![(TRANSAMERICA LOGO)](https://capedge.com/proxy/N-14/0000950123-09-048720/g20257b2025700.gif)
Semi-Annual Report
June 30, 2009
June 30, 2009
www.transamericafunds.com
Customer Service 1-800-89-ASK-US (1-800-892-7587)
P.O. Box 219427 • Kansas City, MO 64121-9427
Distributor: Transamerica Capital, Inc.
P.O. Box 219427 • Kansas City, MO 64121-9427
Distributor: Transamerica Capital, Inc.
Dear Fellow Shareholder,
On behalf of Transamerica Premier Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial advisor in the future. We value the trust you have placed in us.
This semi-annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.
We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. During the past six months, markets have oscillated from weakness in conjunction with investors’ continuing concerns over the health of the economy to strength in conjunction with investor optimism of recovery and bargain hunting. The equity markets touched new lows in March, and then subsequently rallied sharply. The period ended in June with markets stuck in a trading range as investors began to question the timing and strength of an economic recovery as data was mixed and unemployment remained at multi-decade highs. As investors have become skeptical regarding an economic recovery, the U.S. dollar’s negative momentum has slowed from earlier in 2009, and the dollar ended the period in a trading range versus the Euro, British pound, and the yen. Oil prices have come off of their highs of the year in concert with moderating dollar weakness. The Federal Reserve continues to keep the federal funds rate in a range of 0%-0.25%. Investors have become somewhat skeptical of the impact of the government stimulus package, as the unemployment rate continues to climb and reached 9.5% in June. Bargain hunting, particularly in prior months, has led to year-to-date gains for particular equity and fixed-income sectors, including emerging market stocks, technology stocks, and high yield bonds. For the six months ending June 30, 2009, the Dow Jones Industrial Average returned -2.01%, the Standard & Poor’s 500 Index returned 3.16%, and the Barclay’s Capital Aggregate U.S. Bond Index returned 1.90%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.
In addition to your active involvement in the investment process, we firmly believe that a financial advisor is a key resource to help you build a complete picture of your current and future financial needs. Financial advisors are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial advisor, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.
Please contact your financial advisor if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.
Sincerely,
John K. Carter President & Chief Executive Officer | Christopher A. Staples Vice President & Chief Investment Officer | |
Transamerica Premier Funds | Transamerica Premier Funds |
Understanding Your Funds’ Expenses
(unaudited)
SHAREHOLDER EXPENSES
(unaudited)
SHAREHOLDER EXPENSES
Fund shareholders may incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs including management fees, 12b-1 distribution and service fees, and other fund expenses.
The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples are based on an investment of $1,000 invested at January 1, 2009 and held for the entire period until June 30, 2009.
ACTUAL EXPENSES
The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account would increase the estimate of expenses you paid during the period and decrease your ending account value.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expenses you would have paid during the period and decrease the hypothetical ending account value.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.
Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.
Actual Expenses | Hypothetical Expenses (b) | |||||||||||||||||||||||
Beginning | Ending Account | Expenses Paid | Ending Account | Expenses Paid | Annualized | |||||||||||||||||||
Fund Name | Account Value | Value | During Period (a) | Value | During Period (a) | Expense Ratio | ||||||||||||||||||
Transamerica Premier Balanced Fund Investor Class | $ | 1,000.00 | $ | 1,082.90 | $ | 5.68 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | ||||||||||||
Transamerica Premier Cash Reserve Fund Investor Class | 1,000.00 | 1,002.20 | 1.49 | 1,023.31 | 1.51 | 0.30 | ||||||||||||||||||
Transamerica Premier Diversified Equity Fund Investor Class | 1,000.00 | 1,104.90 | 6.00 | 1,019.09 | 5.76 | 1.15 | ||||||||||||||||||
Transamerica Premier Equity Fund Investor Class | 1,000.00 | 1,077.70 | 5.92 | 1,019.09 | 5.76 | 1.15 | ||||||||||||||||||
Transamerica Premier Focus Fund Investor Class | 1,000.00 | 1,170.90 | 7.54 | 1,017.85 | 7.00 | 1.40 | ||||||||||||||||||
Transamerica Premier Growth Opportunities Fund Investor Class | 1,000.00 | 1,132.90 | 7.40 | 1,017.85 | 7.00 | 1.40 | ||||||||||||||||||
Transamerica Premier High Yield Bond Fund Investor Class | 1,000.00 | 1,251.00 | 5.02 | 1,020.33 | 4.51 | 0.90 | ||||||||||||||||||
Institutional Class | 1,000.00 | 1,253.30 | 3.58 | 1,021.62 | 3.21 | 0.64 | ||||||||||||||||||
Transamerica Premier Institutional Bond Fund Institutional Class | 1,000.00 | 1,078.60 | 2.32 | 1,022.56 | 2.26 | 0.45 | ||||||||||||||||||
Transamerica Premier Institutional Diversified Equity Fund Institutional Class | 1,000.00 | 1,059.00 | 3.83 | 1,021.08 | 3.76 | 0.75 | ||||||||||||||||||
Transamerica Premier Institutional Equity Fund Institutional Class | 1,000.00 | 1,083.20 | 3.87 | 1,021.08 | 3.76 | 0.75 | ||||||||||||||||||
Transamerica Premier Institutional Small Cap Value Fund Institutional Class | 1,000.00 | 1,187.20 | 4.61 | 1,020.58 | 4.26 | 0.85 |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days). | |
(b) | 5% return per year before expenses. |
Transamerica Premier Funds | Semi-Annual Report 2009 | |||
Page 3 |
Schedules of Investments Composition
At June 30, 2009
(the following charts summarize the Schedule of Investments of each Fund by asset type)
(unaudited)
At June 30, 2009
(the following charts summarize the Schedule of Investments of each Fund by asset type)
(unaudited)
Transamerica Premier Balanced Fund | ||||
Common Stocks | 60.5 | % | ||
Corporate Debt Securities | 21.9 | |||
U.S. Government Agency Obligations | 10.7 | |||
Repurchase Agreement | 2.8 | |||
Mortgage-Backed Securities | 2.4 | |||
U.S. Government Obligations | 1.9 | |||
Preferred Corporate Debt Security | 0.4 | |||
Other Assets and Liabilities — Net | (0.6 | ) | ||
Total | 100.0 | % | ||
Transamerica Premier Cash Reserve Fund | ||||
Commercial Paper | 78.8 | % | ||
Corporate Debt Securities | 10.4 | |||
Certificates of Deposit | 8.9 | |||
Repurchase Agreement | 2.1 | |||
Other Assets and Liabilities — Net | (0.2 | ) | ||
Total | 100.0 | % | ||
Transamerica Premier Diversified Equity Fund | ||||
Common Stocks | 94.7 | % | ||
Repurchase Agreement | 5.3 | |||
Other Assets and Liabilities — Net | 0.0 | * | ||
Total | 100.0 | % | ||
Transamerica Premier Equity Fund | ||||
Common Stocks | 93.9 | % | ||
Repurchase Agreement | 6.1 | |||
Other Assets and Liabilities — Net | 0.0 | * | ||
Total | 100.0 | % | ||
Transamerica Premier Focus Fund | ||||
Common Stocks | 84.8 | % | ||
Repurchase Agreement | 19.4 | |||
Other Assets and Liabilities — Net | (4.2 | ) | ||
Total | 100.0 | % | ||
Transamerica Premier Growth Opportunities Fund | ||||
Common Stocks | 95.8 | % | ||
Repurchase Agreement | 3.1 | |||
Other Assets and Liabilities — Net | 1.1 | |||
Total | 100.0 | % | ||
Transamerica Premier High Yield Bond Fund | ||||
Corporate Debt Securities | 93.5 | % | ||
Convertible Bonds | 2.7 | |||
Repurchase Agreement | 1.2 | |||
Convertible Preferred Stock | 0.2 | |||
Other Assets and Liabilities — Net | 2.4 | |||
Total | 100.0 | % | ||
Transamerica Premier Institutional Bond Fund | ||||
Corporate Debt Securities | 56.1 | % | ||
U.S. Government Agency Obligations | 30.4 | |||
Mortgage-Backed Securities | 6.5 | |||
U.S. Government Obligations | 4.1 | |||
Repurchase Agreement | 2.6 | |||
Preferred Corporate Debt Security | 1.0 | |||
Municipal Government Obligation | 0.7 | |||
Other Assets and Liabilities — Net | (1.4 | ) | ||
Total | 100.0 | % | ||
Transamerica Premier Institutional Diversified Equity Fund | ||||
Common Stocks | 97.5 | % | ||
Repurchase Agreement | 3.3 | |||
Other Assets and Liabilities — Net | (0.8 | ) | ||
Total | 100.0 | % | ||
Transamerica Premier Institutional Equity Fund | ||||
Common Stocks | 97.3 | % | ||
Repurchase Agreement | 2.5 | |||
Other Assets and Liabilities — Net | 0.2 | |||
Total | 100.0 | % | ||
Transamerica Premier Institutional Small Cap Value Fund | ||||
Common Stock | 94.9 | % | ||
Repurchase Agreement | 4.6 | |||
Other Assets and Liabilities — Net | 0.5 | |||
Total | 100.0 | % | ||
* | Amount rounds to less than 0.05% or (0.05%). |
Transamerica Premier Funds | Semi-Annual Report 2009 | |||
Page 4 |
Transamerica Premier Balanced Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 60.5% | ||||||||
Aerospace & Defense - 1.0% | ||||||||
Boeing Co. | 65,000 | $ | 2,763 | |||||
Air Freight & Logistics - 1.7% | ||||||||
CH Robinson Worldwide, Inc. | 82,000 | 4,276 | ||||||
Expeditors International of Washington, Inc. | 20,000 | 667 | ||||||
Auto Components - 3.3% | ||||||||
BorgWarner, Inc. | 140,000 | 4,782 | ||||||
Johnson Controls, Inc. | 220,000 | 4,778 | ||||||
Biotechnology - 2.1% | ||||||||
Gilead Sciences, Inc. ‡ | 130,000 | 6,089 | ||||||
Capital Markets - 4.3% | ||||||||
Charles Schwab Corp. | 400,000 | 7,016 | ||||||
T. Rowe Price Group, Inc. | 118,829 | 4,952 | ||||||
Chemicals - 2.7% | ||||||||
Sigma-Aldrich Corp. | 150,000 | 7,434 | ||||||
Communications Equipment - 2.5% | ||||||||
Qualcomm, Inc. | 155,000 | 7,006 | ||||||
Computers & Peripherals - 3.0% | ||||||||
Apple, Inc. ‡ | 60,000 | 8,546 | ||||||
Construction & Engineering - 1.0% | ||||||||
Jacobs Engineering Group, Inc. ‡ | 64,000 | 2,694 | ||||||
Diversified Financial Services - 1.7% | ||||||||
JPMorgan Chase & Co. | 145,000 | 4,946 | ||||||
Diversified Telecommunication Services - 2.4% | ||||||||
Verizon Communications, Inc. | 220,000 | 6,761 | ||||||
Electronic Equipment & Instruments - 1.4% | ||||||||
Tyco Electronics, Ltd. | 219,000 | 4,071 | ||||||
Food & Staples Retailing - 1.3% | ||||||||
Wal-Mart Stores, Inc. | 75,000 | 3,633 | ||||||
Health Care Equipment & Supplies - 3.1% | ||||||||
Becton Dickinson & Co. | 75,000 | 5,348 | ||||||
Covidien PLC | 50,000 | 1,872 | ||||||
Varian Medical Systems, Inc. ‡ | 40,000 | 1,406 | ||||||
Industrial Conglomerates - 1.0% | ||||||||
General Electric Co. | 230,000 | 2,696 | ||||||
Internet & Catalog Retail - 3.1% | ||||||||
Amazon.com, Inc. ‡ | 105,000 | 8,784 | ||||||
Internet Software & Services - 2.8% | ||||||||
Google, Inc. -Class A ‡ | 19,000 | 8,010 | ||||||
IT Services - 1.9% | ||||||||
Automatic Data Processing, Inc. | 152,000 | 5,387 | ||||||
Machinery - 5.9% | ||||||||
Caterpillar, Inc. | 85,000 | 2,808 | ||||||
Kennametal, Inc. | 350,000 | 6,713 | ||||||
PACCAR, Inc. | 230,000 | 7,477 | ||||||
Paper & Forest Products - 1.9% | ||||||||
Weyerhaeuser Co. | 180,000 | 5,477 | ||||||
Real Estate Investment Trusts - 0.4% | ||||||||
Plum Creek Timber Co., Inc. | 40,000 | 1,191 | ||||||
Road & Rail - 1.6% | ||||||||
Burlington Northern Santa Fe Corp. | 60,000 | 4,412 | ||||||
Semiconductors & Semiconductor Equipment - 2.2% | ||||||||
Intel Corp. | 380,000 | 6,289 | ||||||
Software - 6.5% | ||||||||
Adobe Systems, Inc. ‡ | 255,000 | 7,217 | ||||||
Intuit, Inc. ‡ | 135,000 | 3,802 | ||||||
Oracle Corp. | 340,000 | 7,282 | ||||||
Trading Companies & Distributors - 1.7% | ||||||||
WW Grainger, Inc. | 60,000 | 4,913 | ||||||
Total Common Stocks (cost $179,109) | 171,498 | |||||||
Principal | Value | |||||||
U.S. GOVERNMENT OBLIGATIONS - 1.9% | ||||||||
U.S. Treasury Bond | ||||||||
3.50% 02/15/2039 | $ | 2,120 | 1,833 | |||||
U.S. Treasury Inflation Indexed Bond | ||||||||
1.75% 01/15/2028 | 641 | 605 | ||||||
2.50% 01/15/2029 | 1,341 | 1,425 | ||||||
U.S. Treasury Note | ||||||||
1.13% 06/30/2011 | 1,500 | 1,500 | ||||||
Total U.S. Government Obligations (cost $5,161) | 5,363 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.7% | ||||||||
Fannie Mae | ||||||||
4.50% 07/25/2021 | 1,528 | 1,564 | ||||||
5.00% 04/25/2034 | 3,210 | 3,348 | ||||||
5.50% 04/01/2037 - 11/01/2038 | 5,177 | 5,352 | ||||||
5.78% 12/01/2036 * | 1,895 | 1,995 | ||||||
Freddie Mac | ||||||||
5.00% 02/01/2024 - 01/01/2039 | 11,275 | 11,559 | ||||||
6.00% 12/01/2037 | 3,986 | 4,201 | ||||||
Ginnie Mae | ||||||||
4.50% 02/20/2037 * | 2,275 | 2,320 | ||||||
Total U.S. Government Agency Obligations (cost $29,803) | 30,339 | |||||||
MORTGAGE-BACKED SECURITIES - 2.4% | ||||||||
American Tower Trust | ||||||||
Series 2007-1A, Class AFX | ||||||||
5.42% 04/15/2037 144A | 1,315 | 1,197 | ||||||
Crown Castle Towers LLC | ||||||||
Series 2006-1A, Class AFX | ||||||||
5.24% 11/15/2036 144A | 1,778 | 1,707 | ||||||
Jefferies & Co., Inc. | ||||||||
Series 2009-R2, Class 2A | ||||||||
6.59% 12/26/2037 144A | 598 | 527 | ||||||
Series 2009-R7, Class 10A3 | ||||||||
6.00% 12/26/2036 144A | 538 | 510 | ||||||
Series 2009-R7, Class 12A1 | ||||||||
5.50% 08/26/2036 144A | 610 | 537 | ||||||
Series 2009-R9, Class 1A1 | ||||||||
5.84% 12/31/2049 144A | 620 | 553 | ||||||
Small Business Administration CMBS Trust | ||||||||
Series 2006-1A, Class A | ||||||||
5.31% 11/15/2036 144A | 1,770 | 1,655 | ||||||
Total Mortgage-Backed Securities (cost $6,837) | 6,686 | |||||||
CORPORATE DEBT SECURITIES - 21.9% | ||||||||
Airlines - 0.5% | ||||||||
Continental Airlines, Inc. | ||||||||
7.49%, 10/02/2010 | 638 | 606 | ||||||
9.00%, 07/08/2016 | 360 | 360 | ||||||
Delta Air Lines, Inc. | ||||||||
7.57%, 11/18/2010 | 585 | 559 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 | |||
Page 5 |
Transamerica Premier Balanced Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||||
Auto Components - 0.5% | ||||||||
Johnson Controls, Inc. | ||||||||
5.25%, 01/15/2011 | $ | 1,344 | $ | 1,359 | ||||
Beverages - 0.6% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
8.20%, 01/15/2039 144A | 833 | 928 | ||||||
Bacardi, Ltd. | ||||||||
7.45%, 04/01/2014 144A | 690 | 736 | ||||||
Capital Markets - 1.2% | ||||||||
Charles Schwab Corp. | ||||||||
4.95%, 06/01/2014 | 1,035 | 1,053 | ||||||
Goldman Sachs Group, Inc. | ||||||||
1.06%, 03/22/2016 * | 1,230 | 1,042 | ||||||
Morgan Stanley | ||||||||
6.00%, 05/13/2014 | 1,230 | 1,245 | ||||||
Chemicals - 1.2% | ||||||||
Chevron Phillips Chemical Co. LLC | ||||||||
8.25%, 06/15/2019 144A | 510 | 532 | ||||||
Cytec Industries, Inc. | ||||||||
8.95%, 07/01/2017 | 510 | 509 | ||||||
Dow Chemical Co. | ||||||||
8.55%, 05/15/2019 | 1,160 | 1,162 | ||||||
Nalco Co. | ||||||||
8.25%, 05/15/2017 144A | 525 | 528 | ||||||
Yara International ASA | ||||||||
7.88%, 06/11/2019 144A | 560 | 584 | ||||||
Commercial Banks - 1.4% | ||||||||
Barclays Bank PLC | ||||||||
7.70%, 04/25/2018 144A Ž | 1,090 | 906 | ||||||
BB&T Corp. | ||||||||
6.85%, 04/30/2019 | 985 | 1,024 | ||||||
PNC Bank NA | ||||||||
6.00%, 12/07/2017 | 425 | 393 | ||||||
Wachovia Corp. | ||||||||
1.38%, 10/28/2015 * | 1,445 | 1,137 | ||||||
ZFS Finance USA Trust II | ||||||||
6.45%, 06/15/2016 144A ■ | 690 | 524 | ||||||
Commercial Services & Supplies - 0.4% | ||||||||
Allied Waste North America, Inc. | ||||||||
6.50%, 11/15/2010 | 1,000 | 1,018 | ||||||
Construction Materials - 0.5% | ||||||||
Lafarge SA | ||||||||
6.15%, 07/15/2011 | 1,335 | 1,349 | ||||||
Consumer Finance - 0.6% | ||||||||
American Express Credit Corp. | ||||||||
1.71%, 05/27/2010 * | 700 | 691 | ||||||
Discover Financial Services | ||||||||
1.17%, 06/11/2010 * | 1,173 | 1,105 | ||||||
Containers & Packaging - 0.3% | ||||||||
Rexam PLC | ||||||||
6.75%, 06/01/2013 144A | 980 | 949 | ||||||
Diversified Financial Services - 2.0% | ||||||||
Bank of America Corp. | ||||||||
0.91%, 06/15/2016 * | 2,215 | 1,646 | ||||||
Bear Stearns Cos., Inc. | ||||||||
7.25%, 02/01/2018 | 1,111 | 1,171 | ||||||
Citigroup, Inc. | ||||||||
0.94%, 05/18/2011 * | 1,100 | 1,040 | ||||||
Glencore Funding LLC | ||||||||
6.00%, 04/15/2014 144A | 706 | 583 | ||||||
Harley-Davidson Funding Corp. | ||||||||
5.25%, 12/15/2012 144A | 1,130 | 1,059 | ||||||
Pemex Finance, Ltd. | ||||||||
9.03%, 02/15/2011 | 378 | 404 | ||||||
Electronic Equipment & Instruments - 0.4% | ||||||||
Tyco Electronics Group SA | ||||||||
6.00%, 10/01/2012 | 1,125 | 1,105 | ||||||
Energy Equipment & Services - 0.9% | ||||||||
DCP Midstream LLC | ||||||||
9.75%, 03/15/2019 144A | 628 | 700 | ||||||
NGPL Pipeco LLC | ||||||||
6.51%, 12/15/2012 144A | 980 | 1,027 | ||||||
Weatherford International, Ltd. | ||||||||
7.00%, 03/15/2038 | 830 | 799 | ||||||
Food & Staples Retailing - 0.4% | ||||||||
Ingles Market, Inc. | ||||||||
8.88%, 05/15/2017 144A | 550 | 542 | ||||||
Stater Brothers Holdings, Inc. | ||||||||
8.13%, 06/15/2012 | 650 | 640 | ||||||
Food Products - 0.4% | ||||||||
M-Foods Holdings, Inc. | ||||||||
9.75%, 10/01/2013 144A | 688 | 662 | ||||||
Michael Foods, Inc. | ||||||||
8.00%, 11/15/2013 | 500 | 488 | ||||||
Gas Utilities - 0.3% | ||||||||
EQT Corp. | ||||||||
8.13%, 06/01/2019 | 770 | 824 | ||||||
Health Care Equipment & Supplies - 0.4% | ||||||||
Beckman Coulter, Inc. | ||||||||
7.00%, 06/01/2019 | 909 | 961 | ||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||
Host Hotels & Resorts, LP | ||||||||
7.00%, 08/15/2012 | 555 | 536 | ||||||
Royal Caribbean Cruises, Ltd. | ||||||||
8.75%, 02/02/2011 | 715 | 682 | ||||||
Household Durables - 0.4% | ||||||||
Whirlpool Corp. | ||||||||
8.00%, 05/01/2012 | 1,040 | 1,076 | ||||||
Insurance - 0.6% | ||||||||
MetLife, Inc. | ||||||||
5.38%, 12/15/2012 | 950 | 971 | ||||||
Oil Insurance, Ltd. | ||||||||
7.56%, 06/30/2011 144A ■ Ž | 1,220 | 599 | ||||||
IT Services - 0.2% | ||||||||
Aramark Corp. | ||||||||
8.50%, 02/01/2015 | 600 | 582 | ||||||
Leisure Equipment & Products - 0.4% | ||||||||
Hasbro, Inc. | ||||||||
6.30%, 09/15/2017 | 1,153 | 1,123 | ||||||
Media - 0.4% | ||||||||
Time Warner Cable, Inc. | ||||||||
6.75%, 07/01/2018 | 1,220 | 1,271 | ||||||
Metals & Mining - 1.0% | ||||||||
ArcelorMittal | ||||||||
5.38%, 06/01/2013 | 1,380 | 1,321 | ||||||
Falconbridge, Ltd. | ||||||||
7.35%, 06/05/2012 | 540 | 537 | ||||||
Rio Tinto Finance USA, Ltd. | ||||||||
9.00%, 05/01/2019 | 975 | 1,084 | ||||||
Multi-Utilities - 0.7% | ||||||||
Black Hills Corp. | ||||||||
9.00%, 05/15/2014 | 550 | 565 | ||||||
Sempra Energy | ||||||||
9.80%, 02/15/2019 | 1,125 | 1,363 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 | |||
Page 6 |
Transamerica Premier Balanced Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||||
Office Electronics - 0.4% | ||||||||
Xerox Corp. | ||||||||
7.13%, 06/15/2010 | $ | 1,195 | $ | 1,234 | ||||
Oil, Gas & Consumable Fuels - 1.8% | ||||||||
Energy Transfer Partners, LP | ||||||||
9.70%, 03/15/2019 | 805 | 924 | ||||||
Hess Corp. | ||||||||
8.13%, 02/15/2019 | 1,220 | 1,389 | ||||||
Husky Energy, Inc. | ||||||||
