As filed with the SEC on July 8, 2004.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-4556
TRANSAMERICA IDEX MUTUAL FUNDS
(Exact Name of Registrant as Specified in Charter)
570 Carillon Parkway, St. Petersburg, Florida 33716
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (727) 299-1800
John K. Carter, Esq. P.O. Box 5068, Clearwater, Florida 33758-5068
(Name and Address of Agent for Service)
Date of fiscal year end: October 31
Date of reporting period: November 1, 2003 – April 30, 2004
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.
Item 1: Report(s) to Shareholders. The Semi-Annual Report is attached.
Semi-Annual Report
April 30, 2004
P.O. Box 9015 • Clearwater, FL 33758-9015
Distributor: AFSG Securities Corporation, Member NASD
Investor Services 1-888-233-IDEX (4339)
www.idexfunds.com
Dear Shareholder,
On behalf of Transamerica IDEX Mutual Funds, I would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your Financial Advisor in the future.
A financial professional can help you build a comprehensive picture of your current and future financial needs. What’s more, financial advisors are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial advisor, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.
The Securities and Exchange Commission requires that a semi-annual report be sent to all shareholders. The following pages provide a comprehensive review of the investments of each fund as well as the detailed accounting data. The report also provides a discussion of the accounting policies for the funds in addition to any matters presented to the shareholders that may have required their vote.
Please contact your financial advisor if you have any questions about the contents of this report.
Sincerely,
Brian C. Scott
President
Transamerica IDEX Mutual Funds
PROXY VOTING POLICIES AND PROCEDURES
A description of the Transamerica IDEX Mutual Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission website (http://www.sec.gov).
In addition, the Funds will be required to File new SEC Form N-PX, with their complete proxy voting records for the 12 months ended June 30th, no later than August 31st of each year. The first filing of Form N-PX will be made no later than August 31, 2004, for the 12 month-period ending June 30, 2004. Once filed, the Form will be available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at www.sec.gov.
TA IDEX Alger Aggressive Growth
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
COMMON STOCKS (93.5%) | |||||
Amusement & Recreation Services (1.1%) | |||||
Disney (Walt) Company (The) | 58,400 | $ | 1,345 | ||
Business Services (6.3%) | |||||
eBay Inc. (a) | 69,750 | 5,567 | |||
First Data Corporation | 16,100 | 731 | |||
Monster Worldwide, Inc. (a)(b) | 60,900 | 1,560 | |||
Commercial Banks (2.2%) | |||||
Citigroup Inc. | 57,400 | 2,760 | |||
Communication (2.6%) | |||||
SpectraSite, Inc. (a) | 19,000 | 710 | |||
XM Satellite Radio Holdings Inc.–Class A (a)(b) | 103,700 | 2,485 | |||
Communications Equipment (6.1%) | |||||
Advanced Fibre Communications, Inc. (a)(b) | 82,200 | 1,373 | |||
CIENA Corporation (a)(b) | 194,900 | 807 | |||
Comverse Technology, Inc. (a) | 60,800 | 995 | |||
Corning Incorporated (a) | 221,000 | 2,438 | |||
Research In Motion Limited (a) | 16,000 | 1,388 | |||
Sierra Wireless, Inc. | 26,300 | 588 | |||
Computer & Data Processing Services (12.1%) | |||||
Check Point Software Technologies, Ltd. (a) | 39,200 | 918 | |||
Cognizant Technology Solutions Corporation (a) | 29,200 | 1,263 | |||
Microsoft Corporation | 121,400 | 3,153 | |||
Oracle Corporation (a) | 185,500 | 2,081 | |||
PeopleSoft, Inc. (a) | 44,100 | 744 | |||
Pixar (a)(b) | 21,100 | 1,441 | |||
Yahoo! Inc. (a) | 109,500 | 5,525 | |||
Computer & Office Equipment (4.9%) | |||||
Brocade Communications Systems, Inc. (a) | 331,600 | 1,774 | |||
Cisco Systems, Inc. (a) | 152,900 | 3,191 | |||
Symbol Technologies, Inc. | 93,100 | 1,117 | |||
Educational Services (1.2%) | |||||
Apollo Group, Inc.–Class A (a) | 16,200 | 1,472 | |||
Electronic Components & Accessories (7.7%) | |||||
Broadcom Corporation–Class A (a)(b) | 100,400 | 3,791 | |||
Celestica Inc. (U.S.) (a) | 96,300 | 1,693 | |||
Intersil Corporation–Class A | 27,600 | 545 | |||
Micron Technology, Inc. (a)(b) | 90,800 | 1,237 | |||
National Semiconductor Corporation (a) | 56,400 | 2,301 | |||
Furniture & Home Furnishings Stores (1.0%) | |||||
Bed Bath & Beyond Inc. (a) | 34,500 | 1,281 | |||
Health Services (1.9%) | |||||
Quest Diagnostics Incorporated | 27,550 | 2,324 | |||
Industrial Machinery & Equipment (3.4%) | |||||
Applied Materials, Inc. (a) | 85,800 | 1,564 | |||
Kulicke and Soffa Industries, Inc. (a) | 138,700 | 1,377 | |||
Novellus Systems, Inc. (a) | 43,500 | 1,260 |
Shares | Value | ||||
Insurance (5.1%) | |||||
Aetna Inc. | 14,800 | $ | 1,225 | ||
AFLAC Incorporated | 32,300 | 1,364 | |||
Anthem, Inc. (a)(b) | 21,000 | 1,860 | |||
MGIC Investment Corporation | 8,800 | 648 | |||
Oxford Health Plans, Inc. | 23,700 | 1,290 | |||
Leather & Leather Products (1.2%) | |||||
Coach, Inc. (a) | 36,400 | 1,551 | |||
Lumber & Other Building Materials (1.6%) | |||||
Home Depot, Inc. (The) | 55,300 | 1,946 | |||
Manufacturing Industries (1.2%) | |||||
International Game Technology | 40,900 | 1,544 | |||
Medical Instruments & Supplies (6.1%) | |||||
Boston Scientific Corporation (a) | 67,200 | 2,768 | |||
Guidant Corporation | 34,400 | 2,168 | |||
Varian Medical Systems, Inc. (a) | 11,000 | 944 | |||
Zimmer Holdings, Inc. (a) | 21,400 | 1,709 | |||
Motion Pictures (2.3%) | |||||
Time Warner Inc. (a) | 172,800 | 2,906 | |||
Oil & Gas Extraction (1.4%) | |||||
Halliburton Company | 60,300 | 1,797 | |||
Personal Credit Institutions (1.4%) | |||||
Capital One Financial Corporation | 26,300 | 1,723 | |||
Pharmaceuticals (19.6%) | |||||
Allergan, Inc. | 23,900 | 2,104 | |||
Biogen, Inc. (a) | 44,100 | 2,602 | |||
Genentech, Inc. (a) | 49,300 | 6,054 | |||
Invitrogen Corporation (a)(b) | 24,500 | 1,770 | |||
King Pharmaceuticals, Inc. (a) | 71,400 | 1,232 | |||
Millennium Pharmaceuticals, Inc. (a) | 115,900 | 1,737 | |||
OSI Pharmaceuticals, Inc. (a) | 14,400 | 1,063 | |||
Pfizer Inc. | 125,600 | 4,491 | |||
Protein Design Labs, Inc. (a) | 24,400 | 597 | |||
QLT Inc. (a)(b) | 35,300 | 952 | |||
Teva Pharmaceutical Industries Ltd.–ADR | 30,100 | 1,853 | |||
Retail Trade (0.5%) | |||||
Tiffany & Co. | 17,300 | 675 | |||
Security & Commodity Brokers (0.7%) | |||||
Piper Jaffray Companies, Inc. (a) | 17,900 | 867 | |||
Telecommunications (1.1%) | |||||
Nextel Communications, Inc.–Class A (a) | 54,900 | 1,310 | |||
Water Transportation (0.8%) | |||||
Royal Caribbean Cruises Ltd. (b) | 25,900 | 1,050 | |||
Total Common Stocks (cost: $103,630) | 116,599 | ||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 1
TA IDEX Alger Aggressive Growth
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
SECURITY LENDING COLLATERAL (11.4%) | ||||||
Debt (6.2%) | ||||||
Bank Notes (1.1%) | ||||||
Canadian Imperial Bank of Commerce | $ | 704 | $ | 704 | ||
Fleet National Bank | 704 | 704 | ||||
Euro Dollar Overnight (0.5%) | ||||||
Credit Agricole Indosuez | 423 | 423 | ||||
Royal Bank of Scotland Group PLC (The) | 254 | 254 | ||||
Euro Dollar Terms (1.5%) | ||||||
Bank of Montreal | 82 | 82 | ||||
BNP Paribas SA | 423 | 423 | ||||
1.08%, due 07/29/2004 | 423 | 423 | ||||
Den Danske Bank | 282 | 282 | ||||
Royal Bank of Scotland Group PLC (The) | 282 | 282 | ||||
Wells Fargo & Company | 423 | 423 |
Principal | Value | |||||
Promissory Notes (0.8%) | ||||||
Goldman Sachs Group, Inc. (The) | $ | 986 | $ | 986 | ||
Repurchase Agreements (2.3%) (c) | ||||||
Merrill Lynch & Co., Inc. | 2,818 | 2,818 | ||||
Shares | Value | |||||
Investment Companies (5.2%) | ||||||
Money Market Funds (5.2%) | ||||||
American AAdvantage Select Fund | 845,487 | $ | 845 | |||
Barclays Institutional Money Market Fund | 1,972,803 | 1,973 | ||||
Merrill Lynch Premier Institutional Fund | 763,626 | 764 | ||||
Merrimac Cash Series Fund– | 2,818,291 | 2,818 | ||||
Total Security Lending Collateral (cost: $14,204) | 14,204 | |||||
Total Investment Securities (cost: $117,834) | $ | 130,803 | ||||
SUMMARY: | ||||||
Investments, at value | 104.9% | $ | 130,803 | |||
Liabilities in excess of other assets | (4.9)% | (6,168) | ||||
Net assets | 100.0% | $ | 124,635 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $13,440. |
(c) | Cash collateral for the Repurchase Agreements, valued at $2,875, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 2
TA IDEX Alger Aggressive Growth
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $117,834) (including securities loaned of $13,440) | $ | 130,803 | ||
Cash | 9,056 | |||
Receivables: | ||||
Investment securities sold | 5,810 | |||
Shares of beneficial interest sold | 83 | |||
Interest | 2 | |||
Dividends | 30 | |||
Other | 31 | |||
145,815 | ||||
Liabilities: | ||||
Investment securities purchased | 6,258 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 249 | |||
Distribution fees | 72 | |||
Transfer agent fees | 327 | |||
Payable for collateral for securities on loan | 14,204 | |||
Other | 70 | |||
21,180 | ||||
Net Assets | $ | 124,635 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 241,210 | ||
Accumulated net investment income (loss) | (981 | ) | ||
Accumulated net realized gain (loss) from | (128,559 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 12,965 | |||
Net Assets | $ | 124,635 | ||
Net Assets by Class: | ||||
Class A | $ | 63,513 | ||
Class B | 44,724 | |||
Class C | 1,024 | |||
Class C2 | 6,522 | |||
Class M | 8,852 | |||
Shares Outstanding: | ||||
Class A | 3,339 | |||
Class B | 2,483 | |||
Class C | 57 | |||
Class C2 | 361 | |||
Class M | 487 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 19.03 | ||
Class B | 18.02 | |||
Class C | 18.02 | |||
Class C2 | 18.02 | |||
Class M | 18.17 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 20.14 | ||
Class M | 18.35 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 5 | ||
Dividends | 260 | |||
Income from loaned securities–net | 8 | |||
Less withholding taxes on foreign dividends | (5 | ) | ||
268 | ||||
Expenses: | ||||
Management and advisory fees | 532 | |||
Transfer agent fees | 476 | |||
Printing and shareholder reports | 245 | |||
Custody fees | 10 | |||
Administration fees | 13 | |||
Legal fees | 3 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 4 | |||
Registration fees | 26 | |||
Other | 6 | |||
Distribution and service fees: | ||||
Class A | 117 | |||
Class B | 242 | |||
Class C | 5 | |||
Class C2 | 36 | |||
Class M | 44 | |||
Total expenses | 1,764 | |||
Less: | ||||
Advisory fee waiver | (532 | ) | ||
Net expenses | 1,232 | |||
Net Investment Income (Loss) | (964 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on investment securities | 6,685 | |||
Net unrealized appreciation (depreciation) on investment securities | (4,163 | ) | ||
Net Gain (Loss) on Investment Securities | 2,522 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,558 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 3
TA IDEX Alger Aggressive Growth
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (964 | ) | $ | (1,505 | ) | ||
Net realized gain (loss) from investment securities | 6,685 | 4,926 | ||||||
Net unrealized appreciation (depreciation) on investment securities | (4,163 | ) | 21,278 | |||||
1,558 | 24,699 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 5,450 | 50,196 | ||||||
Class B | 1,996 | 5,089 | ||||||
Class C | 541 | 792 | ||||||
Class C2 | 482 | 956 | ||||||
Class M | 295 | 688 | ||||||
8,764 | 57,721 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (8,520 | ) | (56,280 | ) | ||||
Class B | (6,630 | ) | (9,676 | ) | ||||
Class C | (337 | ) | (40 | ) | ||||
Class C2 | (1,254 | ) | (2,128 | ) | ||||
Class M | (1,558 | ) | (2,453 | ) | ||||
(18,299 | ) | (70,577 | ) | |||||
(9,535 | ) | (12,856 | ) | |||||
Net increase (decrease) in net assets | (7,977 | ) | 11,843 | |||||
Net Assets: | ||||||||
Beginning of period | 132,612 | 120,769 | ||||||
End of period | $ | 124,635 | $ | 132,612 | ||||
Accumulated Net Investment Income (Loss) | $ | (981 | ) | $ | (17 | ) | ||
April 30, (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 278 | 3,287 | ||||
Class B | 108 | 326 | ||||
Class C | 29 | 48 | ||||
Class C2 | 26 | 63 | ||||
Class M | 16 | 43 | ||||
457 | 3,767 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (435 | ) | (3,679 | ) | ||
Class B | (357 | ) | (640 | ) | ||
Class C | (18 | ) | (2 | ) | ||
Class C2 | (68 | ) | (142 | ) | ||
Class M | (83 | ) | (163 | ) | ||
(961 | ) | (4,626 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | (157 | ) | (392 | ) | ||
Class B | (249 | ) | (314 | ) | ||
Class C | 11 | 46 | ||||
Class C2 | (42 | ) | (79 | ) | ||
Class M | (67 | ) | (120 | ) | ||
(504 | ) | (859 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 4
TA IDEX Alger Aggressive Growth
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 18.82 | $ | (0.11 | ) | $ | 0.32 | $ | 0.21 | $ | – | $ | – | $ | – | $ | 19.03 | |||||||||||||
10/31/2003 | 15.27 | (0.15 | ) | 3.70 | 3.55 | – | – | – | 18.82 | ||||||||||||||||||||||
10/31/2002 | 20.21 | (0.20 | ) | (4.74 | ) | (4.94 | ) | – | – | – | 15.27 | ||||||||||||||||||||
10/31/2001 | 32.07 | (0.13 | ) | (11.09 | ) | (11.22 | ) | – | (0.64 | ) | (0.64 | ) | 20.21 | ||||||||||||||||||
10/31/2000 | 33.05 | (0.13 | ) | 2.15 | 2.02 | – | (3.00 | ) | (3.00 | ) | 32.07 | ||||||||||||||||||||
10/31/1999 | 22.24 | 0.17 | 11.82 | 11.99 | – | (1.18 | ) | (1.18 | ) | 33.05 | |||||||||||||||||||||
Class B | 04/30/2004 | 17.87 | (0.16 | ) | 0.31 | 0.15 | – | – | – | 18.02 | |||||||||||||||||||||
10/31/2003 | 14.59 | (0.25 | ) | 3.53 | 3.28 | – | – | – | 17.87 | ||||||||||||||||||||||
10/31/2002 | 19.48 | (0.32 | ) | (4.57 | ) | (4.89 | ) | – | – | – | 14.59 | ||||||||||||||||||||
10/31/2001 | 31.23 | (0.29 | ) | (10.82 | ) | (11.11 | ) | – | (0.64 | ) | (0.64 | ) | 19.48 | ||||||||||||||||||
10/31/2000 | 32.44 | (0.36 | ) | 2.15 | 1.79 | – | (3.00 | ) | (3.00 | ) | 31.23 | ||||||||||||||||||||
10/31/1999 | 21.93 | (0.13 | ) | 11.82 | 11.69 | – | (1.18 | ) | (1.18 | ) | 32.44 | ||||||||||||||||||||
Class C | 04/30/2004 | 17.87 | (0.17 | ) | 0.32 | 0.15 | – | – | – | 18.02 | |||||||||||||||||||||
10/31/2003 | 14.24 | (0.26 | ) | 3.89 | 3.63 | – | – | – | 17.87 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 17.87 | (0.16 | ) | 0.31 | 0.15 | – | – | – | 18.02 | |||||||||||||||||||||
10/31/2003 | 14.59 | (0.24 | ) | 3.52 | 3.28 | – | – | – | 17.87 | ||||||||||||||||||||||
10/31/2002 | 19.48 | (0.32 | ) | (4.57 | ) | (4.89 | ) | – | – | – | 14.59 | ||||||||||||||||||||
10/31/2001 | 31.23 | (0.31 | ) | (10.80 | ) | (11.11 | ) | – | (0.64 | ) | (0.64 | ) | 19.48 | ||||||||||||||||||
10/31/2000 | 32.44 | (0.36 | ) | 2.15 | 1.79 | – | (3.00 | ) | (3.00 | ) | 31.23 | ||||||||||||||||||||
Class M | 04/30/2004 | 18.01 | (0.16 | ) | 0.32 | 0.16 | – | – | – | 18.17 | |||||||||||||||||||||
10/31/2003 | 14.69 | (0.23 | ) | 3.55 | 3.32 | – | – | – | 18.01 | ||||||||||||||||||||||
10/31/2002 | 19.59 | (0.30 | ) | (4.60 | ) | (4.90 | ) | – | – | – | 14.69 | ||||||||||||||||||||
10/31/2001 | 31.36 | (0.27 | ) | (10.86 | ) | (11.13 | ) | – | (0.64 | ) | (0.64 | ) | 19.59 | ||||||||||||||||||
10/31/2000 | 32.53 | (0.32 | ) | 2.15 | 1.83 | – | (3.00 | ) | (3.00 | ) | 31.36 | ||||||||||||||||||||
10/31/1999 | 21.98 | (0.09 | ) | 11.82 | 11.73 | – | (1.18 | ) | (1.18 | ) | 32.53 |
Ratios/Supplemental Data | |||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | ||||||||||||||
Net (e) | Total (f) | ||||||||||||||||||
Class A | 04/30/2004 | 1.12 | % | $ | 63,513 | 1.55 | % | 2.34 | (1.14 | )% | 58 | % | |||||||
10/31/2003 | 23.25 | 65,778 | 1.55 | 2.43 | (0.94 | ) | 187 | ||||||||||||
10/31/2002 | (24.44 | ) | 59,396 | 1.55 | 2.26 | (1.05 | ) | 174 | |||||||||||
10/31/2001 | (35.56 | ) | 104,660 | 1.55 | 1.88 | (0.56 | ) | 105 | |||||||||||
10/31/2000 | 4.81 | 164,730 | 1.55 | 1.77 | (0.94 | ) | 108 | ||||||||||||
10/31/1999 | 55.49 | 100,078 | 1.61 | 1.90 | (1.15 | ) | 96 | ||||||||||||
Class B | 04/30/2004 | 0.84 | 44,724 | 2.20 | 2.99 | (1.79 | ) | 58 | |||||||||||
10/31/2003 | 22.48 | 48,825 | 2.20 | 3.08 | (1.59 | ) | 187 | ||||||||||||
10/31/2002 | (25.11 | ) | 44,439 | 2.20 | 2.91 | (1.70 | ) | 174 | |||||||||||
10/31/2001 | (36.17 | ) | 71,834 | 2.20 | 2.53 | (1.21 | ) | 105 | |||||||||||
10/31/2000 | 4.13 | 115,689 | 2.20 | 2.42 | (1.59 | ) | 108 | ||||||||||||
10/31/1999 | 54.88 | 47,399 | 2.26 | 2.55 | (1.80 | ) | 96 | ||||||||||||
Class C | 04/30/2004 | 0.84 | 1,024 | 2.20 | 2.99 | (1.79 | ) | 58 | |||||||||||
10/31/2003 | 25.49 | 814 | 2.20 | 3.09 | (1.59 | ) | 187 | ||||||||||||
Class C2 | 04/30/2004 | 0.84 | 6,522 | 2.20 | 2.99 | (1.79 | ) | 58 | |||||||||||
10/31/2003 | 22.48 | 7,209 | 2.20 | 3.08 | (1.59 | ) | 187 | ||||||||||||
10/31/2002 | (25.11 | ) | 7,028 | 2.20 | 2.91 | (1.70 | ) | 174 | |||||||||||
10/31/2001 | (36.17 | ) | 10,545 | 2.20 | 2.53 | (1.21 | ) | 105 | |||||||||||
10/31/2000 | 4.13 | 16,586 | 2.20 | 2.42 | (1.59 | ) | 108 | ||||||||||||
Class M | 04/30/2004 | 0.89 | 8,852 | 2.10 | 2.89 | (1.69 | ) | 58 | |||||||||||
10/31/2003 | 22.60 | 9,986 | 2.10 | 2.98 | (1.49 | ) | 187 | ||||||||||||
10/31/2002 | (25.02 | ) | 9,906 | 2.10 | 2.81 | (1.60 | ) | 174 | |||||||||||
10/31/2001 | (36.08 | ) | 18,146 | 2.10 | 2.43 | (1.11 | ) | 105 | |||||||||||
10/31/2000 | 4.24 | 33,223 | 2.10 | 2.32 | (1.49 | ) | 108 | ||||||||||||
10/31/1999 | 54.97 | 18,538 | 2.16 | 2.45 | (1.70 | ) | 96 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 5
TA IDEX Alger Aggressive Growth
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Alger Aggressive Growth (“the Fund”) commenced operations on December 2, 1994. The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 6
TA IDEX Alger Aggressive Growth
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Alger Aggressive Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on December 2, 1994.
On March 1, 2004, the Fund changed its name from IDEX Alger Aggressive Growth to TA IDEX Alger Aggressive Growth.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $172 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $3 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 7
TA IDEX Alger Aggressive Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $17. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP. Dividend income is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Fund are from investments in shares of affiliated investment companies.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.20% Expense Limit
If total fund expenses fall below the annual expense limitation agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 8
TA IDEX Alger Aggressive Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 109 | |
Retained by Underwriter | 14 | ||
Contingent Deferred Sales Charges | 68 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $13 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $476 for the period ended April 30, 2004.
Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended April 30, 2004, were $52.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Funds. At April 30, 2004, the value of invested plan amount was $16. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 74,968 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 92,703 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$85,926 | October 31, 2009 | |
48,961 | October 31, 2010 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 117,838 | ||
Unrealized Appreciation | $ | 18,735 | ||
Unrealized (Depreciation) | (5,770 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 12,965 | ||
NOTE 5. | SUBSEQUENT EVENTS |
The Fund merged into TA IDEX Transamerica Equity effective as of the close of business on May 28, 2004.
