | |||||||||||||||
Net increase (decrease) in shares outstanding: | ||||||||||||||||||||||||
Class A | 220 | 640 | 17 | 759 | (2,410 | ) | (311 | ) | ||||||||||||||||
Class B | (518 | ) | (1,792 | ) | (88 | ) | (19 | ) | (1,974 | ) | (7,503 | ) | ||||||||||||
Class C | (54 | ) | (190 | ) | (116 | ) | 759 | (1,190 | ) | (1,620 | ) | |||||||||||||
Class I | (6,654 | ) | 3,052 | (3,240 | ) | (976 | ) | |||||||||||||||||
Class T | (385 | ) | (723 | ) | ||||||||||||||||||||
(352 | ) | (1,342 | ) | (6,841 | ) | 4,551 | (9,199 | ) | (11,133 | ) | ||||||||||||||
The notes to the financial statements are an integral part of this report.
42
Transamerica Growth | ||||||||||||||||||||||||
Transamerica Flexible Income | Opportunities | Transamerica High Yield Bond | ||||||||||||||||||||||
April 30, 2009 | April 30, 2009 | April 30, 2009 | ||||||||||||||||||||||
(unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 4,381 | $ | 19,949 | $ | 86 | $ | (933 | ) | $ | 24,104 | $ | 37,005 | |||||||||||
Net realized loss(a) | (24,575 | ) | (34,533 | ) | (16,098 | ) | (20,795 | ) | (21,873 | ) | (9,296 | ) | ||||||||||||
Change in unrealized appreciation (depreciation)(b) | 23,959 | (26,098 | ) | 16,538 | (114,155 | ) | 52,549 | (173,227 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 3,765 | (40,682 | ) | 526 | (135,883 | ) | 54,780 | (145,518 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A | (439 | ) | (849 | ) | — | — | (1,523 | ) | (2,500 | ) | ||||||||||||||
Class B | (225 | ) | (600 | ) | — | — | (458 | ) | (1,008 | ) | ||||||||||||||
Class C | (171 | ) | (386 | ) | — | — | (339 | ) | (574 | ) | ||||||||||||||
Class I | (3,818 | ) | (18,830 | ) | — | — | (22,744 | ) | (31,427 | ) | ||||||||||||||
(4,653 | ) | (20,665 | ) | — | — | (25,064 | ) | (35,509 | ) | |||||||||||||||
Total distributions to shareholders | (4,653 | ) | (20,665 | ) | — | — | (25,064 | ) | (35,509 | ) | ||||||||||||||
Capital share transactions: | ||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||
Class A | 3,540 | 3,320 | 1,734 | 3,902 | 17,134 | 10,846 | ||||||||||||||||||
Class B | 1,841 | 1,949 | 822 | 2,025 | 1,354 | 1,083 | ||||||||||||||||||
Class C | 2,122 | 2,580 | 585 | 1,293 | 5,794 | 736 | ||||||||||||||||||
Class I | 10,717 | 28,018 | 2,369 | 1,984 | 3,697 | 241,102 | ||||||||||||||||||
18,220 | 35,867 | 5,510 | 9,204 | 27,979 | 253,767 | |||||||||||||||||||
Dividends and distributions reinvested: | ||||||||||||||||||||||||
Class A | 369 | 509 | — | — | 1,039 | 1,345 | ||||||||||||||||||
Class B | 176 | 369 | — | — | 289 | 502 | ||||||||||||||||||
Class C | 140 | 239 | — | — | 199 | 267 | ||||||||||||||||||
Class I | 3,818 | 15,299 | — | — | 22,744 | 20,457 | ||||||||||||||||||
4,503 | 16,416 | — | — | 24,271 | 22,571 | |||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||
Class A | (2,816 | ) | (5,383 | ) | (3,882 | ) | (14,166 | ) | (12,079 | ) | (14,351 | ) | ||||||||||||
Class B | (1,429 | ) | (5,085 | ) | (1,649 | ) | (9,511 | ) | (1,228 | ) | (6,552 | ) | ||||||||||||
Class C | (1,537 | ) | (4,119 | ) | (1,255 | ) | (4,474 | ) | (1,541 | ) | (3,074 | ) | ||||||||||||
Class I | (45,710 | ) | (232,281 | ) | (14 | ) | (45,766 | ) | (125,950 | ) | (11,363 | ) | ||||||||||||
(51,492 | ) | (246,868 | ) | (6,800 | ) | (73,917 | ) | (140,798 | ) | (35,340 | ) | |||||||||||||
Redemption fee: | ||||||||||||||||||||||||
Class A | — | — | 1 | 1 | — | 1 | ||||||||||||||||||
— | — | 1 | 1 | — | 1 | |||||||||||||||||||
Automatic conversions: | ||||||||||||||||||||||||
Class A | 818 | 3,069 | 3,492 | 15,592 | 391 | 2,666 | ||||||||||||||||||
Class B | (818 | ) | (3,069 | ) | (3,492 | ) | (15,592 | ) | (391 | ) | (2,666 | ) | ||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital shares transactions | (28,769 | ) | (194,585 | ) | (1,289 | ) | (64,712 | ) | (88,548 | ) | 240,999 | |||||||||||||
Net increase (decrease) in net assets | (29,657 | ) | (255,932 | ) | (763 | ) | (200,595 | ) | (58,832 | ) | 59,972 | |||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period/year | $ | 156,077 | $ | 412,009 | $ | 158,872 | $ | 359,467 | $ | 457,949 | $ | 397,977 | ||||||||||||
End of period/year | $ | 126,420 | $ | 156,077 | $ | 158,109 | $ | 158,872 | $ | 399,117 | $ | 457,949 | ||||||||||||
Undistributed (accumulated) net investment income (loss) | $ | 533 | $ | 805 | $ | 69 | $ | (17 | ) | $ | 2,107 | $ | 3,067 | |||||||||||
The notes to the financial statements are an integral part of this report.
43
Transamerica Growth | ||||||||||||||||||||||||
Transamerica Flexible Income | Opportunities | Transamerica High Yield Bond | ||||||||||||||||||||||
April 30, 2009 | April 30, 2009 | April 30, 2009 | ||||||||||||||||||||||
(unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | |||||||||||||||||||
Share activity: | ||||||||||||||||||||||||
Shares issued: | ||||||||||||||||||||||||
Class A | 510 | 359 | 298 | 427 | 2,772 | 4,575 | ||||||||||||||||||
Class B | 264 | 214 | 159 | 235 | 216 | 1,712 | ||||||||||||||||||
Class C | 307 | 290 | 106 | 144 | 925 | 1,055 | ||||||||||||||||||
Class I | 1,550 | 2,984 | 409 | 224 | 564 | 67,248 | ||||||||||||||||||
2,631 | 3,847 | 972 | 1,030 | 4,477 | 74,590 | |||||||||||||||||||
Shares issued-reinvested from distributions: | ||||||||||||||||||||||||
Class A | 53 | 83 | — | — | 172 | 223 | ||||||||||||||||||
Class B | 25 | 56 | — | — | 48 | 78 | ||||||||||||||||||
Class C | 20 | 38 | — | — | 33 | 41 | ||||||||||||||||||
Class I | 547 | 2,167 | — | — | 3,775 | 3,829 | ||||||||||||||||||
645 | 2,344 | — | — | 4,028 | 4,171 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (404 | ) | (630 | ) | (680 | ) | (1,569 | ) | (1,960 | ) | (733 | ) | ||||||||||||
Class B | (204 | ) | (585 | ) | (311 | ) | (1,105 | ) | (201 | ) | (229 | ) | ||||||||||||
Class C | (222 | ) | (483 | ) | (235 | ) | (529 | ) | (256 | ) | (195 | ) | ||||||||||||
Class I | (6,575 | ) | (27,886 | ) | (2 | ) | (5,248 | ) | (20,591 | ) | (1,397 | ) | ||||||||||||
(7,405 | ) | (29,584 | ) | (1,228 | ) | (8,451 | ) | (23,008 | ) | (2,554 | ) | |||||||||||||
Automatic conversions: | ||||||||||||||||||||||||
Class A | 116 | 351 | 589 | 1,695 | 64 | 37 | ||||||||||||||||||
Class B | (116 | ) | (351 | ) | (632 | ) | (1,809 | ) | (64 | ) | (37 | ) | ||||||||||||
— | — | (43 | ) | (114 | ) | — | — | |||||||||||||||||
Net increase (decrease) in shares outstanding: | ||||||||||||||||||||||||
Class A | 275 | 163 | 207 | 553 | 1,048 | 4,102 | ||||||||||||||||||
Class B | (31 | ) | (666 | ) | (784 | ) | (2,679 | ) | (1 | ) | 1,524 | |||||||||||||
Class C | 105 | (155 | ) | (129 | ) | (385 | ) | 702 | 901 | |||||||||||||||
Class I | (4,478 | ) | (22,735 | ) | 407 | (5,024 | ) | (16,252 | ) | 69,680 | ||||||||||||||
(4,129 | ) | (23,393 | ) | (299 | ) | (7,535 | ) | (14,503 | ) | 76,207 | ||||||||||||||
The notes to the financial statements are an integral part of this report.
44
Transamerica Legg Mason | Transamerica Science & | |||||||||||||||||||||||
Partners All Cap | Transamerica Money Market | Technology | ||||||||||||||||||||||
April 30, 2009 | April 30, 2009 | April 30, 2009 | ||||||||||||||||||||||
(unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 249 | $ | 532 | $ | 501 | $ | 4,673 | $ | (107 | ) | $ | (434 | ) | ||||||||||
Net realized loss(a) | (5,318 | ) | (1,842 | ) | — | — | (12,465 | ) | (563 | ) | ||||||||||||||
Change in unrealized appreciation (depreciation)(b) | (1,683 | ) | (48,557 | ) | — | — | 13,314 | (48,013 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (6,752 | ) | (49,867 | ) | 501 | 4,673 | 742 | (49,010 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A | (415 | ) | — | (300 | ) | (2,745 | ) | — | — | |||||||||||||||
Class B | (96 | ) | — | (30 | ) | (473 | ) | — | — | |||||||||||||||
Class C | (84 | ) | — | (42 | ) | (539 | ) | — | — | |||||||||||||||
Class I | — | — | (129 | ) | (927 | ) | — | — | ||||||||||||||||
(595 | ) | — | (501 | ) | (4,684 | ) | — | — | ||||||||||||||||
From net realized gains: | ||||||||||||||||||||||||
Class A | — | (4,246 | ) | — | — | — | (282 | ) | ||||||||||||||||
Class B | — | (7,861 | ) | — | — | — | (157 | ) | ||||||||||||||||
Class C | — | (3,130 | ) | — | — | — | (96 | ) | ||||||||||||||||
Class I | — | — | — | — | — | (2,576 | ) | |||||||||||||||||
— | (15,237 | ) | — | — | — | (3,111 | ) | |||||||||||||||||
Total distributions to shareholders | (595 | ) | (15,237 | ) | (501 | ) | (4,684 | ) | — | (3,111 | ) | |||||||||||||
Capital share transactions: | ||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||
Class A | 936 | 2,542 | 83,176 | 156,262 | 403 | 2,918 | ||||||||||||||||||
Class B | 572 | 1,618 | 19,127 | 36,830 | 63 | 381 | ||||||||||||||||||
Class C | 662 | 909 | 41,440 | 72,304 | 89 | 660 | ||||||||||||||||||
Class I | — | — | 15,315 | 25,560 | — | 4,896 | ||||||||||||||||||
2,170 | 5,069 | 159,058 | 290,956 | 555 | 8,855 | |||||||||||||||||||
Dividends and distributions reinvested: | ||||||||||||||||||||||||
Class A | 401 | 4,108 | 256 | 2,215 | — | 268 | ||||||||||||||||||
Class B | 87 | 7,238 | 29 | 376 | — | 149 | ||||||||||||||||||
Class C | 75 | 2,816 | 41 | 404 | — | 78 | ||||||||||||||||||
Class I | — | — | 93 | 811 | — | 2,576 | ||||||||||||||||||
563 | 14,162 | 419 | 3,806 | — | 3,071 | |||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||
Class A | (3,900 | ) | (15,837 | ) | (72,269 | ) | (115,331 | ) | (671 | ) | (3,212 | ) | ||||||||||||
Class B | (4,000 | ) | (23,998 | ) | (11,872 | ) | (16,870 | ) | (204 | ) | (821 | ) | ||||||||||||
Class C | (2,218 | ) | (10,843 | ) | (32,019 | ) | (32,353 | ) | (237 | ) | (625 | ) | ||||||||||||
Class I | — | — | (6,123 | ) | (31,716 | ) | (1,169 | ) | (1,428 | ) | ||||||||||||||
(10,118 | ) | (50,678 | ) | (122,283 | ) | (196,270 | ) | (2,281 | ) | (6,086 | ) | |||||||||||||
Redemption fee: | ||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Automatic conversions: | ||||||||||||||||||||||||
Class A | 3,893 | 8,181 | 2,233 | 3,549 | 285 | 186 | ||||||||||||||||||
Class B | (3,893 | ) | (8,181 | ) | (2,233 | ) | (3,549 | ) | (285 | ) | (186 | ) | ||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital shares transactions | (7,385 | ) | (31,447 | ) | 37,194 | 98,492 | (1,726 | ) | 5,840 | |||||||||||||||
Net increase (decrease) in net assets | (14,732 | ) | (96,551 | ) | 37,194 | 98,481 | (984 | ) | (46,281 | ) | ||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period/year | $ | 77,223 | $ | 173,774 | $ | 271,884 | $ | 173,403 | $ | 53,511 | $ | 99,792 | ||||||||||||
End of period/year | $ | 62,491 | $ | 77,223 | $ | 309,078 | $ | 271,884 | $ | 52,527 | $ | 53,511 | ||||||||||||
Undistributed (accumulated) net investment income (loss) | $ | 179 | $ | 525 | $ | 83 | $ | 83 | $ | (109 | ) | $ | (2 | ) | ||||||||||
The notes to the financial statements are an integral part of this report.
45
Transamerica Legg Mason | Transamerica Science & | |||||||||||||||||||||||
Partners All Cap | Transamerica Money Market | Technology | ||||||||||||||||||||||
April 30, 2009 | April 30, 2009 | April 30, 2009 | ||||||||||||||||||||||
(unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | |||||||||||||||||||
Share activity: | ||||||||||||||||||||||||
Shares issued: | ||||||||||||||||||||||||
Class A | 109 | 183 | 83,176 | 156,265 | 155 | 616 | ||||||||||||||||||
Class B | 73 | 128 | 19,116 | 36,830 | 27 | 92 | ||||||||||||||||||
Class C | 82 | 73 | 41,433 | 72,304 | 36 | 154 | ||||||||||||||||||
Class I | — | — | 15,315 | 25,560 | — | 1,201 | ||||||||||||||||||
264 | 384 | 159,040 | 290,959 | 218 | 2,063 | |||||||||||||||||||
Shares issued-reinvested from distributions: | ||||||||||||||||||||||||
Class A | 44 | 271 | 256 | 2,215 | — | 53 | ||||||||||||||||||
Class B | 10 | 513 | 40 | 376 | — | 31 | ||||||||||||||||||
Class C | 9 | 199 | 48 | 404 | — | 16 | ||||||||||||||||||
Class I | — | — | 93 | 811 | — | 501 | ||||||||||||||||||
63 | 983 | 437 | 3,806 | — | 601 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (471 | ) | (1,145 | ) | (72,269 | ) | (115,331 | ) | (268 | ) | (774 | ) | ||||||||||||
Class B | (509 | ) | (1,867 | ) | (11,872 | ) | (16,870 | ) | (88 | ) | (202 | ) | ||||||||||||
Class C | (283 | ) | (835 | ) | (32,019 | ) | (32,353 | ) | (102 | ) | (161 | ) | ||||||||||||
Class I | — | — | (6,123 | ) | (31,716 | ) | (476 | ) | (394 | ) | ||||||||||||||
(1,263 | ) | (3,847 | ) | (122,283 | ) | (196,270 | ) | (934 | ) | (1,531 | ) | |||||||||||||
Automatic conversions: | ||||||||||||||||||||||||
Class A | 454 | 595 | 2,233 | 3,549 | 110 | 47 | ||||||||||||||||||
Class B | (487 | ) | (641 | ) | (2,233 | ) | (3,549 | ) | (117 | ) | (50 | ) | ||||||||||||
(33 | ) | (46 | ) | — | — | (7 | ) | (3 | ) | |||||||||||||||
Net increase (decrease) in shares outstanding: | ||||||||||||||||||||||||
Class A | 136 | (96 | ) | 13,396 | 46,698 | (3 | ) | (58 | ) | |||||||||||||||
Class B | (913 | ) | (1,867 | ) | 5,051 | 16,787 | (178 | ) | (129 | ) | ||||||||||||||
Class C | (192 | ) | (563 | ) | 9,462 | 40,355 | (66 | ) | 9 | |||||||||||||||
Class I | 9,285 | (5,345 | ) | (476 | ) | 1,308 | ||||||||||||||||||
(969 | ) | (2,526 | ) | 37,194 | 98,495 | (723 | ) | 1,130 | ||||||||||||||||
The notes to the financial statements are an integral part of this report.