6.25%, 06/15/2012 | 1,025 | 1,058 | ||||||
PetroHawk Energy Corp. | ||||||||
9.13%, 07/15/2013 | 500 | 498 | ||||||
Teppco Partners, LP | ||||||||
7.00%, 06/01/2067 ■ | 500 | 375 | ||||||
Valero Logistics Operations, LP | ||||||||
6.88%, 07/15/2012 | 850 | 870 | ||||||
Paper & Forest Products - 0.4% | ||||||||
Weyerhaeuser Co. | ||||||||
6.75%, 03/15/2012 | 1,085 | 1,085 | ||||||
Pharmaceuticals - 0.3% | ||||||||
Allergan, Inc. | ||||||||
5.75%, 04/01/2016 | 925 | 912 | ||||||
Real Estate Investment Trusts - 1.5% | ||||||||
Healthcare Realty Trust, Inc. | ||||||||
8.13%, 05/01/2011 | 1,040 | 1,036 | ||||||
PPF Funding, Inc. | ||||||||
5.35%, 04/15/2012 144A | 1,646 | 1,345 | ||||||
WEA Finance LLC / WCI Finance LLC | ||||||||
5.40%, 10/01/2012 144A | 1,250 | 1,199 | ||||||
Weingarten Realty Investors | ||||||||
5.26%, 05/15/2012 | 1,000 | 887 | ||||||
Real Estate Management & Development - 0.4% | ||||||||
Post Apartment Homes, LP | ||||||||
5.45%, 06/01/2012 | 600 | 545 | ||||||
6.30%, 06/01/2013 | 537 | 483 | ||||||
Road & Rail - 0.2% | ||||||||
Hertz Corp. | ||||||||
8.88%, 01/01/2014 | 470 | 432 | ||||||
Specialty Retail - 0.4% | ||||||||
Staples, Inc. | ||||||||
9.75%, 01/15/2014 | 1,205 | 1,345 | ||||||
Tobacco - 0.2% | ||||||||
Lorillard Tobacco Co. | ||||||||
8.13%, 06/23/2019 | 485 | 501 | ||||||
Wireless Telecommunication Services - 0.2% | ||||||||
Centennial Communications Corp. | ||||||||
6.96%, 01/01/2013 * | 500 | 498 | ||||||
Total Corporate Debt Securities (cost $61,507) | 62,276 | |||||||
Preferred Corporate Debt Security - 0.4% | ||||||||
Rabobank Nederland NV | ||||||||
11.00%, 06/30/2019 144A ■ Ž | 950 | 1,057 | ||||||
Total Preferred Corporate Debt Security (cost $1,000) | ||||||||
REPURCHASE AGREEMENT - 2.8% | ||||||||
State Street Repurchase Agreement | ||||||||
0.01%, dated 06/30/2009, to be repurchased at $7,813 on 07/01/2009 • | 7,813 | 7,813 | ||||||
Total Repurchase Agreement (cost $7,813) | ||||||||
Total Investment Securities (cost $291,230) # | 285,032 | |||||||
Other Assets and Liabilities — Net | (1,804 | ) | ||||||
Net Assets | $ | 283,228 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
* | Floating or variable rate note. Rate is listed as of 06/30/2009. | |
Ž | The security has a perpetual maturity. The date shown is the next call date. | |
■ | Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 06/30/2009. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 0.61% to 4.72%, maturity dates ranging from 08/01/2034 to 08/25/2034, and with market values plus accrued interests of $7,970. | |
# | Aggregate cost for federal income tax purposes is $291,230. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $19,595 and $25,793, respectively. Net unrealized depreciation for tax purposes is $6,198. | |
DEFINITIONS: | ||
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2009, these securities aggregated $21,146, or 7.47%, of the Fund’s net assets. | |
CMBS | Commercial Mortgage-Backed Security | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company |
Transamerica Premier Funds | Semi-Annual Report 2009 | |||
Page 7 |
Transamerica Premier Balanced Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
At June 30, 2009
(all amounts in thousands)
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Consumer Discretionary | $ | 20,216 | $ | — | $ | — | $ | 20,216 | ||||||||
Equities — Consumer Staples | 3,633 | — | — | 3,633 | ||||||||||||
Equities — Financials | 18,105 | — | — | 18,105 | ||||||||||||
Equities — Health Care | 12,843 | — | — | 12,843 | ||||||||||||
Equities — Industrials | 39,419 | — | — | 39,419 | ||||||||||||
Equities — Information Technology | 57,610 | — | — | 57,610 | ||||||||||||
Equities — Materials | 12,911 | — | — | 12,911 | ||||||||||||
Equities — Telecommunication Services | 6,761 | — | — | 6,761 | ||||||||||||
Fixed Income — Consumer Discretionary | — | 6,369 | — | 6,369 | ||||||||||||
Fixed Income — Consumer Staples | — | 5,521 | — | 5,521 | ||||||||||||
Fixed Income — Energy | — | 7,639 | — | 7,639 | ||||||||||||
Fixed Income — Financials | — | 23,145 | — | 23,145 | ||||||||||||
Fixed Income — Health Care | — | 1,873 | — | 1,873 | ||||||||||||
Fixed Income — Industrials | — | 2,975 | — | 2,975 | ||||||||||||
Fixed Income — Information Technology | — | 2,921 | — | 2,921 | ||||||||||||
Fixed Income — Materials | — | 9,640 | — | 9,640 | ||||||||||||
Fixed Income — Mortgage-Backed Security | — | 6,686 | — | 6,686 | ||||||||||||
Fixed Income — Telecommunication Services | — | 498 | — | 498 | ||||||||||||
Fixed Income — U.S. Government Agency Obligation | — | 30,339 | — | 30,339 | ||||||||||||
Fixed Income — U.S. Government Obligation | — | 5,363 | — | 5,363 | ||||||||||||
Fixed Income — Utilities | — | 2,752 | — | 2,752 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 7,813 | — | 7,813 | ||||||||||||
Total | $ | 171,498 | $ | 113,534 | $ | — | $ | 285,032 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Annual Report 2008 |
Page 8
Transamerica Premier Cash Reserve Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
COMMERCIAL PAPER - 78.8% | ||||||||
Capital Markets - 5.2% | ||||||||
State Street Corp. | ||||||||
0.20%, 07/07/2009 | $ | 2,750 | $ | 2,750 | ||||
Chemicals - 4.7% | ||||||||
Ecolab, Inc. | ||||||||
0.27%, 09/02/2009 - 144A | 2,500 | 2,499 | ||||||
Commercial Banks - 13.0% | ||||||||
Barclays Bank PLC | ||||||||
0.95%, 07/22/2009 | 1,200 | 1,199 | ||||||
Royal Bank of Scotland PLC | ||||||||
1.02%, 08/03/2009 | 3,100 | 3,098 | ||||||
UBS Finance Delaware LLC | ||||||||
0.36%, 08/13/2009 | 1,400 | 1,399 | ||||||
0.40%, 07/13/2009 | 1,100 | 1,100 | ||||||
Diversified Financial Services - 42.5% | ||||||||
Alpine Securitization | ||||||||
0.23%, 07/10/2009 - 144A | 800 | 800 | ||||||
0.25%, 07/24/2009 - 144A | 2,050 | 2,049 | ||||||
American Honda Finance Corp. | ||||||||
0.75%, 07/07/2009 | 1,100 | 1,100 | ||||||
0.85%, 07/09/2009 | 550 | 550 | ||||||
0.90%, 07/06/2009 | 1,500 | 1,500 | ||||||
Bank of America Corp. | ||||||||
0.36%, 09/10/2009 | 500 | 500 | ||||||
CAFCO LLC | ||||||||
0.85%, 07/22/2009 - 144A | 1,700 | 1,699 | ||||||
Caterpillar Financial Services Corp. | ||||||||
0.30%, 07/13/2009 | 2,100 | 2,099 | ||||||
CIESCO LLC | ||||||||
0.30%, 07/14/2009 - 144A | 1,200 | 1,200 | ||||||
MetLife Funding, Inc. | ||||||||
0.30%, 07/23/2009 | 1,200 | 1,200 | ||||||
Old Line Funding LLC | ||||||||
0.45%, 07/07/2009 - 144A | 800 | 800 | ||||||
0.60%, 07/15/2009 - 144A | 1,725 | 1,725 | ||||||
PACCAR Financial Corp. | ||||||||
0.17%, 07/14/2009 | 1,500 | 1,500 | ||||||
Rabobank USA Financial Corp. | ||||||||
0.42%, 07/15/2009 | 1,950 | 1,950 | ||||||
Ranger Funding Co. LLC | ||||||||
0.45%, 07/14/2009 - 144A | 1,200 | 1,200 | ||||||
0.85%, 08/10/2009 - 144A | 1,000 | 999 | ||||||
Wal-Mart Funding Corp. | ||||||||
0.27%, 07/06/2009 - 144A | 1,500 | 1,500 | ||||||
Health Care Equipment & Supplies - 1.0% | ||||||||
Medtronic, Inc. | ||||||||
0.19%, 07/28/2009 - 144A | 550 | 550 | ||||||
Industrial Conglomerates - 4.6% | ||||||||
General Electric Co. | ||||||||
0.25%, 08/24/2009 - 08/25/2009 | 2,400 | 2,399 | ||||||
Foreign Government Obligation - 7.8% | ||||||||
Province of Ontario Canada | ||||||||
0.30%, 07/08/2009 | 1,500 | 1,499 | ||||||
Province of Quebec Canada | ||||||||
0.23%, 08/21/2009 - 144A | 1,400 | 1,400 | ||||||
0.29%, 07/09/2009 - 144A | 1,200 | 1,200 | ||||||
Total Commercial Paper (cost $41,464) | 41,464 | |||||||
CERTIFICATES OF DEPOSIT - 8.9% | ||||||||
Commercial Banks - 8.9% | ||||||||
Bank of Scotland PLC | ||||||||
0.56%, 09/09/2009 | 2,800 | 2,800 | ||||||
Barclays Bank PLC | ||||||||
0.45%, 08/13/2009 | 1,900 | 1,900 | ||||||
Total Certificate of Deposit (cost $4,700) | 4,700 | |||||||
CORPORATE DEBT SECURITIES - 10.4% | ||||||||
Consumer Finance - 4.4% | ||||||||
Toyota Motor Credit Corp. | ||||||||
0.30%, 07/20/2009 | 1,200 | 1,199 | ||||||
0.31%, 08/04/2009 | 1,100 | 1,100 | ||||||
Diversified Financial Services - 6.0% | ||||||||
IBM International Group Capital LLC * | ||||||||
1.39%, 07/29/2009 | 3,200 | 3,201 | ||||||
Total Corporate Debt Security (cost $5,500) | 5,500 | |||||||
REPURCHASE AGREEMENT - 2.1% | ||||||||
State Street Repurchase Agreement 0.01%, dated 6/30/2009, to be repurchased at $1,118 on 07/01/2009 • | 1,118 | 1,118 | ||||||
Total Repurchase Agreements (cost $1,118) | ||||||||
Total Investment Securities (cost $52,782) # | 52,782 | |||||||
Other Assets and Liabilities — Net | (82 | ) | ||||||
Net Assets | $ | 52,700 | ||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 9
Transamerica Premier Cash Reserve Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS: | ||
* | Floating or variable rate note. Rate is listed as of 06/30/2009. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.72% to 4.74%, maturity dates of 08/01/2034, and with market values plus accrued interests of $1,140. | |
# | Aggregate cost for federal income tax purposes is $52,782. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2009, these securities aggregated $17,621, or 33.45%, of the Fund’s net assets. | |
LLC | Limited Liability Company | |
PLC | Public Limited Company |
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Fixed Income — Financials | $ | — | $ | 5,500 | $ | — | $ | 5,500 | ||||||||
Cash & Cash Equivalent — Consumer Discretionary | — | 550 | — | 550 | ||||||||||||
Cash & Cash Equivalent — Financials | — | 36,617 | — | 36,617 | ||||||||||||
Cash & Cash Equivalent — Industrials | — | 2,399 | — | 2,399 | ||||||||||||
Cash & Cash Equivalent — Materials | — | 2,499 | — | 2,499 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 1,118 | — | 1,118 | ||||||||||||
Cash & Cash Equivalent — Foreign Government Obligation | — | 4,099 | — | 4,099 | ||||||||||||
Total | $ | — | $ | 52,782 | $ | — | $ | 52,782 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 10
Transamerica Premier Diversified Equity Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 94.7% | ||||||||
Aerospace & Defense - 4.8% | ||||||||
Boeing Co. | 22,500 | $ | 956 | |||||
Lockheed Martin Corp. | 40,000 | 3,226 | ||||||
Precision Castparts Corp. | 90,000 | 6,573 | ||||||
Air Freight & Logistics - 1.8% | ||||||||
CH Robinson Worldwide, Inc. | 40,000 | 2,086 | ||||||
Expeditors International of Washington, Inc. | 58,000 | 1,934 | ||||||
Auto Components - 6.2% | ||||||||
BorgWarner, Inc. | 200,000 | 6,830 | ||||||
Johnson Controls, Inc. | 330,000 | 7,168 | ||||||
Beverages - 1.0% | ||||||||
PepsiCo, Inc. | 40,000 | 2,198 | ||||||
Capital Markets - 8.4% | ||||||||
BlackRock, Inc. -Class A | 34,000 | 5,964 | ||||||
Charles Schwab Corp. | 410,000 | 7,192 | ||||||
T. Rowe Price Group, Inc. | 140,000 | 5,834 | ||||||
Chemicals - 6.1% | ||||||||
Ecolab, Inc. | 128,000 | 4,991 | ||||||
Monsanto Co. | 30,000 | 2,230 | ||||||
Sigma-Aldrich Corp. | 135,000 | 6,690 | ||||||
Communications Equipment - 1.8% | ||||||||
Qualcomm, Inc. | 90,000 | 4,068 | ||||||
Computers & Peripherals - 8.7% | ||||||||
Apple, Inc. ‡ | 62,000 | 8,831 | ||||||
Hewlett-Packard Co. | 195,000 | 7,537 | ||||||
International Business Machines Corp. | 32,000 | 3,341 | ||||||
Construction & Engineering - 1.6% | ||||||||
Jacobs Engineering Group, Inc. ‡ | 85,000 | 3,578 | ||||||
Diversified Financial Services - 3.6% | ||||||||
Bank of America Corp. | 180,495 | 2,383 | ||||||
JPMorgan Chase & Co. | 170,000 | 5,798 | ||||||
Diversified Telecommunication Services - 3.5% | ||||||||
Verizon Communications, Inc. | 255,000 | 7,836 | ||||||
Electronic Equipment & Instruments - 1.4% | ||||||||
Tyco Electronics, Ltd. | 165,000 | 3,067 | ||||||
Energy Equipment & Services - 0.7% | ||||||||
Schlumberger, Ltd. | 30,000 | 1,623 | ||||||
Food & Staples Retailing - 1.6% | ||||||||
Costco Wholesale Corp. | 78,000 | 3,565 | ||||||
Health Care Equipment & Supplies - 3.3% | ||||||||
Becton Dickinson & Co. | 75,000 | 5,349 | ||||||
Covidien PLC | 55,000 | 2,059 | ||||||
Internet & Catalog Retail - 3.9% | ||||||||
Amazon.com, Inc. ‡ | 105,000 | 8,784 | ||||||
Internet Software & Services - 2.4% | ||||||||
Google, Inc. -Class A ‡ | 13,000 | 5,481 | ||||||
Leisure Equipment & Products - 1.2% | ||||||||
Hasbro, Inc. | 113,300 | 2,746 | ||||||
Life Sciences Tools & Services - 1.1% | ||||||||
Millipore Corp. ‡ | 35,000 | 2,457 | ||||||
Machinery - 7.4% | ||||||||
Caterpillar, Inc. | 70,000 | 2,313 | ||||||
Donaldson Co., Inc. | 100,000 | 3,464 | ||||||
Kennametal, Inc. | 320,000 | 6,137 | ||||||
PACCAR, Inc. | 155,000 | 5,039 | ||||||
Media - 3.6% | ||||||||
Dreamworks Animation SKG, Inc. -Class A ‡ | 80,000 | 2,207 | ||||||
Walt Disney Co. | 250,000 | 5,833 | ||||||
Oil, Gas & Consumable Fuels - 1.0% | ||||||||
Anadarko Petroleum Corp. | 49,000 | 2,224 | ||||||
Paper & Forest Products - 2.2% | ||||||||
Weyerhaeuser Co. | 160,000 | 4,869 | ||||||
Real Estate Investment Trusts - 1.7% | ||||||||
Plum Creek Timber Co., Inc. | 130,000 | 3,871 | ||||||
Road & Rail - 2.0% | ||||||||
Burlington Northern Santa Fe Corp. | 60,000 | 4,412 | ||||||
Semiconductors & Semiconductor Equipment - 1.9% | ||||||||
Intel Corp. | 255,000 | 4,220 | ||||||
Software - 7.3% | ||||||||
Activision Blizzard, Inc. ‡ | 160,000 | 2,021 | ||||||
Adobe Systems, Inc. ‡ | 192,000 | 5,433 | ||||||
Intuit, Inc. ‡ | 160,000 | 4,506 | ||||||
Oracle Corp. | 215,000 | 4,605 | ||||||
Textiles, Apparel & Luxury Goods - 2.3% | ||||||||
Nike, Inc. -Class B | 100,000 | 5,178 | ||||||
Trading Companies & Distributors - 2.2% | ||||||||
WW Grainger, Inc. | 62,000 | 5,078 | ||||||
Total Common Stocks (cost $232,290) | 213,785 | |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 5.3% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $12,065 on 07/01/2009 • | $ | 12,065 | 12,065 | |||||
Total Repurchase Agreement (cost $12,065) | ||||||||
Total Investment Securities (cost $244,355) # | 225,850 | |||||||
Other Assets and Liabilities — Net | 79 | |||||||
Net Assets | $ | 225,929 | ||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 11
Transamerica Premier Diversified Equity Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS: | ||
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.57% to 4.90%, maturity dates ranging from 09/01/2034 to 10/01/2034, and with market values plus accrued interests of $12,307. | |
# | Aggregate cost for federal income tax purposes is $244,355. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,466 and $29,971, respectively. Net unrealized depreciation for tax purposes is $18,505. |
DEFINITION:
PLC | Public Limited Company |
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Consumer Discretionary | $ | 40,805 | $ | — | $ | — | $ | 40,805 | ||||||||
Equities — Consumer Staples | 5,763 | — | — | 5,763 | ||||||||||||
Equities — Energy | 3,847 | — | — | 3,847 | ||||||||||||
Equities — Financials | 31,042 | — | — | 31,042 | ||||||||||||
Equities — Health Care | 7,806 | — | — | 7,806 | ||||||||||||
Equities — Industrials | 44,796 | — | — | 44,796 | ||||||||||||
Equities — Information Technology | 53,110 | — | — | 53,110 | ||||||||||||
Equities — Materials | 18,780 | — | — | 18,780 | ||||||||||||
Equities — Telecommunication Services | 7,836 | — | — | 7,836 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 12,065 | — | 12,065 | ||||||||||||
Total | $ | 213,785 | $ | 12,065 | $ | — | $ | 225,850 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 12
Transamerica Premier Equity Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 93.9% | ||||||||
Aerospace & Defense - 3.4% | ||||||||
Raytheon Co. | 341,896 | $ | 15,190 | |||||
Air Freight & Logistics - 2.1% | ||||||||
Expeditors International of Washington, Inc. | 279,733 | 9,326 | ||||||
Auto Components - 6.9% | ||||||||
BorgWarner, Inc. | 414,715 | 14,163 | ||||||
Johnson Controls, Inc. | 755,000 | 16,398 | ||||||
Biotechnology - 4.0% | ||||||||
Gilead Sciences, Inc. ‡ | 377,000 | 17,659 | ||||||
Capital Markets - 6.0% | ||||||||
Charles Schwab Corp. | 738,000 | 12,945 | ||||||
T. Rowe Price Group, Inc. | 331,239 | 13,802 | ||||||
Chemicals - 12.0% | ||||||||
Ecolab, Inc. | 195,368 | 7,617 | ||||||
Monsanto Co. | 50,000 | 3,717 | ||||||
Praxair, Inc. | 301,000 | 21,393 | ||||||
Sigma-Aldrich Corp. | 412,939 | 20,465 | ||||||
Commercial Banks - 3.5% | ||||||||
Wells Fargo & Co. | 639,395 | 15,512 | ||||||
Communications Equipment - 7.3% | ||||||||
Cisco Systems, Inc. ‡ | 546,150 | 10,180 | ||||||
Qualcomm, Inc. | 485,000 | 21,922 | ||||||
Computers & Peripherals - 9.1% | ||||||||
Apple, Inc. ‡ | 173,000 | 24,640 | ||||||
Hewlett-Packard Co. | 119,885 | 4,634 | ||||||
International Business Machines Corp. | 103,014 | 10,757 | ||||||
Construction & Engineering - 2.0% | ||||||||
Jacobs Engineering Group, Inc. ‡ | 213,131 | 8,971 | ||||||
Electrical Equipment - 1.9% | ||||||||
Emerson Electric Co. | 254,867 | 8,258 | ||||||
Electronic Equipment & Instruments - 1.4% | ||||||||
Tyco Electronics, Ltd. | 338,000 | 6,283 | ||||||
Food & Staples Retailing - 1.9% | ||||||||
Wal-Mart Stores, Inc. | 172,235 | 8,343 | ||||||
Health Care Equipment & Supplies - 4.9% | ||||||||
Becton Dickinson & Co. | 190,000 | 13,549 | ||||||
Varian Medical Systems, Inc. ‡ | 244,303 | 8,585 | ||||||
Industrial Conglomerates - 1.9% | ||||||||
General Electric Co. | 735,000 | 8,614 | ||||||
Internet & Catalog Retail - 5.7% | ||||||||
Amazon.com, Inc. ‡ | 304,618 | 25,484 | ||||||
Internet Software & Services - 4.5% | ||||||||
Google, Inc. -Class A ‡ | 47,400 | 19,983 | ||||||
IT Services - 2.0% | ||||||||
Automatic Data Processing, Inc. | 254,415 | 9,016 | ||||||
Machinery - 4.1% | ||||||||
Caterpillar, Inc. | 192,782 | 6,370 | ||||||
PACCAR, Inc. | 360,000 | 11,703 | ||||||
Media - 2.2% | ||||||||
Walt Disney Co. | 417,382 | 9,738 | ||||||
Oil, Gas & Consumable Fuels - 1.0% | ||||||||
EOG Resources, Inc. | 65,000 | 4,415 | ||||||
Pharmaceuticals - 1.7% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 149,335 | 7,368 | ||||||
Road & Rail - 2.9% | ||||||||
Union Pacific Corp. | 248,651 | 12,945 | ||||||
Software - 1.5% | ||||||||
Microsoft Corp. | 276,000 | 6,561 | ||||||
Total Common Stocks (cost $461,315) | 416,506 | |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 6.1% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $27,020 on 07/01/2009 • | $ | 27,020 | 27,020 | |||||
Total Repurchase Agreement (cost $27,020) | ||||||||
Total Investment Securities (cost $488,335) # | 443,526 | |||||||
Other Assets and Liabilities — Net | 7 | |||||||
Net Assets | $ | 443,533 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 0.61% to 4.90%, maturity dates ranging from 08/25/2034 to 09/01/2034, and with market values plus accrued interests of $27,562. | |
# | Aggregate cost for federal income tax purposes is $488,335. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $20,767 and $65,576, respectively. Net unrealized depreciation for tax purposes is $44,809. |
DEFINITION:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 13
Transamerica Premier Equity Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Consumer Discretionary | $ | 65,782 | $ | — | $ | — | $ | 65,782 | ||||||||