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Alger Aggressive Growth 9
TA IDEX American Century International
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
CONVERTIBLE PREFERRED STOCKS (0.8%) | |||||
Switzerland (0.8%) | |||||
Compagnie Financiere Richemont AG–Units | 66,950 | $ | 1,723 | ||
Total Convertible Preferred Stocks (cost: $1,628) | 1,723 | ||||
PREFERRED STOCKS (0.8%) | |||||
Germany (0.8%) | |||||
Porsche AG | 2,800 | 1,743 | |||
Total Preferred Stocks (cost: $1,386) | 1,743 | ||||
COMMON STOCKS (96.9%) | |||||
Australia (2.4%) | |||||
BHP Billiton Limited | 253,014 | 2,097 | |||
Commonwealth Bank of Australia | 72,020 | 1,626 | |||
QBE Insurance Group Limited | 207,300 | 1,745 | |||
Austria (1.3%) | |||||
Erste Bank der oesterreichischen Sparkassen AG | 19,898 | 2,980 | |||
Bermuda (2.5%) | |||||
Esprit Holdings Limited | 278,000 | 1,141 | |||
Li & Fung Limited | 626,000 | 975 | |||
Nabors Industries Ltd. (a)(b) | 42,970 | 1,906 | |||
Tyco International Ltd. | 54,280 | 1,490 | |||
Brazil (0.3%) | |||||
Tele Norte Leste Participacoes SA–ADR | 53,360 | 632 | |||
Canada (0.3%) | |||||
Placer Dome Inc.–CUFS | 10,306 | 144 | |||
Research In Motion Limited (a) | 4,890 | 424 | |||
China (0.8%) | |||||
Huaneng Power International, Inc. | 1,556,000 | 1,456 | |||
SINOPEC Shanghai Petrochemical Company Limited | 914,000 | 305 | |||
Denmark (0.2%) | |||||
A. P. Moller–Maersk A/S | 69 | 435 | |||
France (12.1%) | |||||
Accor SA | 41,633 | 1,754 | |||
AXA | 128,508 | 2,708 | |||
Credit Agricole SA | 112,999 | 2,789 | |||
Essilor International SA | 19,950 | 1,168 | |||
Lafarge SA | 18,590 | 1,550 | |||
LVMH Moet Hennessy Louis Vuitton SA | 25,524 | 1,800 | |||
Pernod Ricard | 15,790 | 1,994 | |||
Schneider Electric SA | 24,560 | 1,656 | |||
Societe Generale–Class A (a) | 29,497 | 2,459 | |||
Total Fina Elf SA | 30,580 | 5,660 | |||
Vinci SA | 16,120 | 1,570 | |||
Vivendi Universal SA (a) | 90,980 | 2,291 | |||
Germany (5.5%) | |||||
Continental AG | 29,860 | 1,297 | |||
Deutsche Bank AG | 17,890 | 1,470 | |||
Deutsche Borse AG | 6,844 | 376 | |||
PUMA AG Rudolf Dassler Sport | 11,307 | 2,603 | |||
SAP AG | 19,037 | 2,868 | |||
Siemens AG–Registered Shares | 50,083 | 3,598 | |||
Greece (1.1%) | |||||
Alpha Bank SA | 38,400 | 1,198 | |||
Greek Organization of Football Prognostics | 22,864 | 436 | |||
Public Power Corporation | 29,440 | 747 |
Shares | Value | ||||
Hong Kong (0.6%) | |||||
CNOOC Limited | 906,000 | $ | 328 | ||
Sun Hung Kai Properties Limited | 106,000 | 911 | |||
Ireland (2.0%) | |||||
Anglo Irish Bank Corporation PLC | 125,510 | 2,055 | |||
CRH PLC (GBP) | 56,374 | 1,202 | |||
DEPFA BANK PLC | 7,427 | 1,113 | |||
Israel (1.1%) | |||||
Teva Pharmaceutical Industries Ltd.–ADR | 40,448 | 2,490 | |||
Italy (0.5%) | |||||
Saipem SpA | 117,240 | 1,100 | |||
Japan (21.2%) | |||||
Bank of Yokohama, Ltd. (The) (a) | 210,000 | 1,148 | |||
Canon Inc. | 68,409 | 3,590 | |||
Chugai Pharmaceutical Co., Ltd. | 112,999 | 1,710 | |||
Dentsu Inc. (a) | 112 | 314 | |||
FANUC LTD | 27,400 | 1,679 | |||
Fast Retailing Co., Ltd. | 27,000 | 2,105 | |||
Hoya Corporation | 24,764 | 2,680 | |||
Ito-Yokado Co., Ltd. | 33,000 | 1,373 | |||
JSR Corporation | 42,000 | 885 | |||
Kajima Corporation | 200,000 | 700 | |||
Keyence Corporation | 4,700 | 1,129 | |||
Marui Co., Ltd. | 91,800 | 1,441 | |||
Matsushita Electric Industrial Co., Ltd. | 176,000 | 2,586 | |||
Mitsubishi Tokyo Financial Group, Inc. | 190 | 1,691 | |||
Mitsui & Co., Ltd. | 246,000 | 2,029 | |||
Omron Corporation | 47,000 | 1,146 | |||
ORIX Corporation | 14,700 | 1,559 | |||
Sharp Corporation | 197,000 | 3,554 | |||
Shinsei Bank, Ltd. | 134,000 | 902 | |||
Stanley Electric Co., Ltd. | 46,000 | 869 | |||
Sumitomo Mitsui Financial Group, Inc. | 660 | 4,989 | |||
Toppan Printing Co., Ltd. | 158,000 | 1,857 | |||
Toray Industries, Inc. | 380,000 | 1,739 | |||
Toyota Motor Corporation | 79,500 | 2,875 | |||
Yahoo Japan Corporation (a) | 64 | 725 | |||
Yamaha Motor Co., Ltd. | 62,000 | 887 | |||
Yamato Transport Co., Ltd. | 83,000 | 1,262 | |||
Mexico (0.8%) | |||||
America Movil, SA de CV–Series L–ADR (b) | 53,007 | 1,792 | |||
Netherlands (2.8%) | |||||
ING Groep NV | 123,714 | 2,653 | |||
Koninklijke Philips Electronics NV–NY Registered Shares | 71,815 | 1,925 | |||
Unilever NV–NY Shares (b) | 26,420 | 1,742 | |||
Norway (1.4%) | |||||
Norsk Hydro ASA | 33,470 | 1,967 | |||
Telenor ASA | 179,070 | 1,178 | |||
Russia (1.7%) | |||||
Mobile TeleSystems OJSC–ADR | 23,709 | 2,560 | |||
Vimpel-Communications–ADR (a) | 14,390 | 1,292 | |||
South Africa (0.3%) | |||||
MTN Group Limited (a) | 167,260 | 699 | |||
South Korea (3.0%) | |||||
Hana Bank | 61,180 | 1,322 | |||
Hyundai Motor Company Limited | 23,280 | 888 | |||
Samsung Electronics Co., Ltd. | 9,381 | 4,453 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 1
TA IDEX American Century International
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | |||||
Spain (3.7%) | ||||||
ACS, Actividades de Construccion y Servicios SA | 26,059 | $ | 1,267 | |||
Grupo Ferrovial, SA | 36,520 | 1,457 | ||||
Repsol-YPF, SA | 137,890 | 2,906 | ||||
Telefonica SA | 172,997 | 2,575 | ||||
Sweden (2.2%) | ||||||
Telefonaktiebolaget LM Ericsson–Class B (a) | 644,350 | 1,749 | ||||
Volvo AB–B Shares (a) | 91,925 | 3,152 | ||||
Switzerland (9.4%) | ||||||
ABB Ltd. (a) | 556,790 | 3,137 | ||||
Credit Suisse Group | 86,756 | 3,060 | ||||
Nestle SA–Registered Shares | 10,660 | 2,699 | ||||
Novartis AG | 73,300 | 3,271 | ||||
Roche Holding AG–Genusschein | 47,777 | 5,015 | ||||
UBS AG–Registered Shares | 53,386 | 3,797 | ||||
Thailand (0.3%) | ||||||
Siam Cement Public Company | 135,520 | 712 | ||||
United Kingdom (18.1%) | ||||||
AstraZeneca PLC | 31,433 | 1,471 | ||||
BP PLC | 267,411 | 2,313 | ||||
British Sky Broadcasting Group PLC | 126,511 | 1,495 | ||||
Cadbury Schweppes PLC | 225,030 | 1,791 | ||||
Carnival PLC | 27,180 | 1,219 | ||||
Diageo PLC | 101,250 | 1,359 | ||||
EMI Group PLC | 387,720 | 1,775 | ||||
Enterprise Inns PLC | 155,590 | 1,684 | ||||
Hays PLC | 705,250 | 1,477 | ||||
Man Group PLC | 105,226 | 3,152 | ||||
mmO2 PLC (a) | 650,858 | 1,155 | ||||
Next PLC | 75,950 | 1,880 | ||||
Reckitt Benckiser PLC | 164,913 | 4,290 | ||||
Schroders PLC | 58,120 | 652 | ||||
Smith & Nephew PLC | 375,335 | 3,813 | ||||
Standard Chartered PLC | 92,630 | 1,420 | ||||
Tesco PLC | 696,620 | 3,075 | ||||
United Business Media PLC | 144,680 | 1,181 | ||||
Vodafone Group PLC | 1,853,131 | 4,505 | ||||
Wolseley PLC | 76,180 | 1,117 | ||||
United States (1.3%) | ||||||
iShares MSCI EAFE Index Fund (b) | 10,000 | 1,369 | ||||
Synthes-Stratec, Inc. | 1,450 | 1,577 | ||||
Total Common Stocks (cost: $199,727) | 217,009 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (2.3%) | ||||||
Debt (1.3%) | ||||||
Bank Notes (0.2%) | ||||||
Canadian Imperial Bank of Commerce | $ | 253 | $ | 253 |
Principal | Value | |||||
Fleet National Bank | $ | 253 | $ | 253 | ||
Euro Dollar Overnight (0.1%) | ||||||
Credit Agricole Indosuez | 152 | 152 | ||||
Royal Bank of Scotland Group PLC (The) | 91 | 91 | ||||
Euro Dollar Terms (0.3%) | ||||||
Bank of Montreal | 30 | 30 | ||||
BNP Paribas SA | 152 | 152 | ||||
1.08%, due 07/29/2004 | 152 | 152 | ||||
Den Danske Bank | 101 | 101 | ||||
Royal Bank of Scotland Group PLC (The) | 101 | 101 | ||||
Wells Fargo & Company | 152 | 152 | ||||
Promissory Notes (0.2%) | ||||||
Goldman Sachs Group, Inc. (The) | 355 | 355 | ||||
Repurchase Agreements (0.5%) (c) | ||||||
Merrill Lynch & Co., Inc. | 1,014 | 1,014 | ||||
Shares | Value | |||||
Investment Companies (1.0%) | ||||||
Money Market Funds (1.0%) | ||||||
American AAdvantage Select Fund | 304,115 | $ | 304 | |||
Barclays Institutional Money Market Fund | 709,602 | 710 | ||||
Merrill Lynch Premier Institutional Fund | 274,670 | 275 | ||||
Merrimac Cash Series Fund– | 1,013,717 | 1,014 | ||||
Total Security Lending Collateral (cost: $5,109) | 5,109 | |||||
Total Investment Securities (cost: $207,850 ) | $ | 225,584 | ||||
SUMMARY: | ||||||
Investments, at value | 100.8% | $ | 225,584 | |||
Liabilities in excess of other assets | (0.8)% | (1,721) | ||||
Net assets | 100.0% | $ | 223,863 | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 2
TA IDEX American Century International
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Percentage of Net Assets | Value | |||||
INVESTMENTS BY INDUSTRY: | ||||||
Commercial Banks | 15.2 | % | $ | 34,019 | ||
Electronic & Other Electric Equipment | 9.4 | % | 21,124 | |||
Telecommunications | 8.1 | % | 18,138 | |||
Pharmaceuticals | 6.2 | % | 13,956 | |||
Oil & Gas Extraction | 6.2 | % | 13,867 | |||
Automotive | 4.8 | % | 10,842 | |||
Medical Instruments & Supplies | 2.9 | % | 6,558 | |||
Construction | 2.9 | % | 6,544 | |||
Food & Kindred Products | 2.9 | % | 6,435 | |||
Life Insurance | 2.4 | % | 5,361 | |||
Wholesale Trade Durable Goods | 2.3 | % | 5,229 | |||
Chemicals & Allied Products | 2.1 | % | 4,595 | |||
Apparel & Accessory Stores | 1.8 | % | 3,985 | |||
Holding & Other Investment Offices | 1.7 | % | 3,804 | |||
Industrial Machinery & Equipment | 1.6 | % | 3,598 | |||
Computer & Data Processing Services | 1.6 | % | 3,593 | |||
Computer & Office Equipment | 1.6 | % | 3,590 | |||
Beverages | 1.4 | % | 3,150 | |||
Food Stores | 1.4 | % | 3,075 | |||
Printing & Publishing | 1.4 | % | 3,038 | |||
Instruments & Related Products | 1.2 | % | 2,680 | |||
Electronic Components & Accessories | 1.2 | % | 2,619 | |||
Manufacturing Industries | 1.2 | % | 2,603 | |||
Lumber & Construction Materials | 1.0 | % | 2,319 | |||
Petroleum Refining | 1.0 | % | 2,313 | |||
Motion Pictures | 1.0 | % | 2,291 | |||
Metal Mining | 1.0 | % | 2,241 | |||
Electric Services | 1.0 | % | 2,203 | |||
Business Services | 0.8 | % | 1,873 | |||
Beer, Wine & Distilled Beverages | 0.8 | % | 1,800 | |||
Hotels & Other Lodging Places | 0.8 | % | 1,754 | |||
Insurance | 0.8 | % | 1,745 | |||
Textile Mill Products | 0.8 | % | 1,739 | |||
Restaurants | 0.8 | % | 1,684 | |||
Machinery, Equipment & Supplies | 0.7 | % | 1,656 | |||
Water Transportation | 0.7 | % | 1,654 | |||
Radio & Television Broadcasting | 0.7 | % | 1,495 | |||
Department Stores | 0.6 | % | 1,441 | |||
Retail Trade | 0.6 | % | 1,373 | |||
Finance | 0.6 | % | 1,370 | |||
Transportation & Public Utilities | 0.6 | % | 1,262 | |||
Apparel Products | 0.5 | % | 1,141 | |||
Transportation Equipment | 0.4 | % | 975 | |||
Real Estate | 0.4 | % | 911 | |||
Rubber & Misc. Plastic Products | 0.4 | % | 885 | |||
Stone, Clay & Glass Products | 0.3 | % | 712 | |||
Amusement & Recreation Services | 0.2 | % | 436 | |||
Communications Equipment | 0.2 | % | 424 | |||
Security & Commodity Brokers | 0.2 | % | 375 | |||
Investments, at market value | 98. | 5 % | 220,475 | |||
Short-term investments | 2.3 | % | 5,109 | |||
Liabilities in excess of other assets | (0. | 8)% | (1,721) | |||
Net assets | 100.0 | % | $ | 223,863 | ||
FORWARD FOREIGN CURRENCY CONTRACTS: | |||||||||||
Currency | Bought (Sold) | Settlement Date | Amount in U.S. Dollars Bought (Sold) | Net Unrealized Appreciation (Depreciation) | |||||||
Danish Krone | (1,225.00 | ) | 05/03/2004 | $ | (195) | $ | (3) | ||||
Danish Krone | (1,158 | ) | 05/04/2004 | (184) | (3) | ||||||
Euro Dollar | 304 | 05/03/2004 | 362 | 2 | |||||||
Euro Dollar | 64 | 05/04/2004 | 77 | – | |||||||
British Pound | 222 | 05/04/2004 | 399 | (4) | |||||||
Hong Kong Dollar | (1,466 | ) | 05/03/2004 | (188) | – | ||||||
Japanese Yen | (40,483 | ) | 05/06/2004 | (369) | 2 | ||||||
Japanese Yen | 16,818 | 05/07/2004 | 154 | (2) | |||||||
Swiss Franc | 214 | 05/03/2004 | 165 | – | |||||||
$ | 221 | $ | (8) | ||||||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 3
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $4,835. |
(c) | Cash collateral for the Repurchase Agreements, valued at $1,034, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
CUFS Chess Unit of Foreign Securities
NVDR Non Voting Depositary Receipt
TA IDEX American Century International
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $207,850) | $ | 225,584 | ||
Cash | 1,832 | |||
Receivables: | ||||
Investment securities sold | 3,565 | |||
Shares of beneficial interest sold | 16 | |||
Dividends | 631 | |||
Dividend reclaims receivable | 114 | |||
Unrealized appreciation on forward foreign currency | 4 | |||
Other | 12 | |||
231,758 | ||||
Liabilities: | ||||
Investment securities purchased | 2,097 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 71 | |||
Management and advisory fees | 178 | |||
Due to advisor | 163 | |||
Distribution fees | 84 | |||
Transfer agent fees | 100 | |||
Payable for collateral for securities on loan | 5,109 | |||
Unrealized depreciation on forward foreign currency | 12 | |||
Other | 81 | |||
7,895 | ||||
Net Assets | $ | 223,863 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, | $ | 225,480 | ||
Accumulated net investment income (loss) | (469 | ) | ||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (18,999 | ) | ||
Foreign currency transactions | 132 | |||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 17,733 | |||
Translation of assets and liabilities denominated in foreign currencies | (14 | ) | ||
Net Assets | $ | 223,863 | ||
Net Assets by Class: | ||||
Class A | $ | 192,572 | ||
Class B | 21,466 | |||
Class C | 1,019 | |||
Class C2 | 5,540 | |||
Class M | 3,266 | |||
Shares Outstanding: | ||||
Class A | 22,287 | |||
Class B | 2,599 | |||
Class C | 123 | |||
Class C2 | 671 | |||
Class M | 393 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 8.65 | ||
Class B | 8.27 | |||
Class C | 8.27 | |||
Class C2 | 8.27 | |||
Class M | 8.32 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 9.15 | ||
Class M | 8.40 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 7 | ||
Dividends | 1,747 | |||
Income from loaned securities–net | 17 | |||
Less withholding taxes on foreign dividends | (182 | ) | ||
1,589 | ||||
Expenses: | ||||
Management and advisory fees | 1,035 | |||
Transfer agent fees | 110 | |||
Printing and shareholder reports | 69 | |||
Custody fees | 116 | |||
Administration fees | 19 | |||
Legal fees | 2 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 3 | |||
Registration fees | 28 | |||
Other | 11 | |||
Distribution and service fees: | ||||
Class A | 334 | |||
Class B | 110 | |||
Class C | 4 | |||
Class C2 | 30 | |||
Class M | 15 | |||
Total expenses before recovery of waived expenses | 1,893 | |||
Recovered expenses | 163 | |||
Total expenses | 2,056 | |||
Net Investment Income (Loss) | (467 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 15,959 | |||
Foreign currency transactions | 132 | |||
16,091 | ||||
Net Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | 589 | |||
Translation of assets and liabilities denominated in foreign currencies | (22 | ) | ||
567 | ||||
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions | 16,658 | |||
Net Increase (Decrease) in Net Assets Resulting from | $ | 16,191 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 4
TA IDEX American Century International
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (467 | ) | $ | 37 | |||
Net realized gain (loss) from investment securities and foreign currency transactions | 16,091 | (8,282 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation | 567 | 27,819 | ||||||
16,191 | 19,574 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 38,320 | 166,990 | ||||||
Class B | 2,003 | 6,031 | ||||||
Class C | 444 | 499 | ||||||
Class C2 | 423 | 3,919 | ||||||
Class M | 312 | 1,197 | ||||||
41,502 | 178,636 | |||||||
Proceeds from fund acquisition: | ||||||||
Class A | – | 11,819 | ||||||
Class B | – | 15,256 | ||||||
Class C | – | 43 | ||||||
Class C2 | – | 5,043 | ||||||
Class M | – | 2,412 | ||||||
– | 34,573 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
April 30, 2004 | October 31, 2003 | |||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (11,811 | ) | $ | (63,205 | ) | ||
Class B | (3,458 | ) | (5,349 | ) | ||||
Class C | (29 | ) | (119 | ) | ||||
Class C2 | (1,308 | ) | (2,519 | ) | ||||
Class M | (501 | ) | (770 | ) | ||||
(17,107 | ) | (71,962 | ) | |||||
24,395 | 141,247 | |||||||
Net increase (decrease) in net assets | 40,586 | 160,821 | ||||||
Net Assets: | ||||||||
Beginning of period | 183,277 | 22,456 | ||||||
End of period | $ | 223,863 | $ | 183,277 | ||||
Accumulated Net Investment Income (Loss) | $ | (469 | ) | $ | (2 | ) | ||
Share Activity: | ||||||||
Shares issued: | ||||||||
Class A | 4,724 | 24,009 | ||||||
Class B | 242 | 332 | ||||||
Class C | 52 | 84 | ||||||
Class C2 | 52 | 134 | ||||||
Class M | 38 | 18 | ||||||
5,108 | 24,577 | |||||||
Shares issued–proceeds from fund acquisition: |
| |||||||
Class A | – | 1,824 | ||||||
Class B | – | 2,449 | ||||||
Class C | – | 7 | ||||||
Class C2 | – | 809 | ||||||
Class M | – | 387 | ||||||
– | 5,476 | |||||||
Shares issued–reinvested from distributions: |
| |||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Shares redeemed: | ||||||||
Class A | (1,381 | ) | (9,020 | ) | ||||
Class B | (425 | ) | (787 | ) | ||||
Class C | (3 | ) | (17 | ) | ||||
Class C2 | (159 | ) | (369 | ) | ||||
Class M | (59 | ) | (113 | ) | ||||
(2,027 | ) | (10,306 | ) | |||||
Net increase (decrease) in shares outstanding: |
| |||||||
Class A | 3,343 | 16,813 | ||||||
Class B | (183 | ) | 1,994 | |||||
Class C | 49 | 74 | ||||||
Class C2 | (107 | ) | 574 | |||||
Class M | (21 | ) | 292 | |||||
3,081 | 19,747 | |||||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 5
TA IDEX American Century International
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 8.03 | $ | (0.03 | ) | $ | 0.65 | $ | 0.62 | $ | – | $ | – | $ | – | $ | 8.65 | |||||||||||||
10/31/2003 | 7.00 | 0.02 | 1.01 | 1.03 | – | – | – | 8.03 | |||||||||||||||||||||||
10/31/2002 | 8.38 | 0.01 | (1.39 | ) | (1.38 | ) | – | – | – | 7.00 | |||||||||||||||||||||
10/31/2001 | 12.76 | 0.05 | (3.05 | ) | (3.00 | ) | – | (1.38 | ) | (1.38 | ) | 8.38 | |||||||||||||||||||
10/31/2000 | 12.85 | 0.05 | 0.35 | 0.40 | – | (0.49 | ) | (0.49 | ) | 12.76 | |||||||||||||||||||||
10/31/1999 | 10.77 | 0.03 | 2.05 | 2.08 | – | – | – | 12.85 | |||||||||||||||||||||||
Class B | 04/30/2004 | 7.70 | (0.03 | ) | 0.60 | 0.57 | – | – | – | 8.27 | |||||||||||||||||||||
10/31/2003 | 6.76 | (0.03 | ) | 0.97 | 0.94 | – | – | – | 7.70 | ||||||||||||||||||||||
10/31/2002 | 8.15 | (0.04 | ) | (1.35 | ) | (1.39 | ) | – | – | – | 6.76 | ||||||||||||||||||||
10/31/2001 | 12.53 | (0.02 | ) | (2.98 | ) | (3.00 | ) | – | (1.38 | ) | (1.38 | ) | 8.15 | ||||||||||||||||||
10/31/2000 | 12.70 | (0.03 | ) | 0.35 | 0.32 | – | (0.49 | ) | (0.49 | ) | 12.53 | ||||||||||||||||||||
10/31/1999 | 10.71 | (0.06 | ) | 2.05 | 1.99 | – | – | – | 12.70 | ||||||||||||||||||||||
Class C | 04/30/2004 | 7.70 | (0.03 | ) | 0.60 | 0.57 | – | – | – | 8.27 | |||||||||||||||||||||
10/31/2003 | 6.73 | (0.03 | ) | 1.00 | 0.97 | – | – | – | 7.70 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 7.70 | (0.03 | ) | 0.60 | 0.57 | – | – | – | 8.27 | |||||||||||||||||||||
10/31/2003 | 6.76 | (0.03 | ) | 0.97 | 0.94 | – | – | – | 7.70 | ||||||||||||||||||||||
10/31/2002 | 8.15 | (0.04 | ) | (1.35 | ) | (1.39 | ) | – | – | – | 6.76 | ||||||||||||||||||||
10/31/2001 | 12.53 | (0.02 | ) | (2.98 | ) | (3.00 | ) | – | (1.38 | ) | (1.38 | ) | 8.15 | ||||||||||||||||||
10/31/2000 | 12.70 | (0.03 | ) | 0.35 | 0.32 | – | (0.49 | ) | (0.49 | ) | 12.53 | ||||||||||||||||||||
Class M | 04/30/2004 | 7.75 | (0.03 | ) | 0.60 | 0.57 | – | – | – | 8.32 | |||||||||||||||||||||
10/31/2003 | 6.80 | (0.02 | ) | 0.97 | 0.95 | – | – | – | 7.75 | ||||||||||||||||||||||
10/31/2002 | 8.18 | (0.03 | ) | (1.35 | ) | (1.38 | ) | – | – | – | 6.80 | ||||||||||||||||||||
10/31/2001 | 12.57 | (0.01 | ) | (3.00 | ) | (3.01 | ) | – | (1.38 | ) | (1.38 | ) | 8.18 | ||||||||||||||||||
10/31/2000 | 12.73 | (0.02 | ) | 0.35 | 0.33 | – | (0.49 | ) | (0.49 | ) | 12.57 | ||||||||||||||||||||
10/31/1999 | 10.72 | (0.04 | ) | 2.05 | 2.01 | – | – | – | 12.73 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 7.72 | % | $ | 192,572 | 1.60 | % | 1.75 | % | (0.32 | )% | 92 | % | |||||||
10/31/2003 | 14.71 | 152,086 | 1.78 | 2.39 | 0.23 | 220 | ||||||||||||||
10/31/2002 | (16.49 | ) | 14,921 | 1.87 | 3.68 | 0.22 | 241 | |||||||||||||
10/31/2001 | (26.43 | ) | 5,209 | 1.55 | 2.77 | 0.47 | 129 | |||||||||||||
10/31/2000 | 2.74 | 6,977 | 1.62 | 3.56 | 0.09 | 108 | ||||||||||||||
10/31/1999 | 19.12 | 4,902 | 1.90 | 3.53 | (0.16 | ) | 72 | |||||||||||||
Class B | 04/30/2004 | 7.40 | 21,466 | 2.25 | 2.40 | (0.98 | ) | 92 | ||||||||||||
10/31/2003 | 13.91 | 21,421 | 2.44 | 3.05 | (0.42 | ) | 220 | |||||||||||||
10/31/2002 | (17.09 | ) | 5,328 | 2.52 | 4.33 | (0.43 | ) | 241 | ||||||||||||
10/31/2001 | (26.96 | ) | 5,003 | 2.20 | 3.42 | (0.18 | ) | 129 | ||||||||||||
10/31/2000 | 2.09 | 4,407 | 2.27 | 4.21 | (0.56 | ) | 108 | |||||||||||||
10/31/1999 | 18.45 | 1,527 | 2.55 | 4.18 | (0.81 | ) | 72 | |||||||||||||
Class C | 04/30/2004 | 7.40 | 1,019 | 2.25 | 2.40 | (0.98 | ) | 92 | ||||||||||||
10/31/2003 | 14.41 | 568 | 2.44 | 3.04 | (0.42 | ) | 220 | |||||||||||||
Class C2 | 04/30/2004 | 7.40 | 5,540 | 2.25 | 2.40 | (0.98 | ) | 92 | ||||||||||||
10/31/2003 | 13.91 | 5,990 | 2.44 | 3.05 | (0.42 | ) | 220 | |||||||||||||
10/31/2002 | (17.09 | ) | 1,381 | 2.52 | 4.33 | (0.43 | ) | 241 | ||||||||||||
10/31/2001 | (26.96 | ) | 938 | 2.20 | 3.42 | (0.18 | ) | 129 | ||||||||||||
10/31/2000 | 2.09 | 629 | 2.27 | 4.21 | (0.56 | ) | 108 | |||||||||||||
Class M | 04/30/2004 | 7.35 | 3,266 | 2.15 | 2.30 | (0.88 | ) | 92 | ||||||||||||
10/31/2003 | 14.14 | 3,212 | 2.34 | 2.95 | (0.32 | ) | 220 | |||||||||||||
10/31/2002 | (17.08 | ) | 826 | 2.42 | 4.23 | (0.33 | ) | 241 | ||||||||||||
10/31/2001 | (26.88 | ) | 872 | 2.10 | 3.32 | (0.08 | ) | 129 | ||||||||||||
10/31/2000 | 2.19 | 840 | 2.17 | 4.11 | (0.46 | ) | 108 | |||||||||||||
10/31/1999 | 18.55 | 480 | 2.45 | 4.08 | (0.71 | ) | 72 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 6
TA IDEX American Century International
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and excludes the recovery of waived expenses (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes C and C2 are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 7
TA IDEX American Century International
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX American Century International (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1997.
On March 1, 2004, the Fund changed its name from IDEX American Century International to TA IDEX American Century International.
On March 1, 2003, the Fund acquired all the net assets of IDEX Gabelli Global Growth pursuant to a plan of reorganization approved by shareholders of IDEX Gabelli Growth on February 12, 2003. The acquisition was accomplished by a tax-free exchange of 5,476 shares of the Fund for the 6,190 shares of IDEX Gabelli Growth outstanding on February 28, 2003. IDEX Gabelli Global Growth’s net assets at that date ($34,573), including ($10,073) of unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 1,824 | $ | 11,819 | ||
Class B | 2,449 | 15,256 | |||
Class C | 7 | 43 | |||
Class C2 | 809 | 5,043 | |||
Class M | 387 | 2,412 | |||
$ | 34,573 | ||||
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to
value foreign securities at fair market value may include, among
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 8
TA IDEX American Century International
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued)
others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on days when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $7 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 9
TA IDEX American Century International
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued)
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 30, 2004, are listed in the Schedule of Investments.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 2,707 | 1% | ||
TA IDEX Asset Allocation - Growth Portfolio | 48,838 | 22% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 88,011 | 39% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 37,250 | 17% | |||
Total | $ | 176,806 | 79% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
1.00% of the first $50 million of ANA
0.95% of the next $100 million of ANA
0.90% of the next $350 million of ANA
0.85% of the next $500 million of ANA
0.80% of ANA over $1 billion
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Advisory Fee Waived | Available for Recapture Through | ||||
Fiscal Year 2003 | $ | 473 | 10/31/2006 |
Expenses Recovered by Adviser | Increase in Total Expenses to Average Net Assets | ||||
Recovered in 2004 | $ | 159 | 0.14% |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 10
TA IDEX American Century International
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued)
expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 33 | |
Retained by Underwriter | 5 | ||
Contingent Deferred Sales Charges | 45 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $19 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $110 for the period ended April 30, 2004.
Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended April 30, 2004, were $41.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 225,131 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 198,675 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$ 8,205 | October 31, 2008 | |
17,179 | October 31, 2009 | |
1,005 | October 31, 2010 | |
8,018 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 207,930 | ||
Unrealized Appreciation | $ | 21,031 | ||
Unrealized (Depreciation) | (3,377 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 17,654 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century International 11
TA IDEX American Century Large Company Value
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
COMMON STOCKS (93.6%) | |||||
Aerospace (0.8%) | |||||
Boeing Company (The) | 8,300 | $ | 354 | ||
Amusement & Recreation Services (0.6%) | |||||
Harrah’s Entertainment, Inc. | 4,600 | 245 | |||
Apparel & Accessory Stores (0.6%) | |||||
Limited, Inc. (The) | 12,600 | 260 | |||
Apparel Products (1.1%) | |||||
Liz Claiborne, Inc. | 7,100 | 249 | |||
V.F. Corporation | 5,000 | 231 | |||
Automotive (2.0%) | |||||
General Motors Corporation | 7,600 | 360 | |||
Honeywell International Inc. | 11,700 | 405 | |||
Toyota Motor Corporation–ADR | 1,500 | 110 | |||
Beverages (1.0%) | |||||
Coors (Adolph) Company | 3,200 | 210 | |||
Pepsi Bottling Group, Inc. (The) | 8,300 | 243 | |||
Chemicals & Allied Products (1.1%) | |||||
PPG Industries, Inc. | 7,800 | 463 | |||
Commercial Banks (16.3%) | |||||
Bank of America Corporation | 16,400 | 1,320 | |||
Bank One Corporation | 12,700 | 626 | |||
Citigroup Inc. | 38,800 | 1,866 | |||
KeyCorp | 11,000 | 327 | |||
National City Corporation | 13,000 | 451 | |||
PNC Financial Services Group, Inc. (The) | 8,600 | 457 | |||
U.S. Bancorp | 21,100 | 541 | |||
Wachovia Corporation | 12,500 | 572 | |||
Wells Fargo & Company | 15,700 | 886 | |||
Computer & Data Processing Services (3.7%) | |||||
Computer Associates International, Inc. | 12,900 | 346 | |||
Computer Sciences Corporation (a) | 8,000 | 327 | |||
Electronic Data Systems Corporation | 12,200 | 223 | |||
Fiserv, Inc. (a) | 6,200 | 227 | |||
Microsoft Corporation | 18,000 | 467 | |||
Computer & Office Equipment (2.5%) | |||||
Hewlett-Packard Company | 37,000 | 729 | |||
International Business Machines Corporation | 4,100 | 361 | |||
Department Stores (1.5%) | |||||
May Department Stores Company (The) | 14,500 | 447 | |||
Sears, Roebuck and Co. | 5,400 | 216 | |||
Drug Stores & Proprietary Stores (0.6%) | |||||
CVS Corporation | 7,200 | 278 | |||
Electric Services (1.0%) | |||||
PPL Corporation | 9,700 | 416 | |||
Electric, Gas & Sanitary Services (1.9%) | |||||
Exelon Corporation | 8,700 | 582 | |||
NiSource Inc. | 11,800 | 238 | |||
Electronic & Other Electric Equipment (1.3%) | |||||
General Electric Company | 15,000 | 449 | |||
Whirlpool Corp. | 1,800 | 118 |
Shares | Value | ||||
Electronic Components & Accessories (0.8%) | |||||
Tyco International Ltd. | 13,000 | $ | 357 | ||
Environmental Services (0.5%) | |||||
Waste Management, Inc. | 7,800 | 222 | |||
Fabricated Metal Products (0.6%) | |||||
Parker-Hannifin Corporation | 4,500 | 249 | |||
Finance (3.0%) | |||||
Standard & Poor’s 500 Depositary Receipt | 11,500 | 1,277 | |||
Food & Kindred Products (3.7%) | |||||
Altria Group, Inc. | 12,100 | 670 | |||
Heinz (H.J.) Company | 9,600 | 367 | |||
Sara Lee Corporation | 12,100 | 279 | |||
Unilever NV–NY Shares | 4,100 | 270 | |||
Food Stores (0.7%) | |||||
Kroger Co. (The) (a) | 16,300 | 285 | |||
Health Services (0.7%) | |||||
HCA Inc. | 7,200 | 293 | |||
Industrial Machinery & Equipment (2.0%) | |||||
Black & Decker Corporation (The) | 5,000 | 289 | |||
Dover Corporation | 6,200 | 248 | |||
Ingersoll-Rand Company–Class A | 5,400 | 349 | |||
Instruments & Related Products (0.8%) | |||||
Raytheon Company | 6,400 | 206 | |||
Snap-on Incorporated | 3,600 | 122 | |||
Insurance (4.7%) | |||||
Allstate Corporation (The) | 12,700 | 583 | |||
American International Group, Inc. | 6,300 | 451 | |||
CIGNA Corporation | 3,900 | 252 | |||
Loews Corporation | 8,100 | 470 | |||
MGIC Investment Corporation | 3,900 | 287 | |||
Insurance Agents, Brokers & Service (1.8%) | |||||
Hartford Financial Services Group, Inc. (The) | 7,200 | 440 | |||
Marsh & McLennan Companies, Inc. | 7,100 | 320 | |||
Life Insurance (0.8%) | |||||
Torchmark Corporation | 6,500 | 338 | |||
Lumber & Wood Products (0.8%) | |||||
Weyerhaeuser Company | 5,500 | 326 | |||
Medical Instruments & Supplies (1.2%) | |||||
Baxter International Inc. | 10,800 | 342 | |||
Becton, Dickinson and Company | 3,500 | 177 | |||
Motion Pictures (1.4%) | |||||
Blockbuster Inc.–Class A | 11,000 | 182 | |||
Time Warner Inc. (a) | 26,400 | 444 | |||
Oil & Gas Extraction (2.2%) | |||||
ConocoPhillips | 6,800 | 485 | |||
Occidental Petroleum Corporation | 10,200 | 481 | |||
Paper & Allied Products (0.9%) | |||||
Kimberly-Clark Corporation | 5,700 | 373 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 1
TA IDEX American Century Large Company Value
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
Petroleum Refining (7.7%) | |||||
ChevronTexaco Corporation | 6,400 | $ | 585 | ||
Exxon Mobil Corporation | 39,000 | 1,659 | |||
Royal Dutch Petroleum Company–NY Registered Shares | 22,300 | 1,085 | |||
Pharmaceuticals (4.6%) | |||||
Abbott Laboratories | 12,900 | 568 | |||
AmerisourceBergen Corporation | 3,865 | 224 | |||
Bristol-Myers Squibb Co. | 14,300 | 359 | |||
Johnson & Johnson | 8,400 | 454 | |||
Merck & Co., Inc. | 8,400 | 395 | |||
Primary Metal Industries (1.1%) | |||||
Alcoa Inc. | 7,200 | 221 | |||
Nucor Corporation | 4,600 | 273 | |||
Printing & Publishing (1.6%) | |||||
Donnelley (R.R.) & Sons Company | 8,600 | 253 | |||
Gannett Co., Inc. | 5,300 | 459 | |||
Railroads (0.8%) | |||||
Burlington Northern Santa Fe Corporation | 10,600 | 347 | |||
Restaurants (1.3%) | |||||
McDonald’s Corporation | 20,500 | 558 | |||
Rubber & Misc. Plastic Products (0.6%) | |||||
Newell Financial Trust I | 10,200 | 241 |
Shares | Value | ||||
Savings Institutions (1.3%) | |||||
Washington Mutual, Inc. | 13,800 | $ | 544 | ||
Security & Commodity Brokers (2.5%) | |||||
Merrill Lynch & Co., Inc. | 9,700 | 526 | |||
Morgan Stanley | 10,400 | 534 | |||
Telecommunications (5.8%) | |||||
ALLTEL Corporation | 2,000 | 101 | |||
AT&T Corp. | 13,700 | 235 | |||
BellSouth Corporation | 17,000 | 439 | |||
SBC Communications Inc. | 32,100 | 799 | |||
Sprint Corporation (FON Group) | 18,000 | 322 | |||
Verizon Communications, Inc. | 8,500 | 321 | |||
Vodafone Group PLC–ADR | 11,500 | 282 | |||
U.S. Government Agencies (3.7%) | |||||
Freddie Mac | 27,700 | 1,618 | |||
Total Common Stocks (cost: $40,635) | 40,436 | ||||
Total Investment Securities (cost: $40,635) | $ | 40,436 | |||
SUMMARY: | |||||
Investments, at value | 93.6% | $ | 40,436 | ||
Other assets in excess of liabilities | 6.4% | 2,754 | |||
Net assets | 100.0% | $ | 43,190 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 2
TA IDEX American Century Large Company Value
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $40,635) | $ | 40,436 | ||
Cash | 4,639 | |||
Receivables: | ||||
Investment securities sold | 248 | |||
Shares of beneficial interest sold | 1,387 | |||
Dividends | 89 | |||
Dividend reclaims receivable | 3 | |||
Other | 1 | |||
46,803 | ||||
Liabilities: | ||||
Investment securities purchased | 3,361 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 101 | |||
Management and advisory fees | 27 | |||
Distribution fees | 26 | |||
Transfer agent fees | 66 | |||
Other | 32 | |||
3,613 | ||||
Net Assets | $ | 43,190 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 46,094 | ||
Undistributed net investment income (loss) | 9 | |||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (2,714 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | (199 | ) | ||
Net Assets | $ | 43,190 | ||
Net Assets by Class: | ||||
Class A | $ | 15,527 | ||
Class B | 18,732 | |||
Class C | 1,535 | |||
Class C2 | 5,364 | |||
Class M | 2,032 | |||
Shares Outstanding: | ||||
Class A | �� | 1,587 | ||
Class B | 1,969 | |||
Class C | 161 | |||
Class C2 | 564 | |||
Class M | 213 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 9.79 | ||
Class B | 9.51 | |||
Class C | 9.52 | |||
Class C2 | 9.51 | |||
Class M | 9.56 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 10.36 | ||
Class M | 9.65 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 1 | ||
Dividends | 461 | |||
Income from loaned securities–net | 1 | |||
Less withholding taxes on foreign dividends | (4 | ) | ||
459 | ||||
Expenses: | ||||
Management and advisory fees | 172 | |||
Transfer agent fees | 52 | |||
Printing and shareholder reports | 35 | |||
Custody fees | 16 | |||
Administration fees | 8 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 1 | |||
Registration fees | 24 | |||
Other | 8 | |||
Distribution and service fees: | ||||
Class A | 18 | |||
Class B | 94 | |||
Class C | 7 | |||
Class C2 | 27 | |||
Class M | 10 | |||
Total expenses | 478 | |||
Less: | ||||
Advisory fee waiver | (40 | ) | ||
Net expenses | 438 | |||
Net Investment Income (Loss) | 21 | |||
Net Realized Gain (Loss) from: | ||||
Investment securities | 4,908 | |||
Futures contracts | 10 | |||
4,918 | ||||
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | (2,310 | ) | ||
Futures contracts | (6 | ) | ||
(2,316 | ) | |||
Net Gain (Loss) on Investment Securities and Futures Contracts | 2,602 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,623 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 3
TA IDEX American Century Large Company Value
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 21 | $ | 16 | ||||
Net realized gain (loss) from investment securities and futures contracts | 4,918 | (2,307 | ) | |||||
Net unrealized appreciation (depreciation) | (2,316 | ) | 7,571 | |||||
2,623 | 5,280 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (7 | ) | – | |||||
Class B | (13 | ) | – | |||||
Class C | (1 | ) | – | |||||
Class C2 | (4 | ) | – | |||||
Class M | (2 | ) | – | |||||
(27 | ) | – | ||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 8,008 | 3,664 | ||||||
Class B | 2,300 | 4,673 | ||||||
Class C | 480 | 1,169 | ||||||
Class C2 | 406 | 1,954 | ||||||
Class M | 162 | 333 | ||||||
11,356 | 11,793 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 6 | – | ||||||
Class B | 12 | – | ||||||
Class C | 1 | – | ||||||
Class C2 | 3 | – | ||||||
Class M | 1 | – | ||||||
23 | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (2,149 | ) | (4,031 | ) | ||||
Class B | (2,116 | ) | (4,466 | ) | ||||
Class C | (265 | ) | (17 | ) | ||||
Class C2 | (927 | ) | (1,462 | ) | ||||
Class M | (476 | ) | (1,030 | ) | ||||
(5,933 | ) | (11,006 | ) | |||||
5,446 | 787 | |||||||
Net increase (decrease) in net assets | 8,042 | 6,067 | ||||||
Net Assets: | ||||||||
Beginning of period | 35,148 | 29,081 | ||||||
End of period | $ | 43,190 | $ | 35,148 | ||||
Undistributed Net Investment Income (Loss) | $ | 9 | $ | 15 | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 818 | 445 | ||||
Class B | 245 | 576 | ||||
Class C | 50 | 141 | ||||
Class C2 | 43 | 243 | ||||
Class M | 18 | 42 | ||||
1,174 | 1,447 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | 1 | – | ||||
Class B | 1 | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
2 | – | |||||
Shares redeemed: | ||||||
Class A | (221 | ) | (503 | ) | ||
Class B | (222 | ) | (580 | ) | ||
Class C | (28 | ) | (2 | ) | ||
Class C2 | (99 | ) | (193 | ) | ||
Class M | (51 | ) | (134 | ) | ||
(621 | ) | (1,412 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 598 | (58 | ) | |||
Class B | 24 | (4 | ) | |||
Class C | 22 | 139 | ||||
Class C2 | (56 | ) | 50 | |||
Class M | (33 | ) | (92 | ) | ||
555 | 35 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 4
TA IDEX American Century Large Company Value
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 9.09 | $ | 0.03 | $ | 0.68 | $ | 0.71 | $ | (0.01 | ) | $ | – | $ | (0.01 | ) | $ | 9.79 | ||||||||||||
10/31/2003 | 7.55 | 0.04 | 1.50 | 1.54 | – | – | – | 9.09 | |||||||||||||||||||||||
10/31/2002 | 8.79 | 0.01 | (1.25 | ) | (1.24 | ) | – | – | – | 7.55 | |||||||||||||||||||||
10/31/2001 | 10.83 | (0.03 | ) | (2.01 | ) | (2.04 | ) | – | – | – | 8.79 | ||||||||||||||||||||
10/31/2000 | 10.00 | – | 0.83 | 0.83 | – | – | – | 10.83 | |||||||||||||||||||||||
Class B | 04/30/2004 | 8.87 | – | 0.65 | 0.65 | (0.01 | ) | – | (0.01 | ) | 9.51 | ||||||||||||||||||||
10/31/2003 | 7.41 | (0.01 | ) | 1.47 | 1.46 | – | – | – | 8.87 | ||||||||||||||||||||||
10/31/2002 | 8.69 | (0.05 | ) | (1.23 | ) | (1.28 | ) | – | – | – | 7.41 | ||||||||||||||||||||
10/31/2001 | 10.79 | (0.10 | ) | (2.00 | ) | (2.10 | ) | – | – | – | 8.69 | ||||||||||||||||||||
10/31/2000 | 10.00 | (0.04 | ) | 0.83 | 0.79 | – | – | – | 10.79 | ||||||||||||||||||||||
Class C | 04/30/2004 | 8.87 | – | 0.66 | 0.66 | (0.01 | ) | – | (0.01 | ) | 9.52 | ||||||||||||||||||||
10/31/2003 | 7.32 | (0.01 | ) | 1.56 | 1.55 | – | – | – | 8.87 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 8.87 | – | 0.65 | 0.65 | (0.01 | ) | – | (0.01 | ) | 9.51 | ||||||||||||||||||||
10/31/2003 | 7.41 | (0.01 | ) | 1.47 | 1.46 | – | – | – | 8.87 | ||||||||||||||||||||||
10/31/2002 | 8.69 | (0.05 | ) | (1.23 | ) | (1.28 | ) | – | – | – | 7.41 | ||||||||||||||||||||
10/31/2001 | 10.79 | (0.08 | ) | (2.02 | ) | (2.10 | ) | – | – | – | 8.69 | ||||||||||||||||||||
10/31/2000 | 10.00 | (0.04 | ) | 0.83 | 0.79 | – | – | – | 10.79 | ||||||||||||||||||||||
Class M | 04/30/2004 | 8.90 | – | 0.67 | 0.67 | (0.01 | ) | – | (0.01 | ) | 9.56 | ||||||||||||||||||||
10/31/2003 | 7.43 | – | 1.47 | 1.47 | – | – | – | 8.90 | |||||||||||||||||||||||
10/31/2002 | 8.71 | (0.04 | ) | (1.24 | ) | (1.28 | ) | – | – | – | 7.43 | ||||||||||||||||||||
10/31/2001 | 10.79 | (0.09 | ) | (1.99 | ) | (2.08 | ) | – | – | – | 8.71 | ||||||||||||||||||||
10/31/2000 | 10.00 | (0.04 | ) | 0.83 | 0.79 | – | – | – | 10.79 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 7.78 | % | $ | 15,527 | 1.85 | % | 2.04 | % | 0.59 | % | 100 | % | |||||||
10/31/2003 | 20.40 | 8,988 | 1.85 | 2.56 | 0.53 | 76 | ||||||||||||||
10/31/2002 | (14.15 | ) | 7,908 | 1.80 | 2.43 | 0.09 | 161 | |||||||||||||
10/31/2001 | (18.80 | ) | 5,183 | 1.55 | 2.49 | (0.28 | ) | 113 | ||||||||||||
10/31/2000 | 8.30 | 2,974 | 1.55 | 6.85 | (0.42 | ) | 111 | |||||||||||||
Class B | 04/30/2004 | 7.29 | 18,732 | 2.50 | 2.69 | (0.06 | ) | 100 | ||||||||||||
10/31/2003 | 19.70 | 17,245 | 2.50 | 3.21 | (0.12 | ) | 76 | |||||||||||||
10/31/2002 | (14.76 | ) | 14,446 | 2.45 | 3.08 | (0.56 | ) | 161 | ||||||||||||
10/31/2001 | (19.41 | ) | 11,623 | 2.20 | 3.14 | (0.93 | ) | 113 | ||||||||||||
10/31/2000 | 7.86 | 3,635 | 2.20 | 7.50 | (1.07 | ) | 111 | |||||||||||||
Class C | 04/30/2004 | 7.40 | 1,535 | 2.50 | 2.69 | (0.06 | ) | 100 | ||||||||||||
10/31/2003 | 21.17 | 1,230 | 2.50 | 3.21 | (0.12 | ) | 76 | |||||||||||||
Class C2 | 04/30/2004 | 7.29 | 5,364 | 2.50 | 2.69 | (0.06 | ) | 100 | ||||||||||||
10/31/2003 | 19.70 | 5,498 | 2.50 | 3.21 | (0.12 | ) | 76 | |||||||||||||
10/31/2002 | (14.76 | ) | 4,223 | 2.45 | 3.08 | (0.56 | ) | 161 | ||||||||||||
10/31/2001 | (19.41 | ) | 3,985 | 2.20 | 3.14 | (0.93 | ) | 113 | ||||||||||||
10/31/2000 | 7.86 | 2,077 | 2.20 | 7.50 | (1.07 | ) | 111 | |||||||||||||
Class M | 04/30/2004 | 7.49 | 2,032 | 2.40 | 2.59 | 0.04 | 100 | |||||||||||||
10/31/2003 | 19.78 | 2,187 | 2.40 | 3.11 | (0.02 | ) | 76 | |||||||||||||
10/31/2002 | (14.68 | ) | 2,504 | 2.35 | 2.98 | (0.46 | ) | 161 | ||||||||||||
10/31/2001 | (19.32 | ) | 2,110 | 2.10 | 3.04 | (0.83 | ) | 113 | ||||||||||||
10/31/2000 | 7.93 | 741 | 2.10 | 7.40 | (0.97 | ) | 111 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 5
TA IDEX American Century Large Company Value
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX American Century Large Company Value (“the Fund”) commenced operations on March 1, 2000. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 6
TA IDEX American Century Large Company Value
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX American Century Large Company Value (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2000.
On March 1, 2004, the Fund changed its name from IDEX American Century Income and Growth to TA IDEX American Century Large Company Value.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities Lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loan of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value, IBT marks to market securities
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 7
TA IDEX American Century Large Company Value
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1—(continued) |
loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Real Estate Investment Trusts (“REITs”): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Since the Fund invests primarily in real estate securities, the value of its shares may fluctuate more widely than the value of shares of a fund that invests in a broad range of industries.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (ie: through the assets allocation funds)
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - | $ | 208 | 0% | ||
TA IDEX Asset Allocation - | 2,567 | 6% | |||
TA IDEX Asset Allocation - | 2,200 | 5% | |||
Total | $ | 4,975 | 11% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.90% of the first $100 million of ANA
0.85% of the next $150 million of ANA
0.80% of ANA over $250 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.50% Expense Limit
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 8
TA IDEX American Century Large Company Value
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2—(continued) |
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Advisory Fee Waived | Available for Recapture Through | |||
Fiscal Year 2003 | $207 | 10/31/2006 |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales
charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 43 | |
Retained by Underwriter | 4 | ||
Contingent Deferred Sales Charges | 26 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $8 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $52 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Funds. At April 30, 2004, the value of invested plan amount was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 40,937 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 37,974 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss Carryforward | Available through | |
$ 856 | October 31, 2009 | |
3,407 | October 31, 2010 | |
2,429 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 41,125 | ||
Unrealized Appreciation | $ | 1,075 | ||
Unrealized (Depreciation) | (1,764 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | (689 | ) | |
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX American Century Large Company Value 9
TA IDEX Asset Allocation–Conservative Portfolio
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
INVESTMENT COMPANIES (99.5%) (b) | |||||
Aggressive Equity (10.9%) | |||||
TA IDEX T. Rowe Price Health Sciences | 929,642 | $ | 10,988 | ||
TA IDEX T. Rowe Price Small Cap | 533,326 | 5,941 | |||
TA IDEX Transamerica Growth | 1,145,171 | 7,558 | |||
TA IDEX Transamerica Small/Mid Cap | 839,449 | 12,298 | |||
Capital Preservation (5.1%) | |||||
TA IDEX Transamerica Money Market | 16,970,412 | 16,970 | |||
Fixed-Income (57.3%) | |||||
TA IDEX PIMCO Real Return TIPS | 5,984,918 | 60,867 | |||
TA IDEX PIMCO Total Return | 1,107,540 | 11,463 | |||
TA IDEX Transamerica Conservative | 6,795,454 | 62,246 | |||
TA IDEX Transamerica Convertible Securities | 3,791,148 | 43,788 | |||
TA IDEX Transamerica Flexible Income | 1,396,157 | 13,878 | |||
Growth Equity (18.2%) | |||||
TA IDEX American Century Large | 21,292 | 208 | |||
TA IDEX Great Companies–TechnologySM (a) | 1,985,093 | 7,345 |
Shares | Value | ||||
Growth Equity (continued) | |||||
TA IDEX Janus Growth (a) | 223,754 | $ | 4,726 | ||
TA IDEX Salomon All Cap (a) | 1,054,008 | 15,547 | |||
TA IDEX Salomon Investors Value | 1,975,305 | 26,291 | |||
TA IDEX T. Rowe Price Tax-Efficient | 396,771 | 4,019 | |||
TA IDEX Transamerica Equity (a) | 398,156 | 2,915 | |||
Specialty–Real Estate (5.6%) | |||||
TA IDEX Clarion Real Estate Securities | 1,574,032 | 18,778 | |||
World Equity (2.4%) | |||||
TA IDEX American Century International (a) | 312,990 | 2,707 | |||
TA IDEX Templeton Great Companies | 748,581 | 5,510 | |||
Total Investment Companies (cost: $310,665) | 334,043 | ||||
Total Investment Securities (cost: $310,665) | $ | 334,043 | |||
SUMMARY: | |||||
Investments, at value | 99.5% | $ | 334,043 | ||
Other assets in excess of liabilities | 0.5% | 1,867 | |||
Net assets | 100.0% | $ | 335,910 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | The Fund invests its assets in Class A shares of underlying Transamerica IDEX Mutual Funds, which are affiliates of the Fund. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Conservative Portfolio 1
TA IDEX Asset Allocation–Conservative Portfolio
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands) (unaudited)
Assets: | |||
Investment in affiliated mutual funds, at value | $ | 334,043 | |
Cash | 84 | ||
Receivables: | |||
Shares of beneficial interest sold | 2,706 | ||
Other | 4 | ||
336,837 | |||
Liabilities: | |||
Investment securities purchased | 84 | ||
Accounts payable and accrued liabilities: | |||
Shares of beneficial interest redeemed | 563 | ||
Management and advisory fees | 35 | ||
Due to Advisor | 34 | ||
Distribution fees | 139 | ||
Transfer agent fees | 21 | ||
Dividends to shareholders | 1 | ||
Other | 50 | ||
927 | |||
Net Assets | $ | 335,910 | |
Net Assets Consist of: | |||
Shares of beneficial interest, unlimited shares | $ | 307,138 | |
Undistributed net investment income (loss) | 506 | ||
Undistributed accumulated net realized gain (loss) from investment in affiliated mutual funds | 4,889 | ||
Net unrealized appreciation (depreciation) on | |||
Investment in affiliated mutual funds | 23,377 | ||
Net Assets | $ | 335,910 | |
Net Assets by Class: | |||
Class A | $ | 77,096 | |
Class B | 97,925 | ||
Class C | 136,009 | ||
Class C2 | 17,454 | ||
Class M | 7,426 | ||
Shares Outstanding: | |||
Class A | 7,024 | ||
Class B | 8,937 | ||
Class C | 12,412 | ||
Class C2 | 1,593 | ||
Class M | 677 | ||
Net Asset Value Per Share: | |||
Class A | $ | 10.98 | |
Class B | 10.96 | ||
Class C | 10.96 | ||
Class C2 | 10.96 | ||
Class M | 10.96 | ||
Maximum Offering Price Per Share (a): | |||
Class A | $ | 11.62 | |
Class M | 11.07 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C, and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands) (unaudited)
Investment Income: | |||
Interest | $ | 1 | |
Dividends from affiliated mutual funds | 4,718 | ||
4,719 | |||
Expenses: | |||
Management and advisory fees | 147 | ||
Transfer agent fees | 93 | ||
Printing and shareholder reports | 32 | ||
Custody fees | 18 | ||
Administration fees | 23 | ||
Legal fees | 4 | ||
Auditing and accounting fees | 7 | ||
Trustees fees | 3 | ||
Registration fees | 41 | ||
Other | 5 | ||
Distribution and service fees: | |||
Class A | – | ||
Class B | 303 | ||
Class C | 356 | ||
Class C2 | 55 | ||
Class M | 21 | ||
Total expenses before recovery of waived expenses | 1,108 | ||
Recovered expenses | 34 | ||
Total expenses | 1,142 | ||
Net Investment Income (Loss) | 3,577 | ||
Net Realized and Unrealized Gain (Loss): | |||
Realized gain (loss) from investment in affiliated mutual funds | 5,051 | ||
Increase (decrease) in unrealized appreciation (depreciation) on investment in affiliated mutual | 1,237 | ||
Net Gain (Loss) on Investments in Affiliated Mutual | 6,288 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 9,865 | |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Conservative Portfolio 2
TA IDEX Asset Allocation–Conservative Portfolio
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 3,577 | $ | 1,755 | ||||
Net realized gain (loss) from investment in affiliated mutual funds | 5,051 | 581 | ||||||
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds | 1,237 | 22,911 | ||||||
9,865 | 25,247 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (901 | ) | (442 | ) | ||||
Class B | (1,078 | ) | (509 | ) | ||||
Class C | (1,181 | ) | (228 | ) | ||||
Class C2 | (194 | ) | (162 | ) | ||||
Class M | (94 | ) | (78 | ) | ||||
(3,448 | ) | (1,419 | ) | |||||
From net realized gains: | ||||||||
Class A | (137 | ) | – | |||||
Class B | (216 | ) | – | |||||
Class C | (232 | ) | – | |||||
Class C2 | (39 | ) | – | |||||
Class M | (18 | ) | – | |||||
(642 | ) | – | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 34,581 | 58,579 | ||||||
Class B | 21,143 | 66,574 | ||||||
Class C | 66,442 | 83,907 | ||||||
Class C2 | 4,429 | 10,727 | ||||||
Class M | 750 | 3,386 | ||||||
127,345 | 223,173 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 888 | 383 | ||||||
Class B | 1,051 | 420 | ||||||
Class C | 915 | 156 | ||||||
Class C2 | 185 | 127 | ||||||
Class M | 99 | 69 | ||||||
3,138 | 1,155 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (18,823 | ) | (13,815 | ) | ||||
Class B | (11,694 | ) | (14,758 | ) | ||||
Class C | (16,160 | ) | (6,938 | ) | ||||
Class C2 | (3,477 | ) | (9,371 | ) | ||||
Class M | (1,047 | ) | (2,144 | ) | ||||
(51,201 | ) | (47,026 | ) | |||||
79,282 | 177,302 | |||||||
Net increase (decrease) in net assets | 85,057 | 201,130 | ||||||
Net Assets: | ||||||||
Beginning of period | 250,853 | 49,723 | ||||||
End of period | $ | 335,910 | $ | 250,853 | ||||
Undistributed Net Investment Income (Loss) | $ | 506 | $ | 377 | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 3,110 | 5,870 | ||||
Class B | 1,913 | 6,893 | ||||
Class C | 5,980 | 8,469 | ||||
Class C2 | 400 | 1,125 | ||||
Class M | 68 | 356 | ||||
11,471 | 22,713 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | 82 | 39 | ||||
Class B | 97 | 43 | ||||
Class C | 85 | 15 | ||||
Class C2 | 17 | 13 | ||||
Class M | 9 | 7 | ||||
290 | 117 | |||||
Shares redeemed: | ||||||
Class A | (1,719 | ) | (1,387 | ) | ||
Class B | (1,057 | ) | (1,484 | ) | ||
Class C | (1,452 | ) | (685 | ) | ||
Class C2 | (314 | ) | (949 | ) | ||
Class M | (95 | ) | (220 | ) | ||
(4,637 | ) | (4,725 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 1,473 | 4,522 | ||||
Class B | 953 | 5,452 | ||||
Class C | 4,613 | 7,799 | ||||
Class C2 | 103 | 189 | ||||
Class M | (18 | ) | 143 | |||
7,124 | 18,105 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Conservative Portfolio 3
TA IDEX Asset Allocation–Conservative Portfolio
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 10.67 | $ | 0.17 | $ | 0.33 | $ | 0.50 | $ | (0.16 | ) | $ | (0.03 | ) | $ | (0.19 | ) | $ | 10.98 | |||||||||||
10/31/2003 | 9.22 | 0.18 | 1.47 | 1.65 | (0.20 | ) | – | (0.20 | ) | 10.67 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.07 | (0.85 | ) | (0.78 | ) | – | – | – | 9.22 | |||||||||||||||||||||
Class B | 04/30/2004 | 10.66 | 0.13 | 0.33 | 0.46 | (0.13 | ) | (0.03 | ) | (0.16 | ) | 10.96 | |||||||||||||||||||
10/31/2003 | 9.18 | 0.11 | 1.47 | 1.58 | (0.10 | ) | – | (0.10 | ) | 10.66 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.03 | (0.85 | ) | (0.82 | ) | – | – | – | 9.18 | |||||||||||||||||||||
Class C | 04/30/2004 | 10.66 | 0.13 | 0.33 | 0.46 | (0.13 | ) | (0.03 | ) | (0.16 | ) | 10.96 | |||||||||||||||||||
10/31/2003 | 9.19 | 0.11 | 1.46 | 1.57 | (0.10 | ) | – | (0.10 | ) | 10.66 | |||||||||||||||||||||
Class C2 | 04/30/2004 | 10.66 | 0.13 | 0.33 | 0.46 | (0.13 | ) | (0.03 | ) | (0.16 | ) | 10.96 | |||||||||||||||||||
10/31/2003 | 9.18 | 0.11 | 1.47 | 1.58 | (0.10 | ) | – | (0.10 | ) | 10.66 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.03 | (0.85 | ) | (0.82 | ) | – | – | – | 9.18 | |||||||||||||||||||||
Class M | 04/30/2004 | 10.66 | 0.13 | 0.34 | 0.47 | (0.14 | ) | (0.03 | ) | (0.17 | ) | 10.96 | |||||||||||||||||||
10/31/2003 | 9.18 | 0.12 | 1.48 | 1.60 | (0.12 | ) | – | (0.12 | ) | 10.66 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.04 | (0.86 | ) | (0.82 | ) | – | – | – | 9.18 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 4.72 | % | $ | 77,096 | 0.25 | % | 0.27 | % | 2.95 | % | 9 | % | |||||||
10/31/2003 | 18.18 | 59,250 | 0.41 | 0.41 | 1.80 | 22 | ||||||||||||||
10/31/2002 | (7.80 | ) | 9,482 | 0.45 | 1.21 | 1.27 | 8 | |||||||||||||
Class B | 04/30/2004 | 4.30 | 97,925 | 0.90 | 0.92 | 2.30 | 9 | |||||||||||||
10/31/2003 | 17.38 | 85,134 | 1.06 | 1.06 | 1.15 | 22 | ||||||||||||||
10/31/2002 | (8.20 | ) | 23,229 | 1.10 | 1.86 | 0.62 | 8 | |||||||||||||
Class C | 04/30/2004 | 4.30 | 136,009 | 0.90 | 0.92 | 2.30 | 9 | |||||||||||||
10/31/2003 | 17.25 | 83,165 | 1.06 | 1.06 | 1.15 | 22 | ||||||||||||||
Class C2 | 04/30/2004 | 4.30 | 17,454 | 0.90 | 0.92 | 2.30 | 9 | |||||||||||||
10/31/2003 | 17.38 | 15,888 | 1.06 | 1.06 | 1.15 | 22 | ||||||||||||||
10/31/2002 | (8.20 | ) | 11,940 | 1.10 | 1.86 | 0.62 | 8 | |||||||||||||
Class M | 04/30/2004 | 4.35 | 7,426 | 0.80 | 0.82 | 2.40 | 9 | |||||||||||||
10/31/2003 | 17.56 | 7,416 | 0.96 | 0.96 | 1.25 | 22 | ||||||||||||||
10/31/2002 | (8.20 | ) | 5,072 | 1.00 | 1.76 | 0.72 | 8 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and excludes the recovery of waived expenses (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Asset Allocation–Conservative Portfolio (“the Fund”) commenced operations on March 1, 2002. The inception date for the Fund’s offering of share Class C is November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Conservative Portfolio 4
TA IDEX Asset Allocation–Conservative Portfolio
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Asset Allocation–Conservative Portfolio (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.