46
Transamerica Short-Term Bond | Transamerica Small/Mid Cap Value | Transamerica Templeton Global | ||||||||||||||||||||||
April 30, 2009 | April 30, 2009 | April 30, 2009 | ||||||||||||||||||||||
(unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment income | $ | 12,206 | $ | 24,879 | $ | 735 | $ | 9,308 | $ | 480 | $ | 1,492 | ||||||||||||
Net realized gain (loss)(a) | (4,299 | ) | (10,141 | ) | (135,265 | ) | (98,519 | ) | (13,430 | ) | 11,217 | |||||||||||||
Change in unrealized appreciation (depreciation)(b) | 23,985 | (19,826 | ) | 101,060 | (296,332 | ) | 8,999 | (105,619 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 31,892 | (5,088 | ) | (33,470 | ) | (385,543 | ) | (3,951 | ) | (92,910 | ) | |||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A | (313 | ) | (73 | ) | (4,092 | ) | (815 | ) | (662 | ) | (1,124 | ) | ||||||||||||
Class B | (531 | ) | — | — | (99 | ) | ||||||||||||||||||
Class C | (438 | ) | (74 | ) | (1,959 | ) | (207 | ) | — | (199 | ) | |||||||||||||
Class I | (12,788 | ) | (24,970 | ) | (1,434 | ) | (4,881 | ) | — | — | ||||||||||||||
(13,539 | ) | (25,117 | ) | (8,016 | ) | (5,903 | ) | (662 | ) | (2,122 | ) | |||||||||||||
From net realized gains: | ||||||||||||||||||||||||
Class A | — | — | — | (12,319 | ) | — | — | |||||||||||||||||
Class B | — | (5,719 | ) | — | — | |||||||||||||||||||
Class C | — | — | — | (7,564 | ) | — | — | |||||||||||||||||
Class I | — | — | — | (50,781 | ) | — | — | |||||||||||||||||
— | — | — | (76,383 | ) | — | — | ||||||||||||||||||
Total distributions to shareholders | (13,539 | ) | (25,117 | ) | (8,016 | ) | (82,286 | ) | (662 | ) | (2,122 | ) | ||||||||||||
Capital share transactions: | ||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||
Class A | 39,178 | 6,797 | 28,871 | 376,986 | 712 | 4,616 | ||||||||||||||||||
Class B | 2,365 | 18,229 | 426 | 1,618 | ||||||||||||||||||||
Class C | 47,267 | 8,910 | 8,157 | 111,684 | 303 | 900 | ||||||||||||||||||
Class I | 183,987 | 34,605 | 25,014 | 40,971 | — | — | ||||||||||||||||||
270,432 | 50,312 | 64,407 | 547,870 | 1,441 | 7,134 | |||||||||||||||||||
Dividends and distributions reinvested: | ||||||||||||||||||||||||
Class A | 236 | 27 | 3,256 | 10,992 | 644 | 1,085 | ||||||||||||||||||
Class B | 458 | 5,175 | — | 94 | ||||||||||||||||||||
Class C | 281 | 29 | 1,538 | 6,054 | — | 189 | ||||||||||||||||||
Class I | 12,788 | 19,101 | 1,434 | 55,662 | — | — | ||||||||||||||||||
13,305 | 19,157 | 6,686 | 77,883 | 644 | 2,068 | |||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||
Class A | (4,396 | ) | (923 | ) | (80,103 | ) | (137,493 | ) | (6,327 | ) | (21,738 | ) | ||||||||||||
Class B | (3,539 | ) | (10,337 | ) | (1,080 | ) | (8,972 | ) | ||||||||||||||||
Class C | (2,755 | ) | (1,386 | ) | (16,095 | ) | (21,818 | ) | (1,554 | ) | (5,417 | ) | ||||||||||||
Class I | (84,062 | ) | (95,587 | ) | (200,957 | ) | (148,685 | ) | — | — | ||||||||||||||
(91,213 | ) | (97,896 | ) | (300,694 | ) | (318,333 | ) | (8,961 | ) | (74,197 | ) | |||||||||||||
Redemption fee: | ||||||||||||||||||||||||
Class A | 1 | 2 | 6 | 2 | — | — | ||||||||||||||||||
1 | 2 | 6 | 2 | — | — | |||||||||||||||||||
Automatic conversions: | ||||||||||||||||||||||||
Class A | — | — | 891 | 7,300 | 1,377 | 30,467 | ||||||||||||||||||
Class B | (891 | ) | (7,300 | ) | (1,377 | ) | (30,467 | ) | ||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital shares transactions | 192,525 | (28,425 | ) | (229,595 | ) | 307,422 | (6,876 | ) | (64,995 | ) | ||||||||||||||
Net increase (decrease) in net assets | 210,878 | (58,630 | ) | (271,081 | ) | (160,407 | ) | (11,489 | ) | (160,027 | ) | |||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period/year | $ | 505,259 | $ | 563,889 | $ | 541,006 | $ | 701,413 | $ | 98,753 | $ | 258,780 | ||||||||||||
End of period/year | $ | 716,137 | $ | 505,259 | $ | 269,925 | $ | 541,006 | $ | 87,264 | $ | 98,753 | ||||||||||||
Undistributed net investment income (loss) | $ | — | $ | 1,333 | $ | 570 | $ | 7,851 | $ | 239 | $ | 427 | ||||||||||||
The notes to the financial statements are an integral part of this report.
47
Transamerica Short-Term Bond | Transamerica Small/Mid Cap Value | Transamerica Templeton Global | ||||||||||||||||||||||
April 30, 2009 | April 30, 2009 | April 30, 2009 | ||||||||||||||||||||||
(unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | (unaudited) | October 31, 2008 | |||||||||||||||||||
Share activity: | ||||||||||||||||||||||||
Shares issued: | ||||||||||||||||||||||||
Class A | 4,063 | 689 | 2,610 | 20,500 | 40 | 148 | ||||||||||||||||||
Class B | 223 | 1,013 | 26 | 61 | ||||||||||||||||||||
Class C | 4,926 | 908 | 771 | 6,200 | 18 | 32 | ||||||||||||||||||
Class I | 19,480 | 2,942 | 2,159 | 3,081 | — | — | ||||||||||||||||||
28,469 | 4,539 | 5,763 | 30,794 | 84 | 241 | |||||||||||||||||||
Shares issued-reinvested from distributions: | ||||||||||||||||||||||||
Class A | 25 | 6 | 287 | 553 | 34 | 35 | ||||||||||||||||||
Class B | 42 | 270 | — | 3 | ||||||||||||||||||||
Class C | 29 | 6 | 142 | 318 | — | 6 | ||||||||||||||||||
Class I | 1,368 | 2,571 | 126 | 2,787 | — | — | ||||||||||||||||||
1,422 | 2,583 | 597 | 3,928 | 34 | 64 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (464 | ) | (95 | ) | (7,464 | ) | (9,819 | ) | (363 | ) | (749 | ) | ||||||||||||
Class B | (349 | ) | (609 | ) | (66 | ) | (315 | ) | ||||||||||||||||
Class C | (288 | ) | (143 | ) | (1,597 | ) | (1,406 | ) | (96 | ) | (198 | ) | ||||||||||||
Class I | (9,001 | ) | (9,914 | ) | (18,266 | ) | (9,530 | ) | — | — | ||||||||||||||
(9,753 | ) | (10,152 | ) | (27,676 | ) | (21,364 | ) | (525 | ) | (2,522 | ) | |||||||||||||
Automatic conversions: | ||||||||||||||||||||||||
Class A | — | — | 80 | 385 | 76 | 1,006 | ||||||||||||||||||
Class B | (83 | ) | (400 | ) | (81 | ) | (1,071 | ) | ||||||||||||||||
— | — | (3 | ) | (15 | ) | (5 | ) | (65 | ) | |||||||||||||||
Net increase (decrease) in shares outstanding: | ||||||||||||||||||||||||
Class A | 3,624 | 600 | (4,487 | ) | 11,619 | (213 | ) | 440 | ||||||||||||||||
Class B | (167 | ) | 274 | (121 | ) | (1,322 | ) | |||||||||||||||||
Class C | 4,667 | 771 | (684 | ) | 5,112 | (78 | ) | (160 | ) | |||||||||||||||
Class I | 11,847 | (4,401 | ) | (15,981 | ) | (3,662 | ) | |||||||||||||||||
20,138 | (3,030 | ) | (21,319 | ) | 13,343 | (412 | ) | (2,282 | ) | |||||||||||||||
The notes to the financial statements are an integral part of this report.
48
Transamerica Value Balanced | ||||||||
April 30, 2009 | ||||||||
(unaudited) | October 31, 2008 | |||||||
From operations: | ||||||||
Net investment income | $ | 393 | $ | 1,068 | ||||
Net realized loss(a) | (3,121 | ) | (3,730 | ) | ||||
Change in unrealized appreciation (depreciation) (b) | 1,323 | (14,696 | ) | |||||
Net decrease in net assets resulting from operations | (1,405 | ) | (17,358 | ) | ||||
Distributions to shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (226 | ) | (692 | ) | ||||
Class B | (52 | ) | (196 | ) | ||||
Class C | (52 | ) | (172 | ) | ||||
(330 | ) | (1,060 | ) | |||||
From net realized gains: | ||||||||
Class A | — | (1,609 | ) | |||||
Class B | — | (830 | ) | |||||
Class C | — | (566 | ) | |||||
— | (3,005 | ) | ||||||
Total distributions to shareholders | (330 | ) | (4,065 | ) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 747 | 1,496 | ||||||
Class B | 188 | 511 | ||||||
Class C | 462 | 374 | ||||||
1,397 | 2,381 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 214 | 2,069 | ||||||
Class B | 48 | 909 | ||||||
Class C | 48 | 669 | ||||||
310 | 3,647 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (3,211 | ) | (8,353 | ) | ||||
Class B | (974 | ) | (4,161 | ) | ||||
Class C | (1,228 | ) | (2,846 | ) | ||||
(5,413 | ) | (15,360 | ) | |||||
Redemption fee: | ||||||||
Class B | — | 1 | ||||||
— | 1 | |||||||
Automatic conversions: | ||||||||
Class A | 711 | 3,193 | ||||||
Class B | (711 | ) | (3,193 | ) | ||||
— | — | |||||||
Net decrease in net assets resulting from capital shares transactions | (3,706 | ) | (9,331 | ) | ||||
Net decrease in net assets | (5,441 | ) | (30,754 | ) | ||||
Net assets: | ||||||||
Beginning of period/year | $ | 30,913 | $ | 61,667 | ||||
End of period/year | $ | 25,472 | $ | 30,913 | ||||
Undistributed net investment income (loss) | $ | 412 | $ | 349 | ||||
The notes to the financial statements are an integral part of this report.
49
Transamerica Value Balanced | ||||||||
April 30, 2009 | ||||||||
(unaudited) | October 31, 2008 | |||||||
Share activity: | ||||||||
Shares issued: | ||||||||
Class A | 89 | 112 | ||||||
Class B | 23 | 39 | ||||||
Class C | 55 | 29 | ||||||
167 | 180 | |||||||
Shares issued-reinvested from distributions: | ||||||||
Class A | 27 | 176 | ||||||
Class B | 6 | 74 | ||||||
Class C | 7 | 56 | ||||||
40 | 306 | |||||||
Shares redeemed: | ||||||||
Class A | (393 | ) | (713 | ) | ||||
Class B | (119 | ) | (351 | ) | ||||
Class C | (149 | ) | (243 | ) | ||||
(661 | ) | (1,307 | ) | |||||
Automatic conversions: | ||||||||
Class A | 86 | 261 | ||||||
Class B | (86 | ) | (262 | ) | ||||
— | (1 | ) | ||||||
Net increase (decrease) in shares outstanding: | ||||||||
Class A | (191 | ) | (164 | ) | ||||
Class B | (176 | ) | (500 | ) | ||||
Class C | (87 | ) | (158 | ) | ||||
(454 | ) | (822 | ) | |||||
(a) | Net realized gain (loss) includes Investment Securities, Futures Contracts, Written Options and Swaptions, Securities Sold Short, Swaps and Foreign Currency Transactions. | |
(b) | Change in unrealized appreciation (depreciation) includes Investment Securities, Futures Contracts, Written Options and Swaptions, Securities Sold Short, Swaps and Foreign Currency Translation. |
The notes to the financial statements are an integral part of this report.
50
FINANCIAL HIGHLIGHTS
For the period or years ended:
For the period or years ended:
For a share outstanding throughout each period
Transamerica Balanced | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 16.44 | $ | 25.70 | $ | 22.05 | $ | 19.90 | $ | 18.53 | $ | 17.43 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.16 | 0.28 | 0.17 | 0.12 | 0.15 | 0.14 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.31 | (8.64 | ) | 3.62 | 2.12 | 1.41 | 1.08 | |||||||||||||||||
Total from investment operations | 0.47 | (8.36 | ) | 3.79 | 2.24 | 1.56 | 1.22 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.24 | ) | (0.14 | ) | (0.09 | ) | (0.19 | ) | (0.12 | ) | ||||||||||||
Net realized gains on investments | (1.03 | ) | (0.66 | ) | — | — | — | — | ||||||||||||||||
Total distributions | (1.20 | ) | (0.90 | ) | (0.14 | ) | (0.09 | ) | (0.19 | ) | (0.12 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 15.71 | $ | 16.44 | $ | 25.70 | $ | 22.05 | $ | 19.90 | $ | 18.53 | ||||||||||||
Total return(b) | 3.37 | %(c) | (33.55 | )% | 17.28 | % | 11.27 | % | 8.41 | % | 7.03 | % | ||||||||||||
Net assets end of period/year | $ | 51,144 | $ | 49,917 | $ | 61,565 | $ | 55,547 | $ | 62,440 | $ | 72,997 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.72 | %(d) | 1.52 | % | 1.56 | % | 1.58 | % | 1.59 | % | 1.70 | % | ||||||||||||
Before reimbursement/fee waiver | 1.72 | %(d) | 1.52 | % | 1.56 | % | 1.58 | % | 1.59 | % | 1.70 | % | ||||||||||||
Net investment income, to average net assets (e) | 2.11 | %(d) | 1.27 | % | 0.73 | % | 0.57 | % | 0.75 | % | 0.76 | % | ||||||||||||
Portfolio turnover rate | 63 | %(c) | 52 | % | 52 | % | 51 | % | 27 | % | 107 | % |
For a share outstanding throughout each period
Transamerica Balanced | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 16.37 | $ | 25.58 | $ | 21.98 | $ | 19.88 | $ | 18.47 | $ | 17.39 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.10 | 0.13 | 0.04 | — | (f) | 0.04 | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.30 | (8.58 | ) | 3.60 | 2.12 | 1.40 | 1.08 | |||||||||||||||||
Total from investment operations | 0.40 | (8.45 | ) | 3.64 | 2.12 | 1.44 | 1.12 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.10 | ) | (0.04 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||
Net realized gains on investments | (1.03 | ) | (0.66 | ) | — | — | — | — | ||||||||||||||||
Total distributions | (1.14 | ) | (0.76 | ) | (0.04 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 15.63 | $ | 16.37 | $ | 25.58 | $ | 21.98 | $ | 19.88 | $ | 18.47 | ||||||||||||
Total return(b) | 2.92 | %(c) | (33.95 | )% | 16.57 | % | 10.65 | % | 7.80 | % | 6.44 | % | ||||||||||||
Net assets end of period/year | $ | 22,921 | $ | 32,469 | $ | 96,573 | $ | 118,286 | $ | 142,479 | $ | 170,630 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.45 | %(d) | 2.15 | % | 2.14 | % | 2.15 | % | 2.14 | % | 2.26 | % | ||||||||||||
Before reimbursement/fee waiver | 2.50 | %(d) | 2.15 | % | 2.14 | % | 2.15 | % | 2.14 | % | 2.26 | % | ||||||||||||
Net investment income, to average net assets (e) | 1.39 | %(d) | 0.59 | % | 0.15 | % | 0.01 | % | 0.20 | % | 0.19 | % | ||||||||||||
Portfolio turnover rate | 63 | %(c) | 52 | % | 52 | % | 51 | % | 27 | % | 107 | % |
The notes to the financial statements are an integral part of this report.
51
For a share outstanding throughout each period
Transamerica Balanced | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 16.30 | $ | 25.50 | $ | 21.91 | $ | 19.82 | $ | 18.45 | $ | 17.39 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.11 | 0.15 | 0.04 | 0.01 | 0.04 | (0.01 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.32 | (8.56 | ) | 3.59 | 2.10 | 1.41 | 1.11 | |||||||||||||||||
Total from investment operations | 0.43 | (8.41 | ) | 3.63 | 2.11 | 1.45 | 1.10 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.13 | ) | (0.04 | ) | (0.02 | ) | (0.08 | ) | (0.04 | ) | ||||||||||||
Net realized gains on investments | (1.03 | ) | (0.66 | ) | — | — | — | — | ||||||||||||||||
Total distributions | (1.16 | ) | (0.79 | ) | (0.04 | ) | (0.02 | ) | (0.08 | ) | (0.04 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 15.57 | $ | 16.30 | $ | 25.50 | $ | 21.91 | $ | 19.82 | $ | 18.45 | ||||||||||||
Total return(b) | 3.09 | %(c) | (33.92 | )% | 16.61 | % | 10.64 | % | 7.85 | % | 6.33 | % | ||||||||||||
Net assets end of period/year | $ | 16,077 | $ | 17,719 | $ | 32,569 | $ | 36,750 | $ | 43,276 | $ | 53,990 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.28 | %(d) | 2.08 | % | 2.11 | % | 2.12 | % | 2.13 | % | 2.28 | % | ||||||||||||
Before reimbursement/fee waiver | 2.28 | %(d) | 2.08 | % | 2.11 | % | 2.12 | % | 2.13 | % | 2.28 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 1.55 | %(d) | 0.69 | % | 0.18 | % | 0.03 | % | 0.21 | % | (0.08 | )% | ||||||||||||
Portfolio turnover rate | 63 | %(c) | 52 | % | 52 | % | 51 | % | 27 | % | 107 | % |
For a share outstanding throughout each period
Transamerica Convertible Securities | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 7.18 | $ | 15.30 | $ | 12.76 | $ | 11.56 | $ | 11.00 | $ | 11.32 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.11 | 0.13 | 0.10 | 0.07 | 0.20 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.03 | (4.92 | ) | 3.22 | 1.33 | 0.81 | 0.56 | |||||||||||||||||
Total from investment operations | 0.14 | (4.79 | ) | 3.32 | 1.40 | 1.01 | 0.77 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.10 | ) | (0.11 | ) | (0.07 | ) | (0.20 | ) | (0.22 | ) | ||||||||||||
Net realized gains on investments | — | (3.23 | ) | (0.67 | ) | (0.13 | ) | (0.25 | ) | (0.87 | ) | |||||||||||||
Total distributions | (0.12 | ) | (3.33 | ) | (0.78 | ) | (0.20 | ) | (0.45 | ) | (1.09 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 7.20 | $ | 7.18 | $ | 15.30 | $ | 12.76 | $ | 11.56 | $ | 11.00 | ||||||||||||
Total return(b) | 2.05 | %(c) | (38.92 | )% | 27.41 | % | 12.15 | % | 9.24 | % | 7.06 | % | ||||||||||||
Net assets end of period/year | $ | 10,890 | $ | 10,748 | $ | 11,276 | $ | 6,350 | $ | 209,374 | $ | 188,049 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.48 | %(d) | 1.33 | % | 1.33 | % | 1.25 | % | 1.17 | % | 1.20 | % | ||||||||||||
Before reimbursement/fee waiver | 1.48 | %(d) | 1.33 | % | 1.33 | % | 1.25 | % | 1.17 | % | 1.20 | % | ||||||||||||
Net investment income, to average net assets (e) | 3.13 | %(d) | 1.23 | % | 0.75 | % | 0.59 | % | 1.74 | % | 1.83 | % | ||||||||||||
Portfolio turnover rate | 87 | %(c) | 91 | % | 92 | % | 69 | % | 87 | % | 157 | % |
The notes to the financial statements are an integral part of this report.