Equities — Consumer Staples | 8,343 | — | — | 8,343 | ||||||||||||
Equities — Energy | 4,415 | — | — | 4,415 | ||||||||||||
Equities — Financials | 42,259 | — | — | 42,259 | ||||||||||||
Equities — Health Care | 47,161 | — | — | 47,161 | ||||||||||||
Equities — Industrials | 81,377 | — | — | 81,377 | ||||||||||||
Equities — Information Technology | 113,977 | — | — | 113,977 | ||||||||||||
Equities — Materials | 53,192 | — | — | 53,192 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 27,020 | — | 27,020 | ||||||||||||
Total | $ | 416,506 | $ | 27,020 | $ | — | $ | 443,526 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 14
Transamerica Premier Focus Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 84.8% | ||||||||
Air Freight & Logistics - 3.1% | ||||||||
CH Robinson Worldwide, Inc. | 34,500 | $ | 1,799 | |||||
Beverages - 1.1% | ||||||||
Cia de Bebidas das Americas ADR | 10,000 | 648 | ||||||
Biotechnology - 3.0% | ||||||||
Alexion Pharmaceuticals, Inc. ‡ | 23,300 | 958 | ||||||
Gilead Sciences, Inc. ‡ | 16,400 | 768 | ||||||
Chemicals - 1.5% | ||||||||
Praxair, Inc. | 12,150 | 864 | ||||||
Commercial Banks - 1.0% | ||||||||
Wintrust Financial Corp. | 35,800 | 576 | ||||||
Commercial Services & Supplies - 2.2% | ||||||||
Ritchie Bros. Auctioneers, Inc. | 55,000 | 1,290 | ||||||
Communications Equipment - 11.5% | ||||||||
F5 Networks, Inc. ‡ | 23,800 | 823 | ||||||
Palm, Inc. ‡ | 70,000 | 1,160 | ||||||
Polycom, Inc. ‡ | 33,400 | 677 | ||||||
Qualcomm, Inc. | 91,815 | 4,150 | ||||||
Computers & Peripherals - 6.3% | ||||||||
Apple, Inc. ‡ | 26,100 | 3,717 | ||||||
Diversified Consumer Services - 5.7% | ||||||||
Strayer Education, Inc. | 15,535 | 3,388 | ||||||
Diversified Financial Services - 3.8% | ||||||||
JPMorgan Chase & Co. | 65,750 | 2,242 | ||||||
Electronic Equipment & Instruments - 1.5% | ||||||||
FLIR Systems, Inc. ‡ | 39,000 | 880 | ||||||
Health Care Equipment & Supplies - 3.4% | ||||||||
Covidien PLC | 54,000 | 2,022 | ||||||
Health Care Providers & Services - 1.0% | ||||||||
Nighthawk Radiology Holdings, Inc. ‡ | 158,930 | 588 | ||||||
Hotels, Restaurants & Leisure - 1.5% | ||||||||
Peet’s Coffee & Tea, Inc. ‡ | 34,000 | 857 | ||||||
Internet & Catalog Retail - 6.6% | ||||||||
Amazon.com, Inc. ‡ | 37,105 | 3,105 | ||||||
priceline.com, Inc. ‡ | 7,300 | 814 | ||||||
Internet Software & Services - 5.9% | ||||||||
Google, Inc. -Class A ‡ | 6,900 | 2,908 | ||||||
Valueclick, Inc. ‡ | 52,045 | 548 | ||||||
Leisure Equipment & Products - 1.2% | ||||||||
Hasbro, Inc. | 28,500 | 691 | ||||||
Machinery - 2.8% | ||||||||
Kennametal, Inc. | 26,670 | 512 | ||||||
PACCAR, Inc. | 34,300 | 1,115 | ||||||
Oil, Gas & Consumable Fuels - 3.1% | ||||||||
Petroleo Brasileiro SA ADR | 20,600 | 844 | ||||||
Petroleo Brasileiro SA -Class A ADR | 29,300 | 978 | ||||||
Pharmaceuticals - 2.4% | ||||||||
Allergan, Inc. | 30,300 | 1,442 | ||||||
Real Estate Investment Trusts - 1.2% | ||||||||
Host Hotels & Resorts, Inc. | 87,106 | 731 | ||||||
Road & Rail - 3.1% | ||||||||
Kansas City Southern ‡ | 49,580 | 799 | ||||||
Landstar System, Inc. | 29,420 | 1,056 | ||||||
Software - 7.6% | ||||||||
Activision Blizzard, Inc. ‡ | 169,695 | 2,143 | ||||||
Informatica Corp. ‡ | 86,800 | 1,492 | ||||||
Macrovision Solutions Corp. ‡ | 40,120 | 875 | ||||||
Textiles, Apparel & Luxury Goods - 1.6% | ||||||||
Nike, Inc. -Class B | 18,700 | 968 | ||||||
Wireless Telecommunication Services - 2.7% | ||||||||
Sprint Nextel Corp. ‡ | 330,000 | 1,587 | ||||||
Total Common Stocks (cost $46,740) | 50,015 | |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 19.4% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $11,405 on 07/01/2009 • | $ | 11,405 | 11,405 | |||||
Total Repurchase Agreement (cost $11,405) | ||||||||
Total Investment Securities (cost $58,145) # | 61,420 | |||||||
Other Assets and Liabilities — Net | (2,500 | ) | ||||||
Net Assets | $ | 58,920 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 0.61%, a maturity date of 08/25/2034, and with a market value plus accrued interest of $11,635. | |
# | Aggregate cost for federal income tax purposes is $58,145. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,521 and $5,246, respectively. Net unrealized appreciation for tax purposes is $3,275. |
DEFINITIONS:
ADR American Depositary Receipt
PLC Public Limited Company
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 15
Transamerica Premier Focus Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Consumer Discretionary | $ | 11,845 | $ | — | $ | — | $ | 11,845 | ||||||||
Equities — Consumer Staples | 648 | — | — | 648 | ||||||||||||
Equities — Energy | 1,822 | — | — | 1,822 | ||||||||||||
Equities — Financials | 3,549 | — | — | 3,549 | ||||||||||||
Equities — Health Care | 3,756 | — | — | 3,756 | ||||||||||||
Equities — Industrials | 6,571 | — | — | 6,571 | ||||||||||||
Equities — Information Technology | 19,373 | — | — | 19,373 | ||||||||||||
Equities — Materials | 864 | — | — | 864 | ||||||||||||
Equities — Telecommunication Services | 1,587 | — | — | 1,587 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 11,405 | — | 11,405 | ||||||||||||
Total | $ | 50,015 | $ | 11,405 | $ | — | $ | 61,420 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 16
Transamerica Premier Growth Opportunities Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
Shares | Value | |||||||
COMMON STOCKS - 95.8% | ||||||||
Aerospace & Defense - 4.1% | ||||||||
Precision Castparts Corp. | 41,000 | $ | 2,994 | |||||
Rockwell Collins, Inc. | 10,900 | 455 | ||||||
Air Freight & Logistics - 3.4% | ||||||||
CH Robinson Worldwide, Inc. | 55,300 | 2,884 | ||||||
Auto Components - 5.8% | ||||||||
BorgWarner, Inc. | 109,700 | 3,746 | ||||||
Johnson Controls, Inc. | 49,900 | 1,084 | ||||||
Capital Markets - 6.9% | ||||||||
Greenhill & Co., Inc. | 35,660 | 2,575 | ||||||
T. Rowe Price Group, Inc. | 75,157 | 3,132 | ||||||
Chemicals - 1.5% | ||||||||
Ecolab, Inc. | 31,635 | 1,233 | ||||||
Communications Equipment - 6.5% | ||||||||
Juniper Networks, Inc. ‡ | 49,600 | 1,171 | ||||||
Palm, Inc. ‡ | 157,480 | 2,609 | ||||||
Polycom, Inc. ‡ | 84,300 | 1,709 | ||||||
Construction & Engineering - 1.1% | ||||||||
Jacobs Engineering Group, Inc. ‡ | 22,640 | 953 | ||||||
Construction Materials - 1.4% | ||||||||
Martin Marietta Materials, Inc. | 14,800 | 1,167 | ||||||
Diversified Consumer Services - 2.4% | ||||||||
Strayer Education, Inc. | 9,100 | 1,985 | ||||||
Diversified Financial Services - 1.1% | ||||||||
MSCI, Inc. -Class A ‡ | 39,500 | 965 | ||||||
Electrical Equipment - 1.8% | ||||||||
Cooper Industries, Ltd. -Class A | 49,000 | 1,521 | ||||||
Electronic Equipment & Instruments - 1.7% | ||||||||
FLIR Systems, Inc. ‡ | 63,000 | 1,421 | ||||||
Health Care Equipment & Supplies - 4.8% | ||||||||
Idexx Laboratories, Inc. ‡ | 33,000 | 1,524 | ||||||
Intuitive Surgical, Inc. ‡ | 8,250 | 1,350 | ||||||
Masimo Corp. ‡ | 48,395 | 1,167 | ||||||
Health Care Technology - 1.3% | ||||||||
Cerner Corp. ‡ | 17,800 | 1,109 | ||||||
Hotels, Restaurants & Leisure - 1.1% | ||||||||
Burger King Holdings, Inc. | 53,900 | 931 | ||||||
Internet & Catalog Retail - 2.1% | ||||||||
priceline.com, Inc. ‡ | 16,100 | 1,796 | ||||||
Life Sciences Tools & Services - 3.9% | ||||||||
Covance, Inc. ‡ | 23,700 | 1,166 | ||||||
Techne Corp. | 33,000 | 2,106 | ||||||
Machinery - 8.2% | ||||||||
Donaldson Co., Inc. | 36,780 | 1,274 | ||||||
Kennametal, Inc. | 139,930 | 2,684 | ||||||
PACCAR, Inc. | 86,500 | 2,813 | ||||||
Media - 0.5% | ||||||||
Dreamworks Animation SKG, Inc. -Class A ‡ | 14,800 | 408 | ||||||
Oil, Gas & Consumable Fuels - 1.7% | ||||||||
Range Resources Corp. | 35,065 | 1,452 | ||||||
Pharmaceuticals - 1.0% | ||||||||
Allergan, Inc. | 17,800 | 847 | ||||||
Professional Services - 1.6% | ||||||||
FTI Consulting, Inc. ‡ | 26,200 | 1,329 | ||||||
Real Estate Investment Trusts - 1.4% | ||||||||
Plum Creek Timber Co., Inc. | 40,853 | 1,217 | ||||||
Real Estate Management & Development - 1.9% | ||||||||
St. Joe Co. ‡ | 60,400 | 1,600 | ||||||
Software - 16.1% | ||||||||
Activision Blizzard, Inc. ‡ | 244,500 | 3,089 | ||||||
Adobe Systems, Inc. ‡ | 107,500 | 3,042 | ||||||
Informatica Corp. ‡ | 97,500 | 1,676 | ||||||
Intuit, Inc. ‡ | 85,195 | 2,399 | ||||||
Macrovision Solutions Corp. ‡ | 32,000 | 698 | ||||||
Quality Systems, Inc. | 16,000 | 911 | ||||||
Salesforce.com, Inc. ‡ | 41,900 | 1,599 | ||||||
Specialty Retail - 6.2% | ||||||||
Gap, Inc. | 126,900 | 2,081 | ||||||
Guess, Inc. | 124,400 | 3,207 | ||||||
Textiles, Apparel & Luxury Goods - 2.8% | ||||||||
Carter’s, Inc. ‡ | 73,600 | 1,811 | ||||||
Under Armour, Inc. -Class A ‡ | 23,770 | 532 | ||||||
Trading Companies & Distributors - 3.5% | ||||||||
WW Grainger, Inc. | 35,722 | 2,925 | ||||||
Total Common Stocks (cost $82,139) | 80,347 | |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 3.1% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $2,630 on 07/01/2009 • | $ | 2,630 | 2,630 | |||||
Total Repurchase Agreement (cost $2,630) | ||||||||
Total Investment Securities (cost $84,769) # | 82,977 | |||||||
Other Assets and Liabilities — Net | 962 | |||||||
Net Assets | $ | 83,939 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 0.61%, a maturity date of 08/25/2034, and with a market value plus accrued interest of $2,684. | |
# | Aggregate cost for federal income tax purposes is $84,769. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,814 and $8,606, respectively. Net unrealized depreciation for tax purposes is $1,792. |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 17
Transamerica Premier Growth Opportunities Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Consumer Discretionary | $ | 17,581 | $ | — | $ | — | $ | 17,581 | ||||||||
Equities — Energy | 1,452 | — | — | 1,452 | ||||||||||||
Equities — Financials | 9,489 | — | — | 9,489 | ||||||||||||
Equities — Health Care | 9,269 | — | — | 9,269 | ||||||||||||
Equities — Industrials | 20,999 | — | — | 20,999 | ||||||||||||
Equities — Information Technology | 20,324 | — | — | 20,324 | ||||||||||||
Equities — Materials | 1,233 | — | — | 1,233 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 2,630 | — | 2,630 | ||||||||||||
Total | $ | 80,347 | $ | 2,630 | $ | — | $ | 82,977 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 18
Transamerica Premier High Yield Bond Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES - 93.5% | ||||||||
Aerospace & Defense - 0.8% | ||||||||
Transdigm, Inc. | ||||||||
7.75%, 07/15/2014 | $ | 750 | $ | 713 | ||||
Auto Components - 1.4% | ||||||||
Goodyear Tire & Rubber Co. | ||||||||
10.50%, 05/15/2016 | 1,000 | 1,010 | ||||||
Tenneco, Inc. | ||||||||
8.13%, 11/15/2015 | 270 | 213 | ||||||
Beverages - 0.4% | ||||||||
Beverages & More, Inc. | ||||||||
9.25%, 03/01/2012 -144A | 500 | 380 | ||||||
Biotechnology - 1.1% | ||||||||
FMC Finance III SA | ||||||||
6.88%, 07/15/2017 | 1,000 | 930 | ||||||
Chemicals - 1.4% | ||||||||
Hexion U S Finance Corp. | ||||||||
9.75%, 11/15/2014 | 1,000 | 450 | ||||||
Momentive Performance Materials, Inc. | ||||||||
9.75%, 12/01/2014 Ђ | 230 | 102 | ||||||
Nalco Co. | ||||||||
8.25%, 05/15/2017 -144A | 690 | 694 | ||||||
Commercial Services & Supplies - 3.3% | ||||||||
Hertz Corp. | ||||||||
10.50%, 01/01/2016 | 1,000 | 890 | ||||||
Iron Mountain, Inc. | ||||||||
7.75%, 01/15/2015 | 1,000 | 960 | ||||||
Protection One Alarm Monitoring, Inc. | ||||||||
12.00%, 11/15/2011 | 1,000 | 995 | ||||||
Construction Materials - 1.0% | ||||||||
Texas Industries, Inc. | ||||||||
7.25%, 07/15/2013 | 1,000 | 898 | ||||||
Consumer Finance - 3.2% | ||||||||
Cardtronics, Inc. | ||||||||
9.25%, 08/15/2013 Ђ | 1,000 | 895 | ||||||
Ford Motor Credit Co. LLC | ||||||||
7.88%, 06/15/2010 | 2,000 | 1,900 | ||||||
Containers & Packaging - 3.6% | ||||||||
Graham Packaging Co., Inc. | ||||||||
9.88%, 10/15/2014 | 1,000 | 930 | ||||||
Graphic Packaging International, Inc. | ||||||||
9.50%, 08/15/2013 | 2,000 | 1,910 | ||||||
Solo Cup Co. | ||||||||
10.50%, 11/01/2013 -144A | 250 | 251 | ||||||
Diversified Consumer Services - 1.1% | ||||||||
Education Management LLC | ||||||||
8.75%, 06/01/2014 | 1,000 | 970 | ||||||
Diversified Financial Services - 6.0% | ||||||||
CDX North America High Yield | ||||||||
8.88%, 06/29/2013 -144A | 880 | 801 | ||||||
GMAC, Inc. | ||||||||
6.88%, 09/15/2011 -144A | 1,250 | 1,093 | ||||||
Icahn Enterprises, LP | ||||||||
8.13%, 06/01/2012 | 1,000 | 920 | ||||||
Kar Holdings, Inc. | ||||||||
10.00%, 05/01/2015 | 1,000 | 820 | ||||||
Qwest Corp. | ||||||||
8.38%, 05/01/2016 -144A | 1,000 | 965 | ||||||
Sensus Metering Systems, Inc. | ||||||||
8.63%, 12/15/2013 | 600 | 564 | ||||||
Diversified Telecommunication Services - 2.9% | ||||||||
Intelsat Jackson Holdings, Ltd. | ||||||||
11.25%, 06/15/2016 | 1,000 | 1,020 | ||||||
Millicom International Cellular SA | ||||||||
10.00%, 12/01/2013 Ђ | 500 | 507 | ||||||
Sprint Capital Corp. | ||||||||
7.63%, 01/30/2011 | 1,000 | 989 | ||||||
Electric Utilities - 0.6% | ||||||||
Energy Future Holdings Corp. | ||||||||
10.88%, 11/01/2017 Ђ | 725 | 529 | ||||||
Electrical Equipment - 1.6% | ||||||||
Belden, Inc. | ||||||||
7.00%, 03/15/2017 | 1,000 | 885 | ||||||
9.25%, 06/15/2019 -144A | 500 | 484 | ||||||
Energy Equipment & Services - 0.8% | ||||||||
Seitel, Inc. | ||||||||
9.75%, 02/15/2014 | 1,000 | 650 | ||||||
Food & Staples Retailing - 3.6% | ||||||||
Ingles Market, Inc. | ||||||||
8.88%, 05/15/2017 -144A | 1,155 | 1,138 | ||||||
New Albertsons, Inc. | ||||||||
7.25%, 05/01/2013 | 1,000 | 960 | ||||||
Stater Brothers Holdings, Inc. | ||||||||
8.13%, 06/15/2012 | 1,000 | 985 | ||||||
Food Products - 3.5% | ||||||||
Dole Food Co., Inc. | ||||||||
13.88%, 03/15/2014 -144A | 1,000 | 1,100 | ||||||
M-Foods Holdings, Inc. | ||||||||
9.75%, 10/01/2013 -144A | 1,000 | 963 | ||||||
Michael Foods, Inc. | ||||||||
8.00%, 11/15/2013 | 1,000 | 975 | ||||||
Health Care Equipment & Supplies - 0.6% | ||||||||
Biomet, Inc. | ||||||||
10.00%, 10/15/2017 | 500 | 509 | ||||||
Health Care Providers & Services - 2.3% | ||||||||
Community Health Systems, Inc. | ||||||||
8.88%, 07/15/2015 | 1,000 | 980 | ||||||
HCA, Inc. | ||||||||
9.88%, 02/15/2017 -144A | 1,000 | 1,010 | ||||||
Hotels, Restaurants & Leisure - 8.9% | ||||||||
Carrols Corp. | ||||||||
9.00%, 01/15/2013 | 1,000 | 938 | ||||||
Harrahs Operating Escrow LLC | ||||||||
11.25%, 06/01/2017 -144A | 1,000 | 945 | ||||||
MGM Mirage, Inc. | ||||||||
8.38%, 02/01/2011 | 1,150 | 920 | ||||||
11.13%, 11/15/2017 -144A | 500 | 530 | ||||||
Mohegan Tribal Gaming Authority | ||||||||
8.00%, 04/01/2012 | 1,650 | 1,254 | ||||||
Pokagon Gaming Authority | ||||||||
10.38%, 06/15/2014 -144A | 250 | 245 | ||||||
Royal Caribbean Cruises, Ltd. | ||||||||
7.00%, 06/15/2013 | 1,000 | 874 | ||||||
Scientific Games International, Inc. | ||||||||
9.25%, 06/15/2019 -144A | 500 | 500 | ||||||
Station Casinos, Inc. | ||||||||
6.63%, 03/15/2018 | 1,000 | 20 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 19
Transamerica Premier High Yield Bond Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
WMG Acqusition Corp. | ||||||||
9.50%, 06/15/2016 -144A | $ | 250 | $ | 249 | ||||
Wynn Las Vegas Capital Corp. | ||||||||
6.63%, 12/01/2014 | 1,500 | 1,289 | ||||||
Household Durables - 1.2% | ||||||||
Lennar Corp. | ||||||||
12.25%, 05/15/2017 -144A | 1,000 | 1,050 | ||||||
Household Products - 0.7% | ||||||||
Sealy Mattress Co. | ||||||||
8.25%, 06/15/2014 | 750 | 617 | ||||||
Independent Power Producers & Energy Traders - 1.1% | ||||||||
AES Corp. | ||||||||
8.00%, 10/15/2017 | 1,000 | 930 | ||||||
Industrial Conglomerates - 1.0% | ||||||||
Susser Holdings LLC | ||||||||
10.63%, 12/15/2013 | 852 | 854 | ||||||
Machinery - 2.8% | ||||||||
Allison Transmission, Inc. | ||||||||
11.00%, 11/01/2015 -144A | 1,000 | 790 | ||||||
Polypore, Inc. | ||||||||
8.75%, 05/15/2012 | 800 | 709 | ||||||
Titan International, Inc. | ||||||||
8.00%, 01/15/2012 | 1,000 | 905 | ||||||
Media - 2.2% | ||||||||
Kabel Deutschland GmbH | ||||||||
10.63%, 07/01/2014 | 1,000 | 1,031 | ||||||
Lamar Media Corp. | ||||||||
6.63%, 08/15/2015 | 1,000 | 875 | ||||||
Metals & Mining - 6.5% | ||||||||
Algoma Acquisition Corp. | ||||||||
9.88%, 06/15/2015 -144A | 1,000 | 560 | ||||||
Falconbridge, Ltd. | ||||||||
7.35%, 06/05/2012 | 350 | 348 | ||||||
FMG Finance Property, Ltd. | ||||||||
10.63%, 09/01/2016 -144A | 1,000 | 960 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | ||||||||
8.38%, 04/01/2017 | 1,000 | 1,008 | ||||||
Steel Dynamics, Inc. | ||||||||
7.38%, 11/01/2012 | 650 | 616 | ||||||
Teck Resources, Ltd. | ||||||||
6.13%, 10/01/2035 | 1,500 | 1,100 | ||||||
10.75%, 05/15/2019 -144A | 1,000 | 1,074 | ||||||
Multiline Retail - 1.8% | ||||||||
Dollar General Corp. | ||||||||
10.63%, 07/15/2015 | 1,000 | 1,080 | ||||||
Macy’s Retail Holdings, Inc. | ||||||||
5.35%, 03/15/2012 | 500 | 455 | ||||||
Oil, Gas & Consumable Fuels - 13.0% | ||||||||
Berry Petroleum Co. | ||||||||
10.25%, 06/01/2014 | 1,000 | 1,010 | ||||||
Chesapeake Energy Corp. | ||||||||
9.50%, 02/15/2015 | 1,250 | 1,259 | ||||||
Denbury Resources, Inc. | ||||||||
9.75%, 03/01/2016 | 500 | 514 | ||||||
Dynegy Holdings, Inc. | ||||||||
7.75%, 06/01/2019 | 2,000 | 1,557 | ||||||
Edison Mission Energy | ||||||||
7.20%, 05/15/2019 | 1,500 | 1,118 | ||||||
Enterprise Products Operating, LP | ||||||||
8.38%, 08/01/2066 § | 1,000 | 805 | ||||||
Forest Oil Corp. | ||||||||
8.50%, 02/15/2014 -144A | 1,500 | 1,474 | ||||||
Inergy, LP | ||||||||
8.75%, 03/01/2015 -144A | 250 | 244 | ||||||
Markwest Energy Finance Corp. | ||||||||
8.50%, 07/15/2016 | 1,000 | 860 | ||||||
Opti Canada, Inc. | ||||||||
8.25%, 12/15/2014 | 1,500 | 990 | ||||||
PetroHawk Energy Corp. | ||||||||
9.13%, 07/15/2013 | 1,000 | 995 | ||||||
Petroleum Development Corp. | ||||||||
12.00%, 02/15/2018 | 500 | 420 | ||||||
Paper & Forest Products - 1.9% | ||||||||
Exopack Holding, Inc. | ||||||||
11.25%, 02/01/2014 | 2,000 | 1,640 | ||||||
Pipelines - 1.0% | ||||||||
Regency Energy Partners | ||||||||
9.38%, 06/01/2016 -144A | 900 | 871 | ||||||
Professional Services - 0.8% | ||||||||
FTI Consulting, Inc. | ||||||||
7.75%, 10/01/2016 | 750 | 716 | ||||||
Real Estate Investment Trusts - 1.0% | ||||||||
Host Hotels & Resorts, LP | ||||||||
6.38%, 03/15/2015 | 1,000 | 865 | ||||||
Road & Rail - 1.4% | ||||||||
Kansas City Southern de Mexico SA de CV | ||||||||
7.63%, 12/01/2013 | 250 | 215 | ||||||
12.50%, 04/01/2016 -144A | 1,000 | 1,015 | ||||||
Software - 1.6% | ||||||||
First Data Corp. | ||||||||
9.88%, 09/24/2015 | 2,000 | 1,420 | ||||||
Specialty Retail - 4.1% | ||||||||
Group 1 Automotive, Inc. | ||||||||
8.25%, 08/15/2013 | 1,000 | 845 | ||||||
Michaels Stores, Inc. | ||||||||
11.38%, 11/01/2016 | 1,450 | 950 | ||||||
Penske Auto Group, Inc. | ||||||||
7.75%, 12/15/2016 | 1,000 | 808 | ||||||
Sally Holdings LLC | ||||||||
9.25%, 11/15/2014 | 1,000 | 994 | ||||||
Tobacco - 1.2% | ||||||||