On March 1, 2004, the Fund changed its name from IDEX Asset Allocation–Conservative Portfolio to TA IDEX Asset Allocation–Conservative Portfolio.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses that the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of Transamerica IDEX Mutual Funds. The net asset values of the underlying portfolios are determined at the close of the New York Stock Exchange (generally 4:00 p.m. eastern time) on the valuation date.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
ATFA has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. ATFA compensates Morningstar Associates, LLC as described in the Prospectus.
Transamerica Investment Management, LLC and Great Companies, LLC are affiliates of the Fund and are sub-advisers to other funds within Transamerica IDEX Mutual Funds.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.10% of ANA
ATFA has contractually agreed to waive its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
0.45% Expense Limit
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Conservative Portfolio 5
TA IDEX Asset Allocation–Conservative Portfolio
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Expense Recovered by Adviser | Increase in Total Expenses to Average Net Assets | ||||
Recovered in 2004 | $ | 34 | 0.02% |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | N/A | |
Class B | 0.65% | |
Class C | 0.65% | |
Class C2 | 0.65% | |
Class M | 0.55% |
In addition, the underlying Funds’ Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of 12b-1 fees, each class of fund shares of the Fund has reduced the 12b-1 fees by the amount of the underlying funds’ Class A 12b-1 fees.
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 892 | |
Retained by Underwriter | 166 | ||
Contingent Deferred Sales Charges | 252 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $23 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $93 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in Net assets in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 105,998 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 26,871 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, and capital loss carryforwards.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 310,766 | ||
Unrealized Appreciation | $ | 23,739 | ||
Unrealized (Depreciation) | (462 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 23,277 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Conservative Portfolio 6
TA IDEX Asset Allocation–Growth Portfolio
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
INVESTMENT COMPANIES (99.1%) (b) | |||||
Aggressive Equity (33.8%) | |||||
TA IDEX T. Rowe Price Health Sciences (a) | 2,334,477 | $ | 27,594 | ||
TA IDEX T. Rowe Price Small Cap | 3,065,767 | 34,153 | |||
TA IDEX Transamerica Growth | 6,164,733 | 40,687 | |||
TA IDEX Transamerica Small/Mid Cap | 5,679,573 | 83,206 | |||
Growth Equity (50.2%) | |||||
TA IDEX Great Companies–TechnologySM (a) | 6,886,038 | 25,478 | |||
TA IDEX Janus Growth (a) | 598,652 | 12,643 | |||
TA IDEX Jennison Growth (a) | 135,839 | 1,266 | |||
TA IDEX Salomon All Cap (a) | 7,742,907 | 114,208 | |||
TA IDEX Salomon Investors Value | 7,962,242 | 105,977 | |||
TA IDEX Transamerica Equity (a) | 2,269,227 | 16,611 |
Shares | Value | ||||
Specialty–Real Estate (1.4%) | |||||
TA IDEX Clarion Real Estate Securities | 645,275 | $ | 7,698 | ||
World Equity (13.7%) | |||||
TA IDEX American Century International (a) | 5,646,032 | 48,838 | |||
TA IDEX Templeton Great Companies | 3,597,922 | 26,481 | |||
Total Investment Companies (cost: $497,705) | 544,840 | ||||
Total Investment Securities (cost: $497,705) | $ | 544,840 | |||
SUMMARY: | |||||
Investments, at value | 99.1% | $ | 544,840 | ||
Other assets in excess of liabilities | 0.9% | 4,622 | |||
Net assets | 100.0% | $ | 549,462 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | The Fund invests its assets in Class A shares of underlying Transamerica IDEX Mutual Funds, which are affiliates of the Fund. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Growth Portfolio 1
TA IDEX Asset Allocation–Growth Portfolio
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands) (unaudited)
Assets: | ||||
Investment in affiliated mutual funds, at value | $ | 544,840 | ||
Cash | 1,394 | |||
Receivables: | ||||
Shares of beneficial interest sold | 6,139 | |||
Other | 2 | |||
552,375 | ||||
Liabilities: | ||||
Investment securities purchased | 1,394 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 967 | |||
Due to Advisor | 279 | |||
Management and advisory fees | 50 | |||
Distribution fees | 223 | |||
2,913 | ||||
Net Assets | $ | 549,462 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 504,040 | ||
Accumulated net investment income (loss) | (797 | ) | ||
Accumulated net realized gain (loss) from | (916 | ) | ||
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds | 47,135 | |||
Net Assets | $ | 549,462 | ||
Net Assets by Class: | ||||
Class A | $ | 127,829 | ||
Class B | 138,383 | |||
Class C | 260,200 | |||
Class C2 | 13,964 | |||
Class M | 9,086 | |||
Shares Outstanding: | ||||
Class A | 12,091 | |||
Class B | 13,276 | |||
Class C | 24,968 | |||
Class C2 | 1,340 | |||
Class M | 870 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 10.58 | ||
Class B | 10.43 | |||
Class C | 10.43 | |||
Class C2 | 10.43 | |||
Class M | 10.45 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 11.20 | ||
Class M | 10.56 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 3 | ||
Dividends from affiliated mutual funds | 1,052 | |||
1,055 | ||||
Expenses: | ||||
Management and advisory fees | 211 | |||
Transfer agent fees | 146 | |||
Printing and shareholder reports | 53 | |||
Custody fees | 14 | |||
Administration fees | 31 | |||
Legal fees | 3 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 3 | |||
Registration fees | 33 | |||
Other | 4 | |||
Distribution and service fees: | ||||
Class A | – | |||
Class B | 370 | |||
Class C | 631 | |||
Class C2 | 43 | |||
Class M | 24 | |||
Total expenses before recovery of waived expenses | 1,573 | |||
Recovered expenses | 279 | |||
Total expenses | 1,852 | |||
Net Investment Income (Loss) | (797 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment in affiliated mutual funds | 31 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment in affiliated mutual | 21,526 | |||
Net Gain (Loss) on Investments in Affiliated Mutual | 21,557 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 20,760 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Growth Portfolio 2
TA IDEX Asset Allocation–Growth Portfolio
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (797 | ) | $ | (848 | ) | ||
Net realized gain (loss) from investment in | 31 | (298 | ) | |||||
Net unrealized appreciation (depreciation) | 21,526 | 28,567 | ||||||
20,760 | 27,421 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 77,640 | 45,941 | ||||||
Class B | 55,738 | 65,588 | ||||||
Class C | 143,999 | 110,485 | ||||||
Class C2 | 3,806 | 6,479 | ||||||
Class M | 1,726 | 3,340 | ||||||
282,909 | 231,833 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (9,352 | ) | (4,869 | ) | ||||
Class B | (5,854 | ) | (3,326 | ) | ||||
Class C | (9,574 | ) | (2,504 | ) | ||||
Class C2 | (2,442 | ) | (4,559 | ) | ||||
Class M | (793 | ) | (1,359 | ) | ||||
(28,015 | ) | (16,617 | ) | |||||
254,894 | 215,216 | |||||||
Net increase (decrease) in net assets | 275,654 | 242,637 | ||||||
Net Assets: | ||||||||
Beginning of period | 273,808 | 31,171 | ||||||
End of period | $ | 549,462 | $ | 273,808 | ||||
Accumulated Net Investment Income (Loss) | $ | (797 | ) | $ | – | |||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 7,360 | 5,117 | ||||
Class B | 5,358 | 7,537 | ||||
Class C | 13,834 | 12,323 | ||||
Class C2 | 364 | 752 | ||||
Class M | 166 | 389 | ||||
27,082 | 26,118 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (891 | ) | (548 | ) | ||
Class B | (557 | ) | (384 | ) | ||
Class C | (908 | ) | (281 | ) | ||
Class C2 | (231 | ) | (550 | ) | ||
Class M | (77 | ) | (164 | ) | ||
(2,664 | ) | (1,927 | ) | |||
Net increase (decrease) in shares outstanding | ||||||
Class A | 6,469 | 4,569 | ||||
Class B | 4,801 | 7,153 | ||||
Class C | 12,926 | 12,042 | ||||
Class C2 | 133 | 202 | ||||
Class M | 89 | 225 | ||||
24,418 | 24,191 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Growth Portfolio 3
TA IDEX Asset Allocation–Growth Portfolio
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 9.82 | $ | 0.01 | $ | 0.75 | $ | 0.76 | $ | – | $ | – | $ | – | $ | 10.58 | ||||||||||||
10/31/2003 | 7.95 | (0.03 | ) | 1.90 | 1.87 | – | – | – | 9.82 | ||||||||||||||||||||
10/31/2002 | 10.00 | (0.02 | ) | (2.03 | ) | (2.05 | ) | – | – | – | 7.95 | ||||||||||||||||||
Class B | 04/30/2004 | 9.71 | (0.02 | ) | 0.74 | 0.72 | – | – | – | 10.43 | |||||||||||||||||||
10/31/2003 | 7.91 | (0.08 | ) | 1.88 | 1.80 | – | – | – | 9.71 | ||||||||||||||||||||
10/31/2002 | 10.00 | (0.06 | ) | (2.03 | ) | (2.09 | ) | – | – | – | 7.91 | ||||||||||||||||||
Class C | 04/30/2004 | 9.71 | (0.02 | ) | 0.74 | 0.72 | – | – | – | 10.43 | |||||||||||||||||||
10/31/2003 | 7.86 | (0.08 | ) | 1.93 | 1.85 | – | – | – | 9.71 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 9.71 | (0.02 | ) | 0.74 | 0.72 | – | – | – | 10.43 | |||||||||||||||||||
10/31/2003 | 7.91 | (0.08 | ) | 1.88 | 1.80 | – | – | – | 9.71 | ||||||||||||||||||||
10/31/2002 | 10.00 | (0.04 | ) | (2.05 | ) | (2.09 | ) | – | – | – | 7.91 | ||||||||||||||||||
Class M | 04/30/2004 | 9.73 | (0.02 | ) | 0.74 | 0.72 | – | – | – | 10.45 | |||||||||||||||||||
10/31/2003 | 7.91 | (0.07 | ) | 1.89 | 1.82 | – | – | – | 9.73 | ||||||||||||||||||||
10/31/2002 | 10.00 | (0.05 | ) | (2.04 | ) | (2.09 | ) | – | – | – | 7.91 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 7.74 | % | $ | 127,829 | 0.24 | % | 0.37 | % | 0.13 | % | – | % | |||||||
10/31/2003 | 23.52 | 55,209 | 0.45 | 0.60 | (0.30 | ) | 25 | |||||||||||||
10/31/2002 | (20.50 | ) | 8,368 | 0.45 | 1.65 | (0.44 | ) | 31 | ||||||||||||
Class B | 04/30/2004 | 7.42 | 138,383 | 0.89 | 1.02 | (0.52 | ) | – | ||||||||||||
10/31/2003 | 22.76 | 82,318 | 1.10 | 1.25 | (0.95 | ) | 25 | |||||||||||||
10/31/2002 | (20.90 | ) | 10,452 | 1.10 | 2.30 | (1.09 | ) | 31 | ||||||||||||
Class C | 04/30/2004 | 7.42 | 260,200 | 0.89 | 1.02 | (0.52 | ) | – | ||||||||||||
10/31/2003 | 23.54 | 116,956 | 1.10 | 1.25 | (0.95 | ) | 25 | |||||||||||||
Class C2 | 04/30/2004 | 7.42 | 13,964 | 0.89 | 1.02 | (0.52 | ) | – | ||||||||||||
10/31/2003 | 22.76 | 11,724 | 1.10 | 1.25 | (0.95 | ) | 25 | |||||||||||||
10/31/2002 | (20.90 | ) | 7,948 | 1.10 | 2.30 | (1.09 | ) | 31 | ||||||||||||
Class M | 04/30/2004 | 7.40 | 9,086 | 0.79 | 0.92 | (0.42 | ) | – | ||||||||||||
10/31/2003 | 23.01 | 7,601 | 1.00 | 1.15 | (0.85 | ) | 25 | |||||||||||||
10/31/2002 | (20.90 | ) | 4,403 | 1.00 | 2.20 | (0.99 | ) | 31 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and excludes the recovery of waived expenses (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Asset Allocation–Growth Portfolio (“the Fund”) commenced operations on March 1, 2002. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Growth Portfolio 4
TA IDEX Asset Allocation–Growth Portfolio
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Asset Allocation–Growth Portfolio (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.
On March 1, 2004, the Fund changed its name from IDEX Asset Allocation–Growth Portfolio to TA IDEX Asset Allocation–Growth Portfolio.
In the normal course of business, the Fund enters into contracts that contain a variety of representations, warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund or its affiliates that have not yet occurred. However, based on experience, the Funds expects the risk of loss to be remote.
See the Prospectus, Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts, disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations, expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any,, expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees, expenses than the previous Class L shares. Income, non-class specific expenses, realized, unrealized gains, losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of Transamerica IDEX Mutual Funds. The net asset values of the underlying portfolios are determined at the close of the New York Stock Exchange (generally 4:00 p.m. eastern time) on the valuation date.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Security transactions, investment income: Security transactions are recorded on the trade date. Security gains, losses are calculated on the specific identification basis. Interest income, including accretion of discounts, amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date, are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Funds Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Funds Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS, AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”), AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA, WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
ATFA has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. ATFA compensates Morningstar Associates, LLC as described in the Prospectus.
Transamerica Investment Management, LLC and Great Companies, LLC are affiliates of the Fund and are sub-advisers to other funds within Transamerica IDEX Mutual Funds.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.10% of ANA
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
0.45% Expense Limit
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Growth Portfolio 5
TA IDEX Asset Allocation–Growth Portfolio
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
If total Fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Expenses Recovered by Adviser | Increase in Total Expenses to Average Net Assets | ||||
Recovered in 2004 | $ | 279 | 0.13% |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | N/A | |
Class B | 0.65% | |
Class C | 0.65% | |
Class C2 | 0.65% | |
Class M | 0.55% |
In addition, the underlying Funds’ Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of 12b-1 fees, each class of fund shares of the Fund has reduced the 12b-1 fees by the amount of the underlying funds’ Class A 12b-1 fees.
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 1,932 | |
Retained by Underwriter | 292 | ||
Contingent Deferred Sales Charges | 181 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $31 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $146 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 256,572 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 281 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforward is available to offset future realized capital gains through the period listed:
Capital Loss | Available through | |
$135 | October 31, 2010 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 498,517 | ||
Unrealized Appreciation | $ | 46,338 | ||
Unrealized (Depreciation) | (15 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 46,323 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Growth Portfolio 6
TA IDEX Asset Allocation–Moderate Portfolio
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
INVESTMENT COMPANIES (99.5%) (b) | |||||
Aggressive Equity (17.8%) | |||||
TA IDEX T. Rowe Price Health Sciences | 3,027,676 | $ | 35,787 | ||
TA IDEX T. Rowe Price Small Cap | 2,390,293 | 26,628 | |||
TA IDEX Transamerica Growth Opportunities (a) | 5,196,620 | 34,298 | |||
TA IDEX Transamerica Small/Mid Cap Value | 3,941,013 | 57,736 | |||
Capital Preservation (2.9%) | |||||
TA IDEX Transamerica Money Market | 24,954,231 | 24,954 | |||
Fixed-Income (43.1%) | |||||
TA IDEX PIMCO Real Return TIPS | 12,662,324 | 128,776 | |||
TA IDEX PIMCO Total Return | 1,995,559 | 20,654 | |||
TA IDEX Transamerica Conservative High-Yield Bond | 13,380,475 | 122,565 | |||
TA IDEX Transamerica Convertible Securities | 6,813,976 | 78,701 | |||
TA IDEX Transamerica Flexible Income | 2,307,490 | 22,936 | |||
Growth Equity (26.0%) | |||||
TA IDEX American Century Large Company Value | 224,741 | 2,200 | |||
TA IDEX Great Companies–TechnologySM (a) | 6,487,464 | 24,004 |
Shares | Value | ||||
Growth Equity (continued) | |||||
TA IDEX Janus Growth (a) | 527,985 | $ | 11,151 | ||
TA IDEX Marsico Growth (a) | 1,199,843 | 10,835 | |||
TA IDEX Salomon All Cap (a) | 4,381,977 | 64,634 | |||
TA IDEX Salomon Investors Value | 6,997,813 | 93,141 | |||
TA IDEX Transamerica Equity (a) | 2,687,780 | 19,675 | |||
Specialty–Real Estate (4.8%) | |||||
TA IDEX Clarion Real Estate Securities | 3,454,760 | 41,215 | |||
World Equity (4.9%) | |||||
TA IDEX American Century International (a) | 4,306,415 | 37,250 | |||
TA IDEX Templeton Great Companies Global (a) | 718,025 | 5,285 | |||
Total Investment Companies (cost: $788,428) | 862,425 | ||||
Total Investment Securities (cost: $788,428) | $ | 862,425 | |||
SUMMARY: | |||||
Investments, at value | 99.5% | $ | 862,425 | ||
Other assets in excess of liabilities | 0.5% | 4,096 | |||
Net assets | 100.0% | $ | 866,521 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | The Fund invests its assets in Class A shares of underlying Transamerica IDEX Mutual Funds, which are affiliates of the Fund. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Portfolio 1
TA IDEX Asset Allocation–Moderate Portfolio
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment in affiliated mutual funds, at value | $ | 862,425 | ||
Cash | 1,715 | |||
Receivables: | ||||
Shares of beneficial interest sold | 5,578 | |||
Other | 5 | |||
869,723 | ||||
Liabilities: | ||||
Investment securities purchased | 1,715 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 968 | |||
Management and advisory fees | 71 | |||
Distribution fees | 364 | |||
Transfer agent fees | 11 | |||
Other | 73 | |||
3,202 | ||||
Net Assets | $ | 866,521 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 791,330 | ||
Undistributed net investment income (loss) | 1,421 | |||
Accumulated net realized gain (loss) from | ||||
investment in affiliated mutual funds | (227 | ) | ||
Net unrealized appreciation (depreciation) on | ||||
investment in affiliated mutual funds | 73,997 | |||
Net Assets | $ | 866,521 | ||
Net Assets by Class: | ||||
Class A | $ | 183,716 | ||
Class B | 240,482 | |||
Class C | 375,389 | |||
Class C2 | 49,252 | |||
Class M | 17,682 | |||
Shares Outstanding: | ||||
Class A | 16,950 | |||
Class B | 22,248 | |||
Class C | 34,724 | |||
Class C2 | 4,557 | |||
Class M | 1,635 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 10.84 | ||
Class B | 10.81 | |||
Class C | 10.81 | |||
Class C2 | 10.81 | |||
Class M | 10.81 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 11.47 | ||
Class M | 10.92 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | |||
Interest | $ | 3 | |
Dividends from affiliated mutual funds | 9,250 | ||
9,253 | |||
Expenses: | |||
Management and advisory fees | 366 | ||
Transfer agent fees | 221 | ||
Printing and shareholder reports | 70 | ||
Custody fees | 20 | ||
Administration fees | 47 | ||
Legal fees | 7 | ||
Auditing and accounting fees | 7 | ||
Trustees fees | 9 | ||
Registration fees | 47 | ||
Other | 9 | ||
Distribution and service fees: | |||
Class A | – | ||
Class B | 708 | ||
Class C | 960 | ||
Class C2 | 157 | ||
Class M | 48 | ||
Total expenses | 2,676 | ||
Net Investment Income (Loss) | 6,577 | ||
Net Increase (decrease) in unrealized appreciation (depreciation) on: | |||
Investment in affiliated mutual funds | 22,190 | ||
Net Gain (Loss) on Investment in Affiliated Mutual Funds | 22,190 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 28,767 | |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Portfolio 2
TA IDEX Asset Allocation–Moderate Portfolio
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 6,577 | $ | 1,935 | ||||
Net realized gain (loss) from investment in affiliated mutual funds | – | 251 | ||||||
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds | 22,190 | 55,947 | ||||||
28,767 | 58,133 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (1,928 | ) | (219 | ) | ||||
Class B | (1,797 | ) | (148 | ) | ||||
Class C | (2,222 | ) | (21 | ) | ||||
Class C2 | (412 | ) | (85 | ) | ||||
Class M | (167 | ) | (44 | ) | ||||
(6,526 | ) | (517 | ) | |||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 77,220 | 102,381 | ||||||
Class B | 62,274 | 137,237 | ||||||
Class C | 180,192 | 193,572 | ||||||
Class C2 | 7,241 | 20,189 | ||||||
Class M | 2,273 | 7,305 | ||||||
329,200 | 460,684 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 1,710 | 200 | ||||||
Class B | 1,484 | 123 | ||||||
Class C | 1,514 | 18 | ||||||
Class C2 | 324 | 61 | ||||||
Class M | 153 | 41 | ||||||
5,185 | 443 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (15,766 | ) | (14,662 | ) | ||||
Class B | (14,017 | ) | (14,226 | ) | ||||
Class C | (15,710 | ) | (8,858 | ) | ||||
Class C2 | (4,418 | ) | (7,862 | ) | ||||
Class M | (1,831 | ) | (4,553 | ) | ||||
(51,742 | ) | (50,161 | ) | |||||
282,643 | 410,966 | |||||||
Net increase (decrease) in net assets | 304,884 | 468,582 | ||||||
Net Assets: | ||||||||
Beginning of period | 561,637 | 93,055 | ||||||
End of period | $ | 866,521 | $ | 561,637 | ||||
Undistributed Net Investment Income (Loss) | $ | 1,421 | $ | 1,370 | ||||
April 30, (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 7,097 | 10,668 | ||||
Class B | 5,742 | 14,694 | ||||
Class C | 16,570 | 20,375 | ||||
Class C2 | 669 | 2,174 | ||||
Class M | 210 | 794 | ||||
30,288 | 48,705 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 162 | 23 | ||||
Class B | 140 | 14 | ||||
Class C | 143 | 2 | ||||
Class C2 | 31 | 7 | ||||
Class M | 14 | 5 | ||||
490 | 51 | |||||
Shares redeemed: | ||||||
Class A | (1,446 | ) | (1,554 | ) | ||
Class B | (1,289 | ) | (1,525 | ) | ||
Class C | (1,437 | ) | (929 | ) | ||
Class C2 | (406 | ) | (838 | ) | ||
Class M | (168 | ) | (496 | ) | ||
(4,746 | ) | (5,342 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 5,813 | 9,137 | ||||
Class B | 4,593 | 13,183 | ||||
Class C | 15,276 | 19,448 | ||||
Class C2 | 294 | 1,343 | ||||
Class M | 56 | 303 | ||||
26,032 | 43,414 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Portfolio 3
TA IDEX Asset Allocation–Moderate Portfolio
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For the | For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized Gain (Loss) | Total Operations | From Net Income | From Net Realized Gains | Total Distributions | |||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 10.42 | $ | 0.13 | $ | 0.44 | $ | 0.57 | $ | (0.15 | ) | $ | – | $ | (0.15 | ) | $ | 10.84 | |||||||||||
10/31/2003 | 8.76 | 0.12 | 1.62 | 1.74 | (0.08 | ) | – | (0.08 | ) | 10.42 | ||||||||||||||||||||
10/31/2002 | 10.00 | 0.04 | (1.28 | ) | (1.24 | ) | – | – | – | 8.76 | ||||||||||||||||||||
Class B | 04/30/2004 | 10.37 | 0.09 | 0.44 | 0.53 | (0.09 | ) | – | (0.09 | ) | 10.81 | |||||||||||||||||||
10/31/2003 | 8.71 | 0.05 | 1.63 | 1.68 | (0.02 | ) | – | (0.02 | ) | 10.37 | ||||||||||||||||||||
10/31/2002 | 10.00 | 0.01 | (1.30 | ) | (1.29 | ) | – | – | – | 8.71 | ||||||||||||||||||||
Class C | 04/30/2004 | 10.37 | 0.09 | 0.44 | 0.53 | (0.09 | ) | – | (0.09 | ) | 10.81 | |||||||||||||||||||
10/31/2003 | 8.71 | 0.05 | 1.63 | 1.68 | (0.02 | ) | – | (0.02 | ) | 10.37 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 10.37 | 0.09 | 0.44 | 0.53 | (0.09 | ) | – | (0.09 | ) | 10.81 | |||||||||||||||||||
10/31/2003 | 8.71 | 0.05 | 1.63 | 1.68 | (0.02 | ) | – | (0.02 | ) | 10.37 | ||||||||||||||||||||
10/31/2002 | 10.00 | 0.01 | (1.30 | ) | (1.29 | ) | – | – | – | 8.71 | ||||||||||||||||||||
Class M | 04/30/2004 | 10.38 | 0.10 | 0.43 | 0.53 | (0.10 | ) | – | (0.10 | ) | 10.81 | |||||||||||||||||||
10/31/2003 | 8.72 | 0.06 | 1.63 | 1.69 | (0.03 | ) | – | (0.03 | ) | 10.38 | ||||||||||||||||||||
10/31/2002 | 10.00 | 0.01 | (1.29 | ) | (1.28 | ) | – | – | – | 8.72 |
For the Period Ended (g) | Total Return (c) | Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Rate (b) | |||||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 5.52 | % | $ | 183,716 | 0.22 | % | 0.22 | % | 2.32 | % | �� | – | % | ||||||
10/31/2003 | 19.98 | 116,102 | 0.37 | 0.37 | 1.22 | 18 | ||||||||||||||
10/31/2002 | (12.40 | ) | 17,517 | 0.45 | 0.78 | 0.83 | 12 | |||||||||||||
Class B | 04/30/2004 | 5.17 | 240,482 | 0.87 | 0.87 | 1.66 | – | |||||||||||||
10/31/2003 | 19.39 | 183,148 | 1.02 | 1.02 | 0.57 | 18 | ||||||||||||||
10/31/2002 | (12.90 | ) | 38,969 | 1.10 | 1.43 | 0.18 | 12 | |||||||||||||
Class C | 04/30/2004 | 5.17 | 375,389 | 0.87 | 0.87 | 1.66 | – | |||||||||||||
10/31/2003 | 19.39 | 201,774 | 1.02 | 1.02 | 0.57 | 18 | ||||||||||||||
Class C2 | 04/30/2004 | 5.17 | 49,252 | 0.87 | 0.87 | 1.66 | – | |||||||||||||
10/31/2003 | 19.39 | 44,225 | 1.02 | 1.02 | 0.57 | 18 | ||||||||||||||
10/31/2002 | (12.90 | ) | 25,444 | 1.10 | 1.43 | 0.18 | 12 | |||||||||||||
Class M | 04/30/2004 | 5.16 | 17,682 | 0.77 | 0.77 | 1.76 | – | |||||||||||||
10/31/2003 | 19.47 | 16,388 | 0.92 | 0.92 | 0.67 | 18 | ||||||||||||||
10/31/2002 | (12.80 | ) | 11,125 | 1.00 | 1.33 | 0.28 | 12 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Asset Allocation–Moderate Portfolio (“the Fund”) commenced operations on March 1, 2002. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Portfolio 4
TA IDEX Asset Allocation–Moderate Portfolio
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Asset Allocation–Moderate Portfolio (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.