52
For a share outstanding throughout each period
Transamerica Convertible Securities | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 7.13 | $ | 15.22 | $ | 12.71 | $ | 11.54 | $ | 11.00 | $ | 11.31 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.08 | 0.04 | 0.01 | — | (f) | 0.09 | 0.14 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.03 | (4.87 | ) | 3.21 | 1.32 | 0.80 | 0.57 | |||||||||||||||||
Total from investment operations | 0.11 | (4.83 | ) | 3.22 | 1.32 | 0.89 | 0.71 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.03 | ) | (0.04 | ) | (0.02 | ) | (0.10 | ) | (0.15 | ) | ||||||||||||
Net realized gains on investments | — | (3.23 | ) | (0.67 | ) | (0.13 | ) | (0.25 | ) | (0.87 | ) | |||||||||||||
Total distributions | (0.10 | ) | (3.26 | ) | (0.71 | ) | (0.15 | ) | (0.35 | ) | (1.02 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 7.14 | $ | 7.13 | $ | 15.22 | $ | 12.71 | $ | 11.54 | $ | 11.00 | ||||||||||||
Total return(b) | 1.57 | %(c) | (39.32 | )% | 26.54 | % | 11.47 | % | 8.09 | % | 6.52 | % | ||||||||||||
Net assets end of period/year | $ | 2,297 | $ | 2,920 | $ | 6,533 | $ | 6,651 | $ | 6,656 | $ | 6,379 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.23 | %(d) | 2.02 | % | 1.99 | % | 1.99 | % | 2.15 | % | 1.79 | % | ||||||||||||
Before reimbursement/fee waiver | 2.23 | %(d) | 2.02 | % | 1.99 | % | 1.99 | % | 2.15 | % | 1.79 | % | ||||||||||||
Net investment income, to average net assets(e) | 2.25 | %(d) | 0.40 | % | 0.10 | % | — | % | 0.76 | % | 1.24 | % | ||||||||||||
Portfolio turnover rate | 87 | %(c) | 91 | % | 92 | % | 69 | % | 87 | % | 157 | % |
For a share outstanding throughout each period
Transamerica Convertible Securities | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 7.10 | $ | 15.17 | $ | 12.66 | $ | 11.50 | $ | 10.97 | $ | 11.31 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.08 | 0.07 | 0.02 | — | (f) | 0.08 | 0.11 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.03 | (4.87 | ) | 3.20 | 1.31 | 0.82 | 0.57 | |||||||||||||||||
Total from investment operations | 0.11 | (4.80 | ) | 3.22 | 1.31 | 0.90 | 0.68 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.04 | ) | (0.04 | ) | (0.02 | ) | (0.12 | ) | (0.15 | ) | ||||||||||||
Net realized gains on investments | — | (3.23 | ) | (0.67 | ) | (0.13 | ) | (0.25 | ) | (0.87 | ) | |||||||||||||
Total distributions | (0.10 | ) | (3.27 | ) | (0.71 | ) | (0.15 | ) | (0.37 | ) | (1.02 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 7.11 | $ | 7.10 | $ | 15.17 | $ | 12.66 | $ | 11.50 | $ | 10.97 | ||||||||||||
Total return(b) | 1.66 | %(c) | (39.24 | )% | 26.69 | % | 11.44 | % | 8.17 | % | 6.33 | % | ||||||||||||
Net assets end of period/year | $ | 6,255 | $ | 7,070 | $ | 3,598 | $ | 3,551 | $ | 4,465 | $ | 5,204 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.04 | %(d) | 1.94 | % | 1.94 | % | 1.94 | % | 2.16 | % | 2.05 | % | ||||||||||||
Before reimbursement/fee waiver | 2.04 | %(d) | 1.94 | % | 1.94 | % | 1.94 | % | 2.16 | % | 2.05 | % | ||||||||||||
Net investment income, to average net assets(e) | 2.52 | %(d) | 0.72 | % | 0.15 | % | 0.02 | % | 0.73 | % | 0.98 | % | ||||||||||||
Portfolio turnover rate | 87 | %(c) | 91 | % | 92 | % | 69 | % | 87 | % | 157 | % |
The notes to the financial statements are an integral part of this report.
53
For a share outstanding throughout each period
Transamerica Convertible Securities | ||||||||||||||||
Class I | ||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | |||||||||||||
(unaudited) | 2008 | 2007 | 2006(g) | |||||||||||||
Net asset value | ||||||||||||||||
Beginning of period/year | $ | 7.19 | $ | 15.31 | $ | 12.76 | $ | 11.71 | ||||||||
Investment operations | ||||||||||||||||
Net investment income(a) | 0.12 | 0.18 | 0.16 | 0.14 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.03 | (4.92 | ) | 3.23 | 1.17 | |||||||||||
Total from investment operations | 0.15 | (4.74 | ) | 3.39 | 1.31 | |||||||||||
Distributions | ||||||||||||||||
Net investment income | (0.14 | ) | (0.15 | ) | (0.17 | ) | (0.13 | ) | ||||||||
Net realized gains on investments | — | (3.23 | ) | (0.67 | ) | (0.13 | ) | |||||||||
Total distributions | (0.14 | ) | (3.38 | ) | (0.84 | ) | (0.26 | ) | ||||||||
Net asset value | ||||||||||||||||
End of period/year | $ | 7.20 | $ | 7.19 | $ | 15.31 | 11.26 | %(c) | ||||||||
Total return(b) | 2.22 | %(c) | (38.58 | )% | 28.10 | % | $ | 12.76 | ||||||||
Net assets end of period/year | $ | 43,958 | $ | 91,679 | $ | 148,562 | $ | 256,474 | ||||||||
Ratio and supplemental data | ||||||||||||||||
Expenses to average net assets | ||||||||||||||||
After reimbursement/fee waiver | 0.87 | %(d) | 0.84 | % | 0.82 | % | 0.82 | %(d) | ||||||||
Before reimbursement/fee waiver | 0.87 | %(d) | 0.84 | % | 0.82 | % | 0.82 | %(d) | ||||||||
Net investment income, to average net assets(e) | 3.44 | %(d) | 1.65 | % | 1.24 | % | 1.20 | %(d) | ||||||||
Portfolio turnover rate | 87 | %(c) | 91 | % | 92 | % | 69 | %(c) |
For a share outstanding throughout each period
Transamerica Equity | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.85 | $ | 12.07 | $ | 9.83 | $ | 8.87 | $ | 7.44 | $ | 6.86 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.02 | (0.01 | ) | (0.05 | ) | (0.07 | ) | (0.02 | ) | (0.07 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | (0.33 | ) | (5.21 | ) | 2.29 | 1.11 | 1.58 | 0.65 | ||||||||||||||||
Total from investment operations | (0.31 | ) | (5.22 | ) | 2.24 | 1.04 | 1.56 | 0.58 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net realized gains on investments | — | — | — | (0.08 | ) | (0.13 | ) | — | ||||||||||||||||
Total distributions | — | — | — | (0.08 | ) | (0.13 | ) | — | ||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.54 | $ | 6.85 | $ | 12.07 | $ | 9.83 | $ | 8.87 | $ | 7.44 | ||||||||||||
Total return(b) | (4.53 | )%(c) | (43.25 | )% | 22.79 | % | 11.71 | % | 21.16 | % | 8.45 | % | ||||||||||||
Net assets end of period/year | $ | 270,559 | $ | 300,140 | $ | 532,251 | $ | 500,483 | $ | 301,635 | $ | 176,851 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.52 | %(d) | 1.39 | % | 1.40 | % | 1.51 | % | 1.36 | % | 1.50 | % | ||||||||||||
Before reimbursement/fee waiver | 1.66 | %(d) | 1.39 | % | 1.40 | % | 1.51 | % | 1.36 | % | 1.50 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 0.51 | %(d) | (0.07 | )% | (0.48 | )% | (0.70 | )% | (0.27 | )% | (0.90 | )% | ||||||||||||
Portfolio turnover rate | 23 | %(c) | 33 | % | 62 | % | 19 | % | 39 | % | 97 | % |
The notes to the financial statements are an integral part of this report.
54
For a share outstanding throughout each period
Transamerica Equity | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.42 | $ | 11.39 | $ | 9.35 | $ | 8.49 | $ | 7.19 | $ | 6.68 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | — | (f) | (0.08 | ) | (0.12 | ) | (0.12 | ) | (0.08 | ) | (0.11 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | (0.32 | ) | (4.89 | ) | 2.16 | 1.06 | 1.51 | 0.62 | ||||||||||||||||
Total from investment operations | (0.32 | ) | (4.97 | ) | 2.04 | 0.94 | 1.43 | 0.51 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net realized gains on investments | — | — | — | (0.08 | ) | (0.13 | ) | — | ||||||||||||||||
Total distributions | — | — | — | (0.08 | ) | (0.13 | ) | — | ||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.10 | $ | 6.42 | $ | 11.39 | $ | 9.35 | $ | 8.49 | $ | 7.19 | ||||||||||||
Total return(b) | (4.98 | )%(c) | (43.63 | )% | 21.82 | % | 11.06 | % | 20.03 | % | 7.68 | % | ||||||||||||
Net assets end of period/year | $ | 44,507 | $ | 59,479 | $ | 191,007 | $ | 222,144 | $ | 49,865 | $ | 47,928 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.17 | %(d) | 2.17 | % | 2.17 | % | 2.17 | % | 2.18 | % | 2.20 | % | ||||||||||||
Before reimbursement/fee waiver | 2.64 | %(d) | 2.21 | % | 2.21 | % | 2.34 | % | 2.61 | % | 2.72 | % | ||||||||||||
Net investment loss, to average net assets(e) | (0.12 | )%(d) | (0.87 | )% | (1.25 | )% | (1.34 | )% | (0.99 | )% | (1.62 | )% | ||||||||||||
Portfolio turnover rate | 23 | %(c) | 33 | % | 62 | % | 19 | % | 39 | % | 97 | % |
For a share outstanding throughout each period
Transamerica Equity | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.44 | $ | 11.42 | $ | 9.37 | $ | 8.50 | $ | 7.20 | $ | 6.68 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | — | (f) | (0.07 | ) | (0.11 | ) | (0.12 | ) | (0.08 | ) | (0.11 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | (0.31 | ) | (4.91 | ) | 2.16 | 1.07 | 1.51 | 0.63 | ||||||||||||||||
Total from investment operations | (0.31 | ) | (4.98 | ) | 2.05 | 0.95 | 1.43 | 0.52 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net realized gains on investments | — | — | — | (0.08 | ) | (0.13 | ) | — | ||||||||||||||||
Total distributions | — | — | — | (0.08 | ) | (0.13 | ) | — | ||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.13 | $ | 6.44 | $ | 11.42 | $ | 9.37 | $ | 8.50 | $ | 7.20 | ||||||||||||
Total return(b) | (4.81 | )%(c) | (43.61 | )% | 21.88 | % | 11.16 | % | 20.05 | % | 7.78 | % | ||||||||||||
Net assets end of period/year | $ | 37,088 | $ | 46,676 | $ | 101,226 | $ | 97,047 | $ | 23,656 | $ | 21,808 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.17 | %(d) | 2.04 | % | 2.07 | % | 2.10 | % | 2.18 | % | 2.20 | % | ||||||||||||
Before reimbursement/fee waiver | 2.35 | %(d) | 2.04 | % | 2.07 | % | 2.10 | % | 2.31 | % | 2.55 | % | ||||||||||||
Net investment loss, to average net assets(e) | (0.13 | )%(d) | (0.72 | )% | (1.15 | )% | (1.27 | )% | (1.00 | )% | (1.63 | )% | ||||||||||||
Portfolio turnover rate | 23 | %(c) | 33 | % | 62 | % | 19 | % | 39 | % | 97 | % |
The notes to the financial statements are an integral part of this report.
55
For a share outstanding throughout each period
Transamerica Equity | ||||||||||||||||
Class I | ||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | |||||||||||||
(unaudited) | 2008 | 2007 | 2006(g) | |||||||||||||
Net asset value | ||||||||||||||||
Beginning of period/year | $ | 6.99 | $ | 12.23 | $ | 9.90 | $ | 9.17 | ||||||||
Investment operations | ||||||||||||||||
Net investment income(a) | 0.04 | 0.06 | 0.01 | — | (f) | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.34 | ) | (5.30 | ) | 2.32 | 0.81 | ||||||||||
Total from investment operations | (0.30 | ) | (5.24 | ) | 2.33 | 0.81 | ||||||||||
Distributions | ||||||||||||||||
Net investment income | (0.04 | ) | — | — | — | |||||||||||
Net realized gains on investments | — | — | — | (0.08 | ) | |||||||||||
Total distributions | (0.04 | ) | — | — | (0.08 | ) | ||||||||||
Net asset value | ||||||||||||||||
End of period/year | $ | 6.65 | $ | 6.99 | $ | 12.23 | $ | 9.90 | ||||||||
Total return(b) | (4.25 | )%(c) | (42.85 | )% | 23.54 | % | 8.83 | %(c) | ||||||||
Net assets end of period/year | $ | 454,741 | $ | 500,722 | $ | 888,019 | $ | 714,803 | ||||||||
Ratio and supplemental data | ||||||||||||||||
Expenses to average net assets | ||||||||||||||||
After reimbursement/fee waiver | 0.80 | %(d) | 0.75 | % | 0.78 | % | 0.81 | %(d) | ||||||||
Before reimbursement/fee waiver | 0.80 | %(d) | 0.75 | % | 0.78 | % | 0.81 | %(d) | ||||||||
Net investment income, to average net assets(e) | 1.23 | %(d) | 0.55 | % | 0.13 | % | 0.02 | %(d) | ||||||||
Portfolio turnover rate | 23 | %(c) | 33 | % | 62 | % | 19 | %(c) |
For a share outstanding throughout each period
Transamerica Equity | ||||||||||||||||
Class T | ||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | |||||||||||||
(unaudited) | 2008 | 2007 | 2006(h) | |||||||||||||
Net asset value | ||||||||||||||||
Beginning of period/year | $ | 19.14 | $ | 33.53 | $ | 27.18 | $ | 27.10 | ||||||||
Investment operations | ||||||||||||||||
Net investment income(a) | 0.08 | 0.12 | — | — | (f) | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.92 | ) | (14.51 | ) | 6.35 | 0.08 | ||||||||||
Total from investment operations | (0.84 | ) | (14.39 | ) | 6.35 | 0.08 | ||||||||||
Distributions | ||||||||||||||||
Net investment income | — | (f) | — | — | — | |||||||||||
Total distributions | — | (f) | — | — | — | |||||||||||
Net asset value | ||||||||||||||||
End of period/year | $ | 18.30 | $ | 19.14 | $ | 33.53 | $ | 27.18 | ||||||||
Total return(b) | (4.38 | )%(c) | (42.92 | )% | 23.36 | % | 0.30 | %(c) | ||||||||
Net assets end of period/year | $ | 79,859 | $ | 90,881 | $ | 183,495 | $ | 195,420 | ||||||||
Ratio and supplemental data | ||||||||||||||||
Expenses to average net assets | ||||||||||||||||
After reimbursement/fee waiver | 1.02 | %(d) | 0.89 | % | 0.91 | % | 0.84 | %(d) | ||||||||
Before reimbursement/fee waiver | 1.02 | %(d) | 0.89 | % | 0.91 | % | 0.84 | %(d) | ||||||||
Net investment income (loss), to average net assets(e) | 1.01 | %(d) | 0.42 | % | 0.01 | % | (0.21 | )%(d) | ||||||||
Portfolio turnover rate | 23 | %(c) | 33 | % | 62 | % | 19 | %(c) |
The notes to the financial statements are an integral part of this report.
56
For a share outstanding throughout each period
Transamerica Flexible Income | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 7.22 | $ | 9.14 | $ | 9.38 | $ | 9.31 | $ | 9.68 | $ | 10.21 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.22 | 0.44 | 0.48 | 0.43 | 0.37 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.02 | (1.89 | ) | (0.25 | ) | 0.05 | (0.32 | ) | 0.14 | |||||||||||||||
Total from investment operations | 0.24 | (1.45 | ) | 0.23 | 0.48 | 0.05 | 0.52 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.47 | ) | (0.47 | ) | (0.41 | ) | (0.38 | ) | (0.38 | ) | ||||||||||||
Net realized gains on investments | — | — | — | — | — | (0.63 | ) | |||||||||||||||||
Return of capital | — | — | — | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
Total distributions | (0.22 | ) | (0.47 | ) | (0.47 | ) | (0.41 | ) | (0.42 | ) | (1.05 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 7.24 | $ | 7.22 | $ | 9.14 | $ | 9.38 | $ | 9.31 | $ | 9.68 | ||||||||||||
Total return(b) | 3.52 | %(c) | (16.57 | )% | 2.42 | % | 5.34 | % | 0.47 | % | 5.72 | % | ||||||||||||
Net assets end of period/year | $ | 15,386 | $ | 13,360 | $ | 15,409 | $ | 17,005 | $ | 140,203 | $ | 80,201 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.49 | %(d) | 1.39 | % | 1.40 | % | 1.47 | % | 1.25 | % | 1.43 | % | ||||||||||||
Before reimbursement/fee waiver | 1.49 | %(d) | 1.39 | % | 1.40 | % | 1.47 | % | 1.25 | % | 1.43 | % | ||||||||||||
Net investment income, to average net assets (e) | 6.13 | %(d) | 5.12 | % | 5.12 | % | 4.64 | % | 3.85 | % | 3.89 | % | ||||||||||||
Portfolio turnover rate | 90 | %(c) | 98 | % | 108 | % | 110 | % | 58 | % | 169 | % |
For a share outstanding throughout each period
Transamerica Flexible Income | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 7.23 | $ | 9.14 | $ | 9.39 | $ | 9.32 | $ | 9.68 | $ | 10.20 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.19 | 0.38 | 0.42 | 0.38 | 0.29 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.03 | (1.88 | ) | (0.26 | ) | 0.06 | (0.32 | ) | 0.15 | |||||||||||||||
Total from investment operations | 0.22 | (1.50 | ) | 0.16 | 0.44 | (0.03 | ) | 0.47 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.41 | ) | (0.41 | ) | (0.37 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||
Net realized gains on investments | — | — | — | — | — | (0.63 | ) | |||||||||||||||||
Return of capital | — | — | — | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
Total distributions | (0.20 | ) | (0.41 | ) | (0.41 | ) | (0.37 | ) | (0.33 | ) | (0.99 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 7.25 | $ | 7.23 | $ | 9.14 | $ | 9.39 | $ | 9.32 | $ | 9.68 | ||||||||||||
Total return(b) | 3.15 | %(c) | (17.03 | )% | 1.66 | % | 4.81 | % | (0.36 | )% | 5.13 | % | ||||||||||||
Net assets end of period/year | $ | 8,431 | $ | 8,628 | $ | 17,007 | $ | 23,501 | $ | 32,560 | $ | 45,338 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.21 | %(d) | 2.05 | % | 2.04 | % | 2.08 | % | 2.08 | % | 2.03 | % | ||||||||||||
Before reimbursement/fee waiver | 2.21 | %(d) | 2.05 | % | 2.04 | % | 2.08 | % | 2.08 | % | 2.03 | % | ||||||||||||
Net investment income, to average net assets (e) | 5.39 | %(d) | 4.42 | % | 4.48 | % | 4.08 | % | 3.02 | % | 3.25 | % | ||||||||||||
Portfolio turnover rate | 90 | %(c) | 98 | % | 108 | % | 110 | % | 58 | % | 169 | % |
The notes to the financial statements are an integral part of this report.