Alliance One International, Inc. | ||||||||
11.00%, 05/15/2012 | 1,000 | 1,045 | ||||||
Wireless Telecommunication Services - 2.1% | ||||||||
MetroPCS Wireless, Inc. | ||||||||
9.25%, 11/01/2014 | 1,000 | 993 | ||||||
Nextel Communications, Inc. | ||||||||
7.38%, 08/01/2015 | 1,000 | 798 | ||||||
Total Corporate Debt Securities (cost $80,541) | 81,085 | |||||||
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCK - 0.2% | ||||||||
Road & Rail - 0.2% | ||||||||
Kansas City Southern 5.13% ▲ | 210 | 158 | ||||||
Total Convertible Preferred Stock (cost $179) |
Principal | Value | |||||||
CONVERTIBLE BONDS - 2.7% | ||||||||
Diversified Telecommunication Services - 0.9% | ||||||||
Lucent Technologies, Inc. | ||||||||
2.88%, 06/15/2023 Ђ | $ | 850 | 806 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 20
Transamerica Premier High Yield Bond Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
Oil, Gas & Consumable Fuels - 0.8% | ||||||||
Quicksilver Resources, Inc. | ||||||||
1.88%, 11/01/2024 | $ | 750 | $ | 683 | ||||
Software - 0.5% | ||||||||
Symantec Corp. | ||||||||
0.75%, 06/15/2011 | 400 | 403 | ||||||
Wireless Telecommunication Services - 0.5% | ||||||||
SBA Communications Corp. | ||||||||
1.88%, 05/01/2013 -144A | 500 | 412 | ||||||
Total Convertible Bonds (cost $2,116) | 2,304 | |||||||
REPURCHASE AGREEMENT - 1.2% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $1,035 on 07/01/2009 • | 1,035 | 1,035 | ||||||
Total Repurchase Agreement (cost $1,035) | ||||||||
Total Investment Securities (cost $83,871) # | 84,582 | |||||||
Other Assets and Liabilities — Net | 2,051 | |||||||
Net Assets | $ | 86,633 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
▲ | Rate shown reflects the yield at 06/30/2009. | |
Ђ | Step bond. Interest rate may increase or decrease as the credit rating changes. | |
§ | Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 06/30/2009. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.57%, a maturity date of 10/01/2034, and with a market value plus accrued interest of $1,056. | |
# | Aggregate cost for federal income tax purposes is $83,871. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,959 and $4,248, respectively. Net unrealized appreciation for tax purposes is $711. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2009, these securities aggregated $19,798, or 22.84%, of the Fund’s net assets. | |
CDX | A series of indices that track North American and emerging market credit derivative indices. | |
LLC | Limited Liability Company | |
LP | Limited Partnership |
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Industrials | $ | — | $ | 158 | $ | — | $ | 158 | ||||||||
Fixed Income — Consumer Discretionary | — | 19,328 | — | 19,328 | ||||||||||||
Fixed Income — Consumer Staples | — | 9,939 | — | 9,939 | ||||||||||||
Fixed Income — Energy | — | 12,089 | — | 12,089 | ||||||||||||
Fixed Income — Financials | — | 7,858 | — | 7,858 | ||||||||||||
Fixed Income — Health Care | — | 2,419 | — | 2,419 | ||||||||||||
Fixed Income — Industrials | — | 10,047 | — | 10,047 | ||||||||||||
Fixed Income — Information Technology | — | 1,823 | — | 1,823 | ||||||||||||
Fixed Income — Materials | — | 11,840 | — | 11,840 | ||||||||||||
Fixed Income — Telecommunication Services | — | 5,469 | — | 5,469 | ||||||||||||
Fixed Income — Utilities | — | 2,577 | — | 2,577 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 1,035 | — | 1,035 | ||||||||||||
Total | $ | — | $ | 84,582 | $ | — | $ | 84,582 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 21
Transamerica Premier Institutional Bond Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
U.S. GOVERNMENT OBLIGATIONS - 4.1% | ||||||||
U.S. Treasury Bond | ||||||||
3.50% 02/15/2039 | $ | 23 | $ | 19 | ||||
U.S. Treasury Inflation Indexed Bond | ||||||||
1.75% 01/15/2028 | 10 | 10 | ||||||
2.50% 01/15/2029 | 15 | 16 | ||||||
U.S. Treasury Note | ||||||||
3.13% 05/15/2019 | 5 | 5 | ||||||
Total U.S. Government Obligations (cost $47) | 50 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS - 30.4% | ||||||||
Fannie Mae | ||||||||
4.72% 10/01/2035 * | 23 | 23 | ||||||
5.00% 08/01/2035 - 03/01/2039 | 79 | 80 | ||||||
5.50% 03/01/2018 - 01/01/2038 | 58 | 61 | ||||||
6.00% 08/01/2036 | 25 | 26 | ||||||
Freddie Mac | ||||||||
4.83% 06/01/2035 * | 23 | 23 | ||||||
5.00% 06/01/2021 - 01/01/2039 | 86 | 89 | ||||||
5.50% 11/01/2018 | 10 | 10 | ||||||
5.53% 09/01/2037 * | 24 | 25 | ||||||
6.00% 01/01/2037 | 32 | 33 | ||||||
Total U.S. Government Agency Obligations (cost $361) | 370 | |||||||
MORTGAGE-BACKED SECURITIES - 6.5% | ||||||||
American Tower Trust | ||||||||
Series 2007-1A, Class C | ||||||||
5.62% 04/15/2037 144A | 25 | 22 | ||||||
Crown Castle Towers LLC | ||||||||
Series 2006-1A, Class AFX | ||||||||
5.24% 11/15/2036 144A | 10 | 10 | ||||||
Jefferies & Co., Inc. | ||||||||
Series 2009-R2, Class 2A | ||||||||
6.59% 12/26/2037 144A | 7 | 6 | ||||||
Series 2009-R7, Class 10A3 | ||||||||
6.00% 12/26/2036 144A | 6 | 5 | ||||||
Series 2009-R7, Class 12A1 | ||||||||
5.50% 08/26/2036 144A | 7 | 6 | ||||||
Series 2009-R9, Class 1A1 | ||||||||
5.84% 12/31/2049 144A | 7 | 6 | ||||||
Small Business Administration CMBS Trust | ||||||||
Series 2006-1A, Class A | ||||||||
5.31% 11/15/2036 144A | 25 | 24 | ||||||
Total Mortgage-Backed Securities (cost $81) | 79 | |||||||
MUNICIPAL GOVERNMENT OBLIGATION - 0.7% | ||||||||
Metropolitan Transportation Authority | ||||||||
7.34% 11/15/2039 | 8 | 9 | ||||||
Total Municipal Government Obligation (cost $8) | ||||||||
CORPORATE DEBT SECURITIES - 56.1% | ||||||||
Aerospace & Defense - 1.1% | ||||||||
Boeing Co. | ||||||||
8.75%, 08/15/2021 | 10 | 13 | ||||||
Airlines - 1.1% | ||||||||
Continental Airlines, Inc. | ||||||||
7.49%, 10/02/2010 | 6 | 5 | ||||||
9.00%, 07/08/2016 | 4 | 4 | ||||||
Delta Air Lines, Inc. | ||||||||
7.57%, 11/18/2010 | 5 | 4 | ||||||
Auto Components - 1.1% | ||||||||
Johnson Controls, Inc. | ||||||||
5.25%, 01/15/2011 | 13 | 14 | ||||||
Automobiles - 0.8% | ||||||||
Daimler Finance North America LLC | ||||||||
8.00%, 06/15/2010 | 10 | 10 | ||||||
Beverages - 1.1% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
8.20%, 01/15/2039 144A | 8 | 9 | ||||||
Bacardi, Ltd. | ||||||||
7.45%, 04/01/2014 144A | 5 | 5 | ||||||
Capital Markets - 3.1% | ||||||||
Charles Schwab Corp. | ||||||||
4.95%, 06/01/2014 | 12 | 12 | ||||||
Goldman Sachs Group, Inc. | ||||||||
1.06%, 03/22/2016 * | 15 | 13 | ||||||
Morgan Stanley | ||||||||
6.00%, 05/13/2014 | 13 | 13 | ||||||
Chemicals - 4.2% | ||||||||
Chevron Phillips Chemical Co. LLC | ||||||||
8.25%, 06/15/2019 144A | 6 | 6 | ||||||
Cytec Industries, Inc. | ||||||||
8.95%, 07/01/2017 | 6 | 6 | ||||||
Dow Chemical Co. | ||||||||
8.55%, 05/15/2019 | 15 | 15 | ||||||
Lubrizol Corp. | ||||||||
8.88%, 02/01/2019 | 10 | 12 | ||||||
Nalco Co. | ||||||||
8.25%, 05/15/2017 144A | 6 | 6 | ||||||
Yara International ASA | ||||||||
7.88%, 06/11/2019 144A | 6 | 6 | ||||||
Commercial Banks - 4.7% | ||||||||
Barclays Bank PLC | ||||||||
7.70%, 04/25/2018 144A § Ž | 15 | 12 | ||||||
BB&T Corp. | ||||||||
6.85%, 04/30/2019 | 11 | 11 | ||||||
Credit Suisse, Inc. | ||||||||
5.50%, 05/01/2014 | 12 | 12 | ||||||
Wachovia Corp. | ||||||||
1.38%, 10/28/2015 * | 16 | 14 | ||||||
ZFS Finance USA Trust II | ||||||||
6.45%, 06/15/2016 144A § | 10 | 8 | ||||||
Commercial Services & Supplies - 1.0% | ||||||||
Allied Waste North America, Inc. | ||||||||
6.50%, 11/15/2010 | 12 | 12 | ||||||
Construction Materials - 2.6% | ||||||||
Lafarge SA | ||||||||
6.15%, 07/15/2011 | 13 | 14 | ||||||
Martin Marietta Materials, Inc. | ||||||||
6.88%, 04/01/2011 | 13 | 14 | ||||||
Texas Industries, Inc. | ||||||||
7.25%, 07/15/2013 | 5 | 4 | ||||||
Consumer Finance - 0.7% | ||||||||
Discover Financial Services | ||||||||
1.17%, 06/11/2010 * | 9 | 8 | ||||||
Containers & Packaging - 1.5% | ||||||||
Graphic Packaging International, Inc. | ||||||||
9.50%, 06/15/2017 144A | 7 | 7 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 22
Transamerica Premier Institutional Bond Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
Principal | Value | |||||||
Containers & Packaging (continued) | ||||||||
Rexam PLC | ||||||||
6.75%, 06/01/2013 144A | $ | 11 | $ | 11 | ||||
Diversified Financial Services - 5.5% | ||||||||
Bank of America Corp. | ||||||||
0.91%, 06/15/2016 * | 25 | 19 | ||||||
Bear Stearns Cos., Inc. | ||||||||
7.25%, 02/01/2018 | 11 | 12 | ||||||
Citigroup, Inc. | ||||||||
0.94%, 05/18/2011 * | 15 | 14 | ||||||
Glencore Funding LLC | ||||||||
6.00%, 04/15/2014 144A | 9 | 7 | ||||||
Harley-Davidson Funding Corp. | ||||||||
5.25%, 12/15/2012 144A | 15 | 14 | ||||||
Electronic Equipment & Instruments - 1.1% | ||||||||
Tyco Electronics Group SA | ||||||||
6.00%, 10/01/2012 | 13 | 13 | ||||||
Energy Equipment & Services - 1.2% | ||||||||
DCP Midstream LLC | ||||||||
9.75%, 03/15/2019 144A | 6 | 7 | ||||||
Weatherford International, Ltd. | ||||||||
7.00%, 03/15/2038 | 8 | 7 | ||||||
Food & Staples Retailing - 0.9% | ||||||||
Ingles Market, Inc. | ||||||||
8.88%, 05/15/2017 144A | 6 | 6 | ||||||
Stater Brothers Holdings, Inc. | ||||||||
8.13%, 06/15/2012 | 5 | 5 | ||||||
Food Products - 1.1% | ||||||||
M-Foods Holdings, Inc. | ||||||||
9.75%, 10/01/2013 144A | 8 | 8 | ||||||
Michael Foods, Inc. | ||||||||
8.00%, 11/15/2013 | 5 | 5 | ||||||
Gas Utilities - 0.8% | ||||||||
EQT Corp. | ||||||||
8.13%, 06/01/2019 | 9 | 10 | ||||||
Household Durables - 1.0% | ||||||||
Whirlpool Corp. | ||||||||
8.00%, 05/01/2012 | 12 | 12 | ||||||
Insurance - 1.6% | ||||||||
MetLife, Inc. | ||||||||
5.38%, 12/15/2012 | 11 | 12 | ||||||
Oil Insurance, Ltd. | ||||||||
7.56%, 06/30/2011 144A § ž | 15 | 7 | ||||||
IT Services - 0.4% | ||||||||
Aramark Corp. | ||||||||
8.50%, 02/01/2015 | 5 | 5 | ||||||
Leisure Equipment & Products - 1.1% | ||||||||
Hasbro, Inc. | ||||||||
6.30%, 09/15/2017 | 13 | 13 | ||||||
Media - 0.8% | ||||||||
Time Warner Cable, Inc. | ||||||||
6.75%, 07/01/2018 | 10 | 10 | ||||||
Metals & Mining - 3.5% | ||||||||
Anglo American Capital PLC | ||||||||
9.38%, 04/08/2019 144A | 11 | 12 | ||||||
ArcelorMittal | ||||||||
5.38%, 06/01/2013 | 15 | 14 | ||||||
Falconbridge, Ltd. | ||||||||
7.35%, 06/05/2012 | 6 | 6 | ||||||
Rio Tinto Finance USA, Ltd. | ||||||||
9.00%, 05/01/2019 | 10 | 11 | ||||||
Multi-Utilities - 1.5% | ||||||||
Black Hills Corp. | ||||||||
9.00%, 05/15/2014 | 6 | 6 | ||||||
Sempra Energy | ||||||||
9.80%, 02/15/2019 | 10 | 12 | ||||||
Oil, Gas & Consumable Fuels - 4.1% | ||||||||
Energy Transfer Partners, LP | ||||||||
9.70%, 03/15/2019 | 8 | 9 | ||||||
Hess Corp. | ||||||||
8.13%, 02/15/2019 | 12 | 15 | ||||||
Husky Energy, Inc. | ||||||||
6.25%, 06/15/2012 | 12 | 12 | ||||||
PetroHawk Energy Corp. | ||||||||
9.13%, 07/15/2013 | 5 | 5 | ||||||
Talisman Energy, Inc. | ||||||||
7.75%, 06/01/2019 | 9 | 10 | ||||||
Paper & Forest Products - 1.7% | ||||||||
Celulosa Arauco y Constitucion SA | ||||||||
8.63%, 08/15/2010 | 10 | 10 | ||||||
Weyerhaeuser Co. | ||||||||
6.75%, 03/15/2012 | 11 | 11 | ||||||
Real Estate Investment Trusts - 4.0% | ||||||||
BRE Properties, Inc. | ||||||||
5.75%, 09/01/2009 | 10 | 10 | ||||||
Healthcare Realty Trust, Inc. | ||||||||
8.13%, 05/01/2011 | 12 | 12 | ||||||
Host Hotels & Resorts, Inc. | ||||||||
7.13%, 11/01/2013 | 5 | 5 | ||||||
PPF Funding, Inc. | ||||||||
5.35%, 04/15/2012 144A | 15 | 11 | ||||||
WEA Finance LLC / WCI Finance LLC | ||||||||
5.40%, 10/01/2012 144A | 11 | 11 | ||||||
Real Estate Management & Development - 0.7% | ||||||||
Post Apartment Homes, LP | ||||||||
6.30%, 06/01/2013 | 10 | 9 | ||||||
Road & Rail - 0.4% | ||||||||
Hertz Corp. | ||||||||
8.88%, 01/01/2014 | 5 | 5 | ||||||
Specialty Retail - 1.2% | ||||||||
Staples, Inc. | ||||||||
9.75%, 01/15/2014 | 12 | 14 | ||||||
Tobacco - 0.5% | ||||||||
Lorillard Tobacco Co. | ||||||||
8.13%, 06/23/2019 | 6 | 6 | ||||||
Total Corporate Debt Securities (cost $663) | 682 | |||||||
Preferred Corporate Debt Security - 1.0% | ||||||||
Rabobank Nederland NV | ||||||||
11.00%, 06/30/2019 144A § Ž | 11 | 12 | ||||||
Total Preferred Corporate Debt Security (cost $12) | ||||||||
REPURCHASE AGREEMENT - 2.6% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $32 on 07/01/2009 • | 32 | 32 | ||||||
Total Repurchase Agreement (cost $32) | ||||||||
Total Investment Securities (cost $1,204) # | 1,234 | |||||||
Other Assets and Liabilities — Net | (17 | ) | ||||||
Net Assets | $ | 1,217 | ||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 23
Transamerica Premier Institutional Bond Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
* | Floating or variable rate note. Rate is listed as of 06/30/2009. | |
Ž | The security has a perpetual maturity. The date shown is the next call date. | |
§ | Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 06/30/2009. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.90%, a maturity date of 09/01/2034, and with a market value plus accrued interest of $34. | |
# | Aggregate cost for federal income tax purposes is $1,204. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $46 and $16, respectively. Net unrealized appreciation for tax purposes is $30. |
DEFINITIONS:
144A | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2009, these securities aggregated $244, or 20.16%, of the Fund’s net assets. | |
CMBS | Commercial Mortgage-Backed Security | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company |
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Fixed Income — Consumer Discretionary | $ | — | $ | 60 | $ | — | $ | 60 | ||||||||
Fixed Income — Consumer Staples | — | 57 | — | 57 | ||||||||||||
Fixed Income — Energy | — | 65 | — | 65 | ||||||||||||
Fixed Income — Financials | — | 258 | — | 258 | ||||||||||||
Fixed Income — Industrials | — | 64 | — | 64 | ||||||||||||
Fixed Income — Information Technology | — | 18 | — | 18 | ||||||||||||
Fixed Income — Materials | — | 144 | — | 144 | ||||||||||||
Fixed Income — Mortgage-Backed Security | — | 79 | — | 79 | ||||||||||||
Fixed Income — Municipal Government Obligation | — | 9 | — | 9 | ||||||||||||
Fixed Income — U.S. Government Agency Obligation | — | 370 | — | 370 | ||||||||||||
Fixed Income — U.S. Government Obligation | — | 50 | — | 50 | ||||||||||||
Fixed Income — Utilities | — | 28 | — | 28 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 32 | — | 32 | ||||||||||||
Total | $ | — | $ | 1,234 | $ | — | $ | 1,234 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 24
Transamerica Premier Institutional Diversified Equity Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.5% | ||||||||
Aerospace & Defense - 4.6% | ||||||||
Boeing Co. | 168 | $ | 7 | |||||
Lockheed Martin Corp. | 289 | 23 | ||||||
Precision Castparts Corp. | 711 | 52 | ||||||
Air Freight & Logistics - 1.8% | ||||||||
CH Robinson Worldwide, Inc. | 330 | 17 | ||||||
Expeditors International of Washington, Inc. | 442 | 15 | ||||||
Auto Components - 6.8% | ||||||||
BorgWarner, Inc. | 1,885 | 65 | ||||||
Johnson Controls, Inc. | 2,550 | 55 | ||||||
Beverages - 1.1% | ||||||||
PepsiCo, Inc. | 340 | 19 | ||||||
Capital Markets - 8.8% | ||||||||
BlackRock, Inc. -Class A | 330 | 59 | ||||||
Charles Schwab Corp. | 3,210 | 56 | ||||||
T. Rowe Price Group, Inc. | 1,060 | 44 | ||||||
Chemicals - 6.2% | ||||||||
Ecolab, Inc. | 980 | 38 | ||||||
Monsanto Co. | 239 | 18 | ||||||
Sigma-Aldrich Corp. | 1,110 | 55 | ||||||
Communications Equipment - 2.0% | ||||||||
Qualcomm, Inc. | 775 | 35 | ||||||
Computers & Peripherals - 8.8% | ||||||||
Apple, Inc. ‡ | 508 | 72 | ||||||
Hewlett-Packard Co. | 1,523 | 59 | ||||||
International Business Machines Corp. | 255 | 27 | ||||||
Construction & Engineering - 1.6% | ||||||||
Jacobs Engineering Group, Inc. ‡ | 675 | 28 | ||||||
Diversified Financial Services - 3.8% | ||||||||
Bank of America Corp. | 1,366 | 18 | ||||||
JPMorgan Chase & Co. | 1,440 | 49 | ||||||
Diversified Telecommunication Services - 3.5% | ||||||||
Verizon Communications, Inc. | 2,026 | 62 | ||||||
Electronic Equipment & Instruments - 1.3% | ||||||||
Tyco Electronics, Ltd. | 1,300 | 24 | ||||||
Energy Equipment & Services - 0.8% | ||||||||
Schlumberger, Ltd. | 275 | 15 | ||||||
Food & Staples Retailing - 1.4% | ||||||||
Costco Wholesale Corp. | 574 | 26 | ||||||
Health Care Equipment & Supplies - 3.4% | ||||||||
Becton Dickinson & Co. | 594 | 43 | ||||||
Covidien PLC | 442 | 17 | ||||||
Internet & Catalog Retail - 3.8% | ||||||||
Amazon.com, Inc. ‡ | 812 | 68 | ||||||
Internet Software & Services - 2.4% | ||||||||
Google, Inc. -Class A ‡ | 102 | 43 | ||||||
Leisure Equipment & Products - 1.1% | ||||||||
Hasbro, Inc. | 843 | 20 | ||||||
Life Sciences Tools & Services - 1.3% | ||||||||
Millipore Corp. ‡ | 330 | 23 | ||||||
Machinery - 7.9% | ||||||||
Caterpillar, Inc. | 543 | 18 | ||||||
Donaldson Co., Inc. | 885 | 31 | ||||||
Kennametal, Inc. | 2,550 | 49 | ||||||
PACCAR, Inc. | 1,330 | 43 | ||||||
Media - 3.5% | ||||||||
Dreamworks Animation SKG, Inc. -Class A ‡ | 612 | 17 | ||||||
Walt Disney Co. | 1,995 | 46 | ||||||
Oil, Gas & Consumable Fuels - 1.2% | ||||||||
Anadarko Petroleum Corp. | 445 | 20 | ||||||
Paper & Forest Products - 2.5% | ||||||||
Weyerhaeuser Co. | 1,440 | 44 | ||||||
Real Estate Investment Trusts - 1.8% | ||||||||
Plum Creek Timber Co., Inc. | 1,082 | 32 | ||||||
Road & Rail - 2.2% | ||||||||
Burlington Northern Santa Fe Corp. | 545 | 40 | ||||||
Semiconductors & Semiconductor Equipment - 2.0% | ||||||||
Intel Corp. | 2,105 | 35 | ||||||
Software - 7.4% | ||||||||
Activision Blizzard, Inc. ‡ | 1,356 | 17 | ||||||
Adobe Systems, Inc. ‡ | 1,530 | 44 | ||||||
Intuit, Inc. ‡ | 1,330 | 37 | ||||||
Oracle Corp. | 1,605 | 34 | ||||||
Textiles, Apparel & Luxury Goods - 2.2% | ||||||||
Nike, Inc. -Class B | 775 | 40 | ||||||
Trading Companies & Distributors - 2.3% | ||||||||
WW Grainger, Inc. | 500 | 41 | ||||||
Total Common Stocks (cost $1,748) | 1,740 | |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 3.3% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $59 on 07/01/2009 • | $ | 59 | 59 | |||||
Total Repurchase Agreement (cost $59) | ||||||||
Total Investment Securities (cost $1,807) # | 1,799 | |||||||
Other Assets and Liabilities — Net | (13 | ) | ||||||
Net Assets | $ | 1,786 | ||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 25
Transamerica Premier Institutional Diversified Equity Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.72%, a maturity date of 08/01/2034, and with a market value plus accrued interest of $60. | |
# | Aggregate cost for federal income tax purposes is $1,807. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $55 and $63, respectively. Net unrealized depreciation for tax purposes is $8. |
DEFINITION:
PLC | Public Limited Company |
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Consumer Discretionary | $ | 328 | $ | — | $ | — | $ | 328 | ||||||||
Equities — Consumer Staples | 45 | — | — | 45 | ||||||||||||
Equities — Energy | 35 | — | — | 35 | ||||||||||||
Equities — Financials | 258 | — | — | 258 | ||||||||||||