On March 1, 2004, the Fund changed its name from IDEX Asset Allocation–Moderate Portfolio to TA IDEX Asset Allocation–Moderate Portfolio.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of Transamerica IDEX Mutual Funds. The net asset values of the underlying portfolios are determined at the close of the New York Stock Exchange (generally 4:00 p.m. eastern time) on the valuation date.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
ATFA has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. ATFA compensates Morningstar Associates, LLC as described in the Prospectus.
Transamerica Investment Management, LLC and Great Companies, LLC are affiliates of the Fund and are sub-advisers to other funds within Transamerica IDEX Mutual Funds.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.10% of ANA
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Portfolio 5
TA IDEX Asset Allocation–Moderate Portfolio
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
0.45% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | N/A | |
Class B | 0.65% | |
Class C | 0.65% | |
Class C2 | 0.65% | |
Class M | 0.55% |
In addition, the underlying Funds’ Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of 12b-1 fees, each class of fund shares of the Fund has reduced the 12b-1 fees by the amount of the underlying funds’ Class A 12b-1 fees.
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 2,402 | |
Retained by Underwriter | 381 | ||
Contingent Deferred Sales Charges | 351 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal
counsel. The Fund paid ATFS $47 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $221 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amount was $10. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 285,446 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | – | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, and capital loss carryforwards.
The capital loss carryforward is available to offset future realized capital gains through the period listed:
Capital Loss | Available through | |
$57 | October 31, 2010 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 788,595 | ||
Unrealized Appreciation | $ | 74,650 | ||
Unrealized (Depreciation) | (820 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 73,830 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares will merge into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Portfolio 6
TA IDEX Asset Allocation–Moderate Growth Portfolio
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
INVESTMENT COMPANIES (99.2%) (b) | |||||
Aggressive Equity (24.3%) | |||||
TA IDEX T. Rowe Price Health Sciences | 3,846,940 | $ | 45,471 | ||
TA IDEX T. Rowe Price Small Cap | 4,642,094 | 51,713 | |||
TA IDEX Transamerica Growth Opportunities (a) | 10,865,147 | 71,710 | |||
TA IDEX Transamerica Small/Mid Cap | 6,706,910 | 98,256 | |||
Capital Preservation (0.4%) | |||||
TA IDEX Transamerica Money Market | 4,491,051 | 4,491 | |||
Fixed-Income (20.6%) | |||||
TA IDEX PIMCO Real Return TIPS | 6,500,410 | 66,109 | |||
TA IDEX PIMCO Total Return | 1,649,729 | 17,075 | |||
TA IDEX Transamerica Conservative | 8,027,495 | 73,532 | |||
TA IDEX Transamerica Convertible Securities | 4,851,632 | 56,036 | |||
TA IDEX Transamerica Flexible Income | 1,364,498 | 13,563 | |||
Growth Equity (39.6%) | |||||
TA IDEX American Century Large Company Value | 262,250 | 2,567 | |||
TA IDEX Great Companies–TechnologySM (a) | 11,515,197 | 42,606 |
Shares | Value | ||||
Growth Equity (continued) | |||||
TA IDEX Janus Growth (a) | 947,835 | $ | 20,018 | ||
TA IDEX Jennison Growth (a) | 22,211 | 207 | |||
TA IDEX Marsico Growth (a) | 1,508,041 | 13,618 | |||
TA IDEX Salomon All Cap (a) | 11,910,242 | 175,676 | |||
TA IDEX Salomon Investors Value | 11,921,471 | 158,675 | |||
TA IDEX Transamerica Equity (a) | 3,078,233 | 22,533 | |||
Specialty–Real Estate (2.7%) | |||||
TA IDEX Clarion Real Estate Securities | 2,492,699 | 29,738 | |||
World Equity (11.6%) | |||||
TA IDEX American Century | 10,174,630 | 88,011 | |||
TA IDEX Templeton Great Companies | 5,306,997 | 39,059 | |||
Total Investment Companies (cost: $1,000,454) | 1,090,664 | ||||
Total Investment Securities (cost: $1,000,454) | $ | 1,090,664 | |||
SUMMARY: | |||||
Investments, at value | 99.2% | $ | 1,090,664 | ||
Other assets in excess of liabilities | 0.8% | 8,438 | |||
Net assets | 100.0% | $ | 1,099,102 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | The Fund invests its assets in Class A shares of underlying Transamerica IDEX Mutual Funds, which are affiliates of the Fund. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Growth Portfolio 1
TA IDEX Asset Allocation–Moderate Growth Portfolio
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands) (unaudited)
Assets: | ||||
Investment securities, at value (cost: $1,000,454) | $ | 1,090,664 | ||
Cash | 1,962 | |||
Receivables: | ||||
Shares of beneficial interest sold | 9,346 | |||
Interest | 1 | |||
Due from investment adviser | 14 | |||
Other | 5 | |||
1,101,992 | ||||
Liabilities: | ||||
Investment securities purchased | 1,962 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 235 | |||
Management and advisory fees | 102 | |||
Due to advisor | 79 | |||
Distribution fees | 440 | |||
Dividends to shareholders | 1 | |||
Other | 71 | |||
2,890 | ||||
Net Assets | $ | 1,099,102 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 1,009,653 | ||
Undistributed net investment income (loss) | 293 | |||
Accumulated net realized gain (loss) from | ||||
investment in affiliated mutual funds | (1,054 | ) | ||
Net unrealized appreciation (depreciation) on | ||||
investment in affiliated mutual funds | 90,210 | |||
Net Assets | $ | 1,099,102 | ||
Net Assets by Class: | ||||
Class A | $ | 268,554 | ||
Class B | 287,942 | |||
Class C | 487,532 | |||
Class C2 | 34,256 | |||
Class M | 20,818 | |||
Shares Outstanding: | ||||
Class A | 25,081 | |||
Class B | 26,962 | |||
Class C | 45,646 | |||
Class C2 | 3,208 | |||
Class M | 1,949 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 10.71 | ||
Class B | 10.68 | |||
Class C | 10.68 | |||
Class C2 | 10.68 | |||
Class M | 10.68 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 11.33 | ||
Class M | 10.79 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands) (unaudited)
Investment Income: | |||
Interest | $ | 5 | |
Dividends from affiliated mutual funds | 5,984 | ||
5,989 | |||
Expenses: | |||
Management and advisory fees | 439 | ||
Transfer agent fees | 300 | ||
Printing and shareholder reports | 91 | ||
Custody fees | 19 | ||
Administration fees | 56 | ||
Legal fees | 7 | ||
Auditing and accounting fees | 7 | ||
Trustees fees | 9 | ||
Registration fees | 46 | ||
Other | 8 | ||
Distribution and service fees: | |||
Class A | – | ||
Class B | 800 | ||
Class C | 1,216 | ||
Class C2 | 108 | ||
Class M | 55 | ||
Total expenses before recovery of waived expenses | 3,161 | ||
Recovered expenses | 79 | ||
Total expenses | 3,240 | ||
Net Investment Income (Loss) | 2,749 | ||
Net Increase (Decrease) in Unrealized | 35,161 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 37,910 | |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Growth Portfolio 2
TA IDEX Asset Allocation–Moderate Growth Portfolio
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 2,749 | $ | (95 | ) | |||
Net realized gain (loss) from investment in affiliated mutual funds | – | 26 | ||||||
Net unrealized appreciation (depreciation) on investment in affiliated mutual funds | 35,161 | 60,689 | ||||||
37,910 | 60,620 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (1,243 | ) | (161 | ) | ||||
Class B | (453 | ) | (6 | ) | ||||
Class C | (639 | ) | (1 | ) | ||||
Class C2 | (66 | ) | (3 | ) | ||||
Class M | (55 | ) | (15 | ) | ||||
(2,456 | ) | (186 | ) | |||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 141,468 | 113,138 | ||||||
Class B | 98,756 | 147,200 | ||||||
Class C | 253,693 | 227,401 | ||||||
Class C2 | 6,028 | 14,858 | ||||||
Class M | 3,465 | 6,649 | ||||||
503,410 | 509,246 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 1,112 | 148 | ||||||
Class B | 375 | 6 | ||||||
Class C | 455 | 1 | ||||||
Class C2 | 49 | 2 | ||||||
Class M | 51 | 14 | ||||||
2,042 | 171 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (17,703 | ) | (9,689 | ) | ||||
Class B | (13,107 | ) | (11,490 | ) | ||||
Class C | (19,565 | ) | (7,570 | ) | ||||
Class C2 | (3,283 | ) | (7,390 | ) | ||||
Class M | (1,737 | ) | (4,373 | ) | ||||
(55,395 | ) | (40,512 | ) | |||||
450,057 | 468,905 | |||||||
Net increase (decrease) in net assets | 485,511 | 529,339 | ||||||
Net Assets: | ||||||||
Beginning of period | 613,591 | 84,252 | ||||||
End of period | $ | 1,099,102 | $ | 613,591 | ||||
Undistributed Net Investment Income (Loss) | $ | 293 | $ | – | ||||
April 30, (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 13,173 | 12,021 | ||||
Class B | 9,246 | 16,189 | ||||
Class C | 23,717 | 24,504 | ||||
Class C2 | 566 | 1,666 | ||||
Class M | 326 | 745 | ||||
47,028 | 55,125 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | 107 | 17 | ||||
Class B | 36 | 1 | ||||
Class C | 44 | – | ||||
Class C2 | 5 | – | ||||
Class M | 5 | 2 | ||||
197 | 20 | |||||
Shares redeemed: | ||||||
Class A | (1,649 | ) | (1,058 | ) | ||
Class B | (1,220 | ) | (1,280 | ) | ||
Class C | (1,814 | ) | (805 | ) | ||
Class C2 | (305 | ) | (851 | ) | ||
Class M | (161 | ) | (481 | ) | ||
(5,149 | ) | (4,475 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 11,631 | 10,980 | ||||
Class B | 8,062 | 14,910 | ||||
Class C | 21,947 | 23,699 | ||||
Class C2 | 266 | 815 | ||||
Class M | 170 | 266 | ||||
42,076 | 50,670 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Growth Portfolio 3
TA IDEX Asset Allocation–Moderate Growth Portfolio
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 10.13 | $ | 0.06 | $ | 0.60 | $ | 0.66 | $ | (0.08 | ) | $ | – | $ | (0.08 | ) | $ | 10.71 | ||||||||||||
10/31/2003 | 8.37 | 0.04 | 1.77 | 1.81 | (0.05 | ) | – | (0.05 | ) | 10.13 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.02 | (1.65 | ) | (1.63 | ) | – | – | – | 8.37 | |||||||||||||||||||||
Class B | 04/30/2004 | 10.09 | 0.03 | 0.58 | 0.61 | (0.02 | ) | – | (0.02 | ) | 10.68 | ||||||||||||||||||||
10/31/2003 | 8.33 | (0.02 | ) | 1.78 | 1.76 | – | – | – | 10.09 | ||||||||||||||||||||||
10/31/2002 | 10.00 | (0.01 | ) | (1.66 | ) | (1.67 | ) | – | – | – | 8.33 | ||||||||||||||||||||
Class C | 04/30/2004 | 10.09 | 0.03 | 0.58 | 0.61 | (0.02 | ) | – | (0.02 | ) | 10.68 | ||||||||||||||||||||
10/31/2003 | 8.31 | (0.02 | ) | 1.80 | 1.78 | – | – | – | 10.09 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 10.09 | 0.03 | 0.58 | 0.61 | (0.02 | ) | – | (0.02 | ) | 10.68 | ||||||||||||||||||||
10/31/2003 | 8.33 | (0.02 | ) | 1.78 | 1.76 | – | – | – | 10.09 | ||||||||||||||||||||||
10/31/2002 | 10.00 | (0.01 | ) | (1.66 | ) | (1.67 | ) | – | – | – | 8.33 | ||||||||||||||||||||
Class M | 04/30/2004 | 10.09 | 0.03 | 0.59 | 0.62 | (0.03 | ) | – | (0.03 | ) | 10.68 | ||||||||||||||||||||
10/31/2003 | 8.34 | (0.01 | ) | 1.77 | 1.76 | (0.01 | ) | – | (0.01 | ) | 10.09 | ||||||||||||||||||||
10/31/2002 | 10.00 | (0.01 | ) | (1.65 | ) | (1.66 | ) | – | – | – | 8.34 |
For the | Total | Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 6.50 | % | $ | 268,554 | 0.22 | % | 0.24 | % | 1.12 | % | – | % | |||||||
10/31/2003 | 21.79 | 136,295 | 0.44 | 0.44 | 0.48 | 15 | ||||||||||||||
10/31/2002 | (16.30 | ) | 20,681 | 0.45 | 0.90 | 0.41 | 21 | |||||||||||||
Class B | 04/30/2004 | 6.06 | 287,942 | 0.87 | 0.89 | 0.47 | – | |||||||||||||
10/31/2003 | 21.15 | 190,621 | 1.09 | 1.09 | (0.17 | ) | 15 | |||||||||||||
10/31/2002 | (16.70 | ) | 33,241 | 1.10 | 1.55 | (0.24 | ) | 21 | ||||||||||||
Class C | 04/30/2004 | 6.06 | 487,532 | 0.87 | 0.89 | 0.47 | – | |||||||||||||
10/31/2003 | 21.44 | 239,043 | 1.09 | 1.09 | (0.17 | ) | 15 | |||||||||||||
Class C2 | 04/30/2004 | 6.06 | 34,256 | 0.87 | 0.89 | 0.47 | – | |||||||||||||
10/31/2003 | 21.15 | 29,672 | 1.09 | 1.09 | (0.17 | ) | 15 | |||||||||||||
10/31/2002 | (16.70 | ) | 17,719 | 1.10 | 1.55 | (0.24 | ) | 21 | ||||||||||||
Class M | 04/30/2004 | 6.15 | 20,818 | 0.77 | 0.79 | 0.57 | – | |||||||||||||
10/31/2003 | 21.12 | 17,960 | 0.99 | 0.99 | (0.07 | ) | 15 | |||||||||||||
10/31/2002 | (16.60 | ) | 12,611 | 1.00 | 1.45 | (0.14 | ) | 21 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and excludes the recovery of waived expenses (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Asset Allocation – Moderate Growth Portfolio (“the Fund”) commenced operations on March 1, 2002. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Growth Portfolio 4
TA IDEX Asset Allocation–Moderate Growth Portfolio
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Asset Allocation–Moderate Growth Portfolio (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.
On March 1, 2004, the Fund changed its name from IDEX Asset Allocation–Moderate Growth Portfolio to TA IDEX Asset Allocation–Moderate Growth Portfolio.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: The Fund’s investments are valued at the net asset values of the underlying portfolios of Transamerica IDEX Mutual Funds. The net asset values of the underlying portfolios are determined at the close of the New York Stock Exchange (generally 4:00 p.m. eastern time) on the valuation date.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Growth Portfolio 5
TA IDEX Asset Allocation–Moderate Growth Portfolio
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
ATFA has entered into an agreement with Morningstar Associates, LLC to provide investment services to the Fund. ATFA compensates Morningstar Associates, LLC as described in the Prospectus.
Transamerica Investment Management, LLC and Great Companies, LLC are affiliates of the Fund and are sub-advisers to other funds within Transamerica IDEX Mutual Funds.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.10% of ANA
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
0.45% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Expenses Recovered by Adviser | Increase in Expenses to Average Net Assets | |||
Recovered in 2004 | 79 | 0.02% |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | N/A | |
Class B | 0.65% | |
Class C | 0.65% | |
Class C2 | 0.65% | |
Class M | 0.55% |
In addition, the underlying Funds’ Class A shares in which the Fund invests impose a 0.35% 12b-1 fee. To avoid duplication of 12b-1 fees, each class of fund shares of the Fund has reduced the 12b-1 fees by the amount of the underlying funds’ Class A 12b-1 fees.
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 4,356 | |
Retained by Underwriter | 670 | ||
Contingent Deferred Sales Charges | 413 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $56 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $300 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amount was $11. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Growth Portfolio 6
TA IDEX Asset Allocation–Moderate Growth Portfolio
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 453,378 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | – | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, and capital loss carryforwards.
The capital loss carryforward is available to offset future realized capital gains through the period listed:
Capital Loss Carryforward | Available through | |
$978 | October 31, 2010 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 1,000,530 | ||
Unrealized Appreciation | $ | 91,282 | ||
Unrealized (Depreciation) | (1,148 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 90,134 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C shares.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Asset Allocation–Moderate Growth Portfolio 7
TA IDEX Clarion Real Estate Securities
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
COMMON STOCKS (97.5%) | |||||
Apartments (16.0%) | |||||
Archstone-Smith Trust | 158,700 | $ | 4,353 | ||
Avalonbay Communities, Inc. | 42,500 | 2,109 | |||
Camden Property Trust | 110,960 | 4,696 | |||
Gables Residential Trust | 44,400 | 1,412 | |||
Home Properties of New York, Inc. | 56,500 | 2,110 | |||
United Dominion Realty Trust, Inc. | 122,900 | 2,206 | |||
Diversified (4.9%) | |||||
Keystone Property Trust | 72,200 | 1,469 | |||
Liberty Property Trust | 102,249 | 3,736 | |||
Health Care (3.3%) | |||||
Health Care REIT, Inc. (b) | 79,190 | 2,529 | |||
Omega Healthcare Investors, Inc. | 107,500 | 994 | |||
Hotels (4.2%) | |||||
Host Marriott Corporation (a)(b) | 268,800 | 3,199 | |||
LaSalle Hotel Properties | 58,700 | 1,291 | |||
Hotels & Other Lodging Places (6.6%) | |||||
Hilton Hotels Corporation | 83,800 | 1,466 | |||
Starwood Hotels & Resorts Worldwide, Inc. | 137,200 | 5,459 | |||
Office Property (28.4%) | |||||
Arden Realty, Inc. | 129,750 | 3,661 | |||
Boston Properties, Inc. (b) | 103,400 | 4,860 | |||
Brandywine Realty Trust | 81,000 | 2,053 | |||
Corporate Office Properties Trust | 98,900 | 2,013 | |||
Mack-Cali Realty Corporation | 105,450 | 3,939 | |||
Maguire Properties, Inc. | 142,400 | 3,245 | |||
Prentiss Properties Trust | 131,260 | 4,206 | |||
SL Green Realty Corp. | 53,300 | 2,175 | |||
Trizec Properties, Inc. | 261,400 | 3,742 | |||
Regional Mall (20.5%) | |||||
CBL & Associates Properties, Inc. | 37,280 | 1,873 | |||
Chelsea Property Group, Inc. | 41,000 | 2,091 | |||
General Growth Properties, Inc. | 158,300 | 4,292 | |||
Macerich Company (The) | 98,500 | 4,124 | |||
Mills Corporation (The) | 100,400 | 4,076 | |||
Simon Property Group, Inc. (b) | 108,600 | 5,236 | |||
Shopping Center (8.3%) | |||||
Acadia Realty Trust | 90,600 | 1,138 | |||
Developers Diversified Realty Corporation | 98,100 | 3,213 | |||
New Plan Realty Trust, Inc. | 32,400 | 727 | |||
Regency Centers Corporation | 96,300 | 3,651 | |||
Storage (0.6%) | |||||
Shurgard Storage Centers, Inc. | 20,600 | 686 | |||
Warehouse (4.7%) | |||||
Catellus Development Corporation | 59,903 | 1,291 | |||
ProLogis | 124,100 | 3,651 | |||
Total Common Stocks (cost: $105,986) | 102,972 | ||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (5.3%) | ||||||
Debt (3.0)% | ||||||
Bank Notes (0.5%) | ||||||
Canadian Imperial Bank of Commerce | $ | 280 | $ | 280 | ||
Fleet National Bank | 280 | 280 | ||||
Euro Dollar Overnight (0.3%) | ||||||
Credit Agricole Indosuez | 168 | 168 | ||||
Royal Bank of Scotland Group PLC (The) | 101 | 101 | ||||
Euro Dollar Terms (0.7%) | ||||||
Bank of Montreal | 33 | 33 | ||||
BNP Paribas SA | 168 | 168 | ||||
1.08%, due 07/29/2004 | 168 | 168 | ||||
Den Danske Bank | 112 | 112 | ||||
Royal Bank of Scotland Group PLC (The) | 112 | 112 | ||||
Wells Fargo & Company | 168 | 168 | ||||
Promissory Notes (0.4%) | ||||||
Goldman Sachs Group, Inc. (The) | 391 | 391 | ||||
Repurchase Agreements (1.1%) (c) | ||||||
Merrill Lynch & Co., Inc. | 1,119 | 1,119 | ||||
Shares | Value | |||||
Investment Companies (2.3%) | ||||||
Money Market Funds (2.3%) | ||||||
American AAdvantage Select Fund | 335,742 | $ | 336 | |||
Barclays Institutional Money Market Fund | 783,397 | 783 | ||||
Merrill Lynch Premier Institutional Fund | 303,234 | 303 | ||||
Merrimac Cash Series Fund– | 1,119,138 | 1,119 | ||||
Total Security Lending Collateral (cost: $5,641) | 5,641 | |||||
Total Investment Securities (cost: $111,627) | $ | 108,613 | ||||
SUMMARY: | ||||||
Investments, at value | 102.8% | $ | 108,613 | |||
Liabilities in excess of other assets | (2.8)% | (2,925) | ||||
Net assets | 100.0% | $ | 105,688 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $5,351. |
(c) | Cash collateral for the Repurchase Agreements, valued at $1,142, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Clarion Real Estate Securities 1
TA IDEX Clarion Real Estate Securities
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $111,627) (including securities loaned of $5,351) | $ | 108,613 | ||
Cash | 2,918 | |||
Receivables: | ||||
Investment securities sold | 60 | |||
Shares of beneficial interest sold | 39 | |||
Interest | 1 | |||
Dividends | 358 | |||
Other | 7 | |||
111,996 | ||||
Liabilities: | ||||
Investment securities purchased | 458 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 48 | |||
Management and advisory fees | 73 | |||
Distribution fees | 35 | |||
Transfer agent fees | 2 | |||
Payable for collateral for securities on loan | 5,641 | |||
Other | 51 | |||
6,308 | ||||
Net Assets | $ | 105,688 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 104,515 | ||
Undistributed net investment income (loss) | 250 | |||
Undistributed net realized gain (loss) from | 3,937 | |||
Net unrealized appreciation (depreciation) on investment securities | (3,014 | ) | ||
Net Assets | $ | 105,688 | ||
Net Assets by Class: | ||||
Class A | $ | 99,917 | ||
Class B | 2,336 | |||
Class C | 2,844 | |||
Class C2 | 246 | |||
Class M | 345 | |||
Shares Outstanding: | ||||
Class A | 8,374 | |||
Class B | 196 | |||
Class C | 240 | |||
Class C2 | 21 | |||
Class M | 28 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 11.93 | ||
Class B | 11.90 | |||
Class C | 11.90 | |||
Class C2 | 11.90 | |||
Class M | 11.92 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 12.62 | ||
Class M | 12.04 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 4 | ||
Dividends | 2,293 | |||
Income from loaned securities–net | 3 | |||
2,300 | ||||
Expenses: | ||||
Management and advisory fees | 352 | |||
Transfer agent fees | 4 | |||
Custody fees | 7 | |||
Administration fees | 11 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 1 | |||
Registration fees | 41 | |||
Other | 3 | |||
Distribution and service fees: | ||||
Class A | 144 | |||
Class B | 12 | |||
Class C | 14 | |||
Class C2 | 1 | |||
Class M | 2 | |||
Total expenses | 598 | |||
Net Investment Income (Loss) | 1,702 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 3,963 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | (6,312 | ) | ||
Net Gain (Loss) on Investment Securities | (2,349 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (647 | ) | |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Clarion Real Estate Securities 2
TA IDEX Clarion Real Estate Securities
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 (a) | |||||
Increase (Decrease) In Net Assets From: | ||||||
Operations: | ||||||
Net investment income (loss) | $ | 1,702 | $ | 1,172 | ||
Net realized gain (loss) from investment securities | 3,963 | 3,100 | ||||
Net unrealized appreciation (depreciation) on investment securities | (6,312) | 3,298 | ||||
(647) | 7,570 | |||||
Distributions to Shareholders: | ||||||
From net investment income: | ||||||
Class A | (1,913) | (583) | ||||
Class B | (47) | (13) | ||||
Class C | (56) | (14) | ||||
Class C2 | (5) | (2) | ||||
Class M | (7) | (2) | ||||
(2,028) | (614) | |||||
From net realized gains: | ||||||
Class A | (2,914) | – | ||||
Class B | (87) | – | ||||
Class C | (102) | – | ||||
Class C2 | (10) | – | ||||
Class M | (13) | – | ||||
(3,126) | – | |||||
Capital Share Transactions: | ||||||
Proceeds from shares sold: | ||||||
Class A | 37,320 | 57,510 | ||||
Class B | 1,185 | 1,793 | ||||
Class C | 1,466 | 1,816 | ||||
Class C2 | 100 | 200 | ||||
Class M | 104 | 215 | ||||
40,175 | 61,534 | |||||
Dividends and distributions reinvested: | ||||||
Class A | 4,821 | 582 | ||||
Class B | 106 | 11 | ||||
Class C | 120 | 11 | ||||
Class C2 | 15 | 2 | ||||
Class M | 14 | 1 | ||||
5,076 | 607 | |||||
Cost of shares redeemed: | ||||||
Class A | (793) | (610) | ||||
Class B | (639) | (139) | ||||
Class C | (521) | (54) | ||||
Class C2 | (83) | (6) | ||||
Class M | (9) | (5) | ||||
(2,045) | (814) | |||||
43,206 | 61,327 | |||||
Net increase (decrease) in net assets | 37,405 | 68,283 | ||||
Net Assets: | ||||||
Beginning of period | 68,283 | – | ||||
End of period | $ | 105,688 | $ | 68,283 | ||
Undistributed Net Investment Income (Loss) | $ | 250 | $ | 576 | ||
April 30, 2004 (unaudited) | October 31, 2003 (a) | |||
Share Activity: | ||||
Shares issued: | ||||
Class A | 2,819 | 5,238 | ||
Class B | 91 | 159 | ||
Class C | 114 | 160 | ||
Class C2 | 8 | 19 | ||
Class M | 8 | 20 | ||
3,040 | 5,596 | |||
Shares issued–reinvested from distributions: | ||||
Class A | 386 | 49 | ||
Class B | 8 | 1 | ||
Class C | 10 | 1 | ||
Class C2 | 1 | – | ||
Class M | 1 | – | ||
406 | 51 | |||
Shares redeemed: | ||||
Class A | (63) | (55) | ||
Class B | (51) | (12) | ||
Class C | (41) | (4) | ||
Class C2 | (7) | – | ||
Class M | (1) | – | ||
(163) | (71) | |||
Net increase (decrease) in shares outstanding: | ||||
Class A | 3,142 | 5,232 | ||
Class B | 48 | 148 | ||
Class C | 83 | 157 | ||
Class C2 | 2 | 19 | ||
Class M | 8 | 20 | ||
3,283 | 5,576 | |||
(a) Commenced operations March 1, 2003.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Clarion Real Estate Securities 3
TA IDEX Clarion Real Estate Securities
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 12.25 | $ | 0.27 | $ | 0.26 | $ | 0.53 | $ | (0.31 | ) | $ | (0.54 | ) | $ | (0.85 | ) | $ | 11.93 | |||||||||
10/31/2003 | 10.00 | 0.43 | 1.95 | 2.38 | (0.13 | ) | – | (0.13 | ) | 12.25 | |||||||||||||||||||
Class B | 04/30/2004 | 12.22 | 0.22 | 0.27 | 0.49 | (0.27 | ) | (0.54 | ) | (0.81 | ) | 11.90 | |||||||||||||||||
10/31/2003 | 10.00 | 0.38 | 1.95 | 2.33 | (0.11 | ) | – | (0.11 | ) | 12.22 | |||||||||||||||||||
Class C | 04/30/2004 | 12.22 | 0.21 | 0.28 | 0.49 | (0.27 | ) | (0.54 | ) | (0.81 | ) | 11.90 | |||||||||||||||||
10/31/2003 | 10.00 | 0.38 | 1.95 | 2.33 | (0.11 | ) | – | (0.11 | ) | 12.22 | |||||||||||||||||||
Class C2 | 04/30/2004 | 12.22 | 0.21 | 0.28 | 0.49 | (0.27 | ) | (0.54 | ) | (0.81 | ) | 11.90 | |||||||||||||||||
10/31/2003 | 10.00 | 0.37 | 1.96 | 2.33 | (0.11 | ) | – | (0.11 | ) | 12.22 | |||||||||||||||||||
Class M | 04/30/2004 | 12.22 | 0.22 | 0.30 | 0.52 | (0.28 | ) | (0.54 | ) | (0.82 | ) | 11.92 | |||||||||||||||||
10/31/2003 | 10.00 | 0.38 | 1.95 | 2.33 | (0.11 | ) | – | (0.11 | ) | 12.22 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 4.12 | % | $ | 99,917 | 1.32 | % | 1.32 | % | 3.93 | % | 49 | % | |||||||
10/31/2003 | 23.80 | 64,090 | 1.75 | 1.76 | 5.55 | 95 | ||||||||||||||
Class B | 04/30/2004 | 3.81 | 2,336 | 1.97 | 1.97 | 3.28 | 49 | |||||||||||||
10/31/2003 | 23.33 | 1,804 | 2.40 | 2.41 | 4.91 | 95 | ||||||||||||||
Class C | 04/30/2004 | 3.81 | 2,844 | 1.97 | 1.97 | 3.28 | 49 | |||||||||||||
10/31/2003 | 23.33 | 1,913 | 2.40 | 2.41 | 4.91 | 95 | ||||||||||||||
Class C2 | 04/30/2004 | 3.81 | 246 | 1.97 | 1.97 | 3.28 | 49 | |||||||||||||
10/31/2003 | 23.33 | 226 | 2.39 | 2.40 | 4.91 | 95 | ||||||||||||||
Class M | 04/30/2004 | 4.02 | 345 | 1.87 | 1.87 | 3.38 | 49 | |||||||||||||
10/31/2003 | 23.36 | 250 | 2.30 | 2.31 | 5.01 | 95 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets shows the net expense ratio, which is total expenses less reimbursement by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets does not take into account reimbursements by the investment adviser or affiliated brokerage and custody earnings credits, if any. |
(g) | TA IDEX Clarion Real Estate Securities commenced operations on March 1, 2003. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Clarion Real Estate Securities 4
TA IDEX Clarion Real Estate Securities
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Clarion Real Estate Securities (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2003.