57
For a share outstanding throughout each period
Transamerica Flexible Income | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 7.21 | $ | 9.12 | $ | 9.36 | $ | 9.30 | $ | 9.67 | $ | 10.20 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.19 | 0.39 | 0.42 | 0.39 | 0.29 | 0.33 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.02 | (1.88 | ) | (0.25 | ) | 0.04 | (0.33 | ) | 0.13 | |||||||||||||||
Total from investment operations | 0.21 | (1.49 | ) | 0.17 | 0.43 | (0.04 | ) | 0.46 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.42 | ) | (0.41 | ) | (0.37 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||
Net realized gains on investments | — | — | — | — | — | (0.63 | ) | |||||||||||||||||
Return of capital | — | — | — | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
Total distributions | (0.20 | ) | (0.42 | ) | (0.41 | ) | (0.37 | ) | (0.33 | ) | (0.99 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 7.22 | $ | 7.21 | $ | 9.12 | $ | 9.36 | $ | 9.30 | $ | 9.67 | ||||||||||||
Total return(b) | 3.10 | %(c) | (16.98 | )% | 1.81 | % | 4.74 | % | (0.40 | )% | 5.02 | % | ||||||||||||
Net assets end of period/year | $ | 6,752 | $ | 5,981 | $ | 8,982 | $ | 12,519 | $ | 13,439 | $ | 19,675 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.10 | %(d) | 1.97 | % | 2.00 | % | 2.07 | % | 2.11 | % | 2.10 | % | ||||||||||||
Before reimbursement/fee waiver | 2.10 | %(d) | 1.97 | % | 2.00 | % | 2.07 | % | 2.11 | % | 2.10 | % | ||||||||||||
Net investment income, to average net assets (e) | 5.52 | %(d) | 4.52 | % | 4.51 | % | 4.15 | % | 2.99 | % | 3.37 | % | ||||||||||||
Portfolio turnover rate | 90 | %(c) | 98 | % | 108 | % | 110 | % | 58 | % | 169 | % |
For a share outstanding throughout each period
Transamerica Flexible Income | ||||||||||||||||||||
Class I | ||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005(i) | ||||||||||||||||
Net asset value | ||||||||||||||||||||
Beginning of period/year | $ | 7.25 | $ | 9.17 | $ | 9.42 | $ | 9.35 | $ | 9.68 | ||||||||||
Investment operations | ||||||||||||||||||||
Net investment income(a) | 0.23 | 0.50 | 0.53 | 0.50 | 0.40 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.04 | (1.90 | ) | (0.26 | ) | 0.05 | (0.32 | ) | ||||||||||||
Total from investment operations | 0.27 | (1.40 | ) | 0.27 | 0.55 | 0.08 | ||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | (0.25 | ) | (0.52 | ) | (0.52 | ) | (0.48 | ) | (0.37 | ) | ||||||||||
Net realized gains on investments | — | — | — | — | (0.04 | ) | ||||||||||||||
Total distributions | (0.25 | ) | (0.52 | ) | (0.52 | ) | (0.48 | ) | (0.41 | ) | ||||||||||
Net asset value | ||||||||||||||||||||
End of period/year | $ | 7.27 | $ | 7.25 | $ | 9.17 | $ | 9.42 | $ | 9.35 | ||||||||||
Total return(b) | 3.89 | %(c) | (16.02 | )% | 2.93 | % | 6.04 | % | 0.85 | %(c) | ||||||||||
Net assets end of period/year | $ | 95,851 | $ | 128,108 | $ | 370,611 | $ | 221,116 | $ | 110,709 | ||||||||||
Ratio and supplemental data | ||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||
After reimbursement/fee waiver | 0.85 | %(d) | 0.77 | % | 0.80 | % | 0.86 | % | 0.85 | %(d) | ||||||||||
Before reimbursement/fee waiver | 0.85 | %(d) | 0.77 | % | 0.80 | % | 0.86 | % | 0.85 | %(d) | ||||||||||
Net investment income, to average net assets (e) | 6.73 | %(d) | 5.67 | % | 5.71 | % | 5.35 | % | 4.25 | %(d) | ||||||||||
Portfolio turnover rate | 90 | %(c) | 98 | % | 108 | % | 110 | % | 58 | %(c) |
The notes to the financial statements are an integral part of this report.
58
For a share outstanding throughout each period
Transamerica Growth Opportunities | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.57 | $ | 11.40 | $ | 8.36 | $ | 7.85 | $ | 6.61 | $ | 5.95 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | (0.01 | ) | (0.06 | ) | (0.09 | ) | (0.07 | ) | (0.02 | ) | (0.03 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.03 | (4.77 | ) | 3.13 | 0.58 | 1.26 | 0.69 | |||||||||||||||||
Total from investment operations | 0.02 | (4.83 | ) | 3.04 | 0.51 | 1.24 | 0.66 | |||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.59 | $ | 6.57 | $ | 11.40 | $ | 8.36 | $ | 7.85 | $ | 6.61 | ||||||||||||
Total return(b) | 0.30 | %(c) | (42.37 | )% | 36.20 | % | 6.62 | % | 18.76 | % | 11.09 | % | ||||||||||||
Net assets end of period/year | $ | 42,495 | $ | 41,005 | $ | 64,825 | $ | 56,588 | $ | 256,559 | $ | 230,633 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.75 | %(d) | 1.75 | % | 1.75 | % | 1.72 | % | 1.41 | % | 1.43 | % | ||||||||||||
Before reimbursement/fee waiver | 2.27 | %(d) | 1.81 | % | 1.77 | % | 1.72 | % | 1.41 | % | 1.43 | % | ||||||||||||
Net investment loss, to average net assets (e) | (0.23 | )%(d) | (0.69 | )% | (1.00 | )% | (0.89 | )% | (0.30 | )% | (0.47 | )% | ||||||||||||
Portfolio turnover rate | 34 | %(c) | 45 | % | 85 | % | 59 | % | 34 | % | 43 | % |
For a share outstanding throughout each period
Transamerica Growth Opportunities | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.13 | $ | 10.72 | $ | 7.92 | $ | 7.48 | $ | 6.37 | $ | 5.79 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | (0.02 | ) | (0.12 | ) | (0.14 | ) | (0.13 | ) | (0.09 | ) | (0.09 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.02 | (4.47 | ) | 2.94 | 0.57 | 1.20 | 0.67 | |||||||||||||||||
Total from investment operations | — | (4.59 | ) | 2.80 | 0.44 | 1.11 | 0.58 | |||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.13 | $ | 6.13 | $ | 10.72 | $ | 7.92 | $ | 7.48 | $ | 6.37 | ||||||||||||
Total return(b) | — | %(c) | (42.82 | )% | 35.35 | % | 5.88 | % | 17.43 | % | 10.02 | % | ||||||||||||
Net assets end of period/year | $ | 16,006 | $ | 20,823 | $ | 65,123 | $ | 66,098 | $ | 74,589 | $ | 77,869 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.40 | %(d) | 2.40 | % | 2.40 | % | 2.40 | % | 2.40 | % | 2.40 | % | ||||||||||||
Before reimbursement/fee waiver | 2.99 | %(d) | 2.46 | % | 2.45 | % | 2.46 | % | 2.61 | % | 2.64 | % | ||||||||||||
Net investment loss, to average net assets (e) | (0.83 | )%(d) | (1.39 | )% | (1.66 | )% | (1.57 | )% | (1.29 | )% | (1.44 | )% | ||||||||||||
Portfolio turnover rate | 34 | %(c) | 45 | % | 85 | % | 59 | % | 34 | % | 43 | % |
The notes to the financial statements are an integral part of this report.
59
For a share outstanding throughout each period
Transamerica Growth Opportunities | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.16 | $ | 10.74 | $ | 7.94 | $ | 7.49 | $ | 6.38 | $ | 5.79 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | (0.02 | ) | (0.11 | ) | (0.14 | ) | (0.12 | ) | (0.09 | ) | (0.10 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.02 | (4.47 | ) | 2.94 | 0.57 | 1.20 | 0.69 | |||||||||||||||||
Total from investment operations | — | (4.58 | ) | 2.80 | 0.45 | 1.11 | 0.59 | |||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.16 | $ | 6.16 | $ | 10.74 | $ | 7.94 | $ | 7.49 | $ | 6.38 | ||||||||||||
Total return(b) | — | %(c), | (42.64 | )% | 35.26 | % | 6.01 | % | 17.40 | % | 10.19 | % | ||||||||||||
Net assets end of period/year | $ | 9,820 | $ | 10,619 | $ | 22,656 | $ | 21,688 | $ | 25,432 | $ | 28,103 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.40 | %(d) | 2.34 | % | 2.36 | % | 2.38 | % | 2.40 | % | 2.40 | % | ||||||||||||
Before reimbursement/fee waiver | 2.72 | %(d) | 2.34 | % | 2.36 | % | 2.38 | % | 2.54 | % | 2.65 | % | ||||||||||||
Net investment loss, to average net assets (e) | (0.86 | )%(d) | (1.29 | )% | (1.61 | )% | (1.54 | )% | (1.29 | )% | (1.58 | )% | ||||||||||||
Portfolio turnover rate | 34 | %(c) | 45 | % | 85 | % | 59 | % | 34 | % | 43 | % |
For a share outstanding throughout each period
Transamerica Growth Opportunities | ||||||||||||||||
Class I | ||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | |||||||||||||
(unaudited) | 2008 | 2007 | 2006(g) | |||||||||||||
Net asset value | ||||||||||||||||
Beginning of period/year | $ | 6.74 | $ | 11.59 | $ | 8.43 | $ | 7.99 | ||||||||
Investment operations | ||||||||||||||||
Net investment income (loss)(a) | 0.02 | 0.01 | (0.01 | ) | — | (f) | ||||||||||
Net realized and unrealized gain (loss) on investments | 0.02 | (4.86 | ) | 3.17 | 0.44 | |||||||||||
Total from investment operations | 0.04 | (4.85 | ) | 3.16 | 0.44 | |||||||||||
Net asset value | ||||||||||||||||
End of period/year | $ | 6.78 | $ | 6.74 | $ | 11.59 | $ | 8.43 | ||||||||
Total return(b) | 0.59 | %(c) | (41.85 | )% | 37.49 | % | 5.51 | %(c) | ||||||||
Net assets end of period/year | $ | 89,788 | $ | 86,425 | $ | 206,863 | $ | 214,775 | ||||||||
Ratio and supplemental data | ||||||||||||||||
Expenses to average net assets | ||||||||||||||||
After reimbursement/fee waiver | 0.91 | %(d) | 0.86 | % | 0.88 | % | 0.88 | %(d) | ||||||||
Before reimbursement/fee waiver | 0.91 | %(d) | 0.86 | % | 0.88 | % | 0.88 | %(d) | ||||||||
Net investment income (loss), to average net assets(e) | 0.61 | %(d) | 0.15 | % | (0.15 | )% | (0.06 | )%(d) | ||||||||
Portfolio turnover rate | 34 | %(c) | 45 | % | 85 | % | 59 | %(c) |
The notes to the financial statements are an integral part of this report.
60
For a share outstanding throughout each period
Transamerica High Yield Bond | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.31 | $ | 9.12 | $ | 9.19 | $ | 8.97 | $ | 9.37 | $ | 9.08 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.34 | 0.64 | 0.60 | 0.61 | 0.56 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.60 | (2.83 | ) | (0.07 | ) | 0.19 | (0.37 | ) | 0.29 | |||||||||||||||
Total from investment operations | 0.94 | (2.19 | ) | 0.53 | 0.80 | 0.19 | 0.81 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.35 | ) | (0.62 | ) | (0.60 | ) | (0.58 | ) | (0.59 | ) | (0.52 | ) | ||||||||||||
Total distributions | (0.35 | ) | (0.62 | ) | (0.60 | ) | (0.58 | ) | (0.59 | ) | (0.52 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.90 | $ | 6.31 | $ | 9.12 | $ | 9.19 | $ | 8.97 | $ | 9.37 | ||||||||||||
Total return(b) | 15.83 | %(c) | (25.46 | )% | 5.90 | % | 9.27 | % | 2.06 | % | 9.23 | % | ||||||||||||
Net assets end of period/year | $ | 33,996 | $ | 24,506 | $ | 35,147 | $ | 43,514 | $ | 336,340 | $ | 309,223 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.20 | %(d) | 1.16 | % | 1.15 | % | 1.16 | % | 1.05 | % | 1.08 | % | ||||||||||||
Before reimbursement/fee waiver | 1.20 | %(d) | 1.16 | % | 1.15 | % | 1.16 | % | 1.05 | % | 1.08 | % | ||||||||||||
Net investment income, to average net assets(e) | 10.79 | %(d) | 7.65 | % | 6.45 | % | 6.77 | % | 6.04 | % | 5.67 | % | ||||||||||||
Portfolio turnover rate | 18 | %(c) | 38 | % | 80 | % | 73 | % | 71 | % | 49 | % |
For a share outstanding throughout each period
Transamerica High Yield Bond | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.30 | $ | 9.11 | $ | 9.18 | $ | 8.97 | $ | 9.37 | $ | 9.08 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.31 | 0.58 | 0.53 | 0.55 | 0.48 | 0.46 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.61 | (2.83 | ) | (0.06 | ) | 0.19 | (0.37 | ) | 0.29 | |||||||||||||||
Total from investment operations | 0.92 | (2.25 | ) | 0.47 | 0.74 | 0.11 | 0.75 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.56 | ) | (0.54 | ) | (0.53 | ) | (0.51 | ) | (0.46 | ) | ||||||||||||
Total distributions | (0.32 | ) | (0.56 | ) | (0.54 | ) | (0.53 | ) | (0.51 | ) | (0.46 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.90 | $ | 6.30 | $ | 9.11 | $ | 9.18 | $ | 8.97 | $ | 9.37 | ||||||||||||
Total return(b) | 15.56 | %(c) | (26.04 | )% | 5.19 | % | 8.53 | % | 1.21 | % | 8.52 | % | ||||||||||||
Net assets end of period/year | $ | 9,921 | $ | 9,091 | $ | 21,370 | $ | 27,753 | $ | 37,006 | $ | 49,422 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.96 | %(d) | 1.85 | % | 1.83 | % | 1.83 | % | 1.85 | % | 1.72 | % | ||||||||||||
Before reimbursement/fee waiver | 1.96 | %(d) | 1.85 | % | 1.83 | % | 1.83 | % | 1.85 | % | 1.72 | % | ||||||||||||
Net investment income, to average net assets(e) | 10.07 | %(d) | 6.83 | % | 5.77 | % | 6.12 | % | 5.18 | % | 5.05 | % | ||||||||||||
Portfolio turnover rate | 18 | %(c) | 38 | % | 80 | % | 73 | % | 71 | % | 49 | % |
The notes to the financial statements are an integral part of this report.
61
For a share outstanding throughout each period
Transamerica High Yield Bond | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 6.30 | $ | 9.10 | $ | 9.17 | $ | 8.96 | $ | 9.36 | $ | 9.08 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.31 | 0.58 | 0.53 | 0.55 | 0.47 | 0.46 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.60 | (2.82 | ) | (0.06 | ) | 0.19 | (0.36 | ) | 0.28 | |||||||||||||||
Total from investment operations | 0.91 | (2.24 | ) | 0.47 | 0.74 | 0.11 | 0.74 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.56 | ) | (0.54 | ) | (0.53 | ) | (0.51 | ) | (0.46 | ) | ||||||||||||
Total distributions | (0.33 | ) | (0.56 | ) | (0.54 | ) | (0.53 | ) | (0.51 | ) | (0.46 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.88 | $ | 6.30 | $ | 9.10 | $ | 9.17 | $ | 8.96 | $ | 9.36 | ||||||||||||
Total return(b) | 15.52 | %(c) | (25.89 | )% | 5.21 | % | 8.54 | % | 1.21 | % | 8.41 | % | ||||||||||||
Net assets end of period/year | $ | 10,753 | $ | 5,429 | $ | 10,160 | $ | 11,317 | $ | 15,880 | $ | 25,379 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.84 | %(d) | 1.80 | % | 1.83 | % | 1.83 | % | 1.88 | % | 1.78 | % | ||||||||||||
Before reimbursement/fee waiver | 1.84 | %(d) | 1.80 | % | 1.83 | % | 1.83 | % | 1.88 | % | 1.78 | % | ||||||||||||
Net investment income, to average net assets(e) | 10.03 | %(d) | 6.93 | % | 5.77 | % | 6.12 | % | 5.11 | % | 4.95 | % | ||||||||||||
Portfolio turnover rate | 18 | %(c) | 38 | % | 80 | % | 73 | % | 71 | % | 49 | % |
For a share outstanding throughout each period
Transamerica High Yield Bond | ||||||||||||||||||||
Class I | ||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005(i) | ||||||||||||||||
Net asset value | ||||||||||||||||||||
Beginning of period/year | $ | 6.35 | $ | 9.17 | $ | 9.24 | $ | 9.02 | $ | 9.39 | ||||||||||
Investment operations | ||||||||||||||||||||
Net investment income(a) | 0.35 | 0.69 | 0.65 | 0.67 | 0.59 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.62 | (2.85 | ) | (0.07 | ) | 0.18 | (0.37 | ) | ||||||||||||
Total from investment operations | 0.97 | (2.16 | ) | 0.58 | 0.85 | 0.22 | ||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | (0.37 | ) | (0.66 | ) | (0.65 | ) | (0.63 | ) | (0.59 | ) | ||||||||||
Total distributions | (0.37 | ) | (0.66 | ) | (0.65 | ) | (0.63 | ) | (0.59 | ) | ||||||||||
Net asset value | ||||||||||||||||||||
End of period/year | $ | 6.95 | $ | 6.35 | $ | 9.17 | $ | 9.24 | $ | 9.02 | ||||||||||
Total return(b) | 16.25 | %(c) | (25.05 | )% | 6.39 | % | 9.81 | % | 2.33 | %(c) | ||||||||||
Net assets end of period/year | $ | 344,447 | $ | 418,923 | $ | 331,300 | $ | 315,252 | $ | 40,860 | ||||||||||
Ratio and supplemental data | ||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||
After reimbursement/fee waiver | 0.66 | %(d) | 0.65 | % | 0.65 | % | 0.66 | % | 0.66 | %(d) | ||||||||||
Before reimbursement/fee waiver | 0.66 | %(d) | 0.65 | % | 0.65 | % | 0.66 | % | 0.66 | %(d) | ||||||||||
Net investment income, to average net assets(e) | 11.43 | %(d) | 8.34 | % | 6.96 | % | 7.29 | % | 6.60 | %(d) | ||||||||||
Portfolio turnover rate | 18 | %(c) | 38 | % | 80 | % | 73 | % | 71 | %(c) |
The notes to the financial statements are an integral part of this report.