Equities — Health Care | 66 | — | — | 66 | ||||||||||||
Equities — Industrials | 364 | — | — | 364 | ||||||||||||
Equities — Information Technology | 427 | — | — | 427 | ||||||||||||
Equities — Materials | 155 | — | — | 155 | ||||||||||||
Equities — Telecommunication Services | 62 | — | — | 62 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 59 | — | 59 | ||||||||||||
Total | $ | 1,740 | $ | 59 | $ | — | $ | 1,799 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 26
Transamerica Premier Institutional Equity Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.3% | ||||||||
Aerospace & Defense - 3.4% | ||||||||
Raytheon Co. | 58,000 | $ | 2,577 | |||||
Air Freight & Logistics - 2.1% | ||||||||
Expeditors International of Washington, Inc. | 47,000 | 1,567 | ||||||
Auto Components - 6.9% | ||||||||
BorgWarner, Inc. | 68,500 | 2,339 | ||||||
Johnson Controls, Inc. | 130,000 | 2,823 | ||||||
Biotechnology - 4.3% | ||||||||
Gilead Sciences, Inc. ‡ | 69,300 | 3,246 | ||||||
Capital Markets - 6.6% | ||||||||
Charles Schwab Corp. | 138,560 | 2,430 | ||||||
T. Rowe Price Group, Inc. | 60,000 | 2,500 | ||||||
Chemicals - 12.8% | ||||||||
Ecolab, Inc. | 40,000 | 1,560 | ||||||
Monsanto Co. | 10,000 | 743 | ||||||
Praxair, Inc. | 54,000 | 3,838 | ||||||
Sigma-Aldrich Corp. | 70,000 | 3,469 | ||||||
Commercial Banks - 3.5% | ||||||||
Wells Fargo & Co. | 110,000 | 2,669 | ||||||
Communications Equipment - 7.9% | ||||||||
Cisco Systems, Inc. ‡ | 100,000 | 1,864 | ||||||
Qualcomm, Inc. | 92,000 | 4,159 | ||||||
Computers & Peripherals - 9.3% | ||||||||
Apple, Inc. ‡ | 32,100 | 4,573 | ||||||
Hewlett-Packard Co. | 20,000 | 773 | ||||||
International Business Machines Corp. | 16,400 | 1,712 | ||||||
Construction & Engineering - 2.0% | ||||||||
Jacobs Engineering Group, Inc. ‡ | 35,000 | 1,473 | ||||||
Electrical Equipment - 2.2% | ||||||||
Emerson Electric Co. | 50,000 | 1,620 | ||||||
Electronic Equipment & Instruments - 1.7% | ||||||||
Tyco Electronics, Ltd. | 66,825 | 1,242 | ||||||
Food & Staples Retailing - 1.8% | ||||||||
Wal-Mart Stores, Inc. | 28,655 | 1,388 | ||||||
Health Care Equipment & Supplies - 5.0% | ||||||||
Becton Dickinson & Co. | 32,200 | 2,296 | ||||||
Varian Medical Systems, Inc. ‡ | 40,020 | 1,406 | ||||||
Industrial Conglomerates - 1.9% | ||||||||
General Electric Co. | 123,000 | 1,442 | ||||||
Internet & Catalog Retail - 6.0% | ||||||||
Amazon.com, Inc. ‡ | 54,000 | 4,518 | ||||||
Internet Software & Services - 4.9% | ||||||||
Google, Inc. -Class A ‡ | 8,700 | 3,668 | ||||||
IT Services - 2.4% | ||||||||
Automatic Data Processing, Inc. | 50,620 | 1,794 | ||||||
Machinery - 4.1% | ||||||||
Caterpillar, Inc. | 30,920 | 1,022 | ||||||
PACCAR, Inc. | 64,000 | 2,080 | ||||||
Media - 2.0% | ||||||||
Walt Disney Co. | 66,000 | 1,540 | ||||||
Oil, Gas & Consumable Fuels - 1.0% | ||||||||
EOG Resources, Inc. | 11,000 | 747 | ||||||
Pharmaceuticals - 1.6% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 24,845 | 1,226 | ||||||
Road & Rail - 2.9% | ||||||||
Union Pacific Corp. | 42,000 | 2,187 | ||||||
Software - 1.0% | ||||||||
Microsoft Corp. | 31,000 | 736 | ||||||
Total Common Stocks (cost $82,331) | 73,227 | |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 2.5% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $1,879 on 07/01/2009 • | $ | 1,879 | 1,879 | |||||
Total Repurchase Agreement (cost $1,879) | ||||||||
Total Investment Securities (cost $84,210) # | 75,106 | |||||||
Other Assets and Liabilities — Net | 119 | |||||||
Net Assets | $ | 75,225 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.72%, a maturity date of 08/01/2034, and with a market value plus accrued interest of $1,918. | |
# | Aggregate cost for federal income tax purposes is $84,210. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,494 and $12,598, respectively. Net unrealized depreciation for tax purposes is $9,104. |
DEFINITION:
ADR | American Depositary Receipt |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 27
Transamerica Premier Institutional Equity Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
At June 30, 2009
(all amounts in thousands)
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Consumer Discretionary | $ | 11,220 | $ | — | $ | — | $ | 11,220 | ||||||||
Equities — Consumer Staples | 1,388 | — | — | 1,388 | ||||||||||||
Equities — Energy | 747 | — | — | 747 | ||||||||||||
Equities — Financials | 7,599 | — | — | 7,599 | ||||||||||||
Equities — Health Care | 8,174 | — | — | 8,174 | ||||||||||||
Equities — Industrials | 13,968 | — | — | 13,968 | ||||||||||||
Equities — Information Technology | 20,521 | — | — | 20,521 | ||||||||||||
Equities — Materials | 9,610 | — | — | 9,610 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 1,879 | — | 1,879 | ||||||||||||
Total | $ | 73,227 | $ | 1,879 | $ | — | $ | 75,106 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 28
Transamerica Premier Institutional Small Cap Value Fund
SCHEDULE OF INVESTMENTS
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 94.9% | ||||||||
Auto Components - 3.3% | ||||||||
Tenneco, Inc. ‡ | 19,945 | $ | 211 | |||||
Chemicals - 4.7% | ||||||||
Intrepid Potash, Inc. ‡ | 6,865 | 193 | ||||||
Terra Industries, Inc. | 4,370 | 106 | ||||||
Commercial Banks - 3.8% | ||||||||
Bank of Hawaii Corp. | 3,326 | 119 | ||||||
City National Corp. | 3,326 | 123 | ||||||
Communications Equipment - 7.9% | ||||||||
Arris Group, Inc. ‡ | 13,900 | 169 | ||||||
Brocade Communications Systems, Inc. ‡ | 21,468 | 168 | ||||||
Harmonic Lightwaves, Inc. ‡ | 28,565 | 168 | ||||||
Electric Utilities - 4.5% | ||||||||
ITC Holdings Corp. | 2,866 | 130 | ||||||
NV Energy, Inc. | 7,355 | 79 | ||||||
Portland General Electric Co. | 3,990 | 78 | ||||||
Electrical Equipment - 5.2% | ||||||||
General Cable Corp. ‡ | 5,490 | 207 | ||||||
Woodward Governor Co. | 6,324 | 125 | ||||||
Energy Equipment & Services - 5.3% | ||||||||
Atwood Oceanics, Inc. ‡ | 3,918 | 98 | ||||||
Oil States International, Inc. ‡ | 6,056 | 146 | ||||||
Superior Energy Services, Inc. ‡ | 5,378 | 93 | ||||||
Health Care Equipment & Supplies - 1.6% | ||||||||
West Pharmaceutical Services, Inc. | 2,945 | 103 | ||||||
Health Care Providers & Services - 2.4% | ||||||||
Mednax, Inc. ‡ | 3,676 | 155 | ||||||
Health Care Technology - 2.7% | ||||||||
Allscripts-Misys Healthcare Solutions, Inc. | 10,881 | 173 | ||||||
Hotels, Restaurants & Leisure - 3.7% | ||||||||
Cheesecake Factory ‡ | 7,656 | 133 | ||||||
Penn National Gaming, Inc. ‡ | 3,373 | 98 | ||||||
Household Durables - 2.1% | ||||||||
Tupperware Brands Corp. | 5,185 | 135 | ||||||
IT Services - 2.4% | ||||||||
NeuStar, Inc. -Class A ‡ | 7,018 | 156 | ||||||
Leisure Equipment & Products - 1.7% | ||||||||
Pool Corp. | 6,533 | 108 | ||||||
Life Sciences Tools & Services - 3.3% | ||||||||
Charles River Laboratories International, Inc. ‡ | 6,285 | 211 | ||||||
Machinery - 8.9% | ||||||||
Clarcor, Inc. | 4,558 | 133 | ||||||
Lindsay Corp. | 3,800 | 126 | ||||||
Titan International, Inc. | 27,421 | 206 | ||||||
Watts Water Technologies, Inc. -Class A | 5,155 | 111 | ||||||
Media - 0.8% | ||||||||
Lamar Advertising Co. -Class A ‡ | 3,475 | 53 | ||||||
Metals & Mining - 3.7% | ||||||||
Olympic Steel, Inc. | 3,770 | 92 | ||||||
Thompson Creek Metals Co., Inc. ‡ | 14,307 | 146 | ||||||
Oil, Gas & Consumable Fuels - 1.5% | ||||||||
Comstock Resources, Inc. ‡ | 2,962 | 98 | ||||||
Pharmaceuticals - 2.0% | ||||||||
Sepracor, Inc. ‡ | 7,460 | 129 | ||||||
Professional Services - 2.4% | ||||||||
FTI Consulting, Inc. ‡ | 3,000 | 152 | ||||||
Real Estate Investment Trusts - 9.8% | ||||||||
Douglas Emmett, Inc. | 9,090 | 82 | ||||||
Kilroy Realty Corp. | 7,600 | 155 | ||||||
LaSalle Hotel Properties | 11,624 | 143 | ||||||
Omega Healthcare Investors, Inc. | 7,480 | 116 | ||||||
Potlatch Corp. | 5,665 | 138 | ||||||
Real Estate Management & Development - 3.9% | ||||||||
Jones Lang Lasalle, Inc. | 3,530 | 116 | ||||||
St. Joe Co. ‡ | 5,108 | 135 | ||||||
Road & Rail - 2.5% | ||||||||
Kansas City Southern ‡ | 10,143 | 163 | ||||||
Specialty Retail - 1.6% | ||||||||
Childrens Place Retail Stores, Inc. ‡ | 3,975 | 105 | ||||||
Trading Companies & Distributors - 3.2% | ||||||||
Beacon Roofing Supply, Inc. ‡ | 7,703 | 111 | ||||||
WESCO International, Inc. ‡ | 3,700 | 93 | ||||||
Total Common Stocks (cost $5,590) | 6,088 | |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 4.6% | ||||||||
State Street Repurchase Agreement 0.01%, dated 06/30/2009, to be repurchased at $292 on 07/01/2009 • | $ | 292 | 292 | |||||
Total Repurchase Agreement (cost $292) | ||||||||
Total Investment Securities (cost $5,882) # | 6,380 | |||||||
Other Assets and Liabilities — Net | 29 | |||||||
Net Assets | $ | 6,409 | ||||||
NOTES TO SCHEDULE OF INVESTMENTS:
‡ | Non-income producing security. | |
• | Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 0.61%, a maturity date of 08/25/2034, and with a market value plus accrued interest of $300. | |
# | Aggregate cost for federal income tax purposes is $5,882. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $915 and $417 respectively. Net unrealized appreciation for tax purposes is $498. |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 29
Transamerica Premier Institutional Small Cap Value Fund
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2009
(all amounts in thousands)
At June 30, 2009
(all amounts in thousands)
VALUATION SUMMARY:
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities — Consumer Discretionary | $ | 843 | $ | — | $ | — | $ | 843 | ||||||||
Equities — Energy | 435 | — | — | 435 | ||||||||||||
Equities — Financials | 1,127 | — | — | 1,127 | ||||||||||||
Equities — Health Care | 771 | — | — | 771 | ||||||||||||
Equities — Industrials | 1,427 | — | — | 1,427 | ||||||||||||
Equities — Information Technology | 661 | — | — | 661 | ||||||||||||
Equities — Materials | 537 | — | — | 537 | ||||||||||||
Equities — Utilities | 287 | — | — | 287 | ||||||||||||
Cash & Cash Equivalent — Repurchase Agreement | — | 292 | — | 292 | ||||||||||||
Total | $ | 6,088 | $ | 292 | $ | — | $ | 6,380 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 30
STATEMENTS OF ASSETS & LIABILITIES
At June 30, 2009
(all amounts except per share amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts except per share amounts in thousands)
(unaudited)
Transamerica | ||||||||||||||||||||||||||||
Transamerica | Premier | Transamerica | ||||||||||||||||||||||||||
Transamerica | Transamerica | Premier | Transamerica | Transamerica | Growth | Premier High | ||||||||||||||||||||||
Premier | Premier Cash | Diversified | Premier Equity | Premier Focus | Opportunities | Yield Bond | ||||||||||||||||||||||
Balanced Fund | Reserve Fund | Equity Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investment securities, at value | $ | 277,219 | $ | 51,664 | $ | 213,785 | $ | 416,506 | $ | 50,015 | $ | 80,347 | $ | 83,547 | ||||||||||||||
Repurchase agreement, at value | 7,813 | 1,118 | 12,065 | 27,020 | 11,405 | 2,630 | 1,035 | |||||||||||||||||||||
Prepaid money market guarantee insurance | — | 7 | — | — | — | — | — | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Investment securities sold | 17 | — | — | — | — | 1,267 | 987 | |||||||||||||||||||||
Shares of beneficial interest sold | 221 | 62 | 245 | 1,020 | 17 | 22 | 690 | |||||||||||||||||||||
Interest | 1,189 | 10 | — | (a) | — | (a) | — | (a) | — | (a) | 1,932 | |||||||||||||||||
Dividends | 157 | — | 149 | 404 | 49 | 52 | — | |||||||||||||||||||||
Dividend reclaims | — | — | — | — | — | 2 | — | |||||||||||||||||||||
Due from advisor | — | 3 | — | — | — | — | — | |||||||||||||||||||||
Other | — | — | — | — | — | 100 | — | |||||||||||||||||||||
$ | 286,616 | $ | 52,864 | $ | 226,244 | $ | 444,950 | $ | 61,486 | $ | 84,420 | $ | 88,191 | |||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Investment securities purchased | 2,906 | — | — | — | 2,474 | 358 | 1,207 | |||||||||||||||||||||
Shares of beneficial interest redeemed | 183 | 128 | 47 | 891 | 10 | 7 | 276 | |||||||||||||||||||||
Management and advisory fees | 119 | — | 118 | 244 | 37 | 51 | 34 | |||||||||||||||||||||
Distribution and service fees | 62 | — | 50 | 98 | 13 | 19 | 12 | |||||||||||||||||||||
Transfer agent fees | 64 | 3 | 55 | 112 | 9 | 19 | — | (a) | ||||||||||||||||||||
Trustees fees | 1 | — | (a) | 1 | 2 | — | (a) | — | (a) | — | (a) | |||||||||||||||||
Administration fees | 8 | 2 | 5 | 13 | 2 | 2 | 2 | |||||||||||||||||||||
Distributions to shareholders | — | 4 | — | — | — | — | 8 | |||||||||||||||||||||
Other | 45 | 27 | 39 | 57 | 21 | 25 | 19 | |||||||||||||||||||||
3,388 | 164 | 315 | 1,417 | 2,566 | 481 | 1,558 | ||||||||||||||||||||||
Net assets | $ | 283,228 | $ | 52,700 | $ | 225,929 | $ | 443,533 | $ | 58,920 | $ | 83,939 | $ | 86,633 | ||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 326,396 | $ | 52,700 | $ | 268,116 | $ | 755,085 | $ | 67,811 | $ | 105,906 | $ | 115,019 | ||||||||||||||
Undistributed (accumulated) net investment income (loss) | 3,206 | — | 672 | 2,271 | (182 | ) | (33 | ) | 16 | |||||||||||||||||||
Accumulated net realized gain (loss) on investments | (40,176 | ) | — | (24,354 | ) | (269,014 | ) | (11,984 | ) | (20,142 | ) | (29,113 | ) | |||||||||||||||
Net unrealized appreciation (depreciation) of investments | (6,198 | ) | — | (18,505 | ) | (44,809 | ) | 3,275 | (1,792 | ) | 711 | |||||||||||||||||
Net assets | $ | 283,228 | $ | 52,700 | $ | 225,929 | $ | 443,533 | $ | 58,920 | $ | 83,939 | $ | 86,633 | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Net assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 35,181 | ||||||||||||||
Shares outstanding | — | — | — | — | — | — | 5,926 | |||||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5.94 | ||||||||||||||
Investor Class | ||||||||||||||||||||||||||||
Net assets | $ | 283,228 | $ | 52,700 | $ | 225,929 | $ | 443,533 | $ | 58,920 | $ | 83,939 | $ | 51,452 | ||||||||||||||
Shares outstanding | 15,374 | 52,700 | 20,832 | 29,615 | 3,788 | 4,537 | 8,566 | |||||||||||||||||||||
Net asset value, offering price and redemption price per share | 18.42 | 1.00 | 10.85 | 14.98 | 15.55 | 18.50 | 6.01 | |||||||||||||||||||||
Investment securities, at cost | $ | 283,417 | $ | 51,664 | $ | 232,290 | $ | 461,315 | $ | 46,740 | $ | 82,139 | $ | 82,836 | ||||||||||||||
Repurchase agreement, at cost | $ | 7,813 | $ | 1,118 | $ | 12,065 | $ | 27,020 | $ | 11,405 | $ | 2,630 | $ | 1,035 | ||||||||||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 31
STATEMENTS OF ASSETS & LIABILITIES (continued)
At June 30, 2009
(all amounts except per share amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts except per share amounts in thousands)
(unaudited)
Transamerica | Transamerica | |||||||||||||||
Transamerica | Premier | Transamerica | Premier | |||||||||||||
Premier | Institutional | Premier | Institutional | |||||||||||||
Institutional | Diversified | Institutional | Small Cap | |||||||||||||
Bond Fund | Equity Fund | Equity Fund | Value Fund | |||||||||||||
Assets: | ||||||||||||||||
Investment securities, at value | $ | 1,202 | $ | 1,740 | $ | 73,227 | $ | 6,088 | ||||||||
Repurchase agreement, at value | 32 | 59 | 1,879 | 292 | ||||||||||||
Receivables: | ||||||||||||||||
Shares of beneficial interest sold | — | — | 138 | 44 | ||||||||||||
Interest | 14 | — | (a) | — | (a) | — | (a) | |||||||||
Dividends | — | 1 | 70 | 6 | ||||||||||||
Due from advisor | 4 | 2 | — | 1 | ||||||||||||
$ | 1,252 | $ | 1,802 | $ | 75,314 | $ | 6,431 | |||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 16 | — | — | — | ||||||||||||
Shares of beneficial interest redeemed | — | — | 19 | — | ||||||||||||
Management and advisory fees | — | — | 38 | — | ||||||||||||
Transfer agent fees | — | (a) | — | (a) | 3 | 1 | ||||||||||
Trustees fees | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||
Administration fees | — | (a) | — | (a) | 2 | — | (a) | |||||||||
Other | 19 | 16 | 27 | 21 | ||||||||||||
35 | 16 | 89 | 22 | |||||||||||||
Net assets | $ | 1,217 | $ | 1,786 | $ | 75,225 | $ | 6,409 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 1,243 | $ | 1,848 | $ | 111,819 | $ | 11,786 | ||||||||
Undistributed net investment income (loss) | — | 5 | 485 | 30 | ||||||||||||
Accumulated net realized gain (loss) on investments | (56 | ) | (59 | ) | (27,975 | ) | (5,905 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | 30 | (8 | ) | (9,104 | ) | 498 | ||||||||||
Net assets | $ | 1,217 | $ | 1,786 | $ | 75,225 | $ | 6,409 | ||||||||
Institutional Class | ||||||||||||||||
Net assets | $ | 1,217 | $ | 1,786 | $ | 75,225 | $ | 6,409 | ||||||||
Shares outstanding | 129 | 216 | 9,324 | 565 | ||||||||||||
Net asset value, offering price and redemption price per share | $ | 9.41 | $ | 8.26 | $ | 8.07 | $ | 11.35 | ||||||||
Investment securities, at cost | $ | 1,172 | $ | 1,748 | $ | 82,331 | $ | 5,590 | ||||||||
Repurchase agreement, at cost | $ | 32 | $ | 59 | $ | 1,879 | $ | 292 | ||||||||
(a) | Rounds to less than $1. |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 32
STATEMENTS OF OPERATIONS
For the period ended June 30, 2009
(all amounts in thousands)
(unaudited)
For the period ended June 30, 2009
(all amounts in thousands)
(unaudited)
Transamerica | Transamerica | |||||||||||||||||||||||
Transamerica | Transamerica | Premier | Transamerica | Transamerica | Premier Growth | |||||||||||||||||||
Premier | Premier Cash | Diversified | Premier Equity | Premier Focus | Opportunities | |||||||||||||||||||
Balanced Fund | Reserve Fund | Equity Fund | Fund | Fund | Fund | |||||||||||||||||||
Investment income: | ||||||||||||||||||||||||
Dividend income | $ | 1,438 | $ | — | $ | 1,689 | $ | 3,899 | $ | 164 | $ | 472 | ||||||||||||
Less withholding taxes on foreign dividends | — | — | — | (4 | ) | (2 | ) | — | (a) | |||||||||||||||
Interest income | 3,201 | 243 | — | (a) | 6 | 1 | — | (a) | ||||||||||||||||
Securities lending income (net) | 23 | — | 36 | 28 | 10 | 19 | ||||||||||||||||||
4,662 | 243 | 1,725 | 3,929 | 173 | 491 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Management and advisory | 992 | 107 | 728 | 1,872 | 222 | 318 | ||||||||||||||||||
Transfer agent and shareholder servicing: | ||||||||||||||||||||||||
Investor Class | 399 | 42 | 297 | 479 | 72 | 128 | ||||||||||||||||||
Distribution and service: | ||||||||||||||||||||||||
Investor Class | 331 | — | 242 | 551 | 65 | 93 | ||||||||||||||||||
Custodian | 21 | 7 | 10 | 27 | 5 | 8 | ||||||||||||||||||
Registration: | ||||||||||||||||||||||||
Investor Class | 9 | 10 | 13 | 35 | 15 | 15 | ||||||||||||||||||
Administration | 40 | 10 | 28 | 69 | 8 | 11 | ||||||||||||||||||
Legal | 9 | 2 | 6 | 15 | 2 | 2 | ||||||||||||||||||
Audit | 14 | 14 | 14 | 14 | 14 | 14 | ||||||||||||||||||
Trustees | 8 | 2 | 5 | 13 | 1 | 2 | ||||||||||||||||||
Money market guarantee insurance | — | 16 | — | — | — | — | ||||||||||||||||||
Printing and shareholder reports | 21 | 5 | 14 | 38 | 4 | 6 | ||||||||||||||||||
Other | 6 | 2 | 4 | 12 | 1 | 2 | ||||||||||||||||||