On March 1, 2004, the Fund changed its name from IDEX Clarion Real Estate Securities to TA IDEX Clarion Real Estate Securities.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $31 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Clarion Real Estate Securities 5
TA IDEX Clarion Real Estate Securities
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Real Estate Investment Trusts (“REITs”): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Since the Fund invests primarily in real estate securities, the value of its shares may fluctuate more widely than the value of shares of a fund that invests in a broad range of industries.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 18,778 | 18% | ||
TA IDEX Asset Allocation - Growth Portfolio | 7,698 | 7% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 29,738 | 28% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 41,215 | 39% | |||
Total | $ | 97,429 | 92% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $250 million of ANA
0.775% of the next $250 million of ANA
0.70% of the next $500 million of ANA
0.65% of ANA over $1 billion
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Clarion Real Estate Securities 6
TA IDEX Clarion Real Estate Securities
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 17 | |
Retained by Underwriter | 3 | ||
Contingent Deferred Sales Charges | 10 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $11 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $4 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amount was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 82,462 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 42,309 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 111,331 | ||
Unrealized Appreciation | $ | 2,802 | ||
Unrealized (Depreciation) | (5,520 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | (2,718 | ) | |
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Clarion Real Estate Securities 7
TA IDEX Federated Tax Exempt
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
LONG-TERM MUNICIPAL BONDS (98.5%) | ||||||
Alabama (1.5%) | ||||||
Alabama Water Pollution Control, | $ | 500 | $ | 527 | ||
Arkansas (1.5%) | ||||||
Jefferson County Hospital Association, | 500 | 525 | ||||
California (3.5%) | ||||||
California Health Facilities Financing Authority, Revenue Bonds, Series I (b) | 145 | 146 | ||||
California State, General Obligation Bonds | 500 | 526 | ||||
Torrance Memorial Medical Center, | 500 | 530 | ||||
Colorado (1.6%) | ||||||
Colorado Department of Transportation, | 500 | 565 | ||||
District of Columbia (1.6%) | ||||||
District of Columbia Water and Sewer Authority, Revenue Bonds | 500 | 557 | ||||
Illinois (9.3%) | ||||||
Illinois Development Finance Authority, | 500 | 526 | ||||
Illinois Educational Facilities Authority, | 500 | 488 | ||||
Illinois State Partnership, Department of Central Management, Public Improvements, | 1,000 | 1,083 | ||||
McHenry County Community School District, General Obligation Bonds, Series A | 1,000 | 1,093 | ||||
Indiana (5.6%) | ||||||
Indiana Health Facilities Financing Authority, Revenue Bonds | 300 | 302 | ||||
Indiana State Development Finance Authority, Revenue Bonds (b) | 500 | 537 | ||||
Indianapolis Gas Utility, Revenue Bonds, Series A 5.25%, due 08/15/2012 | 1,000 | 1,076 | ||||
Iowa (2.3%) | ||||||
Iowa State Certificate of Participation, | 775 | 781 |
Principal | Value | |||||
Louisiana (1.5%) | �� | |||||
Sabine River Authority, Water Facilities, | $ | 500 | $ | 532 | ||
Massachusetts (1.5%) | ||||||
Massachusetts State Development Finance Agency, Revenue Bonds | 500 | 529 | ||||
Michigan (6.1%) | ||||||
Cornell Michigan, Economic Development, | 500 | 519 | ||||
Michigan Municipal Bond Authority, | 500 | 567 | ||||
Michigan State Strategic Fund Limited Obligation, Revenue Bonds | 1,000 | 1,018 | ||||
Minnesota (1.5%) | ||||||
Minneapolis & St. Paul Minnesota Housing & Redevelopment Authority, Revenue Bonds | 500 | 524 | ||||
Mississippi (1.7%) | ||||||
Lowndes County Solid Waste Disposal & Pollution Control, Revenue Bonds (b) | 500 | 569 | ||||
Nevada (2.8%) | ||||||
Clark County Industrial Development, | 400 | 422 | ||||
Clark County School District, School Improvements, General Obligation Bonds, Series F | 500 | 531 | ||||
New Hampshire (0.4%) | ||||||
New Hampshire State Housing Authority, Single-Family Mortgage, Revenue Bonds, Series C | 140 | 145 | ||||
New Jersey (0.6%) | ||||||
New Jersey Economic Development Authority, Revenue Bonds, Series A | 200 | 195 | ||||
New Mexico (0.7%) | ||||||
New Mexico Mortgage and Finance Authority, Revenue Bonds | 240 | 250 | ||||
New York (15.2%) | ||||||
Dormitory Authority of the State of New York, Revenue Bonds, Series A | 500 | 496 | ||||
Hempstead Town, New York Industrial Development Agency, Revenue Bonds | 500 | 476 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 1
TA IDEX Federated Tax Exempt
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
New York (continued) | ||||||
New York City Industrial Development Agency, Revenue Bonds | $ | 250 | $ | 269 | ||
5.13%, due 12/30/2023 | 500 | 476 | ||||
New York City Transitional Finance Authority, Revenue Bonds | 640 | 688 | ||||
5.50%, due 02/15/2019 | 360 | 406 | ||||
New York City, General Obligation Bonds | 500 | 503 | ||||
New York State Mortgage Agency, | 500 | 527 | ||||
Niagara County Industrial Development Agency, Revenue Bonds, Series D (b) | 500 | 524 | ||||
United Nations Development Corporation, Revenue Bonds, Series A | 250 | 252 | ||||
Warwick Valley Central School District, School Improvements, General Obligation Bonds | 570 | 618 | ||||
North Carolina (2.9%) | ||||||
North Carolina Housing and Finance Agency Authority, Revenue Bonds | 445 | 452 | ||||
North Carolina Municipal Power Agency, | 500 | 532 | ||||
North Dakota (1.0%) | ||||||
North Dakota State Housing and Finance Authority, Revenue Bonds, Series C | 320 | 333 | ||||
Ohio (6.2%) | ||||||
Ohio State Air Quality Development Authority, Revenue Bonds | 500 | 514 | ||||
Ohio State, General Obligation Bonds, Series A 5.38%, due 09/15/2017 | 500 | 538 | ||||
Ohio State, Highway Improvement, | 500 | 532 | ||||
Steubenville Hospital Improvement Facilities, Revenue Bonds | 500 | 531 | ||||
Oregon (1.5%) | ||||||
Clackamas County Hospital Facilities, | 500 | 513 | ||||
Pennsylvania (4.0%) | ||||||
Pennsylvania State Facilities Authority, | 500 | 529 |
Principal | Value | |||||
Pennsylvania (continued) | ||||||
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds | $ | 350 | $ | 342 | ||
Sayre, Pennsylvania Health Care Facilities, | 500 | 520 | ||||
Rhode Island (4.7%) | ||||||
Providence Public Building Authority, | 500 | 556 | ||||
Rhode Island Clean Water Financing Agency, Revenue Bonds | 1,000 | 1,060 | ||||
South Dakota (1.5%) | ||||||
South Dakota Housing Development Agency, Revenue Bonds, Series C | 500 | 515 | ||||
Tennessee (3.8%) | ||||||
Memphis-Shelby County, Tennessee Airport, Revenue Bonds | 500 | 528 | ||||
Sullivan County Health & Educational Housing Facilities Board Review, Revenue Bonds | 250 | 262 | ||||
Tennessee Housing Development Agency, | 495 | 517 | ||||
Texas (3.6%) | ||||||
Houston Port Authority, Harris County, | 500 | 528 | ||||
Kingsbridge Municipal Utility District, | 500 | 531 | ||||
Sabine River Authority of Texas, | 165 | 167 | ||||
Virginia (1.6%) | ||||||
Virginia Commonwealth Transportation Board, Revenue Bonds, Series B | 500 | 535 | ||||
Washington (3.2%) | ||||||
Northwest Washington Electric, | 500 | 548 | ||||
University of Washington, Student Facilities Improvements, Revenue Bonds | 500 | 561 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 2
TA IDEX Federated Tax Exempt
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Wisconsin (2.3%) | ||||||
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds | $ | 250 | $ | 262 | ||
5.75%, due 08/15/2025 | 500 | 520 | ||||
Wyoming (3.3%) | ||||||
Wyoming State Farm Loan Board, Capital Facilities, Revenue Bonds | 1,000 | 1,133 | ||||
Total Long-Term Municipal Bonds (cost: $32,357) | 33,857 | |||||
Principal | Value | |||||
SHORT-TERM MUNICIPAL BONDS (0.3%) | ||||||
Indiana Health Facilities Financing Authority, Revenue Bonds (b) | $ | 100 | $ | 100 | ||
Total Short-Term Municipal Bonds (cost: $100) | 100 | |||||
Total Investment Securities (cost: $32,457) | $ | 33,957 | ||||
SUMMARY: | ||||||
Investments, at value | 98.8% | $ | 33,957 | |||
Other assets in excess of liabilities | 1.2% | 422 | ||||
Net assets | 100.0% | $ | 34,379 | |||
FUTURES CONTRACTS | ||||||||||||
Contracts | Settlement Date | Amount | Net Unrealized Appreciation (Depreciation) | |||||||||
10-Year U.S. Treasury Note | (40 | ) | 06/30/2004 | $ | (4,485 | ) | $ | 65 |
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | At April 30, 2004, all or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at April 30, 2004, is $ 113. |
(b) | Floating or variable rate note. Rate is listed as of April 30, 2004. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 3
TA IDEX Federated Tax Exempt
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $32,457) | $ | 33,957 | ||
Cash | 32 | |||
Receivables: | ||||
Investment securities sold | 41 | |||
Interest | 483 | |||
Other | 5 | |||
34,518 | ||||
Liabilities: | ||||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 32 | |||
Management and advisory fees | 13 | |||
Distribution fees | 18 | |||
Transfer agent fees | 26 | |||
Dividends to shareholders | 1 | |||
Variation margin | 13 | |||
Other | 36 | |||
139 | ||||
Net Assets | $ | 34,379 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares | $ | 33,443 | ||
Undistributed net investment income (loss) | 47 | |||
Accumulated net realized gain (loss) from | ||||
investment securities | (675 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 1,499 | |||
Futures contracts | 65 | |||
Net Assets | $ | 34,379 | ||
Net Assets by Class: | ||||
Class A | $ | 18,217 | ||
Class B | 8,339 | |||
Class C | 2,537 | |||
Class C2 | 3,663 | |||
Class M | 1,623 | |||
Shares Outstanding: | ||||
Class A | 1,567 | |||
Class B | 718 | |||
Class C | 219 | |||
Class C2 | 315 | |||
Class M | 140 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 11.63 | ||
Class B | 11.62 | |||
Class C | 11.62 | |||
Class C2 | 11.62 | |||
Class M | 11.62 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 12.21 | ||
Class M | 11.74 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 885 | ||
Expenses: | ||||
Management and advisory fees | 108 | |||
Transfer agent fees | 22 | |||
Printing and shareholder reports | 16 | |||
Custody fees | 4 | |||
Administration fees | 9 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 1 | |||
Registration fees | 25 | |||
Other | 22 | |||
Distribution and service fees: | ||||
Class A | 33 | |||
Class B | 47 | |||
Class C | 10 | |||
Class C2 | 20 | |||
Class M | 5 | |||
Total expenses | 330 | |||
Less: | ||||
Advisory fee waiver | (40 | ) | ||
Net expenses | 290 | |||
Net Investment Income (Loss) | 595 | |||
Net Realized Gain (Loss) from: | 239 | |||
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | (507 | ) | ||
Futures contracts | 65 | |||
(442 | ) | |||
Net Gain (Loss) on Investment Securities and Futures Contracts | (203 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 392 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 4
TA IDEX Federated Tax Exempt
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 595 | $ | 1,310 | ||||
Net realized gain (loss) from investment securities | 239 | 102 | ||||||
Net unrealized appreciation (depreciation) on investment securities and futures contracts | (442 | ) | 553 | |||||
392 | 1,965 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (347 | ) | (704 | ) | ||||
Class B | (142 | ) | (338 | ) | ||||
Class C | (30 | ) | (31 | ) | ||||
Class C2 | (63 | ) | (141 | ) | ||||
Class M | (30 | ) | (80 | ) | ||||
(612 | ) | (1,294 | ) | |||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 713 | 12,413 | ||||||
Class B | 327 | 2,696 | ||||||
Class C | 1,567 | 2,135 | ||||||
Class C2 | 622 | 1,764 | ||||||
Class M | 7 | 168 | ||||||
3,236 | 19,176 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 264 | 533 | ||||||
Class B | 89 | 225 | ||||||
Class C | 21 | 21 | ||||||
Class C2 | 27 | 73 | ||||||
Class M | 25 | 65 | ||||||
426 | 917 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (1,593 | ) | (14,819 | ) | ||||
Class B | (1,941 | ) | (5,234 | ) | ||||
Class C | (627 | ) | (533 | ) | ||||
Class C2 | (1,151 | ) | (2,980 | ) | ||||
Class M | (268 | ) | (1,294 | ) | ||||
(5,580 | ) | (24,860 | ) | |||||
(1,918 | ) | (4,767 | ) | |||||
Net increase (decrease) in net assets | (2,138 | ) | (4,096 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 36,517 | 40,613 | ||||||
End of period | $ | 34,379 | $ | 36,517 | ||||
Undistributed Net Investment Income (Loss) | $ | 47 | $ | 64 | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 60 | 1,067 | ||||
Class B | 28 | 231 | ||||
Class C | 131 | 183 | ||||
Class C2 | 52 | 152 | ||||
Class M | 1 | 14 | ||||
272 | 1,647 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 22 | 46 | ||||
Class B | 8 | 20 | ||||
Class C | 2 | 2 | ||||
Class C2 | 2 | 6 | ||||
Class M | 2 | 6 | ||||
36 | 80 | |||||
Shares redeemed: | ||||||
Class A | (134 | ) | (1,272 | ) | ||
Class B | (164 | ) | (448 | ) | ||
Class C | (53 | ) | (46 | ) | ||
Class C2 | (97 | ) | (256 | ) | ||
Class M | (23 | ) | (110 | ) | ||
(471 | ) | (2,132 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | (52 | ) | (159 | ) | ||
Class B | (128 | ) | (197 | ) | ||
Class C | 80 | 139 | ||||
Class C2 | (43 | ) | (98 | ) | ||
Class M | (20 | ) | (90 | ) | ||
(163 | ) | (405 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 5
TA IDEX Federated Tax Exempt
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
| Net Investment Income (Loss) | | Net Realized and Unrealized Gain (Loss) | | | Total Operations | | | From Net Investment Income | | | From Net Realized Gains | | | Total Distributions | | |||||||||||||||
Class A | 04/30/2004 | $ | 11.70 | $ | 0.21 | $ | (0.06 | ) | $ | 0.15 | $ | (0.22 | ) | $ | – | $ | (0.22 | ) | $ | 11.63 | |||||||||||
10/31/2003 | 11.51 | 0.41 | 0.19 | 0.60 | (0.41 | ) | – | (0.41 | ) | 11.70 | |||||||||||||||||||||
10/31/2002 | 11.44 | 0.38 | 0.14 | 0.52 | (0.45 | ) | – | (0.45 | ) | 11.51 | |||||||||||||||||||||
10/31/2001 | 10.91 | 0.40 | 0.56 | 0.96 | (0.43 | ) | – | (0.43 | ) | 11.44 | |||||||||||||||||||||
10/31/2000 | 10.60 | 0.44 | 0.42 | 0.86 | (0.44 | ) | (0.11 | ) | (0.55 | ) | 10.91 | ||||||||||||||||||||
10/31/1999 | 11.94 | 0.44 | (1.14 | ) | (0.70 | ) | (0.44 | ) | (0.20 | ) | (0.64 | ) | 10.60 | ||||||||||||||||||
Class B | 04/30/2004 | 11.69 | 0.17 | (0.06 | ) | 0.11 | (0.18 | ) | – | (0.18 | ) | 11.62 | |||||||||||||||||||
10/31/2003 | 11.51 | 0.34 | 0.17 | 0.51 | (0.33 | ) | – | (0.33 | ) | 11.69 | |||||||||||||||||||||
10/31/2002 | 11.44 | 0.30 | 0.11 | 0.41 | (0.34 | ) | – | (0.34 | ) | 11.51 | |||||||||||||||||||||
10/31/2001 | 10.90 | 0.34 | 0.56 | 0.90 | (0.36 | ) | – | (0.36 | ) | 11.44 | |||||||||||||||||||||
10/31/2000 | 10.59 | 0.37 | 0.42 | 0.79 | (0.37 | ) | (0.11 | ) | (0.48 | ) | 10.90 | ||||||||||||||||||||
10/31/1999 | 11.94 | 0.35 | (1.14 | ) | (0.79 | ) | (0.36 | ) | (0.20 | ) | (0.56 | ) | 10.59 | ||||||||||||||||||
Class C | 04/30/2004 | 11.69 | 0.19 | (0.08 | ) | 0.11 | (0.18 | ) | – | (0.18 | ) | 11.62 | |||||||||||||||||||
10/31/2003 | 11.59 | 0.33 | 0.10 | 0.43 | (0.33 | ) | – | (0.33 | ) | 11.69 | |||||||||||||||||||||
Class C2 | 04/30/2004 | 11.70 | 0.17 | (0.07 | ) | 0.10 | (0.18 | ) | – | (0.18 | ) | 11.62 | |||||||||||||||||||
10/31/2003 | 11.51 | 0.34 | 0.18 | 0.52 | (0.33 | ) | – | (0.33 | ) | 11.70 | |||||||||||||||||||||
10/31/2002 | 11.44 | 0.29 | 0.12 | 0.41 | (0.34 | ) | – | (0.34 | ) | 11.51 | |||||||||||||||||||||
10/31/2001 | 10.90 | 0.65 | 0.25 | 0.90 | (0.36 | ) | – | (0.36 | ) | 11.44 | |||||||||||||||||||||
10/31/2000 | 10.59 | 0.37 | 0.42 | 0.79 | (0.37 | ) | (0.11 | ) | (0.48 | ) | 10.90 | ||||||||||||||||||||
Class M | 04/30/2004 | 11.70 | 0.20 | (0.08 | ) | 0.12 | (0.20 | ) | – | (0.20 | ) | 11.62 | |||||||||||||||||||
10/31/2003 | 11.51 | 0.38 | 0.19 | 0.57 | (0.38 | ) | – | (0.38 | ) | 11.70 | |||||||||||||||||||||
10/31/2002 | 11.44 | 0.36 | 0.09 | 0.45 | (0.38 | ) | – | (0.38 | ) | 11.51 | |||||||||||||||||||||
10/31/2001 | 10.91 | 0.40 | 0.53 | 0.93 | (0.40 | ) | – | (0.40 | ) | 11.44 | |||||||||||||||||||||
10/31/2000 | 10.59 | 0.42 | 0.42 | 0.84 | (0.41 | ) | (0.11 | ) | (0.52 | ) | 10.91 | ||||||||||||||||||||
10/31/1999 | 11.94 | 0.39 | (1.14 | ) | (0.75 | ) | (0.40 | ) | (0.20 | ) | (0.60 | ) | 10.59 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 1.25 | % | $ | 18,217 | 1.35 | % | 1.55 | % | 3.63 | % | 13 | % | |||||||
10/31/2003 | 5.26 | 18,948 | 1.35 | 1.52 | 3.53 | 22 | ||||||||||||||
10/31/2002 | 4.26 | 20,469 | 1.35 | 1.46 | 3.63 | 55 | ||||||||||||||
10/31/2001 | 8.99 | 23,190 | 1.35 | 1.48 | 3.80 | 35 | ||||||||||||||
10/31/2000 | 8.38 | 16,999 | 1.35 | 1.68 | 4.14 | 67 | ||||||||||||||
10/31/1999 | (6.23 | ) | 20,996 | 1.35 | 1.50 | 3.83 | 36 | |||||||||||||
Class B | 04/30/2004 | 0.92 | 8,339 | 2.00 | 2.20 | 2.98 | 13 | |||||||||||||
10/31/2003 | 4.48 | 9,897 | 2.00 | 2.17 | 2.88 | 22 | ||||||||||||||
10/31/2002 | 3.63 | 12,019 | 2.00 | 2.11 | 2.98 | 55 | ||||||||||||||
10/31/2001 | 8.32 | 6,276 | 2.00 | 2.13 | 3.15 | 35 | ||||||||||||||
10/31/2000 | 7.72 | 1,728 | 2.00 | 2.33 | 3.49 | 67 | ||||||||||||||
10/31/1999 | (6.89 | ) | 1,253 | 2.00 | 2.15 | 3.18 | 36 | |||||||||||||
Class C | 04/30/2004 | 0.92 | 2,537 | 2.00 | 2.20 | 2.98 | 13 | |||||||||||||
10/31/2003 | 3.76 | 1,621 | 2.00 | 2.17 | 2.88 | 22 | ||||||||||||||
Class C2 | 04/30/2004 | 0.83 | 3,663 | 2.00 | 2.20 | 2.98 | 13 | |||||||||||||
10/31/2003 | 4.57 | 4,182 | 2.00 | 2.17 | 2.88 | 22 | ||||||||||||||
10/31/2002 | 3.63 | 5,247 | 2.00 | 2.11 | 2.98 | 55 | ||||||||||||||
10/31/2001 | 8.32 | 1,636 | 2.00 | 2.13 | 3.15 | 35 | ||||||||||||||
10/31/2000 | 7.72 | 195 | 2.00 | 2.33 | 3.49 | 67 | ||||||||||||||
Class M | 04/30/2004 | 1.04 | 1,623 | 1.60 | 1.80 | 3.38 | 13 | |||||||||||||
10/31/2003 | 5.00 | 1,869 | 1.60 | 1.77 | 3.28 | 22 | ||||||||||||||
10/31/2002 | 4.02 | 2,878 | 1.60 | 1.71 | 3.38 | 55 | ||||||||||||||
10/31/2001 | 8.73 | 2,413 | 1.60 | 1.73 | 3.55 | 35 | ||||||||||||||
10/31/2000 | 8.13 | 2,014 | 1.60 | 1.93 | 3.89 | 67 | ||||||||||||||
10/31/1999 | (6.56 | ) | 2,193 | 1.60 | 1.75 | 3.58 | 36 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 6
TA IDEX Federated Tax Exempt
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 7
TA IDEX Federated Tax Exempt
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Federated Tax Exempt (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on April 1, 1985.
On March 1, 2004, the Fund changed its name from IDEX Federated Tax Exempt to TA IDEX Federated Tax Exempt.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.
The underlying face amounts of open futures contracts at April 30, 2004, are listed in the Schedule of Investments. The variation margin payable is included in the accompanying Statements of Assets and Liabilities. Variation margin payable represents the additional payments due in order to maintain the equity account at the required margin level.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 8
TA IDEX Federated Tax Exempt
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.60% of ANA
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.00% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.60% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $17 | |
Retained by Underwriter | 3 | |
Contingent Deferred Sales Charges | 25 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $9 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $22 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 9
TA IDEX Federated Tax Exempt
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 4,395` | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 5,821 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales and capital loss carryforwards.