62
For a share outstanding throughout each period
Transamerica Legg Mason Partners All Cap | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 9.98 | $ | 17.08 | $ | 18.18 | $ | 16.10 | $ | 14.80 | $ | 13.95 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.05 | 0.12 | 0.07 | 0.09 | 0.06 | (0.03 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.80 | ) | (5.73 | ) | 1.49 | 2.55 | 1.24 | 0.88 | ||||||||||||||||
Total from investment operations | (0.75 | ) | (5.61 | ) | 1.56 | 2.64 | 1.30 | 0.85 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | — | (0.06 | ) | (0.01 | ) | — | (f) | — | ||||||||||||||
Net realized gains on investments | — | (1.49 | ) | (2.60 | ) | (0.55 | ) | — | — | |||||||||||||||
Total distributions | (0.15 | ) | (1.49 | ) | (2.66 | ) | (0.56 | ) | — | (f) | — | |||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 9.08 | $ | 9.98 | $ | 17.08 | $ | 18.18 | $ | 16.10 | $ | 14.80 | ||||||||||||
Total return(b) | (7.58 | )%(c) | (35.81 | )% | 9.27 | % | 16.74 | % | 8.79 | % | 6.09 | % | ||||||||||||
Net assets end of period/year | $ | 26,920 | $ | 28,237 | $ | 49,938 | $ | 55,622 | $ | 173,929 | $ | 438,047 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.55 | %(d) | 1.55 | % | 1.55 | % | 1.55 | % | 1.32 | % | 1.33 | % | ||||||||||||
Before reimbursement/fee waiver | 1.91 | %(d) | 1.59 | % | 1.56 | % | 1.57 | % | 1.32 | % | 1.33 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 1.15 | %(d) | 0.85 | % | 0.42 | % | 0.52 | % | 0.36 | % | (0.17 | )% | ||||||||||||
Portfolio turnover rate | 15 | %(c) | 27 | % | 17 | % | 25 | % | 27 | % | 25 | % |
For a share outstanding throughout each period
Transamerica Legg Mason Partners All Cap | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 9.24 | $ | 16.01 | $ | 17.24 | $ | 15.39 | $ | 14.27 | $ | 13.53 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.02 | 0.02 | (0.03 | ) | (0.03 | ) | (0.09 | ) | (0.11 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.75 | ) | (5.30 | ) | 1.40 | 2.43 | 1.21 | 0.85 | ||||||||||||||||
Total from investment operations | (0.73 | ) | (5.28 | ) | 1.37 | 2.40 | 1.12 | 0.74 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.03 | ) | — | — | — | (f) | — | — | ||||||||||||||||
Net realized gains on investments | — | (1.49 | ) | (2.60 | ) | (0.55 | ) | — | — | |||||||||||||||
Total distributions | (0.03 | ) | (1.49 | ) | (2.60 | ) | (0.55 | ) | — | — | ||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 8.48 | $ | 9.24 | $ | 16.01 | $ | 17.24 | $ | 15.39 | $ | 14.27 | ||||||||||||
Total return(b) | (7.93 | )%(c) | (36.18 | ) | % 8.57 | % | 15.97 | % | 7.84 | % 5.48 | % | |||||||||||||
Net assets end of period/year | $ | 23,175 | $ | 33,670 | $ | 88,268 | $ | 109,567 | $ | 123,494 | $ | 150,829 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.20 | %(d) | 2.20 | % | 2.19 | % | 2.20 | % | 2.19 | % | 1.97 | % | ||||||||||||
Before reimbursement/fee waiver | 2.66 | %(d) | 2.24 | % | 2.19 | % | 2.21 | % | 2.19 | % | 1.97 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 0.57 | %(d) | 0.20 | % | (0.22 | )% | (0.17 | )% | (0.58 | )% | (0.80 | )% | ||||||||||||
Portfolio turnover rate | 15 | %(c) | 27 | % | 17 | % | 25 | % | 27 | % | 25 | % |
The notes to the financial statements are an integral part of this report.
63
For a share outstanding throughout each period
Transamerica Legg Mason Partners All Cap | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 9.26 | $ | 16.04 | $ | 17.25 | $ | 15.39 | $ | 14.26 | $ | 13.53 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.02 | 0.03 | (0.02 | ) | (0.02 | ) | (0.08 | ) | (0.12 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.76 | ) | (5.32 | ) | 1.41 | 2.43 | 1.21 | 0.85 | ||||||||||||||||
Total from investment operations | (0.74 | ) | (5.29 | ) | 1.39 | 2.41 | 1.13 | 0.73 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.05 | ) | — | — | — | (f) | — | — | ||||||||||||||||
Net realized gains on investments | — | (1.49 | ) | (2.60 | ) | (0.55 | ) | — | — | |||||||||||||||
Total distributions | (0.05 | ) | (1.49 | ) | (2.60 | ) | (0.55 | ) | — | — | ||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 8.47 | $ | 9.26 | $ | 16.04 | $ | 17.25 | $ | 15.39 | $ | 14.26 | ||||||||||||
Total return(b) | (7.97 | )%(c) | (36.17 | )% | 8.70 | % | 16.04 | % | 7.89 | % | 5.43 | % | ||||||||||||
Net assets end of period/year | $ | 12,396 | $ | 15,316 | $ | 35,568 | $ | 41,340 | $ | 49,909 | $ | 65,391 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.20 | %(d) | 2.15 | % | 2.13 | % | 2.15 | % | 2.15 | % | 1.99 | % | ||||||||||||
Before reimbursement/fee waiver | 2.44 | %(d) | 2.15 | % | 2.13 | % | 2.15 | % | 2.15 | % | 1.99 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 0.54 | %(d) | 0.26 | % | (0.15 | )% | (0.12 | )% | (0.53 | )% | (0.83 | )% | ||||||||||||
Portfolio turnover rate | 15 | %(c) | 27 | % | 17 | % | 25 | % | 27 | % | 25 | % |
For a share outstanding throughout each period
Transamerica Money Market | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | — | (f) | 0.02 | 0.05 | 0.04 | 0.02 | — | (f) | ||||||||||||||||
Net realized and unrealized gain on investments | — | — | (f) | — | — | — | — | |||||||||||||||||
Total from investment operations | — | (f) | 0.02 | 0.05 | 0.04 | 0.02 | — | (f) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (f) | (0.02 | ) | (0.05 | ) | (0.04 | ) | (0.02 | ) | — | (f) | ||||||||||||
Net realized gains on investments | — | — | — | (f) | — | — | — | |||||||||||||||||
Total distributions | — | (f) | (0.02 | ) | (0.05 | ) | (0.04 | ) | (0.02 | ) | — | (f) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return(b) | 0.21 | %(c) | 2.52 | % | 4.61 | % | 4.09 | % | 2.10 | % | 0.42 | % | ||||||||||||
Net assets end of period/year | $ | 155,852 | $ | 142,456 | $ | 95,766 | $ | 78,716 | $ | 150,804 | $ | 185,311 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets(k)(l) | ||||||||||||||||||||||||
After reimbursement/fee waiver | 0.80 | %(d) | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||||
Before reimbursement/fee waiver | 1.06 | %(d) | 1.08 | % | 1.20 | % | 1.23 | % | 1.05 | % | 1.19 | % | ||||||||||||
Net investment income, to average net assets(e) | 0.41 | %(d) | 2.40 | % | 4.54 | % | 3.98 | % | 2.08 | % | 0.45 | % |
The notes to the financial statements are an integral part of this report.
64
For a share outstanding throughout each period
Transamerica Money Market | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | — | (f) | 0.02 | 0.04 | 0.03 | 0.02 | — | (f) | ||||||||||||||||
Net realized and unrealized gain on investments | — | — | (f) | — | — | — | — | |||||||||||||||||
Total from investment operations | — | (f) | 0.02 | 0.04 | 0.03 | 0.02 | — | (f) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (f) | (0.02 | ) | (0.04 | ) | (0.03 | ) | (0.02 | ) | — | (f) | ||||||||||||
Net realized gains on investments | — | — | — | (f) | — | — | — | |||||||||||||||||
Total distributions | — | (f) | (0.02 | ) | (0.04 | ) | (0.03 | ) | (0.02 | ) | — | (f) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return(b) | 0.08 | %(c) | 1.83 | % | 3.92 | % | 3.41 | % | 1.60 | % | 0.14 | % | ||||||||||||
Net assets end of period/year | $ | 45,161 | $ | 40,110 | $ | 23,324 | $ | 25,727 | $ | 31,647 | $ | 40,203 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets(k)(l) | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.03 | %(d) | 1.48 | % | 1.48 | % | 1.48 | % | 1.32 | % | 1.10 | % | ||||||||||||
Before reimbursement/fee waiver | 1.70 | %(d) | 1.75 | % | 1.83 | % | 1.80 | % | 1.79 | % | 1.81 | % | ||||||||||||
Net investment income, to average net assets(e) | 0.16 | %(d) | 1.75 | % | 3.87 | % | 3.50 | % | 1.57 | % | 0.13 | % |
For a share outstanding throughout each period
Transamerica Money Market | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | — | (f) | 0.02 | 0.04 | 0.03 | 0.02 | — | (f) | ||||||||||||||||
Net realized and unrealized gain on investments | — | — | (f) | — | — | — | — | |||||||||||||||||
Total from investment operations | — | (f) | 0.02 | 0.04 | 0.03 | 0.02 | — | (f) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (f) | (0.02 | ) | (0.04 | ) | (0.03 | ) | (0.02 | ) | — | (f) | ||||||||||||
Net realized gains on investments | — | — | — | (f) | — | — | — | |||||||||||||||||
Total distributions | — | (f) | (0.02 | ) | (0.04 | ) | (0.03 | ) | (0.02 | ) | — | (f) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return(b) | 0.07 | %(c) | 1.86 | % | 3.92 | % | 3.16 | % | 1.87 | % | 0.14 | % | ||||||||||||
Net assets end of period/year | $ | 69,453 | $ | 59,991 | $ | 19,638 | $ | 17,286 | $ | 15,997 | $ | 22,277 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets(k)(l) | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.04 | %(d) | 1.48 | % | 1.48 | % | 1.48 | % | 1.26 | % | 0.98 | % | ||||||||||||
Before reimbursement/fee waiver | 1.60 | %(d) | 1.67 | % | 1.73 | % | 1.82 | % | 1.89 | % | 1.96 | % | ||||||||||||
Net investment income, to average net assets(e) | 0.14 | %(d) | 1.65 | % | 3.88 | % | 3.40 | % | 1.61 | % | 0.43 | % |
The notes to the financial statements are an integral part of this report.
65
For a share outstanding throughout each period
Transamerica Money Market | ||||||||||||||||
Class I | ||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | |||||||||||||
(unaudited) | 2008 | 2007 | 2006(g) | |||||||||||||
Net asset value | ||||||||||||||||
Beginning of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Investment operations | ||||||||||||||||
Net investment income(a) | — | (f) | 0.03 | 0.05 | 0.04 | |||||||||||
Net realized and unrealized gain on investments | — | — | (f) | — | — | |||||||||||
Total from investment operations | — | (f) | 0.03 | 0.05 | 0.04 | |||||||||||
Distributions | ||||||||||||||||
Net investment income | — | (f) | (0.03 | ) | (0.05 | ) | (0.04 | ) | ||||||||
Net realized gains on investments | — | — | — | (f) | — | |||||||||||
Total distributions | — | (f) | (0.03 | ) | (0.05 | ) | (0.04 | ) | ||||||||
Net asset value | ||||||||||||||||
End of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return(b) | 0.34 | %(c) | 2.84 | % | 4.98 | % | 4.30 | %(c) | ||||||||
Net assets end of period/year | $ | 38,612 | $ | 29,327 | $ | 34,673 | $ | 26,466 | ||||||||
Ratio and supplemental data | ||||||||||||||||
Expenses to average net assets(l) | ||||||||||||||||
After reimbursement/fee waiver | 0.51 | %(d) | 0.48 | % | 0.48 | % | 0.48 | %(d) | ||||||||
Before reimbursement/fee waiver | 0.53 | %(d) | 0.49 | % | 0.52 | % | 0.51 | %(d) | ||||||||
Net investment income, to average net assets(e) | 0.69 | %(d) | 2.89 | % | 4.88 | % | 4.39 | %(d) |
For a share outstanding throughout each period
Transamerica Science & Technology | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 2.84 | $ | 5.67 | $ | 3.91 | $ | 3.82 | $ | 3.80 | $ | 3.61 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.01 | ) | (0.04 | ) | (0.05 | ) | (0.03 | ) | 0.03 | (0.04 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 0.06 | (2.61 | ) | 1.81 | 0.18 | 0.02 | 0.23 | |||||||||||||||||
Total from investment operations | 0.05 | (2.65 | ) | 1.76 | 0.15 | 0.05 | 0.19 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (0.03 | ) | — | |||||||||||||||||
Net realized gains on investments | — | (0.18 | ) | — | (0.06 | ) | — | — | ||||||||||||||||
Total distributions | — | (0.18 | ) | — | (0.06 | ) | (0.03 | ) | — | |||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 2.89 | $ | 2.84 | $ | 5.67 | $ | 3.91 | $ | 3.82 | $ | 3.80 | ||||||||||||
Total return(b) | 1.76 | %(c) | (48.18 | )% | 45.01 | % | 3.78 | % | 1.23 | % | 5.26 | % | ||||||||||||
Net assets end of period/year | $ | 3,839 | $ | 3,778 | $ | 7,874 | $ | 5,616 | $ | 65,423 | $ | 119,985 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.53 | %(d) | 1.53 | % | 1.53 | % | 1.53 | % | 1.32 | % | 1.36 | % | ||||||||||||
Before reimbursement/fee waiver | 2.23 | %(d) | 1.70 | % | 1.77 | % | 1.67 | % | 1.32 | % | 1.36 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | (0.83 | )%(d) | (1.02 | )% | (1.03 | )% | (0.72 | )% | 0.63 | % | (1.12 | )% | ||||||||||||
Portfolio turnover rate | 36 | %(c) | 47 | % | 66 | % | 94 | % | 73 | % | 41 | % |
The notes to the financial statements are an integral part of this report.
66
For a share outstanding throughout each period
Transamerica Science & Technology | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 2.68 | $ | 5.40 | $ | 3.74 | $ | 3.68 | $ | 3.68 | $ | 3.51 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | (0.02 | ) | (0.07 | ) | (0.07 | ) | (0.06 | ) | (0.02 | ) | (0.06 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.06 | (2.47 | ) | 1.73 | 0.18 | 0.02 | 0.23 | |||||||||||||||||
Total from investment operations | 0.04 | (2.54 | ) | 1.66 | 0.12 | — | 0.17 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net realized gains on investments | — | (0.18 | ) | — | (0.06 | ) | — | — | ||||||||||||||||
Total distributions | — | (0.18 | ) | — | (0.06 | ) | — | — | ||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 2.72 | $ | 2.68 | $ | 5.40 | $ | 3.74 | $ | 3.68 | $ | 3.68 | ||||||||||||
Total return(b) | 1.49 | %(c) | (48.56 | )% | 44.39 | % | 3.10 | % | — | % | 4.84 | % | ||||||||||||
Net assets end of period/year | $ | 1,640 | $ | 2,094 | $ | 4,913 | $ | 4,208 | $ | 5,316 | $ | 6,874 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.18 | %(d) | 2.18 | % | 2.18 | % | 2.18 | % | 2.20 | % | 1.91 | % | ||||||||||||
Before reimbursement/fee waiver | 3.20 | %(d) | 2.53 | % | 2.53 | % | 2.57 | % | 2.68 | % | 1.91 | % | ||||||||||||
Net investment loss, to average net assets(e) | (1.48 | )%(d) | (1.67 | )% | (1.67 | )% | (1.58 | )% | (0.58 | )% | (1.68 | )% | ||||||||||||
Portfolio turnover rate | 36 | %(c) | 47 | % | 66 | % | 94 | % | 73 | % | 41 | % |
For a share outstanding throughout each period
Transamerica Science & Technology | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 2.68 | $ | 5.39 | $ | 3.73 | $ | 3.67 | $ | 3.67 | $ | 3.51 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | (0.02 | ) | (0.07 | ) | (0.07 | ) | (0.06 | ) | (0.02 | ) | (0.07 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.06 | (2.46 | ) | 1.73 | 0.18 | 0.02 | 0.23 | |||||||||||||||||
Total from investment operations | 0.04 | (2.53 | ) | 1.66 | 0.12 | — | 0.16 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net realized gains on investments | — | (0.18 | ) | — | (0.06 | ) | — | — | ||||||||||||||||
Total distributions | — | (0.18 | ) | — | (0.06 | ) | — | — | ||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 2.72 | $ | 2.68 | $ | 5.39 | $ | 3.73 | $ | 3.67 | $ | 3.67 | ||||||||||||
Total return(b) | 1.49 | %(c) | (48.46 | )% | 44.50 | % | 3.11 | % | — | % | 4.56 | % | ||||||||||||
Net assets end of period/year | $ | 1,259 | $ | 1,417 | $ | 2,799 | $ | 2,045 | $ | 2,779 | $ | 4,089 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.18 | %(d) | 2.18 | % | 2.18 | % | 2.18 | % | 2.20 | % | 2.20 | % | ||||||||||||
Before reimbursement/fee waiver | 2.74 | %(d) | 2.31 | % | 2.36 | % | 2.35 | % | 2.65 | % | 2.60 | % | ||||||||||||
Net investment loss, to average net assets(e) | (1.48 | )%(d) | (1.67 | )% | (1.63 | )% | (1.57 | )% | (0.51 | )% | (1.94 | )% | ||||||||||||
Portfolio turnover rate | 36 | %(c) | 47 | % | 66 | % | 94 | % | 73 | % | 41 | % |
The notes to the financial statements are an integral part of this report.
67
For a share outstanding throughout each period
Transamerica Short-Term | ||||||||||||||||||||||||
Transamerica Science & Technology | Bond | |||||||||||||||||||||||
Class I | Class A | |||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | April 30, 2009 | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006(g) | (unaudited) | 2008(j) | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 2.89 | $ | 5.74 | $ | 3.93 | $ | 3.98 | $ | 9.44 | $ | 10.00 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | — | (f) | (0.02 | ) | (0.02 | ) | (0.01 | ) | 0.22 | 0.38 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.06 | (2.65 | ) | 1.83 | 0.02 | 0.31 | (0.54 | ) | ||||||||||||||||
Total from investment operations | 0.06 | (2.67 | ) | 1.81 | 0.01 | 0.53 | (0.16 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (0.22 | ) | (0.40 | ) | ||||||||||||||||
Net realized gains on investments | — | (0.18 | ) | — | (0.06 | ) | — | — | ||||||||||||||||
Total distributions | — | (0.18 | ) | — | (0.06 | ) | (0.22 | ) | (0.40 | ) | ||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 2.95 | $ | 2.89 | $ | 5.74 | $ | 3.93 | $ | 9.75 | $ | 9.44 | ||||||||||||
Total return(b) | 2.08 | %(c) | (47.93 | )% | 46.06 | % | 0.12 | %(c) | 5.65 | %(c) | (1.70 | )%(c) | ||||||||||||
Net assets end of period/year | $ | 45,789 | $ | 46,222 | $ | 84,206 | $ | 57,642 | $ | 41,188 | $ | 5,663 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.06 | %(d) | 0.91 | % | 0.92 | % | 0.92 | %(d) | 1.09 | %(d) | 1.11 | %(d) | ||||||||||||
Before reimbursement/fee waiver | 1.06 | %(d) | 0.91 | % | 0.92 | % | 0.92 | %(d) | 1.09 | %(d) | 1.11 | %(d) | ||||||||||||
Net investment income (loss), to average net assets(e) | (0.36 | )%(d) | (0.41 | )% | (0.41 | )% | (0.35 | )%(d) | 4.56 | %(d) | 3.92 | %(d) | ||||||||||||
Portfolio turnover rate | 36 | %(c) | 47 | % | 66 | % | 94 | %(c) | 47 | %(c) | 67 | %(c) |
For a share outstanding throughout each period
Transamerica Short-Term | ||||||||
Bond | ||||||||
Class C | ||||||||
April 30, 2009 | October 31, | |||||||
(unaudited) | 2008(j) | |||||||
Net asset value | ||||||||
Beginning of period/year | $ | 9.42 | $ | 10.00 | ||||
Investment operations | ||||||||
Net investment income(a) | 0.18 | 0.32 | ||||||
Net realized and unrealized gain (loss) on investments | 0.32 | (0.55 | ) | |||||
Total from investment operations | 0.50 | (0.23 | ) | |||||
Distributions | ||||||||
Net investment income | (0.19 | ) | (0.35 | ) | ||||
Total distributions | (0.19 | ) | (0.35 | ) | ||||
Net asset value | ||||||||
End of period/year | $ | 9.73 | $ | 9.42 | ||||
Total return(b) | 5.43 | %(c) | (2.43 | )%(c) | ||||
Net assets end of period/year | $ | 52,943 | $ | 7,263 | ||||
Ratio and supplemental data | ||||||||
Expenses to average net assets | ||||||||
After reimbursement/fee waiver | 1.72 | %(d) | 1.76 | %(d) | ||||
Before reimbursement/fee waiver | 1.72 | %(d) | 1.76 | %(d) | ||||
Net investment income, to average net assets(e) | 3.89 | %(d) | 3.28 | %(d) | ||||
Portfolio turnover rate | 47 | %(c) | 67 | %(c) |
The notes to the financial statements are an integral part of this report.