Total expenses | 1,850 | 217 | 1,361 | 3,125 | 409 | 599 | ||||||||||||||||||
Reimbursed expenses and waived fees: | ||||||||||||||||||||||||
Investor Class | (394 | ) | (120 | ) | (246 | ) | (592 | ) | (43 | ) | (75 | ) | ||||||||||||
Net expenses | 1,456 | 97 | 1,115 | 2,533 | 366 | 524 | ||||||||||||||||||
Net investment income (loss) | 3,206 | 146 | 610 | 1,396 | (193 | ) | (33 | ) | ||||||||||||||||
Net realized gain (loss) on investments: | ||||||||||||||||||||||||
Net realized loss on investments | (34,771 | ) | — | (20,228 | ) | (123,995) | (7,343 | ) | (5,966 | ) | ||||||||||||||
Change in unrealized appreciation (depreciation) on investments | 51,864 | — | 40,926 | 147,304 | 16,139 | 15,572 | ||||||||||||||||||
Net realized and unrealized gain | 17,093 | — | 20,698 | 23,309 | 8,796 | 9,606 | ||||||||||||||||||
Net increase In net assets resulting from operations | $ | 20,299 | $ | 146 | $ | 21,308 | $ | 24,705 | $ | 8,603 | $ | 9,573 | ||||||||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 33
STATEMENTS OF OPERATIONS (continued)
For the period ended June 30, 2009
(all amounts in thousands)
(unaudited)
For the period ended June 30, 2009
(all amounts in thousands)
(unaudited)
Transamerica | Transamerica | |||||||||||||||||||
Transamerica | Transamerica | Premier | Transamerica | Premier | ||||||||||||||||
Premier High | Premier | Institutional | Premier | Institutional | ||||||||||||||||
Yield Bond | Institutional | Diversified | Institutional | Small Cap | ||||||||||||||||
Fund | Bond Fund | Equity Fund | Equity Fund | Value Fund | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Dividend income | $ | 11 | $ | — | $ | 8 | $ | 612 | $ | 42 | ||||||||||
Less withholding taxes on foreign dividends | — | — | — | (1 | ) | — | ||||||||||||||
Interest income | 3,072 | 34 | — | (a) | — | (a) | — | (a) | ||||||||||||
Securities lending income (net) | 3 | — | — | 6 | — | |||||||||||||||
3,086 | 34 | 8 | 617 | 42 | ||||||||||||||||
Expenses | ||||||||||||||||||||
Management and advisory | 154 | 3 | 2 | 251 | 19 | |||||||||||||||
Transfer agent and shareholder servicing: | ||||||||||||||||||||
Institutional Class | — | (a) | — | (a) | — | (a) | 9 | 10 | ||||||||||||
Investor Class | 15 | — | — | — | — | |||||||||||||||
Distribution and service: | ||||||||||||||||||||
Investor Class | 35 | — | — | — | — | |||||||||||||||
Custodian | 5 | 6 | 2 | 6 | 8 | |||||||||||||||
Registration: | ||||||||||||||||||||
Institutional Class | — | 7 | 7 | 13 | 8 | |||||||||||||||
Investor Class | 19 | — | — | — | — | |||||||||||||||
Administration | 6 | — | (a) | — | (a) | 10 | 1 | |||||||||||||
Legal | 2 | — | (a) | — | (a) | 2 | — | (a) | ||||||||||||
Audit | 14 | 14 | 14 | 14 | 14 | |||||||||||||||
Trustees | 1 | — | (a) | — | (a) | 2 | — | (a) | ||||||||||||
Printing and shareholder reports | 4 | — | (a) | — | (a) | 5 | — | (a) | ||||||||||||
Other | 1 | — | (a) | — | (a) | 2 | — | (a) | ||||||||||||
Total expenses | 256 | 30 | 25 | 314 | 60 | |||||||||||||||
Reimbursed expenses and waived fees: | ||||||||||||||||||||
Institutional Class | — | (28 | ) | (22 | ) | (56 | ) | (40 | ) | |||||||||||
Investor Class | (33 | ) | — | — | — | — | ||||||||||||||
Net expenses | 223 | 2 | 3 | 258 | 20 | |||||||||||||||
Net investment income | 2,863 | 32 | 5 | 359 | 22 | |||||||||||||||
Net realized gain (loss) on investments: | ||||||||||||||||||||
Net realized gain (loss) on investments | (637 | ) | 2 | (50 | ) | (13,346 | ) | (889 | ) | |||||||||||
Change in unrealized appreciation (depreciation) on investments | 12,067 | 55 | 108 | 18,003 | 1,564 | |||||||||||||||
Net realized and unrealized gain | 11,430 | 57 | 58 | 4,657 | 675 | |||||||||||||||
Net increase In net assets resulting from operations | $ | 14,293 | $ | 89 | $ | 63 | $ | 5,016 | $ | 697 | ||||||||||
(a) | Rounds to less than $1. |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 34
STATEMENTS OF CHANGES IN NET ASSETS
For the period or years ended:
(all amounts in thousands)
For the period or years ended:
(all amounts in thousands)
Transamerica Premier | Transamerica Premier Cash | Transamerica Premier | ||||||||||||||||||||||
Balanced Fund | Reserve Fund | Diversified Equity Fund | ||||||||||||||||||||||
June 30, 2009 | December 31, | June 30, 2009 | December 31, | June 30, 2009 | December 31, | |||||||||||||||||||
(unaudited) | 2008 | (unaudited) | 2008 | (unaudited) | 2008 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment income | $ | 3,206 | $ | 6,675 | $ | 146 | $ | 2,127 | $ | 610 | $ | 915 | ||||||||||||
Net realized gain (loss) on investments | (34,771 | ) | 3,790 | — | (2 | ) | (20,228 | ) | (2,752 | ) | ||||||||||||||
Change in unrealized appreciation (depreciation) on investments | 51,864 | (165,457 | ) | — | — | 40,926 | (127,173 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 20,299 | (154,992 | ) | 146 | 2,125 | 21,308 | (129,010 | ) | ||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Investor Class | — | (6,185 | ) | (146 | ) | (2,127 | ) | — | (430 | ) | ||||||||||||||
Return of capital: | ||||||||||||||||||||||||
Investor Class | — | 410 | — | — | — | — | ||||||||||||||||||
From net realized gains on investments: | ||||||||||||||||||||||||
Investor Class | — | (10,717 | ) | — | — | — | (5,449 | ) | ||||||||||||||||
Total distributions to shareholders | — | (17,312 | ) | (146 | ) | (2,127 | ) | — | (5,879 | ) | ||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||
Investor Class | 11,849 | 58,202 | 8,859 | 41,721 | 24,556 | 62,498 | ||||||||||||||||||
Dividends and distributions reinvested: | ||||||||||||||||||||||||
Investor Class | — | 17,266 | 139 | 2,078 | — | 3,738 | ||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||
Investor Class | (28,435 | ) | (98,887 | ) | (25,883 | ) | (63,629 | ) | (14,384 | ) | (42,251 | ) | ||||||||||||
Redemption fee: | ||||||||||||||||||||||||
Investor Class | — | — | — | — | 4 | 6 | ||||||||||||||||||
Net fund shares transactions | (16,586 | ) | (23,419 | ) | (16,885 | ) | (19,830 | ) | 10,176 | 23,991 | ||||||||||||||
Net increase (decrease) in net assets | 3,713 | (195,723 | ) | (16,885 | ) | (19,832 | ) | 31,484 | (110,898 | ) | ||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period/year | $ | 279,515 | $ | 475,238 | $ | 69,585 | $ | 89,417 | $ | 194,445 | $ | 305,343 | ||||||||||||
End of period/year | $ | 283,228 | $ | 279,515 | $ | 52,700 | $ | 69,585 | $ | 225,929 | $ | 194,445 | ||||||||||||
Undistributed net investment income | $ | 3,206 | $ | — | $ | — | $ | — | $ | 672 | $ | 62 | ||||||||||||
Share Activity: | ||||||||||||||||||||||||
Shares issued: | ||||||||||||||||||||||||
Investor Class | 673 | 2,449 | 8,858 | 41,721 | 2,564 | 4,769 | ||||||||||||||||||
Shares issued-reinvested from distributions: | ||||||||||||||||||||||||
Investor Class | — | 1,025 | 139 | 2,078 | — | 388 | ||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Investor Class | (1,734 | ) | (4,548 | ) | (25,884 | ) | (63,629 | ) | (1,541 | ) | (3,147 | ) | ||||||||||||
Net increase (decrease) in shares outstanding: | ||||||||||||||||||||||||
Investor Class | (1,061 | ) | (1,074 | ) | (16,887 | ) | (19,830 | ) | 1,023 | 2,010 | ||||||||||||||
Authorized shares | 60 | 60 | 510 | 510 | 50 | 50 | ||||||||||||||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 35
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or years ended:
(all amounts in thousands)
For the period or years ended:
(all amounts in thousands)
Transamerica Premier Equity | Transamerica Premier Focus | Transamerica Premier | ||||||||||||||||||||||
Fund | Fund | Growth Opportunities Fund | ||||||||||||||||||||||
June 30, 2009 | December 31, | June 30, 2009 | December 31, | June 30, 2009 | December 31, | |||||||||||||||||||
(unaudited) | 2008 | (unaudited) | 2008 | (unaudited) | 2008 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,396 | $ | 2,637 | $ | (193 | ) | $ | (381 | ) | $ | (33 | ) | $ | (561 | ) | ||||||||
Net realized gain (loss) on investments | (123,995 | ) | (145,013 | ) | (7,343 | ) | (4,628 | ) | (5,966 | ) | (14,019 | ) | ||||||||||||
Change in unrealized appreciation (depreciation) on investments | 147,304 | (364,089 | ) | 16,139 | (32,976 | ) | 15,572 | (42,689 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 24,705 | (506,465 | ) | 8,603 | (37,985 | ) | 9,573 | (57,269 | ) | |||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Investor Class | — | (1,762 | ) | — | — | — | — | |||||||||||||||||
From net realized gains on investments: | ||||||||||||||||||||||||
Investor Class | — | (7,039 | ) | — | (2,249 | ) | — | — | ||||||||||||||||
Total distributions to shareholders | — | (8,801 | ) | — | (2,249 | ) | — | — | ||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||
Investor Class | 58,458 | 452,101 | 4,739 | 5,204 | 3,772 | 9,811 | ||||||||||||||||||
Dividends and distributions reinvested: | ||||||||||||||||||||||||
Investor Class | — | 8,591 | — | 2,226 | — | — | ||||||||||||||||||
Cost of shares redeemed: | �� | |||||||||||||||||||||||
Investor Class | (147,274 | ) | (484,339 | ) | (5,256 | ) | (11,740 | ) | (7,463 | ) | (21,356 | ) | ||||||||||||
Redemption fee: | ||||||||||||||||||||||||
Investor Class | 8 | 137 | — | 6 | 1 | 19 | ||||||||||||||||||
Net fund shares transactions | (88,808 | ) | (23,510 | ) | (517 | ) | (4,304 | ) | (3,690 | ) | (11,526 | ) | ||||||||||||
Net increase (decrease) in net assets | (64,103 | ) | (538,776 | ) | 8,086 | (44,538 | ) | 5,883 | (68,795 | ) | ||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period/year | $ | 507,636 | $ | 1,046,412 | $ | 50,834 | $ | 95,372 | $ | 78,056 | $ | 146,851 | ||||||||||||
End of period/year | $ | 443,533 | $ | 507,636 | $ | 58,920 | $ | 50,834 | $ | 83,939 | $ | 78,056 | ||||||||||||
Undistributed (accumulated) net investment income (loss) | $ | 2,271 | $ | 875 | $ | (182 | ) | $ | 11 | $ | (33 | ) | $ | — | ||||||||||
Share Activity: | ||||||||||||||||||||||||
Shares issued: | ||||||||||||||||||||||||
Investor Class | 4,426 | 21,310 | 342 | 274 | 232 | 429 | ||||||||||||||||||
Shares issued-reinvested from distributions: | ||||||||||||||||||||||||
Investor Class | — | 629 | — | 170 | — | — | ||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Investor Class | (11,334 | ) | (26,291 | ) | (383 | ) | (649 | ) | (475 | ) | (968 | ) | ||||||||||||
Net (decrease) in shares outstanding: | ||||||||||||||||||||||||
Investor Class | (6,908 | ) | (4,352 | ) | (41 | ) | (205 | ) | (243 | ) | (539 | ) | ||||||||||||
Authorized shares | 70 | 70 | 60 | 60 | 60 | 60 | ||||||||||||||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 36
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or years ended:
(all amounts in thousands)
For the period or years ended:
(all amounts in thousands)
Transamerica Premier | ||||||||||||||||||||||||
Transamerica Premier High | Transamerica Premier | Institutional Diversified | ||||||||||||||||||||||
Yield Bond Fund | Institutional Bond Fund | Equity Fund | ||||||||||||||||||||||
June 30, 2009 | December 31, | June 30, 2009 | December 31, | June 30, 2009 | December 31, | |||||||||||||||||||
(unaudited) | 2008 | (unaudited) | 2008 | (unaudited) | 2008 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment income | $ | 2,863 | $ | 4,164 | $ | 32 | $ | 54 | $ | 5 | $ | 4 | ||||||||||||
Net realized gain (loss) on investments | (637 | ) | (6,655 | ) | 2 | (24 | ) | (50 | ) | 7 | ||||||||||||||
Change in unrealized appreciation (depreciation) on investments | 12,067 | (9,237 | ) | 55 | (23 | ) | 108 | (315 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 14,293 | (11,728 | ) | 89 | 7 | 63 | (304 | ) | ||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Institutional Class | (1,481 | ) | (3,216 | ) | (31 | ) | (55 | ) | — | (5 | ) | |||||||||||||
Investor Class | (1,425 | ) | (1,081 | ) | — | — | — | — | ||||||||||||||||
From net realized gains on investments: | ||||||||||||||||||||||||
Institutional Class | — | — | — | — | — | (21 | ) | |||||||||||||||||
Investor Class | — | — | — | — | — | — | ||||||||||||||||||
Total distributions to shareholders | (2,906 | ) | (4,297 | ) | (31 | ) | (55 | ) | — | (26 | ) | |||||||||||||
Capital Share Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||
Institutional Class | 4,299 | 2,637 | 14 | — | 1,287 | 2 | ||||||||||||||||||
Investor Class | 53,783 | 39,338 | — | — | — | — | ||||||||||||||||||
58,082 | 41,975 | 14 | — | 1,287 | 2 | |||||||||||||||||||
Dividends and distributions reinvested: | ||||||||||||||||||||||||
Institutional Class | 1,481 | 3,216 | 31 | 54 | — | 26 | ||||||||||||||||||
Investor Class | 1,381 | 1,006 | — | — | — | — | ||||||||||||||||||
2,862 | 4,222 | 31 | 54 | — | 26 | |||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||
Institutional Class | (2,573 | ) | (15,126 | ) | — | — | — | — | ||||||||||||||||
Investor Class | (15,794 | ) | (39,095 | ) | — | — | — | — | ||||||||||||||||
(18,367 | ) | (54,221 | ) | — | — | — | — | |||||||||||||||||
Net fund shares transactions | 42,577 | (8,024 | ) | 45 | 54 | 1,287 | 28 | |||||||||||||||||
Net increase (decrease) in net assets | 53,964 | (24,049 | ) | 103 | 6 | 1,350 | (302 | ) | ||||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period/year | $ | 32,669 | $ | 56,718 | $ | 1,114 | $ | 1,108 | $ | 436 | $ | 738 | ||||||||||||
End of period/year | $ | 86,633 | $ | 32,669 | $ | 1,217 | $ | 1,114 | $ | 1,786 | $ | 436 | ||||||||||||
Undistributed (accumulated) net investment income (loss) | $ | 16 | $ | 59 | $ | — | $ | (1 | ) | $ | 5 | $ | — | |||||||||||
Share Activity: | ||||||||||||||||||||||||
Shares issued: | ||||||||||||||||||||||||
Institutional Class | 789 | 405 | 3 | — | 160 | 1 | ||||||||||||||||||
Investor Class | 9,942 | 5,708 | — | — | — | — | ||||||||||||||||||
10,731 | 6,113 | 3 | — | 160 | 1 | |||||||||||||||||||
Shares issued-reinvested from distributions: | ||||||||||||||||||||||||
Institutional Class | 269 | 512 | 3 | 5 | — | 3 | ||||||||||||||||||
Investor Class | 240 | 153 | — | — | — | — | ||||||||||||||||||
509 | 665 | 3 | 5 | — | 3 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Institutional Class | (478 | ) | (2,228 | ) | — | — | — | — | ||||||||||||||||
Investor Class | (2,827 | ) | (5,766 | ) | — | — | — | — | ||||||||||||||||
(3,305 | ) | (7,994 | ) | — | — | — | — | |||||||||||||||||
Net increase (decrease) in shares outstanding: | ||||||||||||||||||||||||
Institutional Class | 580 | (1,311 | ) | 6 | 5 | 160 | 4 | |||||||||||||||||
Investor Class | 7,355 | 95 | — | — | — | — | ||||||||||||||||||
7,935 | (1,216 | ) | 6 | 5 | 160 | 4 | ||||||||||||||||||
Authorized shares | 50 | 50 | 50 | 50 | 50 | 50 | ||||||||||||||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 37
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or years ended:
(all amounts in thousands)
For the period or years ended:
(all amounts in thousands)
Transamerica Premier | ||||||||||||||||
Transamerica Premier | Institutional Small Cap Value | |||||||||||||||
Institutional Equity Fund | Fund | |||||||||||||||
June 30, 2009 | December 31, | June 30, 2009 | December 31, | |||||||||||||
(unaudited) | 2008 | (unaudited) | 2008 | |||||||||||||
From operations: | ||||||||||||||||
Net investment income | $ | 359 | $ | 755 | $ | 22 | $ | 177 | ||||||||
Net realized gain (loss) on investments | (13,346 | ) | (14,594 | ) | (889 | ) | (5,033 | ) | ||||||||
Change in unrealized appreciation (depreciation) on investments | 18,003 | (43,056 | ) | 1,564 | (1,195 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 5,016 | (56,895 | ) | 697 | (6,051 | ) | ||||||||||
Distributions to shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Institutional Class | — | (734 | ) | — | (153 | ) | ||||||||||
From net realized gains on investments: | ||||||||||||||||
Institutional Class | — | (152 | ) | — | (55 | ) | ||||||||||
Total distributions to shareholders | — | (886 | ) | — | (208 | ) | ||||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Institutional Class | 13,828 | 69,905 | 2,612 | 18,008 | ||||||||||||
Dividends and distributions reinvested: | ||||||||||||||||
Institutional Class | — | 715 | — | 171 | ||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Institutional Class | (16,358 | ) | (38,269 | ) | (1,959 | ) | (9,758 | ) | ||||||||
�� | ||||||||||||||||
Net fund shares transactions | (2,530 | ) | 32,351 | 653 | 8,421 | |||||||||||
Net increase (decrease) in net assets | 2,486 | (25,430 | ) | 1,350 | 2,162 | |||||||||||
Net assets | ||||||||||||||||
Beginning of period/year | $ | 72,739 | $ | 98,169 | $ | 5,059 | $ | 2,897 | ||||||||
End of period/year | $ | 75,225 | $ | 72,739 | $ | 6,409 | $ | 5,059 | ||||||||
Undistributed net investment income | $ | 485 | $ | 126 | $ | 30 | $ | 8 | ||||||||
Share Activity: | ||||||||||||||||
Shares issued: | ||||||||||||||||
Institutional Class | 1,939 | 6,435 | 250 | 1,129 | ||||||||||||
Shares issued-reinvested from distributions: | ||||||||||||||||
Institutional Class | — | 98 | — | 19 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Institutional Class | (2,377 | ) | (4,072 | ) | (214 | ) | (802 | ) | ||||||||
Net increase (decrease) in shares outstanding: | ||||||||||||||||
Institutional Class | (438 | ) | 2,461 | 36 | 346 | |||||||||||
Authorized shares | 30 | 30 | 50 | 50 | ||||||||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 38
FINANCIAL HIGHLIGHTS
For the period or years ended:
For the period or years ended:
Transamerica Premier Balanced Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
For a share outstanding throughout each period | June 30, 2009 (unaudited) | December 31, 2008 | December 31, 2007 | December 31, 2006 | December 31, 2005 | December 31, 2004 | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 17.01 | $ | 27.14 | $ | 25.24 | $ | 23.63 | $ | 22.60 | $ | 20.22 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.20 | 0.39 | 0.33 | 0.25 | 0.26 | (0.22 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.21 | (9.43 | ) | 2.97 | 1.69 | 1.04 | 2.83 | |||||||||||||||||
Total from investment operations | 1.41 | (9.04 | ) | 3.30 | 1.94 | 1.30 | 2.61 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (0.39 | ) | (0.38 | ) | (0.19 | ) | (0.27 | ) | (0.23 | ) | |||||||||||||
Net realized gains on investments | — | (0.03 | ) | (1.02 | ) | (0.14 | ) | — | — | |||||||||||||||
Return of capital | — | (0.67 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (1.09 | ) | (1.40 | ) | (0.33 | ) | (0.27 | ) | (0.23 | ) | |||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 18.42 | $ | 17.01 | $ | 27.14 | $ | 25.24 | $ | 23.63 | $ | 22.60 | ||||||||||||
Total return(b) | 8.29 | %(c) | (33.27 | %) | 13.04 | % | 8.20 | % | 5.81 | % | 12.92 | % | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.10 | %(d) | 1.10 | % | 1.10 | % | 1.10 | % | 1.08 | % | 1.29 | % | ||||||||||||
Before reimbursement/fee waiver | 1.40 | %(d) | 1.24 | % | 1.10 | % | 1.10 | % | 1.14 | % | 1.29 | % | ||||||||||||