The capital loss carryforward is available to offset future realized capital gains through the period listed:
Capital Loss | Available through | |
$914 | October 31, 2008 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 32,457 | ||
Unrealized Appreciation | $ | 1,641 | ||
Unrealized (Depreciation) | (141 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 1,500 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Federated Tax Exempt 10
TA IDEX Great Companies–AmericaSM
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
COMMON STOCKS (94.3%) | |||||
Aerospace (6.5%) | |||||
United Technologies Corporation | 109,402 | $ | 9,437 | ||
Beverages (4.3%) | |||||
Coca-Cola Company (The) | 60,000 | 3,034 | |||
PepsiCo, Inc. | 57,600 | 3,139 | |||
Business Services (11.9%) | |||||
First Data Corporation | 232,200 | 10,540 | |||
Omnicom Group, Inc. | 83,900 | 6,671 | |||
Chemicals & Allied Products (9.5%) | |||||
Colgate-Palmolive Company | 122,600 | 7,096 | |||
Procter & Gamble Company (The) | 63,000 | 6,662 | |||
Commercial Banks (4.6%) | |||||
Citigroup Inc. | 136,800 | 6,578 | |||
Computer & Office Equipment (3.0%) | |||||
International Business Machines Corporation | 48,800 | 4,303 | |||
Electronic & Other Electric Equipment (7.0%) | |||||
General Electric Company | 335,100 | 10,036 | |||
Electronic Components & Accessories (4.3%) | |||||
Texas Instruments Incorporated | 245,801 | 6,169 | |||
Insurance (4.8%) | |||||
American International Group, Inc. | 97,100 | 6,957 |
Shares | Value | ||||
Insurance Agents, Brokers & Service (2.0%) | |||||
Marsh & McLennan Companies, Inc. | 64,900 | $ | 2,927 | ||
Medical Instruments & Supplies (4.3%) | |||||
Medtronic, Inc. | 123,200 | 6,216 | |||
Paper & Allied Products (7.1%) | |||||
3M Company | 118,600 | 10,257 | |||
Pharmaceuticals (16.4%) | |||||
Abbott Laboratories | 206,700 | 9,099 | |||
Johnson & Johnson | 57,800 | 3,123 | |||
Pfizer Inc. | 192,900 | 6,898 | |||
Wyeth | 115,500 | 4,397 | |||
Security & Commodity Brokers (8.6%) | |||||
Goldman Sachs Group, Inc. (The) | 27,000 | 2,606 | |||
Lehman Brothers Holdings Inc. | 79,100 | 5,806 | |||
Merrill Lynch & Co., Inc. | 74,600 | 4,046 | |||
Total Common Stocks (cost: $122,497) | 135,997 | ||||
Total Investment Securities (cost: $122,497) | $ | 135,997 | |||
SUMMARY: | |||||
Investments, at value | 94.3% | $ | 135,997 | ||
Other assets in excess of liabilities | 5.7% | 8,226 | |||
Net assets | 100.0% | $ | 144,223 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–AmericaSM 1
TA IDEX Great Companies–AmericaSM
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $122,497) | $ | 135,997 | ||
Cash | 8,413 | |||
Receivables: | ||||
Shares of beneficial interest sold | 375 | |||
Interest | 1 | |||
Dividends | 276 | |||
Other | 7 | |||
145,069 | ||||
Liabilities: | ||||
Shares of beneficial interest redeemed | 510 | |||
Accounts payable and accrued liabilities: | ||||
Management and advisory fees | 90 | |||
Distribution fees | 92 | |||
Transfer agent fees | 113 | |||
Other | 41 | |||
846 | ||||
Net Assets | $ | 144,223 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 154,342 | ||
Accumulated net investment income (loss) | (269 | ) | ||
Accumulated net realized gain (loss) from | ||||
investment securities | (23,349 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 13,499 | |||
Net Assets | $ | 144,223 | ||
Net Assets by Class: | ||||
Class A | $ | 51,594 | ||
Class B | 62,032 | |||
Class C | 6,787 | |||
Class C2 | 15,497 | |||
Class M | 8,313 | |||
Shares Outstanding: | ||||
Class A | 5,615 | |||
Class B | 6,931 | |||
Class C | 758 | |||
Class C2 | 1,732 | |||
Class M | 925 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 9.19 | ||
Class B | 8.95 | |||
Class C | 8.95 | |||
Class C2 | 8.95 | |||
Class M | 8.98 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 9.72 | ||
Class M | 9.07 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 4 | ||
Dividends | 1,157 | |||
Income from loaned securities–net | 3 | |||
1,164 | ||||
Expenses: | ||||
Management and advisory fees | 586 | |||
Transfer agent fees | 194 | |||
Printing and shareholder reports | 81 | |||
Custody fees | 7 | |||
Administration fees | 14 | |||
Legal fees | 4 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 5 | |||
Registration fees | 26 | |||
Other | 5 | |||
Distribution and service fees: | ||||
Class A | 91 | |||
Class B | 317 | |||
Class C2 | 30 | |||
Class C | 83 | |||
Class M | 40 | |||
Total expenses | 1,488 | |||
Less: | ||||
Advisory fee waiver | (57 | ) | ||
Net expenses | 1,431 | |||
Net Investment Income (Loss) | (267 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 599 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | 6,159 | |||
Net Gain (Loss) on Investment Securities | 6,758 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 6,491 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–AmericaSM 2
TA IDEX Great Companies–AmericaSM
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (267 | ) | $ | (461 | ) | ||
Net realized gain (loss) from investment securities | 599 | (12,017 | ) | |||||
Net unrealized appreciation (depreciation) | 6,159 | 31,487 | ||||||
6,491 | 19,009 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 7,565 | 24,736 | ||||||
Class B | 3,599 | 14,569 | ||||||
Class C | 3,076 | 4,415 | ||||||
Class C2 | 573 | 2,235 | ||||||
Class M | 662 | 1,696 | ||||||
15,475 | 47,651 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (7,370 | ) | (39,467 | ) | ||||
Class B | (6,515 | ) | (12,855 | ) | ||||
Class C | (989 | ) | (261 | ) | ||||
Class C2 | (2,565 | ) | (4,009 | ) | ||||
Class M | (1,675 | ) | (2,623 | ) | ||||
(19,114 | ) | (59,215 | ) | |||||
(3,639 | ) | (11,564 | ) | |||||
Net increase (decrease) in net assets | 2,852 | 7,445 | ||||||
Net Assets: | ||||||||
Beginning of period | 141,371 | 133,926 | ||||||
End of period | $ | 144,223 | $ | 141,371 | ||||
Accumulated Net Investment Income (Loss) | $ | (269 | ) | $ | (2 | ) | ||
April 30, 2004 | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 828 | 3,165 | ||||
Class B | 401 | 1,828 | ||||
Class C | 345 | 554 | ||||
Class C2 | 64 | 284 | ||||
Class M | 74 | 216 | ||||
1,712 | 6,047 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (802 | ) | (4,833 | ) | ||
Class B | (726 | ) | (1,654 | ) | ||
Class C | (109 | ) | (32 | ) | ||
Class C2 | (284 | ) | (520 | ) | ||
Class M | (185 | ) | (335 | ) | ||
(2,106 | ) | (7,374 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | 26 | (1,668 | ) | |||
Class B | (325 | ) | 174 | |||
Class C | 236 | 522 | ||||
Class C2 | (220 | ) | (236 | ) | ||
Class M | (111 | ) | (119 | ) | ||
(394 | ) | (1,327 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–AmericaSM 3
TA IDEX Great Companies–AmericaSM
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the | Net Asset | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 8.77 | $ | – | $ | 0.42 | $ | 0.42 | $ | – | $ | – | $ | – | $ | 9.19 | ||||||||||||
10/31/2003 | 7.65 | – | 1.12 | 1.12 | – | – | – | 8.77 | |||||||||||||||||||||
10/31/2002 | 8.96 | (0.01 | ) | (1.30 | ) | (1.31 | ) | – | – | – | 7.65 | ||||||||||||||||||
10/31/2001 | 10.58 | (0.02 | ) | (1.60 | ) | (1.62 | ) | – | – | – | 8.96 | ||||||||||||||||||
10/31/2000 | 10.00 | – | 0.58 | 0.58 | – | – | – | 10.58 | |||||||||||||||||||||
Class B | 04/30/2004 | 8.57 | (0.03 | ) | 0.41 | 0.38 | – | – | – | 8.95 | |||||||||||||||||||
10/31/2003 | 7.52 | (0.05 | ) | 1.10 | 1.05 | – | – | – | 8.57 | ||||||||||||||||||||
10/31/2002 | 8.87 | (0.08 | ) | (1.27 | ) | (1.35 | ) | – | – | – | 7.52 | ||||||||||||||||||
10/31/2001 | 10.56 | (0.08 | ) | (1.61 | ) | (1.69 | ) | – | – | – | 8.87 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.02 | ) | 0.58 | 0.56 | – | – | – | 10.56 | ||||||||||||||||||||
Class C | 04/30/2004 | 8.57 | (0.03 | ) | 0.41 | 0.38 | – | – | – | 8.95 | |||||||||||||||||||
10/31/2003 | 7.51 | (0.05 | ) | 1.11 | 1.06 | – | – | – | 8.57 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 8.57 | (0.03 | ) | 0.41 | 0.38 | – | – | – | 8.95 | |||||||||||||||||||
10/31/2003 | 7.52 | (0.05 | ) | 1.10 | 1.05 | – | – | – | 8.57 | ||||||||||||||||||||
10/31/2002 | 8.87 | (0.08 | ) | (1.27 | ) | (1.35 | ) | – | – | – | 7.52 | ||||||||||||||||||
10/31/2001 | 10.56 | (0.08 | ) | (1.61 | ) | (1.69 | ) | – | – | – | 8.87 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.02 | ) | 0.58 | 0.56 | – | – | – | 10.56 | ||||||||||||||||||||
Class M | 04/30/2004 | 8.60 | (0.02 | ) | 0.40 | 0.38 | – | – | – | 8.98 | |||||||||||||||||||
10/31/2003 | 7.54 | (0.04 | ) | 1.10 | 1.06 | – | – | – | 8.60 | ||||||||||||||||||||
10/31/2002 | 8.89 | (0.07 | ) | (1.28 | ) | (1.35 | ) | – | – | – | 7.54 | ||||||||||||||||||
10/31/2001 | 10.56 | (0.08 | ) | (1.59 | ) | (1.67 | ) | – | – | – | 8.89 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.02 | ) | 0.58 | 0.56 | – | – | – | 10.56 |
For the | Total | Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 4.79 | % | $ | 51,594 | 1.55 | % | 1.61 | % | 0.05 | % | 11 | % | |||||||
10/31/2003 | 14.64 | 49,040 | 1.55 | 1.66 | 0.05 | 54 | ||||||||||||||
10/31/2002 | (14.59 | ) | 55,508 | 1.55 | 1.66 | (0.16 | ) | 28 | ||||||||||||
10/31/2001 | (15.35 | ) | 38,345 | 1.55 | 1.78 | (0.18 | ) | 65 | ||||||||||||
10/31/2000 | 5.81 | 13,377 | 1.55 | 3.38 | (0.08 | ) | 2 | |||||||||||||
Class B | 04/30/2004 | 4.43 | 62,032 | 2.20 | 2.26 | (0.60 | ) | 11 | ||||||||||||
10/31/2003 | 13.96 | 62,205 | 2.20 | 2.31 | (0.60 | ) | 54 | |||||||||||||
10/31/2002 | (15.26 | ) | 53,256 | 2.20 | 2.31 | (0.81 | ) | 28 | ||||||||||||
10/31/2001 | (15.98 | ) | 40,769 | 2.20 | 2.43 | (0.83 | ) | 65 | ||||||||||||
10/31/2000 | 5.62 | 7,839 | 2.20 | 4.03 | (0.73 | ) | 2 | |||||||||||||
Class C | 04/30/2004 | 4.43 | 6,787 | 2.20 | 2.26 | (0.60 | ) | 11 | ||||||||||||
10/31/2003 | 14.11 | 4,474 | 2.20 | 2.31 | (0.60 | ) | 54 | |||||||||||||
Class C2 | 04/30/2004 | 4.43 | 15,497 | 2.20 | 2.26 | (0.60 | ) | 11 | ||||||||||||
10/31/2003 | 13.96 | 16,738 | 2.20 | 2.31 | (0.60 | ) | 54 | |||||||||||||
10/31/2002 | (15.26 | ) | 16,452 | 2.20 | 2.31 | (0.81 | ) | 28 | ||||||||||||
10/31/2001 | (15.98 | ) | 11,953 | 2.20 | 2.43 | (0.83 | ) | 65 | ||||||||||||
10/31/2000 | 5.62 | 2,875 | 2.20 | 4.03 | (0.73 | ) | 2 | |||||||||||||
Class M | 04/30/2004 | 4.42 | 8,313 | 2.10 | 2.16 | (0.50 | ) | 11 | ||||||||||||
10/31/2003 | 14.06 | 8,914 | 2.10 | 2.21 | (0.50 | ) | 54 | |||||||||||||
10/31/2002 | (15.15 | ) | 8,710 | 2.10 | 2.21 | (0.71 | ) | 28 | ||||||||||||
10/31/2001 | (15.88 | ) | 7,296 | 2.10 | 2.33 | (0.73 | ) | 65 | ||||||||||||
10/31/2000 | 5.65 | 1,744 | 2.10 | 3.93 | (0.63 | ) | 2 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–AmericaSM 4
TA IDEX Great Companies–AmericaSM
FINANCIAL HIGHLIGHTS (continued) NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003 and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Great Companies–AmericaSM (“the Fund”) commenced operations on July 14, 2000. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–AmericaSM 5
TA IDEX Great Companies–AmericaSM
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Great Companies–AmericaSM (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on July 14, 2000. The Fund is “non-diversified” under the 1940 Act.
On March 1, 2004, the Fund changed its name from IDEX Great Companies–AmericaSM to TA IDEX Great Companies–AmericaSM.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain in the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–AmericaSM 6
TA IDEX Great Companies–AmericaSM
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $3. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.20% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Advisory Fee Waived | Available for Recapture Through | ||||
Fiscal Year 2003 | $ | 148 | 10/31/2006 | ||
Fiscal Year 2002 | 146 | 10/31/2005 | |||
Fiscal Year 2001 | 166 | 10/31/2004 |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 126 | |
Retained by Underwriter | 16 | ||
Contingent Deferred Sales Charges | 99 |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–AmericaSM 7
TA IDEX Great Companies–AmericaSM
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $14 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $194 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 15,685 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 23,932 | ||
U.S. Government | – |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$ 4,113 | October 31, 2009 | |
6,883 | October 31, 2010 | |
10,217 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 125,223 | |
Unrealized Appreciation | $ | 15,026 | |
Unrealized (Depreciation) | (4,252) | ||
Net Unrealized Appreciation (Depreciation) | $ | 10,774 | |
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–AmericaSM 8
TA IDEX Great Companies–TechnologySM
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||
COMMON STOCKS (91.4%) | ||||||
Business Services (14.0%) | ||||||
eBay Inc. (a) | 75,600 | $ | 6,034 | |||
First Data Corporation | 243,683 | 11,061 | ||||
Communications Equipment (4.3%) | ||||||
QUALCOMM Incorporated | 83,000 | 5,184 | ||||
Computer & Data Processing Services (25.3%) | ||||||
Electronic Arts Inc. (a)(b) | 161,300 | 8,165 | ||||
Microsoft Corporation | 382,200 | 9,926 | ||||
Symantec Corporation (a)(b) | 141,900 | 6,393 | ||||
Yahoo! Inc. (a)(b) | 122,510 | 6,182 | ||||
Computer & Office Equipment (17.7%) | ||||||
Cisco Systems, Inc. (a) | 175,700 | 3,667 | ||||
Dell Inc. (a) | 235,500 | 8,174 | ||||
EMC Corporation (a) | 606,500 | 6,769 | ||||
International Business Machines Corporation | 33,300 | 2,936 | ||||
Electronic Components & Accessories (18.9%) | ||||||
Analog Devices, Inc. (b) | 96,400 | 4,107 | ||||
Intel Corporation | 167,724 | 4,316 | ||||
Maxim Integrated Products | 116,300 | 5,348 | ||||
Texas Instruments Incorporated | 164,800 | 4,136 | ||||
Xilinx, Inc. (a) | 153,100 | 5,149 | ||||
Industrial Machinery & Equipment (1.6%) | ||||||
Applied Materials, Inc. (a) | 109,900 | 2,003 | ||||
Instruments & Related Products (5.1%) | ||||||
Waters Corporation (a)(b) | 144,700 | 6,244 | ||||
Pharmaceuticals (4.5%) | ||||||
Amgen Inc. (a) | 96,500 | 5,430 | ||||
Total Common Stocks (cost: $98,084) | 111,224 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (11.8%) | ||||||
Debt (6.5%) | ||||||
Bank Notes (1.2%) | ||||||
Canadian Imperial Bank of Commerce | $ | 712 | $ | 712 | ||
Fleet National Bank | 712 | 712 |
Principal | Value | |||||
Euro Dollar Overnight (0.6%) | ||||||
Credit Agricole Indosuez | $ | 428 | $ | 428 | ||
Royal Bank of Scotland Group PLC (The) | 257 | 257 | ||||
Euro Dollar Terms (1.6%) | ||||||
Bank of Montreal | 83 | 83 | ||||
BNP Paribas SA | 428 | 428 | ||||
1.08%, due 07/29/2004 | 428 | 428 | ||||
Den Danske Bank | 285 | 285 | ||||
Royal Bank of Scotland Group PLC (The) | 285 | 285 | ||||
Wells Fargo & Company | 428 | 428 | ||||
Promissory Notes (0.8%) | ||||||
Goldman Sachs Group, Inc. (The) | 997 | 997 | ||||
Repurchase Agreements (2.3%) (c) | ||||||
Merrill Lynch & Co., Inc. | 2,849 | 2,849 | ||||
Shares | Value | |||||
Investment Companies (5.3%) | ||||||
Money Market Funds (5.3%) | ||||||
American AAdvantage Select Fund | 855,010 | $ | 855 | |||
Barclays Institutional Money Market Fund | 1,995,023 | 1,995 | ||||
Merrill Lynch Premier Institutional Fund | 772,226 | 772 | ||||
Merrimac Cash Series Fund– | 2,850,033 | 2,850 | ||||
Total Security Lending Collateral (cost: $14,364) | 14,364 | |||||
Total Investment Securities (cost: $112,448) | $ | 125,588 | ||||
SUMMARY: | ||||||
Investments, at value | 103.2% | $ | 125,588 | |||
Liabilities in excess of other assets | (3.2)% | (3,991) | ||||
Net assets | 100.0% | $ | 121,597 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $14,016. |
(c) | Cash collateral for the Repurchase Agreements, valued at $2,907, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–TechnologySM 1
TA IDEX Great Companies–TechnologySM
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $112,448) | $ | 125,588 | ||
Cash | 10,471 | |||
Receivables: | ||||
Shares of beneficial interest sold | 299 | |||
Interest | 2 | |||
Dividends | 4 | |||
Other | 17 | |||
136,381 | ||||
Liabilities: | ||||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 132 | |||
Management and advisory fees | 79 | |||
Due to advisor | 82 | |||
Distribution fees | 42 | |||
Transfer agent fees | 41 | |||
Payable for collateral for securities on loan | 14,364 | |||
Other | 44 | |||
14,784 | ||||
Net Assets | $ | 121,597 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 124,475 | ||
Accumulated net investment income (loss) | (801 | ) | ||
Accumulated net realized gain (loss) from | ||||
investment securities | (15,217 | ) | ||
Net unrealized appreciation (depreciation) on | ||||
investment securities | 13,140 | |||
Net Assets | $ | 121,597 | ||
Net Assets by Class: | ||||
Class A | $ | 109,610 | ||
Class B | 7,446 | |||
Class C | 1,038 | |||
Class C2 | 2,209 | |||
Class M | 1,294 | |||
Shares Outstanding: | ||||
Class A | 29,683 | |||
Class B | 2,083 | |||
Class C | 290 | |||
Class C2 | 618 | |||
Class M | 360 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 3.70 | ||
Class B | 3.58 | |||
Class C | 3.58 | |||
Class C2 | 3.58 | |||
Class M | 3.60 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 3.92 | ||
Class M | 3.64 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 14 | ||
Dividends | 67 | |||
Income from loaned securities–net | 5 | |||
86 | ||||
Expenses: | ||||
Management and advisory fees | 437 | |||
Transfer agent fees | 58 | |||
Printing and shareholder reports | 27 | |||
Custody fees | 5 | |||
Administration fees | 12 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 1 | |||
Registration fees | 24 | |||
Other | 2 | |||
Distribution and service fees: | ||||
Class A | 169 | |||
Class B | 40 | |||
Class C | 5 | |||
Class C2 | 12 | |||
Class M | 7 | |||
Total expenses before recovery of waived expenses | 805 | |||
Recovered expenses | 82 | |||
Total expenses | 887 | |||
Net Investment Income (Loss) | (801 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 1,228 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | 1,213 | |||
Net Gain (Loss) on Investment Securities | 2,441 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,640 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–TechnologySM 2
TA IDEX Great Companies–TechnologySM
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (801 | ) | $ | (545 | ) | ||
Net realized gain (loss) from investment securities | 1,228 | (1,484 | ) | |||||
Net unrealized appreciation (depreciation) | 1,213 | 17,809 | ||||||
1,640 | 15,780 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 33,578 | 63,338 | ||||||
Class B | 921 | 3,041 | ||||||
Class C | 867 | 733 | ||||||
Class C2 | 199 | 989 | ||||||
Class M | 161 | 669 | ||||||
35,726 | 68,770 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (3,648 | ) | (4,133 | ) | ||||
Class B | (1,493 | ) | (1,512 | ) | ||||
Class C | (575 | ) | (39 | ) | ||||
Class C2 | (410 | ) | (538 | ) | ||||
Class M | (423 | ) | (776 | ) | ||||
(6,549 | ) | (6,998 | ) | |||||
29,177 | 61,772 | |||||||
Net increase (decrease) in net assets | 30,817 | 77,552 | ||||||
Net Assets: | ||||||||
Beginning of period | 90,780 | 13,228 | ||||||
End of period | $ | 121,597 | $ | 90,780 | ||||
Accumulated Net Investment Income (Loss) | $ | (801 | ) | $ | – | |||
April 30, 2004 | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 8,966 | 20,626 | ||||
Class B | 254 | 1,020 | ||||
Class C | 241 | 222 | ||||
Class C2 | 55 | 359 | ||||
Class M | 44 | 226 | ||||
9,560 | 22,453 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (962 | ) | (1,465 | ) | ||
Class B | (413 | ) | (516 | ) | ||
Class C | (162 | ) | (11 | ) | ||
Class C2 | (112 | ) | (181 | ) | ||
Class M | (116 | ) | (268 | ) | ||
(1,765 | ) | (2,441 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | 8,004 | 19,161 | ||||
Class B | (159 | ) | 504 | |||
Class C | 79 | 211 | ||||
Class C2 | (57 | ) | 178 | |||
Class M | (72 | ) | (42 | ) | ||
7,795 | 20,012 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–TechnologySM 3
TA IDEX Great Companies–TechnologySM
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 3.61 | $ | (0.02 | ) | $ | 0.11 | $ | 0.09 | $ | – | $ | – | $ | – | $ | 3.70 | |||||||||||
10/31/2003 | 2.56 | (0.04 | ) | 1.09 | 1.05 | – | – | – | 3.61 | ||||||||||||||||||||
10/31/2002 | 3.63 | (0.05 | ) | (1.02 | ) | (1.07 | ) | – | – | – | 2.56 | ||||||||||||||||||
10/31/2001 | 7.93 | (0.06 | ) | (4.24 | ) | (4.30 | ) | – | – | – | 3.63 | ||||||||||||||||||
10/31/2000 | 10.00 | – | (2.07 | ) | (2.07 | ) | – | – | – | 7.93 | |||||||||||||||||||
Class B | 04/30/2004 | 3.51 | (0.03 | ) | 0.10 | 0.07 | – | – | – | 3.58 | |||||||||||||||||||
10/31/2003 | 2.50 | (0.06 | ) | 1.07 | 1.01 | – | – | – | 3.51 | ||||||||||||||||||||
10/31/2002 | 3.58 | (0.08 | ) | (1.00 | ) | (1.08 | ) | – | – | – | 2.50 | ||||||||||||||||||
10/31/2001 | 7.91 | (0.10 | ) | (4.23 | ) | (4.33 | ) | – | – | – | 3.58 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.02 | ) | (2.07 | ) | (2.09 | ) | – | – | – | 7.91 | ||||||||||||||||||
Class C | 04/30/2004 | 3.51 | (0.03 | ) | 0.10 | 0.07 | – | – | – | 3.58 | |||||||||||||||||||
10/31/2003 | 2.45 | (0.06 | ) | 1.12 | 1.06 | – | – | – | 3.51 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 3.51 | (0.03 | ) | 0.10 | 0.07 | – | – | – | 3.58 | |||||||||||||||||||
10/31/2003 | 2.50 | (0.06 | ) | 1.07 | 1.01 | – | – | – | 3.51 | ||||||||||||||||||||
10/31/2002 | 3.58 | (0.08 | ) | (1.00 | ) | (1.08 | ) | – | – | – | 2.50 | ||||||||||||||||||
10/31/2001 | 7.91 | (0.09 | ) | (4.24 | ) | (4.33 | ) | – | – | – | 3.58 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.02 | ) | (2.07 | ) | (2.09 | ) | – | – | – | 7.91 | ||||||||||||||||||
Class M | 04/30/2004 | 3.52 | (0.03 | ) | 0.11 | 0.08 | – | – | – | 3.60 | |||||||||||||||||||
10/31/2003 | 2.51 | (0.05 | ) | 1.06 | 1.01 | – | – | – | 3.52 | ||||||||||||||||||||
10/31/2002 | 3.59 | (0.07 | ) | (1.01 | ) | (1.08 | ) | – | – | – | 2.51 | ||||||||||||||||||
10/31/2001 | 7.92 | (0.09 | ) | (4.24 | ) | (4.33 | ) | – | – | – | 3.59 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.01 | ) | (2.07 | ) | (2.08 | ) | – | – | – | 7.92 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the | Total | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 2.49 | % | $ | 109,610 | 1.40 | % | 1.55 | % | (1.39 | )% | 25 | % | |||||||
10/31/2003 | 41.02 | 78,289 | 1.55 | 1.90 | (1.23 | ) | 24 | |||||||||||||
10/31/2002 | (29.45 | ) | 6,445 | 1.55 | 2.61 | (1.40 | ) | 64 | ||||||||||||
10/31/2001 | (54.26 | ) | 7,106 | 1.55 | 2.68 | (1.04 | ) | 58 | ||||||||||||
10/31/2000 | (20.66 | ) | 6,322 | 1.55 | 5.55 | (0.64 | ) | 11 | ||||||||||||
Class B | 04/30/2004 | 1.99 | 7,446 | 2.05 | 2.20 | (2.05 | ) | 25 | ||||||||||||
10/31/2003 | 40.40 | 7,864 | 2.20 | 2.55 | (1.88 | ) | 24 | |||||||||||||
10/31/2002 | (30.12 | ) | 4,348 | 2.20 | 3.26 | (2.05 | ) | 64 | ||||||||||||
10/31/2001 | (54.80 | ) | 5,938 | 2.20 | 3.33 | (1.69 | ) | 58 | ||||||||||||
10/31/2000 | (20.86 | ) | 3,295 | 2.20 | 6.20 | (1.29 | ) | 11 | ||||||||||||
Class C | 04/30/2004 | 1.99 | 1,038 | 2.05 | 2.20 | (2.05 | ) | 25 | ||||||||||||
10/31/2003 | 43.27 | 739 | 2.20 | 2.55 | (1.88 | ) | 24 | |||||||||||||
Class C2 | 04/30/2004 | 1.99 | 2,209 | 2.05 | 2.20 | (2.05 | ) | 25 | ||||||||||||
10/31/2003 | 40.40 | 2,366 | 2.20 | 2.55 | (1.88 | ) | 24 | |||||||||||||
10/31/2002 | (30.12 | ) | 1,245 | 2.20 | 3.26 | (2.05 | ) | 64 | ||||||||||||
10/31/2001 | (54.80 | ) | 1,683 | 2.20 | 3.33 | (1.69 | ) | 58 | ||||||||||||
10/31/2000 | (20.86 | ) | 1,443 | 2.20 | 6.20 | (1.29 | ) | 11 | ||||||||||||
Class M | 04/30/2004 | 2.27 | 1,294 | 1.95 | 2.10 | (1.95 | ) | 25 | ||||||||||||
10/31/2003 | 40.24 | 1,522 | 2.10 | 2.45 | (1.78 | ) | 24 | |||||||||||||
10/31/2002 | (29.99 | ) | 1,190 | 2.10 | 3.16 | (1.95 | ) | 64 | ||||||||||||
10/31/2001 | (54.71 | ) | 1,510 | 2.10 | 3.23 | (1.59 | ) | 58 | ||||||||||||
10/31/2000 | (20.83 | ) | 710 | 2.10 | 6.10 | (1.19 | ) | 11 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–TechnologySM 4
TA IDEX Great Companies–TechnologySM
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and excludes the recovery of waived expenses. (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Great Companies–TechnologySM (“the Fund”) commenced operations on July 14, 2000. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–TechnologySM 5
TA IDEX Great Companies–TechnologySM
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Great Companies–TechnologySM (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on July 14, 2000. The fund is “non-diversified” under the 1940 Act.