68
For a share outstanding throughout each period
Transamerica Short-Term Bond | ||||||||||||||||||||
Class I | ||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005(i) | ||||||||||||||||
Net asset value | ||||||||||||||||||||
Beginning of period/year | $ | 9.28 | $ | 9.82 | $ | 9.84 | $ | 9.79 | $ | 10.00 | ||||||||||
Investment operations | ||||||||||||||||||||
Net investment income(a) | 0.22 | 0.43 | 0.47 | 0.40 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.32 | (0.54 | ) | (0.04 | ) | 0.05 | (0.22 | ) | ||||||||||||
Total from investment operations | 0.54 | (0.11 | ) | 0.43 | 0.45 | 0.06 | ||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | (0.23 | ) | (0.43 | ) | (0.45 | ) | (0.40 | ) | (0.27 | ) | ||||||||||
Total distributions | (0.23 | ) | (0.43 | ) | (0.45 | ) | (0.40 | ) | (0.27 | ) | ||||||||||
Net asset value | ||||||||||||||||||||
End of period/year | $ | 9.59 | $ | 9.28 | $ | 9.82 | $ | 9.84 | $ | 9.79 | ||||||||||
Total return(b) | 5.96 | %(c) | (1.22 | )% | 4.45 | % | 4.72 | % | 0.49 | %(c) | ||||||||||
Net assets end of period/year | $ | 622,006 | $ | 492,333 | $ | 563,889 | $ | 379,442 | $ | 174,302 | ||||||||||
Expenses to average net assets | ||||||||||||||||||||
After reimbursement/fee waiver | 0.69 | %(d) | 0.68 | % | 0.67 | % | 0.70 | % | 0.71 | %(d) | ||||||||||
Before reimbursement/fee waiver | 0.69 | %(d) | 0.68 | % | 0.67 | % | 0.70 | % | 0.71 | %(d) | ||||||||||
Net investment income, to average net assets (e) | 4.70 | %(d) | 4.38 | % | 4.81 | % | 4.10 | % | 2.92 | %(d) | ||||||||||
Portfolio turnover rate | 47 | %(c) | 67 | % | 117 | % | 100 | % | 153 | %(c) |
For a share outstanding throughout each period
Transamerica Small/Mid Cap Value | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 12.70 | $ | 23.78 | $ | 17.78 | $ | 16.69 | $ | 14.32 | $ | 12.94 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.03 | 0.21 | 0.14 | 0.28 | 0.03 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.31 | (8.64 | ) | 6.30 | 1.96 | 2.85 | 2.56 | |||||||||||||||||
Total from investment operations | 0.34 | (8.43 | ) | 6.44 | 2.24 | 2.88 | 2.60 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.16 | ) | (0.13 | ) | (0.03 | ) | (0.09 | ) | — | |||||||||||||
Net realized gains on investments | — | (2.49 | ) | (0.31 | ) | (1.12 | ) | (0.42 | ) | (1.22 | ) | |||||||||||||
Total distributions | (0.31 | ) | (2.65 | ) | (0.44 | ) | (1.15 | ) | (0.51 | ) | (1.22 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 12.73 | $ | 12.70 | $ | 23.78 | $ | 17.78 | $ | 16.69 | $ | 14.32 | ||||||||||||
Total return(b) | 3.01 | %(c) | (39.47 | )% | 36.99 | % | 13.97 | % | 20.41 | % | 20.61 | % | ||||||||||||
Net assets end of period/year | $ | 142,546 | $ | 199,210 | $ | 96,667 | $ | 47,014 | $ | 386,346 | $ | 334,763 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.75 | %(d) | 1.41 | % | 1.41 | % | 1.39 | % | 1.24 | % | 1.32 | % | ||||||||||||
Before reimbursement/fee waiver | 1.75 | %(d) | 1.41 | % | 1.41 | % | 1.39 | % | 1.24 | % | 1.32 | % | ||||||||||||
Net investment income, to average net assets (e) | 0.66 | %(d) | 1.18 | % | 0.71 | % | 1.61 | % | 0.20 | % | 0.31 | % | ||||||||||||
Portfolio turnover rate | 54 | %(c) | 48 | % | 22 | % | 21 | % | 42 | % | 81 | % |
The notes to the financial statements are an integral part of this report.
69
For a share outstanding throughout each period
Transamerica Small/Mid Cap Value | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 12.19 | $ | 22.89 | $ | 17.12 | $ | 16.21 | $ | 13.97 | $ | 12.73 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | — | (f) | 0.06 | 0.02 | (0.01 | ) | (0.11 | ) | (0.06 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.31 | (8.27 | ) | 6.06 | 2.07 | 2.77 | 2.52 | |||||||||||||||||
Total from investment operations | 0.31 | (8.21 | ) | 6.08 | 2.06 | 2.66 | 2.46 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | — | — | (0.03 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | (2.49 | ) | (0.31 | ) | (1.12 | ) | (0.42 | ) | (1.22 | ) | |||||||||||||
Total distributions | (0.21 | ) | (2.49 | ) | (0.31 | ) | (1.15 | ) | (0.42 | ) | (1.22 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 12.29 | $ | 12.19 | $ | 22.89 | $ | 17.12 | $ | 16.21 | $ | 13.97 | ||||||||||||
Total return(b) | 2.73 | %(c) | (39.85 | )% | 36.09 | % | 13.21 | % | 19.30 | % | 19.85 | % | ||||||||||||
Net assets end of period/year | $ | 29,937 | $ | 31,716 | $ | 53,285 | $ | 47,007 | $ | 46,410 | $ | 40,477 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.35 | %(d) | 2.07 | % | 2.07 | % | 2.10 | % | 2.14 | % | 1.97 | % | ||||||||||||
Before reimbursement/fee waiver | 2.35 | %(d) | 2.07 | % | 2.07 | % | 2.10 | % | 2.14 | % | 1.97 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 0.03 | %(d) | 0.34 | % | 0.12 | % | (0.06 | )% | (0.70 | )% | (0.43 | )% | ||||||||||||
Portfolio turnover rate | 54 | %(c) | 48 | % | 22 | % | 21 | % | 42 | % | 81 | % |
For a share outstanding throughout each period
Transamerica Small/Mid Cap Value | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 12.10 | $ | 22.81 | $ | 17.09 | $ | 16.18 | $ | 13.96 | $ | 12.73 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | — | (f) | 0.09 | 0.02 | — | (f) | (0.12 | ) | (0.01 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.29 | (8.24 | ) | 6.05 | 2.06 | 2.77 | 2.46 | |||||||||||||||||
Total from investment operations | 0.29 | (8.15 | ) | 6.07 | 2.06 | 2.65 | 2.45 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.07 | ) | (0.04 | ) | (0.03 | ) | (0.01 | ) | — | |||||||||||||
Net realized gains on investments | — | (2.49 | ) | (0.31 | ) | (1.12 | ) | (0.42 | ) | (1.22 | ) | |||||||||||||
Total distributions | (0.25 | ) | (2.56 | ) | (0.35 | ) | (1.15 | ) | (0.43 | ) | (1.22 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 12.14 | $ | 12.10 | $ | 22.81 | $ | 17.09 | $ | 16.18 | $ | 13.96 | ||||||||||||
Total return(b) | 2.78 | %(c) | (39.84 | )% | 36.16 | % | 13.23 | % | 19.22 | % | 19.78 | % | ||||||||||||
Net assets end of period/year | $ | 87,795 | $ | 95,729 | $ | 63,856 | $ | 29,105 | $ | 21,532 | $ | 19,678 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.29 | %(d) | 2.04 | % | 2.04 | % | 2.08 | % | 2.20 | % | 2.07 | % | ||||||||||||
Before reimbursement/fee waiver | 2.29 | %(d) | 2.04 | % | 2.04 | % | 2.08 | % | 2.20 | % | 2.07 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 0.08 | %(d) | 0.52 | % | 0.10 | % | (0.03 | )% | (0.76 | )% | (0.02 | )% | ||||||||||||
Portfolio turnover rate | 54 | %(c) | 48 | % | 22 | % | 21 | % | 42 | % | 81 | % |
The notes to the financial statements are an integral part of this report.
70
For a share outstanding throughout each period
Transamerica Small/Mid Cap Value | ||||||||||||||||
Class I | ||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | |||||||||||||
(unaudited) | 2008 | 2007 | 2006(g) | |||||||||||||
Net asset value | ||||||||||||||||
Beginning of period/year | $ | 12.81 | $ | 23.91 | $ | 17.87 | $ | 16.84 | ||||||||
Investment operations | ||||||||||||||||
Net investment income(a) | 0.08 | 0.30 | 0.26 | 0.18 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.30 | (8.67 | ) | 6.32 | 1.97 | |||||||||||
Total from investment operations | 0.38 | (8.37 | ) | 6.58 | 2.15 | |||||||||||
Distributions | ||||||||||||||||
Net investment income | (0.41 | ) | (0.24 | ) | (0.23 | ) | — | |||||||||
Net realized gains on investments | — | (2.49 | ) | (0.31 | ) | (1.12 | ) | |||||||||
Total distributions | (0.41 | ) | (2.73 | ) | (0.54 | ) | (1.12 | ) | ||||||||
Net asset value | ||||||||||||||||
End of period/year | $ | 12.78 | $ | 12.81 | $ | 23.91 | $ | 17.87 | ||||||||
Total return(b) | 3.43 | %(c) | (39.11 | )% | 37.78 | % | 13.30 | %(c) | ||||||||
Net assets end of period/year | $ | 9,647 | $ | 214,351 | $ | 487,605 | $ | 478,728 | ||||||||
Ratio and supplemental data | ||||||||||||||||
Expenses to average net assets | ||||||||||||||||
After reimbursement/fee waiver | 0.89 | %(d) | 0.85 | % | 0.85 | % | 0.86 | %(d) | ||||||||
Before reimbursement/fee waiver | 0.89 | %(d) | 0.85 | % | 0.85 | % | 0.86 | %(d) | ||||||||
Net investment income, to average net assets(e) | 1.34 | %(d) | 1.58 | % | 1.30 | % | 1.05 | %(d) | ||||||||
Portfolio turnover rate | 54 | %(c) | 48 | % | 22 | % | 21 | %(c) |
For a share outstanding throughout each period
Transamerica Templeton Global | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 19.63 | $ | 35.83 | $ | 29.28 | $ | 24.68 | $ | 22.57 | $ | 21.41 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.12 | 0.33 | 0.19 | 0.15 | 0.21 | (0.07 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.75 | ) | (16.19 | ) | 6.70 | 4.45 | 2.14 | 1.23 | ||||||||||||||||
Total from investment operations | (0.63 | ) | (15.86 | ) | 6.89 | 4.60 | 2.35 | 1.16 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.34 | ) | (0.34 | ) | — | (f) | (0.24 | ) | — | |||||||||||||
Total distributions | (0.18 | ) | (0.34 | ) | (0.34 | ) | — | (f) | (0.24 | ) | — | |||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 18.82 | $ | 19.63 | $ | 35.83 | $ | 29.28 | $ | 24.68 | $ | 22.57 | ||||||||||||
Total return(b) | (3.23 | )%(c) | (44.68 | )% | 23.74 | % | 18.65 | % | 10.41 | % | 5.41 | % | ||||||||||||
Net assets end of period/year | $ | 66,649 | $ | 73,721 | $ | 118,738 | $ | 117,367 | $ | 385,504 | $ | 226,517 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.55 | %(d) | 1.55 | % | 1.55 | % | 1.55 | % | 1.42 | % | 1.85 | % | ||||||||||||
Before reimbursement/fee waiver | 2.10 | %(d) | 1.61 | % | 1.63 | % | 1.62 | % | 1.42 | % | 1.85 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 1.30 | %(d) | 1.13 | % | 0.59 | % | 0.55 | % | 0.85 | % | (0.31 | )% | ||||||||||||
Portfolio turnover rate | 14 | %(c) | 28 | % | 30 | % | 55 | % | 79 | % | 140 | % |
The notes to the financial statements are an integral part of this report.
71
For a share outstanding throughout each period
Transamerica Templeton Global | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 18.41 | $ | 33.52 | $ | 27.40 | $ | 23.24 | $ | 21.23 | $ | 20.25 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.05 | 0.08 | (0.02 | ) | (0.01 | ) | 0.02 | (0.20 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.71 | ) | (15.14 | ) | 6.28 | 4.17 | 1.99 | 1.18 | ||||||||||||||||
Total from investment operations | (0.66 | ) | (15.06 | ) | 6.26 | 4.16 | 2.01 | 0.98 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (0.05 | ) | (0.14 | ) | — | — | (f) | — | |||||||||||||||
Total distributions | — | (0.05 | ) | (0.14 | ) | — | — | (f) | — | |||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 17.75 | $ | 18.41 | $ | 33.52 | $ | 27.40 | $ | 23.24 | $ | 21.23 | ||||||||||||
Total return(b) | (3.59 | )%(c) | (44.99 | )% | 22.94 | % | 17.90 | % | 9.48 | % | 4.83 | % | ||||||||||||
Net assets end of period/year | $ | 8,209 | $ | 10,746 | $ | 63,876 | $ | 75,711 | $ | 90,877 | $ | 117,409 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.20 | %(d) | 2.20 | % | 2.20 | % | 2.20 | % | 2.20 | % | 2.49 | % | ||||||||||||
Before reimbursement/fee waiver | 3.25 | %(d) | 2.44 | % | 2.39 | % | 2.42 | % | 2.41 | % | 2.49 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 0.62 | %(d) | 0.29 | % | (0.07 | )% | (0.05 | )% | 0.07 | % | (0.93 | )% | ||||||||||||
Portfolio turnover rate | 14 | %(c) | 28 | % | 30 | % | 55 | % | 79 | % | 140 | % |
For a share outstanding throughout each period
Transamerica Templeton Global | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 18.27 | $ | 33.47 | $ | 27.37 | $ | 23.21 | $ | 21.21 | $ | 20.25 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.05 | 0.12 | (0.02 | ) | (0.01 | ) | 0.02 | (0.15 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.70 | ) | (15.10 | ) | 6.27 | 4.17 | 1.99 | 1.11 | ||||||||||||||||
Total from investment operations | (0.65 | ) | (14.98 | ) | 6.25 | 4.16 | 2.01 | 0.96 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (0.22 | ) | (0.15 | ) | — | (0.01 | ) | — | |||||||||||||||
Total distributions | — | (0.22 | ) | (0.15 | ) | — | (0.01 | ) | — | |||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 17.62 | $ | 18.27 | $ | 33.47 | $ | 27.37 | $ | 23.21 | $ | 21.21 | ||||||||||||
Total return(b) | (3.56 | )%(c) | (45.05 | )% | 22.95 | % | 17.87 | % | 9.52 | % | 4.74 | % | ||||||||||||
Net assets end of period/year | $ | 12,406 | $ | 14,286 | $ | 31,506 | $ | 32,341 | $ | 36,938 | $ | 48,378 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.20 | %(d) | 2.20 | % | 2.20 | % | 2.20 | % | 2.20 | % | 2.18 | % | ||||||||||||
Before reimbursement/fee waiver | 2.73 | %(d) | 2.26 | % | 2.31 | % | 2.35 | % | 2.38 | % | 2.18 | % | ||||||||||||
Net investment income (loss), to average net assets(e) | 0.64 | %(d) | 0.43 | % | (0.07 | )% | (0.05 | )% | 0.07 | % | (0.72 | )% | ||||||||||||
Portfolio turnover rate | 14 | %(c) | 28 | % | 30 | % | 55 | % | 79 | % | 140 | % |
The notes to the financial statements are an integral part of this report.
72
For a share outstanding throughout each period
Transamerica Value Balanced | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 8.91 | $ | 14.38 | $ | 13.30 | $ | 11.95 | $ | 12.11 | $ | 11.49 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.14 | 0.30 | 0.28 | 0.23 | 0.24 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.49 | ) | (4.74 | ) | 1.41 | 1.54 | 0.69 | 0.61 | ||||||||||||||||
Total from investment operations | (0.35 | ) | (4.44 | ) | 1.69 | 1.77 | 0.93 | 0.79 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.31 | ) | (0.23 | ) | (0.24 | ) | (0.25 | ) | (0.17 | ) | ||||||||||||
Net realized gains on investments | — | (0.72 | ) | (0.38 | ) | (0.18 | ) | (0.84 | ) | — | ||||||||||||||
Total distributions | (0.12 | ) | (1.03 | ) | (0.61 | ) | (0.42 | ) | (1.09 | ) | (0.17 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 8.44 | $ | 8.91 | $ | 14.38 | $ | 13.30 | $ | 11.95 | $ | 12.11 | ||||||||||||
Total return(b) | (3.87 | )%(c) | (32.94 | )% | 13.11 | % | 15.09 | % | 7.79 | % | 6.99 | % | ||||||||||||
Net assets end of period/year | $ | 16,077 | $ | 18,666 | $ | 32,485 | $ | 32,666 | $ | 32,934 | $ | 37,393 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.55 | %(d) | 1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | ||||||||||||
Before reimbursement/fee waiver | 1.89 | %(d) | 1.56 | % | 1.58 | % | 1.63 | % | 1.59 | % | 1.63 | % | ||||||||||||
Net investment income, to average net assets(e) | 3.19 | %(d) | 2.51 | % | 2.06 | % | 1.84 | % | 2.03 | % | 1.50 | % | ||||||||||||
Portfolio turnover rate | 55 | %(c) | 50 | % | 42 | % | 42 | % | 57 | % | 122 | % |
For a share outstanding throughout each period
Transamerica Value Balanced | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 8.88 | $ | 14.32 | $ | 13.25 | $ | 11.91 | $ | 12.07 | $ | 11.46 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.11 | 0.22 | 0.19 | 0.15 | 0.17 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.49 | ) | (4.72 | ) | 1.41 | 1.53 | 0.68 | 0.61 | ||||||||||||||||
Total from investment operations | (0.38 | ) | (4.50 | ) | 1.60 | 1.68 | 0.85 | 0.71 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.22 | ) | (0.15 | ) | (0.16 | ) | (0.17 | ) | (0.10 | ) | ||||||||||||
Net realized gains on investments | — | (0.72 | ) | (0.38 | ) | (0.18 | ) | (0.84 | ) | — | ||||||||||||||
Total distributions | (0.09 | ) | (0.94 | ) | (0.53 | ) | (0.34 | ) | (1.01 | ) | (0.10 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 8.41 | $ | 8.88 | $ | 14.32 | $ | 13.25 | $ | 11.91 | $ | 12.07 | ||||||||||||
Total return(b) | (4.20 | )%(c) | (33.37 | )% | 12.40 | % | 14.28 | % | 7.13 | % | 6.23 | % | ||||||||||||
Net assets end of period/year | $ | 4,592 | $ | 6,414 | $ | 17,508 | $ | 20,405 | $ | 24,072 | $ | 29,409 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.20 | %(d) | 2.20 | % | 2.20 | % | 2.20 | % | 2.20 | % | 2.20 | % | ||||||||||||
Before reimbursement/fee waiver | 2.75 | %(d) | 2.30 | % | 2.27 | % | 2.28 | % | 2.27 | % | 2.30 | % | ||||||||||||
Net investment income, to average net assets(e) | 2.55 | %(d) | 1.83 | % | 1.43 | % | 1.20 | % | 1.39 | % | 0.81 | % | ||||||||||||
Portfolio turnover rate | 55 | %(c) | 50 | % | 42 | % | 42 | % | 57 | % | 122 | % |
The notes to the financial statements are an integral part of this report.