Net investment income (loss), to average net assets | 2.42 | %(d) | 1.68 | % | 1.21 | % | 1.02 | % | 1.14 | % | (1.04 | %) | ||||||||||||
Portfolio turnover rate | 69 | %(c) | 69 | % | 58 | % | 45 | % | 53 | % | 47 | % | ||||||||||||
Net assets end of period/year (in thousands) | $ | 283,228 | $ | 279,515 | $ | 475,238 | $ | 376,686 | $ | 305,892 | $ | 245,138 | ||||||||||||
Transamerica Premier Cash Reserve Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
For a share outstanding throughout each period | June 30, 2009 (unaudited) | December 31, 2008 | December 31, 2007 | December 31, 2006 | December 31, 2005 | December 31, 2004 | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | — | (e) | 0.03 | 0.05 | 0.05 | 0.03 | 0.01 | |||||||||||||||||
Total from investment operations | — | (e) | 0.03 | 0.05 | 0.05 | 0.03 | 0.01 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (e) | (0.03 | ) | (0.05 | ) | (0.05 | ) | (0.03 | ) | (0.01 | ) | ||||||||||||
Total distributions | — | (e) | (0.03 | ) | (0.05 | ) | (0.05 | ) | (0.03 | ) | (0.01 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return(b) | 0.22 | %(c) | 2.57 | % | 5.12 | % | 4.91 | % | 3.06 | % | 1.16 | % | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 0.30 | %(d),(f) | 0.26 | %(f) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Before reimbursement/fee waiver | 0.67 | %(d),(f) | 0.58 | %(f) | 0.60 | % | 0.68 | % | 0.74 | % | 0.63 | % | ||||||||||||
Net investment income, to average net assets | 0.45 | %(d) | 2.58 | % | 5.01 | % | 4.87 | % | 3.02 | % | 1.13 | % | ||||||||||||
Net assets end of period/year (in thousands) | $ | 52,700 | $ | 69,585 | $ | 89,417 | $ | 72,834 | $ | 39,405 | $ | 37,038 | ||||||||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 39
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended
For the period or years ended
Transamerica Premier Diversified Equity Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 9.82 | $ | 17.15 | $ | 14.84 | $ | 13.69 | $ | 12.70 | $ | 11.17 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.03 | 0.05 | 0.01 | 0.01 | 0.02 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.00 | (7.08 | ) | 2.77 | 1.28 | 0.99 | 1.51 | |||||||||||||||||
Total from investment operations | 1.03 | (7.03 | ) | 2.78 | 1.29 | 1.01 | 1.54 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (0.02 | ) | — | (e) | — | (0.02 | ) | (0.01 | ) | ||||||||||||||
Net realized gains on investments | — | (0.28 | ) | (0.47 | ) | (0.14 | ) | — | — | |||||||||||||||
Total distributions | — | (0.30 | ) | (0.47 | ) | (0.14 | ) | (0.02 | ) | (0.01 | ) | |||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 10.85 | $ | 9.82 | $ | 17.15 | $ | 14.84 | $ | 13.69 | $ | 12.70 | ||||||||||||
Total return(b) | 10.49 | %(c) | (40.93 | %) | 18.68 | % | 9.42 | % | 7.93 | % | 13.81 | % | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.15 | %(d) | 1.15 | % | 1.15 | % | 1.15 | % | 1.10 | % | 1.20 | % | ||||||||||||
Before reimbursement/fee waiver | 1.40 | %(d) | 1.29 | % | 1.15 | % | 1.15 | % | 1.31 | % | 1.47 | % | ||||||||||||
Net investment income, to average net assets | 0.63 | %(d) | 0.35 | % | 0.08 | % | 0.04 | % | 0.13 | % | 0.28 | % | ||||||||||||
Portfolio turnover rate | 13 | %(c) | 44 | % | 29 | % | 36 | % | 35 | % | 30 | % | ||||||||||||
Net assets end of period/year (in thousands) | $ | 225,929 | $ | 194,445 | $ | 305,343 | $ | 207,607 | $ | 148,927 | $ | 71,487 | ||||||||||||
Transamerica Premier Equity Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 13.90 | $ | 25.60 | $ | 22.52 | $ | 22.05 | $ | 19.46 | $ | 16.90 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.04 | 0.06 | (0.03 | ) | (0.07 | ) | (0.08 | ) | (0.02 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.04 | (11.52 | ) | 3.45 | 1.74 | 3.19 | 2.58 | |||||||||||||||||
Total from investment operations | 1.08 | (11.46 | ) | 3.42 | 1.67 | 3.11 | 2.56 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (0.05 | ) | — | — | — | — | |||||||||||||||||
Net realized gains on investments | — | (0.19 | ) | (0.34 | ) | (1.20 | ) | (0.52 | ) | — | ||||||||||||||
Total distributions | — | (0.24 | ) | (0.34 | ) | (1.20 | ) | (0.52 | ) | — | ||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 14.98 | $ | 13.90 | $ | 25.60 | $ | 22.52 | $ | 22.05 | $ | 19.46 | ||||||||||||
Total return(b) | 7.77 | %(c) | (44.74 | %) | 15.19 | % | 7.54 | % | 15.96 | % | 15.15 | % | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.15 | %(d) | 1.15 | % | 1.15 | % | 1.15 | % | 1.09 | % | 1.29 | % | ||||||||||||
Before reimbursement/fee waiver | 1.42 | %(d) | 1.30 | % | 1.15 | % | 1.15 | % | 1.09 | % | 1.29 | % | ||||||||||||
Net investment income (loss), to average net assets | 0.63 | %(d) | 0.29 | % | (0.14 | %) | (0.28 | %) | (0.38 | %) | (0.13 | %) | ||||||||||||
Portfolio turnover rate | 18 | %(c) | 47 | % | 40 | % | 37 | % | 32 | % | 34 | % | ||||||||||||
Net assets end of period/year (in thousands) | $ | 443,533 | $ | 507,636 | $ | 1,046,412 | $ | 570,680 | $ | 423,181 | $ | 179,454 | ||||||||||||
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 40
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended
For the period or years ended
Transamerica Premier Focus Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 13.28 | $ | 23.64 | $ | 19.65 | $ | 18.59 | $ | 16.01 | $ | 13.87 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | (0.05 | ) | (0.10 | ) | (0.11 | ) | (0.11 | ) | (0.06 | ) | (0.07 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 2.32 | (9.65 | ) | 4.11 | 1.17 | 2.64 | 2.21 | |||||||||||||||||
Total from investment operations | 2.27 | (9.75 | ) | 4.00 | 1.06 | 2.58 | 2.14 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net realized gains on investments | — | (0.61 | ) | (0.01 | ) | — | — | — | ||||||||||||||||
Total distributions | — | (0.61 | ) | (0.01 | ) | — | — | — | ||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 15.55 | $ | 13.28 | $ | 23.64 | $ | 19.65 | $ | 18.59 | $ | 16.01 | ||||||||||||
Total return(b) | 17.09 | %(c) | (41.19 | %) | 20.35 | % | 5.70 | % | 16.12 | % | 15.43 | % | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.40 | %(d) | 1.37 | % | 1.18 | % | 1.20 | % | 1.32 | % | 1.36 | % | ||||||||||||
Before reimbursement/fee waiver | 1.57 | %(d) | 1.37 | % | 1.18 | % | 1.20 | % | 1.32 | % | 1.36 | % | ||||||||||||
Net investment loss, to average net assets | (0.74 | %)(d) | (0.52 | %) | (0.50 | %) | (0.61 | %) | (0.38 | %) | (0.48 | %) | ||||||||||||
Portfolio turnover rate | 32 | %(c) | 66 | % | 51 | % | 46 | % | 67 | % | 64 | % | ||||||||||||
Net assets end of period/year (in thousands) | $ | 58,920 | $ | 50,834 | $ | 95,372 | $ | 87,200 | $ | 111,705 | $ | 92,565 |
Transamerica Premier Growth Opportunities Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 16.33 | $ | 27.61 | $ | 23.50 | $ | 22.56 | $ | 19.73 | $ | 16.99 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment loss(a) | (0.01 | ) | (0.11 | ) | (0.14 | ) | (0.10 | ) | (0.05 | ) | (0.08 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 2.18 | (11.17 | ) | 5.56 | 1.04 | 2.88 | 2.82 | |||||||||||||||||
Total from investment operations | 2.17 | (11.28 | ) | 5.42 | 0.94 | 2.83 | 2.74 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net realized gains on investments | — | — | (1.31 | ) | — | — | — | |||||||||||||||||
Total distributions | — | — | (1.31 | ) | — | — | — | |||||||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 18.50 | $ | 16.33 | $ | 27.61 | $ | 23.50 | $ | 22.56 | $ | 19.73 | ||||||||||||
Total return(b) | 13.29 | %(c) | (40.85 | %) | 23.01 | % | 4.17 | % | 14.36 | % | 16.13 | % | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 1.40 | %(d) | 1.38 | % | 1.17 | % | 1.17 | % | 1.31 | % | 1.36 | % | ||||||||||||
Before reimbursement/fee waiver | 1.60 | %(d) | 1.38 | % | 1.17 | % | 1.17 | % | 1.31 | % | 1.36 | % | ||||||||||||
Net investment loss, to average net assets | (0.09 | %)(d) | (0.50 | %) | (0.52 | %) | (0.43 | %) | (0.24 | %) | (0.44 | %) | ||||||||||||
Portfolio turnover rate | 33 | %(c) | 56 | % | 77 | % | 64 | % | 52 | % | 37 | % | ||||||||||||
Net assets end of period/year (in thousands) | $ | 83,939 | $ | 78,056 | $ | 146,851 | $ | 131,991 | $ | 152,064 | $ | 118,442 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 41
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended
For the period or years ended
Transamerica Premier High Yield Bond Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 5.03 | $ | 7.36 | $ | 7.86 | $ | 7.71 | $ | 8.00 | $ | 7.76 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.28 | 0.57 | 0.55 | 0.53 | 0.50 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.96 | (2.32 | ) | (0.50 | ) | 0.14 | (0.28 | ) | 0.25 | |||||||||||||||
Total from investment operations | 1.24 | (1.75 | ) | 0.05 | 0.67 | 0.22 | 0.77 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.58 | ) | (0.55 | ) | (0.52 | ) | (0.51 | ) | (0.53 | ) | ||||||||||||
Total distributions | (0.26 | ) | (0.58 | ) | (0.55 | ) | (0.52 | ) | (0.51 | ) | (0.53 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 6.01 | $ | 5.03 | $ | 7.36 | $ | 7.86 | $ | 7.71 | $ | 8.00 | ||||||||||||
Total return(b) | 25.10 | %(c) | (25.19 | %) | 0.59 | % | 9.01 | % | 2.93 | % | 10.38 | % | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 0.90 | %(d) | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||
Before reimbursement/fee waiver | 1.14 | %(d) | 1.37 | % | 1.32 | % | 1.19 | % | 1.34 | % | 1.43 | % | ||||||||||||
Net investment income, to average net assets | 9.81 | %(d) | 8.36 | % | 7.04 | % | 6.81 | % | 6.46 | % | 6.75 | % | ||||||||||||
Portfolio turnover rate | 26 | %(c) | 82 | % | 89 | % | 127 | % | 93 | % | 152 | % | ||||||||||||
Net assets end of period/year (in thousands) | $ | 51,452 | $ | 6,087 | $ | 8,209 | $ | 16,418 | $ | 12,062 | $ | 8,227 |
Transamerica Premier High Yield Bond Fund | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 4.97 | $ | 7.29 | $ | 7.79 | $ | 7.65 | $ | 7.95 | $ | 7.70 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income(a) | 0.27 | 0.57 | 0.57 | 0.55 | 0.52 | 0.54 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.96 | (2.30 | ) | (0.49 | ) | 0.13 | (0.29 | ) | 0.26 | |||||||||||||||
Total from investment operations | 1.23 | (1.73 | ) | 0.08 | 0.68 | 0.23 | 0.80 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.59 | ) | (0.58 | ) | (0.54 | ) | (0.53 | ) | (0.55 | ) | ||||||||||||
Total distributions | (0.26 | ) | (0.59 | ) | (0.58 | ) | (0.54 | ) | (0.53 | ) | (0.55 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 5.94 | $ | 4.97 | $ | 7.29 | $ | 7.79 | $ | 7.65 | $ | 7.95 | ||||||||||||
Total return(b) | 25.33 | %(c) | (25.13 | %) | 0.86 | % | 9.23 | % | 3.08 | % | 10.88 | % | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 0.64 | %(d) | 0.65 | % | 0.65 | % | 0.64 | % | 0.65 | % | 0.63 | % | ||||||||||||
Before reimbursement/fee waiver | 0.64 | %(d) | 0.65 | % | 0.66 | % | 0.64 | % | 0.70 | % | 0.63 | % | ||||||||||||
Net investment income, to average net assets | 9.91 | %(d) | 8.77 | % | 7.30 | % | 7.09 | % | 6.65 | % | 7.06 | % | ||||||||||||
Portfolio turnover rate | 26 | %(c) | 82 | % | 89 | % | 127 | % | 93 | % | 152 | % | ||||||||||||
Net assets end of period/year (in thousands) | $ | 35,181 | $ | 26,582 | $ | 48,509 | $ | 105,597 | $ | 97,480 | $ | 135,161 |
The notes to the financial statements are an integral part of this report.
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 42
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended
For the period or years ended
Transamerica Premier Institutional Bond Fund | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005(g) | |||||||||||||||
Net asset value | ||||||||||||||||||||
Beginning of period/year | $ | 8.96 | $ | 9.36 | $ | 9.41 | $ | 9.75 | $ | 10.00 | ||||||||||
Investment operations | ||||||||||||||||||||
Net investment income(a) | 0.25 | 0.45 | 0.47 | 0.46 | 0.38 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.44 | (0.40 | ) | (0.04 | ) | (0.10 | ) | (0.23 | ) | |||||||||||
Total from investment operations | 0.69 | 0.05 | 0.43 | 0.36 | 0.15 | |||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | (0.24 | ) | (0.45 | ) | (0.48 | ) | (0.48 | ) | (0.40 | ) | ||||||||||
Return of capital | — | — | — | (0.22 | ) | — | ||||||||||||||
Total distributions | (0.24 | ) | (0.45 | ) | (0.48 | ) | (0.70 | ) | (0.40 | ) | ||||||||||
Net asset value | ||||||||||||||||||||
End of period/year | $ | 9.41 | $ | 8.96 | $ | 9.36 | $ | 9.41 | $ | 9.75 | ||||||||||
Total return(b) | 7.86 | %(c) | 0.56 | % | 4.68 | % | 3.88 | % | 1.53 | %(c) | ||||||||||
Ratio and supplemental data | ||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||
After reimbursement/fee waiver | 0.45 | %(d) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %(d) | ||||||||||
Before reimbursement/fee waiver | 5.26 | %(d) | 5.50 | % | 6.25 | % | 5.74 | % | 7.97 | %(d) | ||||||||||
Net investment income, to average net assets | 5.58 | %(d) | 4.91 | % | 5.00 | % | 4.80 | % | 4.18 | %(d) | ||||||||||
Portfolio turnover rate | 107 | %(c) | 109 | % | 88 | % | 151 | % | 269 | %(c) | ||||||||||
Net assets end of period/year (in thousands) | $ | 1,217 | $ | 1,114 | $ | 1,108 | $ | 1,067 | $ | 1,027 |
Transamerica Premier Institutional Diversified Equity Fund | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005(g) | |||||||||||||||
Net asset value | ||||||||||||||||||||
Beginning of period/year | $ | 7.79 | $ | 14.06 | $ | 12.21 | $ | 11.14 | $ | 10.00 | ||||||||||
Investment operations | ||||||||||||||||||||
Net investment income(a) | 0.06 | 0.09 | 0.06 | 0.05 | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.41 | (5.87 | ) | 2.43 | 1.02 | 1.14 | ||||||||||||||
Total from investment operations | 0.47 | (5.78 | ) | 2.49 | 1.07 | 1.19 | ||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | — | (0.09 | ) | (0.06 | ) | — | (0.05 | ) | ||||||||||||
Net realized gains on investments | — | (0.40 | ) | (0.58 | ) | — | — | |||||||||||||
Total distributions | — | (0.49 | ) | (0.64 | ) | — | (0.05 | ) | ||||||||||||
Net asset value | ||||||||||||||||||||
End of period/year | $ | 8.26 | $ | 7.79 | $ | 14.06 | $ | 12.21 | $ | 11.14 | ||||||||||
Total return(b) | 6.03 | %(c) | (41.06 | %) | 20.34 | % | 9.61 | % | 11.88 | %(c) | ||||||||||
Ratio and supplemental data | ||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||
After reimbursement/fee waiver | 0.75 | %(d) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | %(d) | ||||||||||
Before reimbursement/fee waiver | 7.51 | %(d) | 8.87 | % | 9.02 | % | 8.90 | % | 9.27 | %(d) | ||||||||||
Net investment income, to average net assets | 1.52 | %(d) | 0.74 | % | 0.44 | % | 0.40 | % | 0.52 | %(d) | ||||||||||
Portfolio turnover rate | 13 | %(c) | 46 | % | 31 | % | 40 | % | 38 | %(c) | ||||||||||
Net assets end of period/year (in thousands) | $ | 1,786 | $ | 436 | $ | 738 | $ | 613 | $ | 559 |
The notes to the financial statements are an integral part of this report
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 43
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended
For the period or years ended
Transamerica Premier Institutional Equity Fund | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005 | 2004(h) | ||||||||||||||||||
Net asset value | ||||||||||||||||||||||||
Beginning of period/year | $ | 7.45 | $ | 13.45 | $ | 12.21 | $ | 11.41 | $ | 11.11 | $ | 10.00 | ||||||||||||
Investment operations | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.04 | 0.08 | 0.04 | 0.01 | (0.01 | ) | 0.08 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.58 | (5.99 | ) | 1.79 | 0.93 | 1.91 | 1.40 | |||||||||||||||||
Total from investment operations | 0.62 | (5.91 | ) | 1.83 | 0.94 | 1.90 | 1.48 | |||||||||||||||||
Distributions | ||||||||||||||||||||||||
Net investment income | — | (0.07 | ) | (0.01 | ) | (0.01 | ) | — | (0.36 | ) | ||||||||||||||
Net realized gains on investments | — | (0.02 | ) | (0.58 | ) | (0.13 | ) | (1.60 | ) | (0.01 | ) | |||||||||||||
Total distributions | — | (0.09 | ) | (0.59 | ) | (0.14 | ) | (1.60 | ) | (0.37 | ) | |||||||||||||
Net asset value | ||||||||||||||||||||||||
End of period/year | $ | 8.07 | $ | 7.45 | $ | 13.45 | $ | 12.21 | $ | 11.41 | $ | 11.11 | ||||||||||||
Total return(b) | 8.32 | %(c) | (43.92 | %) | 14.96 | % | 8.22 | % | 17.03 | % | 11.51 | %(c) | ||||||||||||
Ratio and supplemental data | ||||||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||||||
After reimbursement/fee waiver | 0.75 | %(d) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | %(d) | ||||||||||||
Before reimbursement/fee waiver | 0.91 | %(d) | 0.85 | % | 0.90 | % | 0.93 | % | 1.05 | % | 0.90 | %(d) | ||||||||||||
Net investment income (loss), to average net assets | 1.05 | %(d) | 0.74 | % | 0.28 | % | 0.09 | % | (0.06 | %) | 1.31 | %(d) | ||||||||||||
Portfolio turnover rate | 18 | %(c) | 35 | % | 47 | % | 31 | % | 122 | % | 18 | %(c) | ||||||||||||
Net assets end of period/year (in thousands) | $ | 75,225 | $ | 72,739 | $ | 98,169 | $ | 58,448 | $ | 44,106 | $ | 62,110 |
Transamerica Premier Institutional Small Cap Value Fund | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
June 30, 2009 | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
For a share outstanding throughout each period | (unaudited) | 2008 | 2007 | 2006 | 2005(g) | |||||||||||||||
Net asset value | ||||||||||||||||||||
Beginning of period/year | $ | 9.56 | $ | 15.81 | $ | 12.32 | $ | 10.73 | $ | 10.00 | ||||||||||
Investment operations | ||||||||||||||||||||
Net investment income(a) | 0.05 | 0.36 | 0.22 | 0.14 | 0.10 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.74 | (6.23 | ) | 3.87 | 1.88 | 1.17 | ||||||||||||||
Total from investment operations | 1.79 | (5.87 | ) | 4.09 | 2.02 | 1.27 | ||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | — | (0.28 | ) | (0.29 | ) | (0.12 | ) | (0.08 | ) | |||||||||||
Net realized gains on investments | — | (0.10 | ) | (0.31 | ) | (0.31 | ) | (0.46 | ) | |||||||||||
Total distributions | — | (0.38 | ) | (0.60 | ) | (0.43 | ) | (0.54 | ) | |||||||||||
Net asset value | ||||||||||||||||||||
End of period/year | $ | 11.35 | $ | 9.56 | $ | 15.81 | $ | 12.32 | $ | 10.73 | ||||||||||
Total return(b) | 18.72 | %(c) | (37.01 | %) | 33.12 | % | 18.74 | % | 12.67 | %(c) | ||||||||||
Ratio and supplemental data | ||||||||||||||||||||
Expenses to average net assets | ||||||||||||||||||||
After reimbursement/fee waiver | 0.85 | %(d) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %(d) | ||||||||||
Before reimbursement/fee waiver | 2.59 | %(d) | 1.95 | % | 6.37 | % | 8.68 | % | 9.32 | %(d) | ||||||||||
Net investment income, to average net assets | 0.94 | %(d) | 2.62 | % | 1.49 | % | 1.15 | % | 1.00 | %(d) | ||||||||||
Portfolio turnover rate | 74 | %(c) | 135 | % | 31 | % | 53 | % | 53 | %(c) | ||||||||||
Net assets end of period/year (in thousands) | $ | 6,409 | $ | 5,059 | $ | 2,897 | $ | 674 | $ | 563 |
The notes to the financial statements are an integral part of this report.