73
For a share outstanding throughout each period
Transamerica Value Balanced | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
April 30, 2009 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 8.87 | $ | 14.31 | $ | 13.25 | $ | 11.91 | $ | 12.07 | $ | 11.46 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.11 | 0.22 | 0.19 | 0.15 | 0.17 | 0.11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.48 | ) | (4.72 | ) | 1.41 | 1.53 | 0.69 | 0.60 | ||||||||||||||||
Total from investment operations | (0.37 | ) | (4.50 | ) | 1.60 | 1.68 | 0.86 | 0.71 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.22 | ) | (0.16 | ) | (0.16 | ) | (0.18 | ) | (0.10 | ) | ||||||||||||
Net realized gains on investments | — | (0.72 | ) | (0.38 | ) | (0.18 | ) | (0.84 | ) | — | ||||||||||||||
Total distributions | (0.09 | ) | (0.94 | ) | (0.54 | ) | (0.34 | ) | (1.02 | ) | (0.10 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 8.41 | $ | 8.87 | $ | 14.31 | $ | 13.25 | $ | 11.91 | $ | 12.07 | ||||||||||||
Total return(b) | (4.10 | )%(c) | (33.33 | )% | 12.40 | % | 14.33 | % | 7.18 | % | 6.31 | % | ||||||||||||
Net assets end of period/year | $ | 4,803 | $ | 5,833 | $ | 11,674 | $ | 11,316 | $ | 11,926 | $ | 14,285 | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 2.20 | %(d) | 2.13 | % | 2.17 | % | 2.20 | % | 2.16 | % | 2.20 | % | ||||||||||||
Before reimbursement/fee waiver | 2.41 | %(d) | 2.13 | % | 2.17 | % | 2.20 | % | 2.16 | % | 2.39 | % | ||||||||||||
Net investment income, to average net assets(e) | 2.54 | %(d) | 1.92 | % | 1.44 | % | 1.19 | % | 1.43 | % | 0.78 | % | ||||||||||||
Portfolio turnover rate | 55 | %(c) | 50 | % | 42 | % | 42 | % | 57 | % | 122 | % |
(a) | Calculation is based on average number of shares outstanding. | |
(b) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. | |
(c) | Not annualized. | |
(d) | Annualized. | |
(e) | Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01% for Class A, Class B, Class C, and Class T, respectively. | |
(f) | Rounds to less than $(0.01) or $0.01. | |
(g) | Commenced operations November 15, 2005. | |
(h) | Commenced operations October 27, 2006. | |
(i) | Commenced operations November 8, 2004. | |
(j) | Commenced operations November 1, 2007. | |
(k) | Expenses are inclusive of treasury guarantee expenses with total impacts of 0.04% for Class A, and 0.03% for Classes B, C, and I. | |
(l) | Expenses were waived to sustain a positive yield with a total impact of (0.07%), (0.48%), and (0.46%) for Classes A, B, and C, respectively. |
The notes to the financial statements are an integral part of this report.
74
NOTES TO FINANCIAL STATEMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Transamerica Balanced, Transamerica Convertible Securities, Transamerica Equity, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Legg Mason Partners All Cap, Transamerica Money Market, Transamerica Science & Technology, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, Transamerica Templeton Global and Transamerica Value Balanced (each, a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.
The Funds, except Transamerica Balanced, Transamerica Equity, Transamerica Legg Mason Partners All Cap, Transamerica Short-Term Bond, Transamerica Templeton Global and Transamerica Value Balanced, currently have four classes of shares; Class A, Class B, Class C, and Class I. Transamerica Balanced, Transamerica Legg Mason Partners All Cap, Transamerica Templeton Global, and Transamerica Value Balanced currently have three classes of shares; Class A, Class B, and Class C. Transamerica Equity currently has five classes of shares; Class A, Class B, Class C, Class I, and Class T. Transamerica Short-Term Bond currently has three classes of shares: Class A, Class C, and Class I. Class T shares are not available to new investors. Each of the above classes has a public offering price that reflects different sales charges, if any, and expense levels. Class I shares are currently available for investment primarily to certain affiliated asset allocation funds.
Class I shares may also be made available to other investors, including institutional investors and eligible retirement plans whose record keepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Class B shares will convert to Class A shares eight years after purchase.
Transamerica Legg Mason Partners All Cap and Transamerica Science & Technology are “non-diversified” under the 1940 Act.
This report should be read in conjunction with the Funds’ current prospectus, which contains more complete information about the Funds.
In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
In preparing the Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.
Multiple class operations, income and expenses: Income, non-class specific expenses and realized and unrealized gains and losses are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Security valuations: The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, each day the NYSE is open for business. The Funds’ investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market value.
Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Funds’ net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” As a result, foreign equity securities held by the Funds may be valued at fair market value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the Board of Trustees.
Other securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Board of Trustees.
75
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 1. (continued)
The Funds are subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”) when market prices are not readily available or reliable. Valuation levels are not necessarily an indication of the risk associated with investing in those securities. The three levels of the hierarchy under FAS 157 are described below:
Level 1 - | Quoted prices in active markets for identical securities. | |
Level 2 - | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 - | Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). |
The aggregate value by input level, at April 30, 2009 for the Funds’ investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Funds’ Schedules of Investments.
Cash overdraft: Throughout the year, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdrafts by a rate based on the federal funds rate.
Repurchase agreements: The Funds may enter into repurchase agreements. The Funds, through their custodian, receive delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Funds will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.
Commission recapture: The sub-advisers of certain Funds, to the extent consistent with the best execution and usual commission rate policies and practices, have elected to place security transactions of the Funds with broker/dealers with which Transamerica Funds has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions paid by the Funds be used to pay expenses that would otherwise be borne by any other funds within Transamerica Funds, or by any other party.
Recaptured comissions during the period ended April 30, 2009, are included in net realized gains on the Statements of Operations and are summarized as follows:
Fund | Commissions | |||
Transamerica Balanced | $ | 2 | ||
Transamerica Equity | 49 | |||
Transamerica Growth Opportunities | 16 | |||
Transamerica Legg Mason Partners All Cap | 6 | |||
Transamerica Science & Technology | 2 | |||
Transamerica Small/Mid Cap Value | 56 | |||
Transamerica Templeton Global | 2 | |||
Transamerica Value Balanced | — | (a) |
(a) | Rounds to less than $1. |
Securities lending: The Funds may lend securities to qualified financial institutions and brokers. The lending of Fund securities exposes the Funds to risks such as the following: (i) the borrower may fail to return the loaned securities; (ii) the borrower may not be able to provide additional collateral; (iii) the Funds may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Funds may experience losses related to the investment collateral. To minimize certain of these risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest (after rebates and fees). Such income is reflected separately on the Statements of Operations. The value of loaned securities and the liability to return the cash collateral received are reflected on the Schedules of Investments and Statements of Assets and Liabilities. There were no securities on loan at April 30, 2009.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Dividend income, related to Real Estate Investment Trusts (“REIT”), is recorded at managements’ estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.
76
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 1. (continued)
Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. Income, expenses, purchases and sales of investment securities denominated in foreign currencies are translated at prevailing exchange rates when accrued or incurred. The Funds combine fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Forward foreign currency contracts: The Funds are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.
Open forward foreign currency contracts at April 30, 2009 are listed in the Schedules of Investments.
Futures contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker either in cash or securities an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are made or received by the Funds each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
The underlying face amounts of open futures contracts are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.
At April 30, 2009, the Funds did not hold any futures contracts.
Option contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds may enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts; the possibility of an illiquid market and an inability of the counterparty to meet the contract terms. Certain Funds may write call and put options on futures, swaps (“swaptions”), securities or currencies it owns or in which it may invest. When a Fund writes a covered call or put option/swaption, an amount equal to the premium received by a Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. Premiums received from writing options/swaptions which expire are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. Options are marked-to-market daily to reflect the current value of the option/swaption written.
At April 30, 2009, the Funds did not hold any open options or swaptions contracts.
77
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 1. (continued)
Redemption fees: A short-term trading redemption fee may be assessed on any sales of Fund shares in a fund account during the first five (5) NYSE trading days following their purchase date. This redemption fee will equal 2% of the amount redeemed and shares held the longest will be treated as being redeemed first and shares held the shortest as being redeemed last. For the period ended April 30, 2009, the Funds received redemption fees which are disclosed in the Funds’ Statements of Changes in Net Assets. Effective March 1, 2009, the Funds no longer charge redemption fees.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations which may differ from GAAP.
Temporary guarantee program: Transamerica Money Market has enrolled in the U.S. Department of the Treasury’s “Treasury” Temporary Guarantee Program for Money Market Funds (the “Program”) through September 18, 2009. Under the Program, the Treasury guarantees the $1.00 dollar per share value of fund shares outstanding as of September 19, 2008, subject to certain terms and limitations “Covered Shares”.
The guarantee will be triggered if the market-based net asset value of any class percentage of Transamerica Money Market is less than $0.995, unless promptly cured (a “Guarantee Event”). If a Guarantee Event were to occur, Transamerica Money Market would be required to liquidate. Upon liquidation and subject to the availability of funds under the Program, eligible shareholders would be entitled to receive payments equal to $1.00 per Covered Share. The number of Covered Shares held by a shareholder would be equal to the lesser of (1) the number of shares owned by that shareholder on September 19, 2008 or (2) the number of shares owned by that shareholder on the date upon which the Guarantee Event occurs.
The initial period of the Program covered a three month period from September 19, 2008 to December 18, 2008. The program was extended from December 19, 2008 through April 30, 2009, and again from May 1, 2009 through September 18, 2009 (the “Program Extension Periods”). Participation in the Program extension periods required payment of additional fees. Transamerica Money Market paid to the Treasury a fee of 0.01% of its net assets as of September 19, 2008 to participate in the initial three month period of the Program and a fee of 0.015% of its net assets as of September 19, 2008 to participate in each of the Program Extension Periods. These expenses are borne by Transamerica Money Market without regard to any expense limitation agreement in effect.
NOTE 2. RELATED PARTY TRANSACTIONS
TAM is the Fund’s investment adviser. TAM is directly owned by Western Reserve Life Assurance Co. of Ohio (77%) and AUSA Holding Company (23%) (“AUSA”), both of which are indirect, wholly owned subsidiaries of AEGON NV. AUSA is wholly owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.
Transamerica Fund Services, Inc. (“TFS”) is the Funds’ administrator and transfer agent. Transamerica Capital, Inc. (“TCI”) is the Funds’ distributor/principal underwriter. TAM, TFS, and TCI are affiliates of AEGON NV.
Certain officers and trustees of the Funds are also officers and/or directors of TAM, TFS, and TCI.
At the commencement of operations of each of these Funds and classes, TAM, an affiliate, invested in each Fund. As of April 30, 2009, TAM had investments in the Funds as follows:
Market | % of Fund’s | |||||||
Fund Name | Value | Net Assets | ||||||
Transamerica Convertible Securities | ||||||||
Class C | $ | 290 | 0.48 | % | ||||
Transamerica Short-Term Bond | ||||||||
Class A | 259 | 0.04 | ||||||
Class C | 257 | 0.04 |
78
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 2. (continued)
The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at April 30, 2009:
Market | % of Net | |||||||
Transamerica Convertible Securities | Values | Assets | ||||||
Transamerica Asset Allocation-Conservative Portfolio | $ | 156 | 0.25 | % | ||||
Transamerica Asset Allocation-Moderate Portfolio | 21,937 | 34.60 | ||||||
Transamerica Asset Allocation-Moderate Growth Portfolio | 20,943 | 33.03 | ||||||
Total | $ | 43,036 | 67.88 | % | ||||
Market | % of Net | |||||||
Transamerica Equity | Values | Assets | ||||||
Transamerica Asset Allocation-Conservative Portfolio | $ | 22,007 | 2.48 | % | ||||
Transamerica Asset Allocation-Growth Portfolio | 138,703 | 15.64 | ||||||
Transamerica Asset Allocation-Moderate Portfolio | 82,950 | 9.36 | ||||||
Transamerica Asset Allocation-Moderate Growth Portfolio | 208,497 | 23.51 | ||||||
Total | $ | 452,157 | 50.99 | % | ||||
Market | % of Net | |||||||
Transamerica Flexible Income | Values | Assets | ||||||
Transamerica Asset Allocation-Conservative Portfolio | $ | 10,692 | 8.46 | % | ||||
Transamerica Asset Allocation-Moderate Portfolio | 15,054 | 11.91 | ||||||
Transamerica Asset Allocation-Moderate Growth Portfolio | 18,535 | 14.66 | ||||||
Transamerica Asset Allocation-Conservative VP | 6,366 | 5.03 | ||||||
Transamerica Asset Allocation-Moderate Growth VP | 21,466 | 16.98 | ||||||
Transamerica Asset Allocation-Moderate VP | 23,219 | 18.37 | ||||||
Total | $ | 95,332 | 75.41 | % | ||||
Market | % of Net | |||||||
Transamerica Growth Opportunities | Values | Assets | ||||||
Transamerica Asset Allocation-Conservative Portfolio | $ | 5,642 | 3.57 | % | ||||
Transamerica Asset Allocation-Growth Portfolio | 28,529 | 18.04 | ||||||
Transamerica Asset Allocation-Moderate Portfolio | 13,120 | 8.30 | ||||||
Transamerica Asset Allocation-Moderate Growth Portfolio | 41,801 | 26.44 | ||||||
Total | $ | 89,092 | 56.35 | % | ||||
Market | % of Net | |||||||
Transamerica High Yield Bond | Values | Assets | ||||||
Transamerica Asset Allocation-Conservative Portfolio | $ | 47,992 | 12.03 | % | ||||
Transamerica Asset Allocation-Moderate Portfolio | 75,603 | 18.94 | ||||||
Transamerica Asset Allocation-Moderate Growth Portfolio | 80,383 | 20.14 | ||||||
Transamerica Asset Allocation-Conservative VP | 31,696 | 7.94 | ||||||
Transamerica Asset Allocation-Moderate Growth VP | 51,669 | 12.95 | ||||||
Transamerica Asset Allocation-Moderate VP | 54,017 | 13.53 | ||||||
Total | $ | 341,360 | 85.53 | % | ||||
Market | % of Net | |||||||
Transamerica Money Market | Values | Assets | ||||||
Transamerica Asset Allocation-Conservative Portfolio | $ | 5,992 | 1.94 | % | ||||
Transamerica Asset Allocation-Growth Portfolio | 5,786 | 1.87 | ||||||
Transamerica Asset Allocation-Moderate Portfolio | 5,310 | 1.72 | ||||||
Transamerica Asset Allocation-Moderate Growth Portfolio | 7,481 | 2.42 | ||||||
Transamerica Multi-Manager Alternative Strategies Portfolio | 10,575 | 3.42 | ||||||
Total | $ | 35,144 | 11.37 | % | ||||
Market | % of Net | |||||||
Transamerica Science & Technology | Values | Assets | ||||||
Transamerica Asset Allocation-Conservative Portfolio | $ | 2,661 | 5.07 | % | ||||
Transamerica Asset Allocation-Growth Portfolio | 12,617 | 24.02 | ||||||
Transamerica Asset Allocation-Moderate Portfolio | 7,955 | 15.14 | ||||||
Transamerica Asset Allocation-Moderate Growth Portfolio | 22,190 | 42.24 | ||||||
Total | $ | 45,423 | 86.47 | % | ||||
Market | % of Net | |||||||
Transamerica Short-Term Bond | Values | Assets | ||||||
Transamerica Asset Allocation-Conservative Portfolio | $ | 69,387 | 9.69 | % | ||||
Transamerica Asset Allocation-Moderate Portfolio | 94,054 | 13.14 | ||||||
Transamerica Asset Allocation-Moderate Growth Portfolio | 83,645 | 11.68 | ||||||
Transamerica Asset Allocation-Conservative VP | 84,814 | 11.84 | ||||||
Transamerica Asset Allocation-Moderate Growth VP | 140,000 | 19.55 | ||||||
Transamerica Asset Allocation-Moderate VP | 134,201 | 18.74 | ||||||
Transamerica International Moderate Growth VP | 14,200 | 1.98 | ||||||
Total | $ | 620,301 | 86.62 | % | ||||
79
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 2. (continued)
Investment advisory fees: The Funds pay management fees to TAM based on average daily net assets (“ANA”) at the following breakpoints:
Transamerica Balanced | ||||
First $250 million | 0.80 | % | ||
Over $250 million up to $500 million | 0.75 | % | ||
Over $500 million up to $1.5 billion | 0.70 | % | ||
Over $1.5 billion | 0.625 | % | ||
Transamerica Convertible Securities | ||||
First $250 million | 0.75 | % | ||
Over $250 million | 0.70 | % | ||
Transamerica Equity | ||||
First $500 million | 0.75 | % | ||
Over $500 million up to $2.5 billion | 0.70 | % | ||
Over $2.5 billion | 0.65 | % | ||
Transamerica Flexible Income | ||||
First $250 million | 0.725 | % | ||
Over $250 million up to $350 million | 0.675 | % | ||
Over $350 million | 0.625 | % | ||
Transamerica Growth Opportunities | ||||
First $250 million | 0.80 | % | ||
Over $250 million up to $500 million | 0.75 | % | ||
Over $500 million | 0.70 | % | ||
Transamerica High Yield Bond | ||||
First $400 million | 0.59 | % | ||
Over $400 million up to $750 million | 0.575 | % | ||
Over $750 million | 0.55 | % | ||
Transamerica Legg Mason Partners All Cap | ||||
First $500 million | 0.80 | % | ||
Over $500 million | 0.675 | % | ||
Transamerica Money Market | ||||
Average daily net assets | 0.40 | % | ||
Transamerica Science & Technology | ||||
First $500 million | 0.78 | % | ||
Over $500 million | 0.70 | % | ||
Transamerica Short-Term Bond | ||||
First $250 million | 0.65 | % | ||
Over $250 million up to $500 million | 0.60 | % | ||
Over $500 million up to $1 billion | 0.575 | % | ||
Over $1 billion | 0.55 | % | ||
Transamerica Small/Mid Cap Value | ||||
First $500 million | 0.80 | % | ||
Over $500 million | 0.75 | % | ||
Transamerica Templeton Global | ||||
First $500 million | 0.80 | % | ||
Over $500 million | 0.70 | % | ||
Transamerica Value Balanced | ||||
First $500 million | 0.75 | % | ||
Over $500 million up to $1 billion | 0.65 | % | ||
Over $1 billion | 0.60 | % |
TAM has contractually agreed to waive its advisory fee and will reimburse the Funds to the extent that operating expenses, excluding 12b-1 fees and other extraordinary expenses, exceed the following stated annual limit:
Expense | ||||
Fund | Limit | |||
Transamerica Balanced | 1.45 | % | ||
Transamerica Convertible Securities | 1.35 | |||
Transamerica Equity* | 1.17 | |||
Transamerica Flexible Income | 1.50 | |||
Transamerica Growth Opportunities* | 1.40 | |||
Transamerica High Yield Bond* | 1.24 | |||
Transamerica Legg Mason Partners All Cap* | 1.20 | |||
Transamerica Money Market | 0.48 | |||
Transamerica Science & Technology | 1.18 | |||
Transamerica Short-Term Bond | 0.85 | |||
Transamerica Small/Mid Cap Value | 1.40 | |||
Transamerica Templeton Global | 1.20 | |||
Transamerica Value Balanced* | 1.20 |
* | The Fund may not recapture any fees waived and/or reimbursed prior to March 1, 2008. |
If total Fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Funds may be required to pay the adviser a portion or all of the reimbursed class expenses.