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 44
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended
For the period or years ended
(a) | Calculated based on the average number of shares outstanding during the period. | |
(b) | Total Return represents aggregate total return for each period. | |
(c) | Not annualized. | |
(d) | Annualized. | |
(e) | Rounds to less than $0.01 or $(0.01) per share. | |
(f) | Includes Money Market Guarantee expense. The impact of the Money Market Guarantee expense is 0.01% and 0.05% for 2008 and 2009, respectively. | |
(g) | Commenced operations on February 1, 2005. | |
(h) | Commenced operations on June 1, 2004. |
The notes to the financial statements are an integral part of this report.
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 45
NOTES TO FINANCIAL STATEMENTS
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Transamerica Investors, Inc. (the “Company”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Company is composed of eleven Funds: Transamerica Premier Balanced Fund (the “Balanced Fund”), Transamerica Premier Cash Reserve Fund (the “Cash Reserve Fund”), Transamerica Premier Diversified Equity Fund (the “Diversified Equity Fund”), Transamerica Premier Equity Fund (the “Equity Fund”), Transamerica Premier Focus Fund (the “Focus Fund”), Transamerica Premier Growth Opportunities Fund (the “Growth Opportunities Fund”), Transamerica Premier High Yield Bond Fund (the “High Yield Bond Fund”), Transamerica Premier Institutional Bond Fund (the “Institutional Bond Fund”), Transamerica Premier Institutional Diversified Equity Fund (the “Institutional Diversified Equity Fund”), Transamerica Premier Institutional Equity Fund (the “Institutional Equity Fund”), and Transamerica Premier Institutional Small Cap Value Fund (the “Institutional Small Cap Value Fund”), and (individually, a “Fund” and collectively, the “Funds”). All of the Funds are diversified except the Focus Fund, which is non-diversified under the 1940 Act. For information on investment objectives and strategies, please refer to the Funds’ prospectus.
The Company currently offers two classes of shares, either an Investor and/or an Institutional class in each of the Funds.
This report should be read in conjunction with the Funds’ current prospectus, which contains more complete information.
In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
In preparing the Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.
Multiple class operations and expenses: Income, non-class specific expenses, and realized and unrealized gains and losses, are allocated daily to each class based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Security valuations: The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, each day the NYSE is open for business. The Funds’ investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market value.
As permitted under Rule 2a-7 of the 1940 Act, the Cash Reserve Fund values its securities at amortized cost, which with accrued interest approximates fair value.
Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the Board of Trustees.
The Funds are subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”) when market prices are not readily available or reliable. Valuation levels are not necessarily an indication of the risk associated with investing in those securities. The three levels of the hierarchy under FAS 157 are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc).
Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
The aggregate value by input level, at June 30, 2009, for the Funds’ investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of each Funds’ Schedules of Investments.
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 46
NOTES TO FINANCIAL STATEMENTS
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 1. (continued)
Repurchase agreements: The Funds are authorized to enter into repurchase agreements. The Funds, through their custodian, receive delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Funds will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.
Commission recapture: Transamerica Investment Management, LLC is the only sub-adviser to the Funds and to the extent consistent with the best execution and usual commission rate policies and practices, has elected to place security transactions of the Funds with broker/dealers with which Transamerica Premier Funds has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions paid by the Funds be used to pay expenses that would otherwise be borne by any other funds within Transamerica Premier Funds, or by any other party.
Recaptured commissions for the period ended June 30, 2009 are included in net realized gains in the Statements of Operations and are summarized as follows:
Fund | Commissions | |||
Balanced Fund | $ | 5 | ||
Diversified Equity Fund | 4 | |||
Equity Fund | 15 | |||
Focus Fund | 1 | |||
Growth Opportunities Fund | 3 | |||
Institutional Diversified Equity Fund | — | * | ||
Institutional Equity Fund | 2 | |||
Institutional Small Cap Value Fund | 1 | |||
* | Amount rounds to less than $1. |
Securities lending: The Funds may lend securities to qualified financial institutions and brokers. The lending of Fund securities exposes the Funds to risks such as the following: (i) the borrower may fail to return the loaned securities; (ii) the borrower may not be able to provide additional collateral; (iii) the Funds may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Funds may experience losses related to the investment collateral. To minimize certain of these risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest (after rebates and fees). Such income is reflected separately on the Statements of Operations. The value of loaned securities and the liability to return the cash collateral received are reflected on the Schedules of Investments and Statements of Assets and Liabilities. There were no securities on loan at June 30, 2009.
Securities transactions and investment income: Securities transactions are recorded as of the trade date. Gains and losses on sales of securities are determined on the identified cost basis for both financial statement and federal income tax purposes. Interest income and operating expenses are recorded daily on an accrual basis. Discount is recorded on a daily basis using the effective yield method, except the Cash Reserve Fund, which recognizes discount and premium on a straight-line basis. Dividend income is recorded on the ex-dividend date.
Dividend income, related to Real Estate Investment Trusts (“REIT”), is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations which may differ from GAAP.
Temporary guarantee program: Transamerica Premier Cash Reserve has enrolled in the U.S. Department of the Treasury’s “Treasury” Temporary Guarantee Program for Money Market Funds (the “Program”) through September 18, 2009. Under the Program, the Treasury guarantees the $1.00 dollar per share value of fund shares outstanding as of September 19, 2008, subject to certain terms and limitations “Covered Shares”.
The guarantee will be triggered if the market-based net asset value of any class percentage of Transamerica Premier Cash Reserve is less than $0.995, unless promptly cured (a “Guarantee Event”). If a Guarantee Event were to occur, Transamerica Premier Cash Reserve would be required to liquidate. Upon liquidation and subject to the availability of funds under the Program, eligible shareholders would be entitled to receive payments equal to $1.00 per Covered Share. The number of Covered Shares held by a shareholder would be equal to the lesser of (1) the number of shares owned by that shareholder on September 19, 2008 or (2) the number of shares owned by that shareholder on the date upon which the Guarantee Event occurs.
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 47
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 1. (continued)
The initial period of the Program covered a three month period from September 19, 2008 to December 18, 2008. The program was extended from December 19, 2008 through April 30, 2009, and again from May 1, 2009 through September 18, 2009 (the “Program Extension Periods”). Participation in the Program extension periods required payment of additional fees. Transamerica Premier Cash Reserve paid to the Treasury a fee of 0.01% of its net assets as of September 19, 2008 to participate in the initial three month period of the Program and a fee of 0.015% of its net assets as of September 19, 2008 to participate in each of the Program Extension Periods. These expenses are borne by the Cash Reserve Fund without regard to any expense limitation agreement in effect.
NOTE 2. RELATED PARTY TRANSACTIONS
The Company has an Investment Advisory Agreement on behalf of each Fund (the “Agreement”) with TAM, an affiliate of AEGON N.V., a Netherlands corporation. TAM is directly owned by Western Reserve Life Assurance Co. of Ohio (77%) and AUSA Holding Company (23%) (“AUSA”), both of which are indirect, wholly owned subsidiaries of AEGON NV. AUSA is wholly owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.
Transamerica Fund Services, Inc. (“TFS”) serves as administrator and transfer agent to the Funds. TFS is also an affiliate of AEGON N.V.
Transamerica Capital, Inc. (“TCI”) is the principal underwriter and distributor of the shares for each of the Funds. TCI is an affiliate of AEGON N.V.
Transamerica Investment Management, LLC (“TIM”) is both an affiliate of the Fund and is sub-adviser of the Funds.
Certain directors and officers of the Funds are also directors and officers of TAM, TFS, TIM, and TCI.
The aggregate fee expensed to all directors who are not affiliated persons of TAM for the period ended June 30, 2009 can be found in the Statements of Operations.
As of June 30, 2009, TAM and its affiliates held the following percentages of outstanding shares:
Outstanding | ||||
Fund | Shares % | |||
Balanced Fund | 8 | % | ||
Cash Reserve Fund | 3 | % | ||
Diversified Equity Fund | 3 | % | ||
Equity Fund | 2 | % | ||
Focus Fund | 21 | % | ||
Growth Opportunities Fund | 19 | % | ||
Institutional Bond Fund | 99 | % | ||
Institutional Diversified Equity Fund | 26 | % | ||
Institutional Small Cap Value Fund | 10 | % |
At the commencement of operations of each of these Funds and classes, TIM, an affiliate, invested in each Fund. As of June 30, 2009, TIM had investments in the Funds as follows:
Market | % of Fund’s | |||||||
Fund Name | Value | Net Assets | ||||||
Institutional Bond Fund | $ | 1,202 | 98.74 | % | ||||
Institutional Diversified Equity Bond | 461 | 25.83 | ||||||
Institutional Equity Fund | 493 | 0.66 | ||||||
Institutional Small Cap Value Fund | 666 | 10.39 |
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 48
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 2. (continued)
Investment advisory fees: For its services to the Funds, TAM receives a monthly fee, based on an annual percentage of the average daily net assets of each Fund. The annual fees for the following Funds are:
Fund | Advisory Fee Rate | |||
Balanced Fund | ||||
First $1 billion | 0.75 | % | ||
Over $1 billion up to $2 billion | 0.72 | |||
Over $2 billion | 0.70 | |||
Cash Reserve Fund | 0.33 | |||
Diversified Equity Fund | ||||
First $1 billion | 0.75 | |||
Over $1 billion up to $2 billion | 0.72 | |||
Over $2 billion | 0.70 | |||
Equity Fund | ||||
First $1 billion | 0.85 | |||
Over $1 billion up to $2 billion | 0.82 | |||
Over $2 billion | 0.80 | |||
Focus Fund | ||||
First $1 billion | 0.85 | |||
Over $1 billion up to $2 billion | 0.82 | |||
Over $2 billion | 0.80 | |||
Growth Opportunities Fund | ||||
First $1 billion | 0.85 | |||
Over $1 billion up to $2 billion | 0.82 | |||
Over $2 billion | 0.80 | |||
High Yield Bond Fund | 0.53 | |||
Institutional Bond Fund | 0.43 | |||
Institutional Diversified Equity Fund | 0.73 | |||
Institutional Equity Fund | 0.73 | |||
Institutional Small Cap Value Fund | 0.83 | |||
TAM has agreed to waive its fees and assume any other operating expenses (other than certain extraordinary or nonrecurring expenses) which together exceed a specified percentage of the average daily net assets of that Fund.
These waivers and subsidies may be terminated at any time without notice.
The specified percentages are as follows:
Fund | Investor Class | Institutional Class | ||||||
Balanced Fund | 1.10 | % | — | |||||
Cash Reserve Fund | 0.25 | % | — | |||||
Diversified Equity Fund | 1.15 | % | — | |||||
Equity Fund | 1.15 | % | — | |||||
Focus Fund | 1.40 | % | — | |||||
Growth Opportunities Fund | 1.40 | % | — | |||||
High Yield Bond Fund | 0.90 | % | 0.65 | % | ||||
Institutional Bond Fund | — | 0.45 | % | |||||
Institutional Diversified Equity Fund | — | 0.75 | % | |||||
Institutional Equity Fund | — | 0.75 | % | |||||
Institutional Small Cap Value Fund | — | 0.85 | % |
If Fund expense, excluding 12b-1 fees and certain extraordinary expenses, fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Funds may be required to pay the adviser a portion or all of the previously waived advisory fees.
There were no amounts recaptured during the period ended June 30, 2009. The following amounts available for recapture as of June 30, 2009 were as follows:
Fund | Available for Recapture at 06/30/2009 | |||
Balanced Fund | $ | 526 | ||
Cash Reserve Fund | 223 | |||
Diversified Equity Fund | 348 | |||
Equity Fund | 1,342 | |||
High Yield Bond Fund | 52 | |||
Institutional Bond Fund | 46 | |||
Institutional Diversified Equity Fund | 40 | |||
Institutional Equity Fund | 90 | |||
Institutional Small Cap Value Fund | 66 |
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 49
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 2. (continued)
Distribution and service fees: The 12b-1 plans of distribution and related distribution contracts require the Funds to pay distribution fees to TCI as compensation for its activities, not as reimbursement for specific expenses. For the Investor Shares, there is an annual 12b-1 distribution fee of 0.25% of the average daily net assets, except for the Transamerica Premier Cash Reserve Fund. TCI agreed to waive the distribution fees until at least April 30, 2010 for the Cash Reserve Fund. The fee waivers may be terminated at any time without notice after April 30, 2010. For the Institutional Shares, there is no annual 12b-1 distribution fee. This fee is paid to securities dealers and financial intermediaries for providing personal services and account maintenance for their customers who hold such shares.
Administrative services: The Company entered into an Administrative Services Agreement with TFS for financial and legal fund administration services which include such items as compliance, expenses, financial statement and other reporting, distributions, tax returns, prospectus preparation, board of directors meeting support and other legal matters. The Company pays TFS the greater of an annual fee of 0.02% of average net assets of the Funds, or $385 allocated based pro rata on the average net assets of the Funds.
Transfer agent fees: Transfer agent fees paid to TFS on behalf of the Funds for the period ended June 30, 2009 can be found in the Statement of Operations.
Deferred Compensation Plan: Each eligible independent Fund Director may elect to participate in a non-qualified deferred compensation plan (the “Plan”) maintained by TAM. Under the Plan, such Directors may defer payment of all or a portion of their total fees earned as a Fund Director. Each Director who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in Class A shares of any series of Transamerica Funds or investment options under Transamerica Partners Funds Group II or funds of Transamerica Investors, Inc. The right of a participant to receive a distribution from the Plan of the deferred fees is a claim against the general assets of all series of the Funds.
NOTE 3. INVESTMENT TRANSACTIONS
The aggregate cost of purchases and proceeds from sales of securities, excluding short-term investments, for the period ended June 30, 2009 was as follows:
U.S. | U.S. | |||||||||||||||
Government | Proceeds | Government | ||||||||||||||
Fund | Purchases | Purchases | from Sales | Sales | ||||||||||||
Balanced Fund | $ | 200,592 | $ | 63,068 | $ | 246,055 | $ | 43,556 | ||||||||
Diversified Equity Fund | 127,987 | — | 108,264 | — | ||||||||||||
Equity Fund | 410,229 | — | 419,188 | — | ||||||||||||
Focus Fund | 42,908 | — | 55,843 | — | ||||||||||||
Growth Opportunities Fund | 60,263 | — | 70,580 | — | ||||||||||||
High Yield Bond Fund | 37,464 | — | 46,784 | — | ||||||||||||
Institutional Bond Fund | 853 | 461 | 953 | 286 | ||||||||||||
Institutional Diversified Equity Fund | 298 | — | 267 | — | ||||||||||||
Institutional Equity Fund | 66,908 | — | 33,946 | — | ||||||||||||
Institutional Small Cap Value Fund | 17,320 | — | 8,290 | — |
NOTE 4. FEDERAL INCOME TAX MATTERS
The Funds have not made any provisions for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Management has evaluated the Funds’ tax provisions taken for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, net operating losses and distribution reclasses.
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 50
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2009
(all amounts in thousands)
(unaudited)
At June 30, 2009
(all amounts in thousands)
(unaudited)
NOTE 5. SUBSEQUENT EVENTS
The Board of Directors approved an Agreement and Plan of Reorganization relating to the proposed reorganization of the following Funds:
Target Fund(s) | Destination Fund | |
Transamerica Premier Balanced Fund | Transamerica Balanced* | |
Transamerica Value Balanced* | ||
Transamerica Premier Cash Reserve Fund | Transamerica Money Market* | |
Transamerica Premier Diversified Equity Fund | Transamerica Diversified Equity* | |
Transamerica Premier Institutional Diversified Equity Fund | ||
Transamerica Science & Technology* | ||
Transamerica Templeton Global* | ||
Transamerica Premier Equity Fund | Transamerica Equity* | |
Transamerica Premier Institutional Equity Fund | ||
Transamerica Premier Focus Fund | Transamerica Legg Mason Partners All Cap* | |
Transamerica Premier Growth Opportunities Fund | Transamerica Growth Opportunities* | |
Transamerica Premier High Yield Bond Fund | Transamerica High Yield Bond* |
* | These Funds are apart of the Transamerica Fund Complex |
An information statement/prospectus will be sent to shareholders to discuss the transaction in detail. The reorganization is expected to take place during the fourth quarter of 2009.
The Board of Directors approved the termination and liquidation of Transamerica Premier Institutional Bond Fund and Transamerica Premier Institutional Small Cap Value Fund. These funds will be liquidated on or about September 30, 2009.
Transamerica Premier Funds | Semi-Annual Report 2009 |
Page 51
TRANSAMERICA INVESTORS, INC.
TRANSAMERICA PREMIER BALANCED FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Balanced Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors noted that TAM and the Sub-Adviser do not manage any comparable separate accounts. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods and in line with the median for its peer universe for the past 5-year period. The Directors discussed the reasons for the underperformance, and agreed they would continue to monitor the performance of the Fund closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee was in line with the median for its expense group and above the median for its expense universe and that the total expenses of the Fund were above the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER CASH RESERVE FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Cash Reserve Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was in the first quintile of its peer universe for the past 1-, 3- and 5- year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee and total expenses were below the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER DIVERSIFIED EQUITY FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Diversified Equity Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and above the median for its peer universe for the past 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee was below the medians for its expense group and universe and that the total expenses of the Fund were in line with the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER EQUITY FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Equity Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods and above the median for its peer universe for the past 5-year period. The Directors discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Fund closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee was above the medians for its expense group and universe and that the total expenses of the Fund were in line with the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER FOCUS FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Focus Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and above the median for its peer universe for the past 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee was below the median for its expense group and in line with median for its expense universe and that the total expenses of the Fund were in line with the median for its expense group and above the median for its expense universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. [The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER GROWTH OPPORTUNITIES FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Growth Opportunities Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-, 3- and 5- year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee was below the median for its expense group and in line with median for its expense universe and that the total expenses of the Fund were in line with the median for its expense group and above the median for its expense universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER HIGH YIELD BOND FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier High Yield Bond Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1- and 5-year periods and below the median for its peer universe for the past 3- year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee was below the medians for its expense group and universe and that the total expenses of the Fund were in line with the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER INSTITUTIONAL BOND FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Institutional Bond Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1- and 3- year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee and total expenses were below the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER INSTITUTIONAL DIVERSIFIED EQUITY FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Institutional Diversified Equity Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1- and 3-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee and total expenses were below the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER INSTITUTIONAL EQUITY FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Institutional Equity Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods. The Directors discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Fund closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee was below the median for its expense group and in line with median for its expense universe and that the total expenses of the Fund were below the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
TRANSAMERICA PREMIER INSTITUTIONAL SMALL CAP VALUE FUND
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Directors of Transamerica Investors, Inc. (the “Board”) held on June 4, 2009, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Premier Institutional Small Cap Value Fund (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.
Following their review and consideration, the Directors determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of Fund shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2010. In reaching their decision, the Directors requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Directors also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Directors evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:
The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Directors also reviewed the Sub-Adviser’s investment approach for the Fund. The Directors noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Directors determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.
The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2008. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and above the median for its peer universe for the past 3-year period. The Board also noted that the current management team took over the Fund on October 1, 2008. The Directors agreed that they would continue to monitor the performance of the new management team closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.
The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Investors, Inc. as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Directors noted that the Fund’s contractual management fee and total expenses were below the medians for its expense group and universe. Based on their review, the Directors determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Directors considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Directors considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Directors also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.
Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Directors noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.
Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Directors favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Directors also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.
Conclusion. After consideration of the factors described above as well as other factors, the Directors, including all of the independent members of the Board, concluded that the Investment Advisory Agreement and the Sub-Advisory Agreement, including the fees payable there under, were fair and reasonable and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund.
Transamerica Premier Funds
Investment Adviser
Transamerica Asset Management, Inc.
570 Carillon Parkway
St. Petersburg, FL 33716
570 Carillon Parkway
St. Petersburg, FL 33716
Distributor
Transamerica Capital, Inc.
4600 South Syracuse Street
Denver, CO 80237
4600 South Syracuse Street
Denver, CO 80237
Custodian
State Street Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
200 Clarendon Street
Boston, MA 02116
Transfer Agent
Transamerica Fund Services, Inc.
570 Carillon Parkway
St. Petersburg, Florida 33716
570 Carillon Parkway
St. Petersburg, Florida 33716
PROXY VOTING POLICIES AND PROCEDURES
A description of the Transamerica Premier Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-800-892-7587 (toll free) or on the Securities and Exchange Commission (SEC) website www.sec.gov.
In addition, the Funds are required to file SEC Form N-PX, with their complete proxy voting records for the 12 months ended June 30th no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-800-892-7587; and (2) on the SEC’s website at www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q which is available on the SEC website at www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER DOCUMENTS
Every year, we send shareholders informative materials such as the Transamerica Premier Funds Annual Report, the Transamerica Premier Funds Prospectus, and other required documents that keep you informed regarding your funds.
Transamerica Premier Funds will only send one piece per mailing address, a method that saves your funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Premier Funds Customer Service Representative; toll free, at 1-800-892-7587, 8:00 a.m. to 7:00 p.m. Eastern Time, Monday — Friday. Your request will take effect within 30 days.
Transamerica Fund Services, Inc.
P.O. BOX 219427
Kansas City, MO 64121-9427
P.O. BOX 219427
Kansas City, MO 64121-9427
This report must be preceded or accompanied by a current prospectus that contains complete information about Transamerica Premier Funds including charges and expenses and other important facts. Investors should carefully consider their investment objectives and risks, along with a product’s charges and expenses, before investing. Please read the prospectus carefully before investing
This report is for the information of the shareholders of Transamerica Premier Funds.
![(TRANSAMERICA LOGO)](https://capedge.com/proxy/N-14/0000950123-09-048720/g20257b2025701.gif)
Transamerica Capital, Inc., Distributor
1-800-89-ASK-US (1-800-892-7587)
www.transamericafunds.com
e-mail: PremierFunds@Transamerica.com
1-800-89-ASK-US (1-800-892-7587)
www.transamericafunds.com
e-mail: PremierFunds@Transamerica.com
TPF 577-0209