There were no amounts recaptured at April 30, 2009.
80
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 2. (continued)
The following amounts were available for recapture as of April 30, 2009:
Reimbursement of | Available for | |||||||
Fund | Class Expenses | Recapture Through | ||||||
Transamerica Equity | ||||||||
Fiscal Year 2008: | 10/31/2011 | |||||||
Class B | $ | 54 | ||||||
Transamerica Growth Opportunities | ||||||||
Fiscal Year 2008: | 10/31/2011 | |||||||
Class A | $ | 31 | ||||||
Class B | 27 | |||||||
Transamerica Legg Mason Partners All Cap | ||||||||
Fiscal Year 2008: | 10/31/2011 | |||||||
Class A | $ | 17 | ||||||
Class B | 24 | |||||||
Transamerica Money Market | ||||||||
Fiscal Year 2008: | 10/31/2011 | |||||||
Class A | $ | 276 | ||||||
Class B | 71 | |||||||
Class C | 62 | |||||||
Class I | 2 | |||||||
Fiscal Year 2007: | 10/31/2010 | |||||||
Class A | $ | 321 | ||||||
Class B | 88 | |||||||
Class C | 45 | |||||||
Class I | 18 | |||||||
Fiscal Year 2006: | 10/31/2009 | |||||||
Class A | $ | 290 | ||||||
Class B | 81 | |||||||
Class C | 47 | |||||||
Transamerica Science & Technology | ||||||||
Fiscal Year 2008: | 10/31/2011 | |||||||
Class A | $ | 11 | ||||||
Class B | 12 | |||||||
Class C | 3 | |||||||
Fiscal Year 2007: | 10/31/2010 | |||||||
Class A | $ | 13 | ||||||
Class B | 14 | |||||||
Class C | 4 | |||||||
Fiscal Year 2006: | 10/31/2009 | |||||||
Class A | $ | 12 | ||||||
Class B | 19 | |||||||
Class C | 4 | |||||||
Transamerica Templeton Global | ||||||||
Fiscal Year 2008: | 10/31/2011 | |||||||
Class A | $ | 66 | ||||||
Class B | 82 | |||||||
Class C | 14 | |||||||
Fiscal Year 2007: | 10/31/2010 | |||||||
Class A | $ | 94 | ||||||
Class B | 131 | |||||||
Class C | 35 | |||||||
Fiscal Year 2006: | 10/31/2009 | |||||||
Class A | $ | 97 | ||||||
Class B | 184 | |||||||
Class C | 53 | |||||||
Transamerica Value Balanced | ||||||||
Fiscal Year 2008: | 10/31/2011 | |||||||
Class A | $ | 3 | ||||||
Class B | 11 |
In addition to the advisory fee waiver for Transamerica Money Market, TAM or any of its affiliates may waive fees or reimburse expenses of one or more classes of Transamerica Money Market in order to avoid a negative yield. At any point in which the Transamerica Money Market, or any classes thereof, achieves a positive yield, the expenses previously waived or reimbursed pursuant to this paragraph may be reimbursed to TAM, to the extent that such reimbursement does not cause classes of Transamerica Money Market to experience a negative yield. Waived expenses related to the maintenance of the yield are included in the Statement of Operations, within the class expense reimbursed (recaptured). Amounts waived for Class A, B, and C, as of April 30, 2009 were $53, $103, and $155, respectively.
Distribution and service fees: The Funds have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on ANA, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Funds. The Funds are authorized under the 12b-1 plans to pay fees on each class up to the following limits: 0.35% for Class A, 1.00% for Class B, and 1.00% for Class C. 12b-1 fees are not applicable for Class I and Class T.
81
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 2. (continued)
Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the period ended April 30, 2009, the underwriter commissions were as follows:
Transamerica Balanced | ||||
Received by Underwriter | $ | 21 | ||
Retained by Underwriter | 3 | |||
Contingent Deferred Sales Charge | 11 | |||
Transamerica Convertible Securities | ||||
Received by Underwriter | $ | 20 | ||
Retained by Underwriter | 4 | |||
Contingent Deferred Sales Charge | 9 | |||
Transamerica Equity | ||||
Received by Underwriter | $ | 148 | ||
Retained by Underwriter | 22 | |||
Contingent Deferred Sales Charge | 34 | |||
Transamerica Flexible Income | ||||
Received by Underwriter | $ | 22 | ||
Retained by Underwriter | 4 | |||
Contingent Deferred Sales Charge | 4 | |||
Transamerica Growth Opportunities | ||||
Received by Underwriter | $ | 23 | ||
Retained by Underwriter | 3 | |||
Contingent Deferred Sales Charge | 9 | |||
Transamerica High Yield Bond | ||||
Received by Underwriter | $ | 89 | ||
Retained by Underwriter | 16 | |||
Contingent Deferred Sales Charge | 5 | |||
Transamerica Legg Mason Partners All Cap | ||||
Received by Underwriter | $ | 15 | ||
Retained by Underwriter | 2 | |||
Contingent Deferred Sales Charge | 9 | |||
Transamerica Money Market | ||||
Received by Underwriter | $ | — | ||
Retained by Underwriter | — | |||
Contingent Deferred Sales Charge | 121 | |||
Transamerica Science & Technology | ||||
Received by Underwriter | $ | 3 | ||
Retained by Underwriter | — | (a) | ||
Contingent Deferred Sales Charge | 2 | |||
Transamerica Short-Term Bond | ||||
Received by Underwriter | $ | 197 | ||
Retained by Underwriter | 41 | |||
Contingent Deferred Sales Charge | 4 | |||
Transamerica Small/Mid Cap Value | ||||
Received by Underwriter | $ | 73 | ||
Retained by Underwriter | 11 | |||
Contingent Deferred Sales Charge | 72 | |||
Transamerica Templeton Global | ||||
Received by Underwriter | $ | 20 | ||
Retained by Underwriter | 3 | |||
Contingent Deferred Sales Charge | 6 | |||
Transamerica Value Balanced | ||||
Received by Underwriter | $ | 6 | ||
Retained by Underwriter | 1 | |||
Contingent Deferred Sales Charge | 4 |
(a) | Rounds to less than $1. |
Administrative services: The Funds have entered into agreements with TFS for financial and legal fund administration services. The Funds pay TFS an annual fee of 0.02% of ANA. The Legal fees on the Statements of Operations are for fees paid to external legal counsel.
Transfer agent fees: The Funds pay TFS an annual per-account charge for each open and closed account. The Funds paid TFS the following amounts for the period ended April 30, 2009:
Fund | Fees | |||
Transamerica Balanced | $ | 181 | ||
Transamerica Convertible Securities | 21 | |||
Transamerica Equity | 983 | |||
Transamerica Flexible Income | 41 | |||
Transamerica Growth Opportunities | 306 | |||
Transamerica High Yield Bond | 46 | |||
Transamerica Legg Mason Partners All Cap | 177 | |||
Transamerica Money Market | 228 | |||
Transamerica Science & Technology | 27 | |||
Transamerica Short-Term Bond | 9 | |||
Transamerica Small/Mid Cap Value | 448 | |||
Transamerica Templeton Global | 318 | |||
Transamerica Value Balanced | 61 |
Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the advisers or sub-advisers for the period ended April 30, 2009.
Deferred compensation plan: Each eligible Independent Fund Trustee may elect to participate in a non-qualified deferred compensation plan (the “Plan”) maintained by Transamerica Funds. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in Class A shares of any series of Transamerica Funds, including the Funds, or investment options under Transamerica Partners Institutional Funds Group or Transamerica Institutional Asset Allocation Funds, or funds of Transamerica Investors, Inc. The right of a participant to receive a distribution from the Plan of the deferred fees is a claim against the general assets of all series of Transamerica Funds.
82
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 2. (continued)
Retirement plan: Under a prior retirement plan (the “Emeritus Plan”) available to the Independent Trustees, each Independent Trustee was deemed to have been elected to serve as Trustee Emeritus of Transamerica Funds upon his or her termination of service, other than removal for cause, for a maximum period of five years determined by his or her years of service as a Trustee.
Such amounts were to be accrued by Transamerica Funds on a pro rata basis allocable to each Transamerica Fund based on the relative assets of the Fund. If retainers increased in the future, past accruals (and credits) would be adjusted upward so that 50% of the Trustee’s current retainer was accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred became payable to a Trustee Emeritus (or his/her beneficiary). Upon the commencement of service as Trustee Emeritus, compensation would be paid on a quarterly basis during the time period that the Trustee Emeritus was allowed to serve as such.
At April 30, 2009, the Funds’ liabilities related to the Emeritus Plan were as follows:
Fund | Emeritus Fees | |||
Transamerica Balanced | $ | 1 | ||
Transamerica Convertible Securities | 1 | |||
Transamerica Equity | 6 | |||
Transamerica Flexible Income | 1 | |||
Transamerica Growth Opportunities | 1 | |||
Transamerica High Yield Bond | 1 | |||
Transamerica Legg Mason Partners All Cap | 1 | |||
Transamerica Money Market | — | (a) | ||
Transamerica Science & Technology | — | (a) | ||
Transamerica Short-Term Bond | 1 | |||
Transamerica Small/Mid Cap Value | 2 | |||
Transamerica Templeton Global | 1 | |||
Transamerica Value Balanced | — | (a) |
(a) | Rounds to less than $1. |
Amounts deferred and accrued under the Emeritus Plan are claims against the general assets of Transamerica Funds.
The Emeritus Plan was terminated effective October 30, 2007. Upon the termination, the Funds continue to pay any remaining benefits in accordance with the Plan, but no further compensation is accrued under the Plan.
NOTE 3. INVESTMENT TRANSACTIONS
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2009 were as follows:
Proceeds from maturities and sales of | ||||||||||||||||
Purchases of securities: | securities: | |||||||||||||||
Fund | Long-term | U.S. Government | Long-term | U.S. Government | ||||||||||||
Transamerica Balanced | $ | 43,300 | $ | 11,816 | $ | 47,239 | $ | 17,064 | ||||||||
Transamerica Convertible Securities | 71,316 | — | 117,254 | — | ||||||||||||
Transamerica Equity | 193,440 | — | 187,309 | — | ||||||||||||
Transamerica Flexible Income | 86,612 | 32,961 | 110,268 | 43,963 | ||||||||||||
Transamerica Growth Opportunities | 45,812 | — | 49,696 | — | ||||||||||||
Transamerica High Yield Bond | 69,483 | — | 156,244 | — | ||||||||||||
Transamerica Legg Mason Partners All Cap | 9,654 | — | 20,289 | — | ||||||||||||
Transamerica Science & Technology | 17,809 | — | 15,994 | — | ||||||||||||
Transamerica Short-Term Bond | 397,745 | 5,181 | 279,364 | 6,318 | ||||||||||||
Transamerica Small/Mid Cap Value | 155,296 | — | 323,347 | — | ||||||||||||
Transamerica Templeton Global | 11,826 | — | 14,589 | — | ||||||||||||
Transamerica Value Balanced | 10,893 | 3,778 | 12,745 | 4,402 |
NOTE 4. FEDERAL INCOME TAX MATTERS
The Funds have not made any provisions for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Management has evaluated the Funds’ tax provisions taken for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, net operating losses and distribution reclasses.
83
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)
At April 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 5. ACCOUNTING PRONOUNCEMENT
In March 2008, the Financial Accounting Standards Board issued its new Standard No. 161, “Disclosure About Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about a Fund’s derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.
NOTE 6. SUBSEQUENT EVENT
Effective May 1, 2009 for Transamerica Short Term Bond, TAM has contractually agreed, through May 1, 2010, to waive 0.10% of its 0.62% advisory fee. As the result of a contractual waiver, 0.10% of the 0.35% 12b-1 fee on Class A shares will be waived through May 1, 2010. In addition, contractual arrangements have been made with TAM through March 1, 2010, to waive fees and/or reimburse fund expenses to the extent such expenses exceed 0.85%, excluding 12b-1 fees and certain extraordinary expenses. If the total Fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the reimbursed expenses.
84
TRANSAMERICA BALANCED
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Balanced (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was strong compared to its peer universe for the past 1-year period, above the median for the past 3-year period, and in line with the median for the past 5-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees and total expenses were above the medians for its peer group and peer universe. and they also noted management’s statements about the challenges reflected in the peer group. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
85
TRANSAMERICA CONVERTIBLE SECURITIES
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Convertible Securities (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was strong compared to its peer universe for the past 1-, 3- and 5-year periods. The Trustees considered that the Fund’s risk/reward profile is well above median, indicating attractive returns commensurate with the risk taken. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees and total expenses were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that despite a flat sub-advisory fee schedule TAM offers breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
86
TRANSAMERICA EQUITY
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Equity (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period, strong compared to its peer universe for the past 3-year period and above the median for the past 5-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were in line with the medians for its peer group and peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
87
TRANSAMERICA FLEXIBLE INCOME
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Flexible Income (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Trustees recognized that the longer-term underperformance can be attributed to the Fund’s prior sub-adviser, noting that TIM took over the management of the Fund on March 1, 2004. The Trustees considered that the Fund’s recent underperformance was driven in part by overweighting in corporate and high-yield bond investments, but they noted that they would be monitoring performance closely and expected to see improvement. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were above the medians for its peer group and peer universe and that the total expenses of the Fund above the medians for its peer group and peer universe. The Trustees further noted that TAM voluntarily lowered its fees in 2007 and again for 2008. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
88
TRANSAMERICA GROWTH OPPORTUNITIES
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Growth Opportunities (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was above the median for its peer universe for the past 1- and 3-year periods and slightly above the median for the past 5-year period. The Trustees recognized that the longer-term underperformance can be partially attributed to the Fund’s prior sub-adviser, noting that TIM took over the management of the Fund in 2005. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were below the median for its peer group and in line with the median for its peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving fees for certain share classes for the benefit of shareholders.
89
TRANSAMERICA HIGH YIELD BOND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica High Yield Bond (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and AEGON USA Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5-year period. The Board noted that prior to March 2005, the Fund’s mandate was limited to 75% in high-yield bonds and relative to its peer funds, this higher quality structural limitation hurt the Fund as high-yield bonds outperformed investment-grade bonds over the past several years. The Board noted that they would be monitoring performance closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were in line with the median for its peer group and slightly below the median for its peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
90
TRANSAMERICA LEGG MASON PARTNERS ALL CAP
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Legg Mason Partners All Cap (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and ClearBridge Advisors, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods and slightly below the median for the past 5-year period, and that they would be monitoring performance closely and expected improvement. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees is in line with the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. The Board noted further that sub-advisory fees were renegotiated for 2008. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
91
TRANSAMERICA MONEY MARKET
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Money Market (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was in line with the median for its peer universe for the past 1-, 3-, and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were below the median for its peer group and in line with the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, the nature of the Fund and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board considered the specific reasons for the absence of breakpoints, and concluded that the absence of breakpoints was acceptable under the circumstances. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving a substantial amount of fees for the benefit of shareholders.
92
TRANSAMERICA SCIENCE & TECHNOLOGY
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Science & Technology (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was strong compared to its peer universe for the past 1-year period, slightly above the median for the past 3-year period, and in line with the median for the past 5-year period. The Board also noted that the performance of the Fund prior to August, 2006 could be attributed in part to the Fund’s prior sub-adviser. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees and total expenses were below the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving a substantial amount of fees for the benefit of shareholders.
93
TRANSAMERICA SHORT-TERM BOND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Short-Term Bond (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for trailing periods ended December 31, 2007, noting that the Fund’s inception date was November 8, 2004. The Trustees noted that the Fund’s performance was below the median for its peer universe for the past 1- year period and in line with the median for the past 3-year period. The Board noted that they would be monitoring performance closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were above the medians for its peer group and peer universe but that the total expenses of the Fund were below the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
94
TRANSAMERICA SMALL/MID CAP VALUE
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Small/Mid Cap Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was strong compared to its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the Fund’s 5-year performance could not be attributed completely to the Sub-Adviser’s current management team, which assumed management of the Fund in March 2004. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were below the medians for its peer group and peer universe and that the total expenses of the Fund were in line with the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
95
TRANSAMERICA TEMPLETON GLOBAL
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Templeton Global (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Templeton Investment Counsel, LLC and Transamerica Investment Management, LLC (“TIM”) (collectively the “Sub-Advisers”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Advisers. The Trustees also carefully considered information they had previously received from TAM and the Sub-Advisers as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Advisers to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Advisers are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Advisers for this series and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Advisers, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Advisers. The Trustees determined that TAM and the Sub-Advisers can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and below the median for its peer universe for the past 3- and 5-year periods. The Trustees recognized that the longer-term underperformance can partly be attributed to the Fund’s prior sub-advisers of the domestic portion of the Fund, noting that TIM took over the management of the domestic portion of the Fund in August 2006. The Board noted they would be monitoring performance closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were below the median for its peer group and slightly above median for the peer universe and that the total expenses of the Fund were slightly above the median for its peer group and above the median for its peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Advisers. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Advisers offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Advisers, in the future.
Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Advisers from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving fees for the benefit of shareholders.
96
TRANSAMERICA VALUE BALANCED
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
(unaudited)
At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Value Balanced (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and in line with the median for the past 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were above the medians for its peer group and peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving fees for certain share classes for the benefit of shareholders.
97
PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS
(unaudited)
(unaudited)
A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statements of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
You may also visit the Trust’s website at www.transamericafunds.com for this and other information about the Funds and the Trust.
Important Notice Regarding Delivery of Shareholder Documents
Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday—Friday. Your request will take effect within 30 days.
98
P.O. Box 9012
Clearwater, FL 33758-9012
Clearwater, FL 33758-9012
![(TRANSAMERICA LOGO)](https://capedge.com/proxy/N-14/0000950123-09-040205/g20257m2025701.gif)
Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.