On March 1, 2004, the Fund changed its name from IDEX Great Companies–TechnologySM to TA IDEX Great Companies–TechnolgySM.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $2 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–TechnologySM 6
TA IDEX Great Companies–TechnologySM
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Great Companies, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 7,345 | 6% | ||
TA IDEX Asset Allocation - Growth Portfolio | 25,478 | 21% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 42,606 | 35% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 24,004 | 20% | |||
Total | $ | 99,433 | 82% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.20% Expense Limit
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–TechnologySM 7
TA IDEX Great Companies–TechnologySM
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Advisory Fee Waived | Available for Recapture Through | ||||
Fiscal Year 2003 | $ | 138 | 10/31/2006 | ||
Fiscal Year 2002 | 193 | 10/31/2005 | |||
Fiscal Year 2001 | 192 | 10/31/2004 |
Expense Recovered | Increase in Total | |
82 | 0.15% |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 28 | |
Retained by Underwriter | 3 | ||
Contingent Deferred Sales Charges | 10 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $12 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $58 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amount was less than $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 51,160 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 24,818 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss Carryforward | Available through | |
$5,516 | October 31, 2009 | |
7,851 | October 31, 2010 | |
1,294 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 114,213 | ||
Unrealized Appreciation | $ | 13,835 | ||
Unrealized (Depreciation) | (2,460 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 11,375 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Great Companies–TechnologySM 8
TA IDEX Janus Balanced
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
U.S. GOVERNMENT OBLIGATIONS (8.4%) | ||||||
U.S. Treasury Bond | ||||||
6.50%, due 05/15/2005 | $ | 1,060 | $ | 1,112 | ||
5.00%, due 08/15/2011 | 770 | 810 | ||||
7.88%, due 02/15/2021 | 1,564 | 2,031 | ||||
7.25%, due 08/15/2022 | 1,371 | 1,687 | ||||
5.25%, due 02/15/2029 | 722 | 710 | ||||
6.25%, due 05/15/2030 | 517 | 581 | ||||
7.25%, due 05/15/2016 (b) | 2,059 | 2,508 | ||||
8.13%, due 08/15/2019 (b) | 354 | 467 | ||||
6.25%, due 08/15/2023 (b) | 2,396 | 2,662 | ||||
6.00%, due 02/15/2026 (b) | 1,311 | 1,418 | ||||
5.38%, due 02/15/2031 (b) | 1,000 | 1,013 | ||||
U.S. Treasury Note | ||||||
2.63%, due 05/15/2008 | 905 | 881 | ||||
5.63%, due 05/15/2008 | 2,080 | 2,260 | ||||
4.63%, due 05/15/2006 (b) | 2,020 | 2,111 | ||||
3.50%, due 11/15/2006 (b) | 2,140 | 2,185 | ||||
6.00%, due 08/15/2009 (b) | 2,088 | 2,316 | ||||
5.75%, due 08/15/2010 (b) | 750 | 824 | ||||
Total U.S. Government Obligations (cost: $25,393) | 25,576 | |||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (8.4%) | ||||||
Fannie Mae | ||||||
5.50%, due 05/02/2006 | 2,160 | 2,278 | ||||
4.75%, due 01/02/2007 | 735 | 766 | ||||
5.00%, due 01/15/2007 | 2,560 | 2,693 | ||||
3.25%, due 11/15/2007 | 1,235 | 1,229 | ||||
2.50%, due 06/15/2008 | 490 | 468 | ||||
5.25%, due 01/15/2009 | 770 | 814 | ||||
6.25%, due 02/01/2011 | 910 | 987 | ||||
5.38%, due 11/15/2011 | 1,334 | 1,394 | ||||
1.88%, due 12/15/2004 | 2,370 | 2,378 | ||||
2.13%, due 04/15/2006 (b) | 2,685 | 2,665 | ||||
Federal Home Loan Bank | ||||||
2.25%, due 05/15/2006 (b) | 1,205 | 1,199 | ||||
Freddie Mac | ||||||
1.88%, due 01/15/2005 | 2,625 | 2,634 | ||||
4.25%, due 06/15/2005 | 2,165 | 2,224 | ||||
5.75%, due 04/15/2008 | 525 | 567 | ||||
7.00%, due 03/15/2010 | 210 | 239 | ||||
5.88%, due 03/21/2011 | 223 | 237 | ||||
2.38%, due 04/15/2006 | 1,970 | 1,969 | ||||
5.75%, due 03/15/2009 (b) | 220 | 237 | ||||
6.25%, due 07/15/2032 (b) | 610 | 648 | ||||
Total U.S. Government Agency Obligations (cost: $25,333) | 25,626 | |||||
CORPORATE DEBT SECURITIES (24.0%) | ||||||
Aerospace (0.6%) | ||||||
Lockheed Martin Corporation | 590 | 701 | ||||
7.65%, due 05/01/2016 | 1,075 | 1,269 | ||||
Amusement & Recreation Services (0.6%) | ||||||
Disney (Walt) Company (The) | 1,125 | 1,131 |
Principal | Value | |||||
Amusement & Recreation Services (Continued) | ||||||
Mandalay Resort Group (b) | $ | 585 | $ | 611 | ||
Warner Music Group–144A | 75 | 75 | ||||
Automotive (1.4%) | ||||||
Honeywell International Inc. | 1,210 | 1,273 | ||||
6.13%, due 11/01/2011 | 660 | 713 | ||||
Tenneco Automotive Inc. | 1,305 | 1,429 | ||||
Visteon Corporation | 400 | 434 | ||||
7.00%, due 03/10/2014 | 400 | 392 | ||||
Beer, Wine & Distilled Beverages (0.3%) | ||||||
Miller Brewing Company–144A | 555 | 557 | ||||
Miller Brewing Company–144A | 425 | 430 | ||||
Beverages (2.9%) | ||||||
Anheuser-Busch Companies, Inc | 2,030 | 2,156 | ||||
5.75%, due 04/01/2010 | 600 | 640 | ||||
6.00%, due 04/15/2011 | 1,095 | 1,180 | ||||
7.55%, due 10/01/2030 | 480 | 574 | ||||
6.80%, due 01/15/2031 | 325 | 357 | ||||
6.80%, due 08/20/2032 | 325 | 357 | ||||
Coca-Cola Enterprises Inc. | 950 | 1,004 | ||||
7.13%, due 09/30/2009 | 510 | 581 | ||||
6.13%, due 08/15/2011 | 595 | 645 | ||||
4.38%, due 09/15/2009 (b) | 935 | 945 | ||||
Pepsi Bottling Group, Inc. (The)–144A | 480 | 515 | ||||
Business Services (0.5%) | ||||||
Clear Channel Communications, Inc. | 555 | 590 | ||||
4.63%, due 01/15/2008 | 545 | 556 | ||||
Hanover Equipment Trust 2001A (d) | 295 | 313 | ||||
Chemicals & Allied Products (0.4%) | ||||||
International Flavors & Fragrances Inc. | 1,150 | 1,228 | ||||
Commercial Banks (0.9%) | ||||||
Citigroup Inc. | 740 | 776 | ||||
7.25%, due 10/01/2010 | 820 | 937 | ||||
Credit Suisse Group | 445 | 439 | ||||
US Bank NA | 665 | 711 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 1
TA IDEX Janus Balanced
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Communication (0.8%) | ||||||
Comcast Cable Communications, Inc. | $ | 610 | $ | 668 | ||
Comcast Corporation | 220 | 232 | ||||
Echostar DBS Corporation–144A | 755 | 757 | ||||
TCI Communications, Inc. | 700 | 748 | ||||
Computer & Office Equipment (0.4%) | ||||||
Hewlett-Packard Company | 765 | 763 | ||||
Sun Microsystems, Inc. | 390 | 395 | ||||
Drug Stores & Proprietary Stores (0.3%) | ||||||
Medco Health Solutions, Inc. | 770 | 831 | ||||
Electric Services (0.3%) | ||||||
American Electric Power Company, Inc. | 175 | 181 | ||||
MidAmerican Energy Holdings Company | 860 | 838 | ||||
Electric, Gas & Sanitary Services (0.6%) | ||||||
CMS Energy Corporation | 785 | 860 | ||||
CMS Energy Corporation | 585 | 589 | ||||
Pacific Gas and Electric Company (d) | 75 | 73 | ||||
4.20%, due 03/01/2011 | 250 | 240 | ||||
6.05%, due 03/01/2034 | 110 | 104 | ||||
PG&E Corporation (d) | 110 | 110 | ||||
Electronic Components & Accessories (1.7%) | ||||||
Tyco International Group SA | 885 | 902 | ||||
6.38%, due 02/15/2006 | 1,795 | 1,891 | ||||
6.38%, due 10/15/2011 | 1,100 | 1,158 | ||||
6.00%, due 11/15/2013 | 225 | 228 | ||||
Tyco International Group SA–144A | 905 | 917 | ||||
Food & Kindred Products (0.7%) | ||||||
Dean Foods Company | 230 | 237 | ||||
6.63%, due 05/15/2009 | 774 | 826 | ||||
6.90%, due 10/15/2017 | 158 | 161 | ||||
Kellogg Company | 525 | 505 | ||||
7.45%, due 04/01/2031 | 475 | 549 | ||||
Furniture & Fixtures (0.5%) | ||||||
Lear Corporation | 1,550 | 1,631 |
Principal | Value | |||||
Gas Production & Distribution (0.7%) | ||||||
Coastal Corporation (The) | $ | 436 | $ | 436 | ||
El Paso Corporation (b) | 1,465 | 1,245 | ||||
Sonat Inc. | 590 | 590 | ||||
Holding & Other Investment Offices (0.1%) | ||||||
Gemstone Investments Ltd.–144A | 285 | 288 | ||||
Hotels & Other Lodging Places (0.1%) | ||||||
John Q. Hammons Hotels, Inc.–Series B | 315 | 347 | ||||
Industrial Machinery & Equipment (0.2%) | ||||||
SPX Corporation | 470 | 497 | ||||
Insurance (0.1%) | ||||||
UnitedHealth Group Incorporated | 320 | 337 | ||||
Insurance Agents, Brokers & Service (0.2%) | ||||||
Marsh & McLennan Companies, Inc. | 665 | 703 | ||||
Life Insurance (0.3%) | ||||||
AIG SunAmer Global Financing IX–144A | 985 | 1,033 | ||||
Lumber & Other Building Materials (0.4%) | ||||||
Home Depot, Inc. (The) | 1,270 | 1,294 | ||||
Lumber & Wood Products (0.2%) | ||||||
Georgia-Pacific Corporation | 550 | 635 | ||||
Metal Cans & Shipping Containers (0.4%) | ||||||
Ball Corporation | 1,075 | 1,134 | ||||
Mortgage-Backed (0.3%) | ||||||
Countrywide Home Loans, Inc. | 865 | 853 | ||||
Motion Pictures (1.4%) | ||||||
Time Warner Inc. | 1,420 | 1,472 | ||||
6.15%, due 05/01/2007 | 1,170 | 1,252 | ||||
9.15%, due 02/01/2023 | 630 | 787 | ||||
7.70%, due 05/01/2032 | 590 | 652 | ||||
Oil & Gas Extraction (0.1%) | ||||||
Burlington Resources Finance Company | 235 | 262 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 2
TA IDEX Janus Balanced
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Personal Credit Institutions (2.1%) | ||||||
General Electric Capital Corporation | $ | 700 | $ | 714 | ||
2.85%, due 01/30/2006 | 940 | 946 | ||||
5.35%, due 03/30/2006 | 1,570 | 1,651 | ||||
6.75%, due 03/15/2032 | 760 | 818 | ||||
General Motors Acceptance Corporation | 820 | 828 | ||||
4.38%, due 12/10/2007 | 575 | 575 | ||||
6.88%, due 08/28/2012 | 730 | 761 | ||||
Radio & Television Broadcasting (0.4%) | ||||||
British Sky Broadcasting Group PLC | 1,035 | 1,144 | ||||
Rubber & Misc. Plastic Products (0.4%) | ||||||
Sealed Air Corporation–144A | 820 | 827 | ||||
Sealed Air Corporation–144A | 260 | 269 | ||||
Security & Commodity Brokers (0.7%) | ||||||
American Express Company | 735 | 724 | ||||
Salomon Smith Barney Holdings Inc. | 565 | 620 | ||||
Schwab (Charles) Corporation (The) | 800 | 916 | ||||
Stone, Clay & Glass Products (0.2%) | ||||||
Owens-Illinois, Inc. | 460 | 478 | ||||
Telecommunications (1.6%) | ||||||
AT&T Broadband, LLC | 340 | 392 | ||||
AT&T Wireless Services, Inc. | 349 | 378 | ||||
7.50%, due 05/01/2007 | 392 | 435 | ||||
Deutsche Telekom International Finance BV | 925 | 920 | ||||
MCI, Inc. | 82 | 78 | ||||
7.74%, due 05/01/2014 | 70 | 65 | ||||
5.91%, due 05/01/2007 (b) | 312 | 308 | ||||
NTL Cable PLC–144A (b) | 120 | 124 | ||||
Verizon Global Funding Corp. | 1,020 | 1,100 | ||||
4.00%, due 01/15/2008 | 955 | 965 | ||||
Textile Mill Products (0.1%) | ||||||
Mohawk Industries, Inc. | 285 | 320 | ||||
Transportation Equipment (0.1%) | ||||||
Ship Finance International Ltd.–144A | 385 | 372 |
Principal | Value | |||||
Variety Stores (1.0%) | ||||||
Target Corporation | $ | 435 | $ | 463 | ||
Wal-Mart Stores, Inc. | 1,125 | 1,190 | ||||
6.88%, due 08/10/2009 | 1,125 | 1,270 | ||||
Total Corporate Debt Securities (cost: $71,095) | 73,381 | |||||
Shares | Value | |||||
COMMON STOCKS (57.4%) | ||||||
Air Transportation (0.5%) | ||||||
FedEx Corporation | 22,440 | $ | 1,614 | |||
Automotive (1.6%) | ||||||
Honda Motor Co., Ltd. | 33,500 | 1,345 | ||||
Honeywell International Inc. | 106,565 | 3,685 | ||||
Beer, Wine & Distilled Beverages (1.2%) | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 53,703 | 3,788 | ||||
Beverages (1.3%) | ||||||
Anheuser-Busch Companies, Inc. | 22,565 | 1,156 | ||||
PepsiCo, Inc. | 49,515 | 2,698 | ||||
Business Services (0.5%) | ||||||
eBay Inc. (a) | 19,160 | 1,529 | ||||
Chemicals & Allied Products (3.5%) | ||||||
Procter & Gamble Company (The) | 46,570 | 4,925 | ||||
Reckitt Benckiser PLC | 129,181 | 3,361 | ||||
Syngenta AG | 22,893 | 1,833 | ||||
Syngenta AG–ADR (a) | 28,035 | 447 | ||||
Commercial Banks (4.0%) | ||||||
Bank of America Corporation | 32,605 | 2,624 | ||||
Citigroup Inc. | 120,272 | 5,784 | ||||
Morgan Chase & Co. (J.P.) (b) | 102,920 | 3,870 | ||||
Communication (0.3%) | ||||||
Liberty Media Corporation–Class A (a) | 81,910 | 896 | ||||
Communications Equipment (1.1%) | ||||||
Motorola, Inc. | 190,830 | 3,483 | ||||
Computer & Data Processing Services (3.4%) | ||||||
Electronic Arts Inc. (a) | 36,735 | 1,860 | ||||
Microsoft Corporation | 126,755 | 3,292 | ||||
Oracle Corporation (a) | 161,430 | 1,811 | ||||
Yahoo! Inc. (a) | 69,565 | 3,510 | ||||
Computer & Office Equipment (3.4%) | ||||||
Cisco Systems, Inc. (a) | 164,455 | 3,432 | ||||
Dell Inc. (a) | 30,550 | 1,060 | ||||
International Business Machines Corporation | 46,885 | 4,134 | ||||
Lexmark International, Inc. (a) | 19,985 | 1,808 | ||||
Department Stores (0.8%) | ||||||
J.C. Penney Company, Inc. | 67,870 | 2,298 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 3
TA IDEX Janus Balanced
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Electronic & Other Electric Equipment (3.5%) | |||||
General Electric Company | 189,905 | $ | 5,688 | ||
Samsung Electronics Co., Ltd.–GDR–144A (USD) (b) | 21,850 | 5,140 | |||
Electronic Components & Accessories (5.2%) | |||||
Linear Technology Corporation | 17,195 | 613 | |||
Maxim Integrated Products | 18,925 | 870 | |||
Texas Instruments Incorporated | 174,725 | 4,386 | |||
Tyco International Ltd. | 354,315 | 9,726 | |||
Environmental Services (0.8%) | |||||
Waste Management, Inc. | 89,970 | 2,555 | |||
Health Services (0.8%) | |||||
Caremark Rx, Inc. (a)(b) | 69,855 | 2,365 | |||
Hotels & Other Lodging Places (3.0%) | |||||
Marriott International, Inc.–Class A | 107,060 | 5,049 | |||
Starwood Hotels & Resorts Worldwide, Inc. | 105,875 | 4,213 | |||
Industrial Machinery & Equipment (0.3%) | |||||
Applied Materials, Inc. (a) | 47,530 | 866 | |||
Insurance (3.6%) | . | ||||
Aetna Inc. | 56,810 | 4,700 | |||
Berkshire Hathaway Inc.–Class B (a) | 1,285 | 4,008 | |||
UnitedHealth Group Incorporated | 35,600 | 2,189 | |||
Medical Instruments & Supplies (0.4%) | |||||
Guidant Corporation | 7,515 | 474 | |||
St. Jude Medical, Inc. (a) | 11,735 | 895 | |||
Mortgage Bankers & Brokers (0.6%) | |||||
Countrywide Financial Corporation | 31,792 | 1,885 | |||
Motion Pictures (2.2%) | |||||
Time Warner Inc. (a) | 398,750 | 6,707 | |||
Oil & Gas Extraction (0.7%) | |||||
Total Fina Elf SA | 11,095 | 2,053 | |||
Paper & Allied Products (1.8%) | |||||
3M Company | 62,730 | 5,425 | |||
Petroleum Refining (1.8%) | |||||
BP PLC–ADR | 18,520 | 980 | |||
Exxon Mobil Corporation | 105,895 | 4,506 | |||
Pharmaceuticals (4.7%) | |||||
Amgen Inc. (a) | 26,520 | 1,492 | |||
Barr Laboratories, Inc. (a) | 33,960 | 1,407 | |||
Novartis AG | 11,963 | 534 | |||
Pfizer Inc. | 111,355 | 3,982 | |||
Roche Holding AG–Genusschein | 66,986 | 7,031 | |||
Printing & Publishing (1.1%) | |||||
Dow Jones & Company, Inc. | 12,575 | 580 | |||
Gannett Co., Inc. | 33,130 | 2,872 |
Shares | Value | |||||
Radio & Television Broadcasting (0.2%) | ||||||
British Sky Broadcasting Group PLC | 55,378 | $ | 655 | |||
Railroads (1.0%) | ||||||
Canadian National Railway Company | 78,900 | 2,980 | ||||
Retail Trade (0.4%) | ||||||
Amazon.com, Inc. (a)(b) | 26,730 | 1,162 | ||||
Security & Commodity Brokers (1.1%) | ||||||
American Express Company | 29,585 | 1,448 | ||||
Goldman Sachs Group, Inc. (The) | 19,980 | 1,928 | ||||
U.S. Government Agencies (2.0%) | ||||||
Freddie Mac | 103,655 | 6,052 | ||||
Variety Stores (0.6%) | ||||||
Target Corporation | 41,575 | 1,803 | ||||
Total Common Stocks (cost: $151,926) | 175,462 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (9.0%) | ||||||
Debt (4.9%) | ||||||
Bank Notes (0.9%) | ||||||
Canadian Imperial Bank of Commerce | $ | 1,365 | $ | 1,365 | ||
Fleet National Bank | 1,365 | 1,365 | ||||
Euro Dollar Overnight (0.4%) | ||||||
Credit Agricole Indosuez | 819 | 819 | ||||
Royal Bank of Scotland Group PLC (The) | 491 | 491 | ||||
Euro Dollar Terms (1.2%) | ||||||
Bank of Montreal | 159 | 159 | ||||
BNP Paribas SA | 819 | 819 | ||||
1.08%, due 07/29/2004 | 819 | 819 | ||||
Den Danske Bank | 546 | 546 | ||||
Royal Bank of Scotland Group PLC (The) | 546 | 546 | ||||
Wells Fargo & Company | 819 | 819 | ||||
Promissory Notes (0.6%) | ||||||
Goldman Sachs Group, Inc. (The) | 1,910 | 1,910 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 4
TA IDEX Janus Balanced
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Repurchase Agreements (1.8%) (c) | ||||||
Merrill Lynch & Co., Inc. | $ | 5,457 | $ | 5,457 | ||
Shares | Value | |||||
Investment Companies (4.1%) | ||||||
Money Market Funds (4.1%) | ||||||
American AAdvantage Select Fund | 1,637,278 | $ | 1,637 | |||
Barclays Institutional Money Market Fund | 3,820,316 | 3,820 | ||||
Merrill Lynch Premier Institutional Fund | 1,478,754 | 1,478 | ||||
Merrimac Cash Series Fund–Premium Class | 5,457,594 | 5,457 | ||||
Total Security Lending Collateral | 27,507 | |||||
Total Investment Securities (cost: $301,254) | $ | 327,552 | ||||
SUMMARY: | ||||||
Investments, at value | 107.2% | $ | 327,552 | |||
Liabilities in excess of other assets | (7.2)% | (22,050) | ||||
Net assets | 100.0% | $ | 305,502 | |||
FORWARD FOREIGN CURRENCY CONTRACTS: | ||||||||||
Currency | Bought (Sold) | Settlement Date | Amount in U.S. Dollars Bought (Sold) | Net Unrealized Appreciation (Depreciation) | ||||||
Euro Dollar | 3,650 | 09/27/2004 | $ | 4,320 | $ | 44 | ||||
Euro Dollar | (3,650) | 09/27/2004 | (4,438) | 73 | ||||||
British Pound | 450 | 09/27/2004 | 789 | – | ||||||
British Pound | (450) | 09/27/2004 | (811) | 23 | ||||||
British Pound | 1,550 | 11/19/2004 | 2,726 | (21) | ||||||
British Pound | (1,550) | 11/19/2004 | (2,762) | 57 | ||||||
Korean Won | 3,015 | 05/14/2004 | 2,597 | (33) | ||||||
Korean Won | (3,015) | 05/14/2004 | (2,539) | (25) | ||||||
$ | (118) | $ | 118 | |||||||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $26,403. |
(c) | Cash collateral for the Repurchase Agreements, valued at $5,567, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
(d) | Floating or variable rate note. Rate is listed as of April 30, 2004. |
DEFINITIONS:
ADR American Depositary Receipt
GDR Global Depositary Receipt
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004 these securities aggregated $11,304 or 3.7% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 5
TA IDEX Janus Balanced
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands) (unaudited)
Assets: | ||||
Investment securities, at value (cost: $301,254) | $ | 327,552 | ||
Cash | 3,415 | |||
Receivables: | ||||
Investment securities sold | 1,517 | |||
Shares of beneficial interest sold | 77 | |||
Interest | 1,880 | |||
Dividends | 176 | |||
Dividend reclaims receivable | 33 | |||
Unrealized appreciation on forward foreign currency contracts | 197 | |||
Other | 52 | |||
334,899 | ||||
Liabilities: | ||||
Investment securities purchased | 237 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 692 | |||
Management and advisory fees | 257 | |||
Distribution fees | 216 | |||
Transfer agent fees | 308 | |||
Payable for collateral for securities on loan | 27,507 | |||
Unrealized depreciation on forward foreign currency contracts | 79 | |||
Other | 101 | |||
29,397 | ||||
Net Assets | $ | 305,502 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 340,577 | ||
Undistributed net investment income (loss) | 187 | |||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (61,039 | ) | ||
Foreign currency transactions | (632 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 26,292 | |||
Translation of assets and liabilities denominated in foreign currencies | 117 | |||
Net Assets | $ | 305,502 | ||
Net Assets by Class: | ||||
Class A | $ | 76,465 | ||
Class B | 171,028 | |||
Class C | 4,154 | |||
Class C2 | 22,380 | |||
Class M | 31,475 | |||
Shares Outstanding: | ||||
Class A | 4,283 | |||
Class B | 9,604 | |||
Class C | 233 | |||
Class C2 | 1,257 | |||
Class M | 1,767 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 17.85 | ||
Class B | 17.81 | |||
Class C | 17.81 | |||
Class C2 | 17.81 | |||
Class M | 17.82 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 18.89 | ||
Class M | 18.00 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 3,338 | ||
Dividends | 1,246 | |||
Income from loaned securities–net | 32 | |||
Less withholding taxes on foreign dividends | (32 | ) | ||
4,584 | ||||
Expenses: | ||||
Management and advisory fees | 1,652 | |||
Transfer agent fees | 442 | |||
Printing and shareholder reports | 179 | |||
Custody fees | 31 | |||
Administration fees | 24 | |||
Legal fees | 10 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 13 | |||
Registration fees | 29 | |||
Other | 21 | |||
Distribution and service fees: | ||||
Class A | 153 | |||
Class B | 934 | |||
Class C | 22 | |||
Class C2 | 128 | |||
Class M | 160 | |||
Total expenses | 3,805 | |||
Net Investment Income (Loss) | 779 | |||
Net Realized Gain (Loss) from: | ||||
Investment securities | 12,194 | |||
Foreign currency transactions | (632 | ) | ||
11,562 | ||||
Net Increase (Decrease) in Unrealized Appreciation | ||||
Investment securities | (2,410 | ) | ||
Translation of assets and liabilities denominated in foreign currencies | 247 | |||
(2,163 | ) | |||
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions | 9,399 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 10,178 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 6
TA IDEX Janus Balanced
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 779 | $ | 2,527 | ||||
Net realized gain (loss) from investment securities and foreign currency transactions | 11,562 | (8,939 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation | (2,163 | ) | 35,326 | |||||
10,178 | 28,914 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (417 | ) | (1,174 | ) | ||||
Class B | (302 | ) | (1,199 | ) | ||||
Class C | (7 | ) | (12 | ) | ||||
Class C2 | (40 | ) | (199 | ) | ||||
Class M | (74 | ) | (304 | ) | ||||
(840 | ) | (2,888 | ) | |||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 6,733 | 15,212 | ||||||
Class B | 3,463 | 28,872 | ||||||
Class C | 351 | 4,995 | ||||||
Class C2 | 644 | 4,135 | ||||||
Class M | 356 | 2,623 | ||||||
11,547 | 55,837 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 403 | 1,117 | ||||||
Class B | 279 | 1,103 | ||||||
Class C | 7 | 12 | ||||||
Class C2 | 36 | 179 | ||||||
Class M | 68 | 280 | ||||||
793 | 2,691 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (22,442 | ) | (34,649 | ) | ||||
Class B | (37,225 | ) | (58,425 | ) | ||||
Class C | (666 | ) | (904 | ) | ||||
Class C2 | (8,645 | ) | (16,577 | ) | ||||
Class M | (9,024 | ) | (17,165 | ) | ||||
(78,002 | ) | (127,720 | ) | |||||
(65,662 | ) | (69,192 | ) | |||||
Net increase (decrease) in net assets | (56,324 | ) | (43,166 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 361,826 | 404,992 | ||||||
End of period | $ | 305,502 | $ | 361,826 | ||||
Undistributed Net Investment Income (Loss) | $ | 187 | $ | 248 | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 378 | 930 | ||||
Class B | 193 | 1,754 | ||||
Class C | 20 | 303 | ||||
Class C2 | 36 | 253 | ||||
Class M | 19 | 160 | ||||
646 | 3,400 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 23 | 68 | ||||
Class B | 16 | 68 | ||||
Class C | – | 1 | ||||
Class C2 | 2 | 11 | ||||
Class M | 4 | 17 | ||||
45 | 165 | |||||
Shares redeemed: | ||||||
Class A | (1,244 | ) | (2,091 | ) | ||
Class B | (2,079 | ) | (3,545 | ) | ||
Class C | (37 | ) | (54 | ) | ||
Class C2 | (483 | ) | (1,006 | ) | ||
Class M | (503 | ) | (1,038 | ) | ||
(4,346 | ) | (7,734 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | (843 | ) | (1,093 | ) | ||
Class B | (1,870 | ) | (1,723 | ) | ||
Class C | (17 | ) | 250 | |||
Class C2 | (445 | ) | (742 | ) | ||
Class M | (480 | ) | (861 | ) | ||
(3,655 | ) | (4,169 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 7
TA IDEX Janus Balanced
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the | Net Asset | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999 | $ | 17.43 16.23 17.31 19.75 18.96 14.75 | $ | 0.08 0.19 0.29 0.37 0.25 0.19 | $ | 0.43 1.21 (1.09 (2.18 1.03 4.27 | ) ) | $ | 0.51 1.40 (0.80 (1.81 1.28 4.46 | ) ) | $ | (0.09 (0.20 (0.28 (0.35 (0.24 (0.17 | ) ) ) ) ) ) | $ | – – – (0.28 (0.25 (0.08 | ) ) ) | $ | (0.09 (0.20 (0.28 (0.63 (0.49 (0.25 | ) ) ) ) ) ) | $ | 17.85 17.43 16.23 17.31 19.75 18.96 | |||||||||
Class B | 04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999 | | 17.39 16.22 17.30 19.73 18.95 14.74 | | 0.02 0.08 0.18 0.25 0.21 0.08 | | 0.43 1.18 (1.09 (2.17 1.03 4.27 | ) ) | | 0.45 1.26 (0.91 (1.92 1.24 4.35 | ) ) | | (0.03 (0.09 (0.17 (0.23 (0.21 (0.06 | ) ) ) ) ) ) | | – – – (0.28 (0.25 (0.08 | ) ) ) | | (0.03 (0.09 (0.17 (0.51 (0.46 (0.14 | ) ) ) ) ) ) | | 17.81 17.39 16.22 17.30 19.73 18.95 | |||||||||
Class C | 04/30/2004 10/31/2003 | | 17.39 16.22 | | 0.02 0.08 | | 0.43 1.18 | | | 0.45 1.26 | | | (0.03 (0.09 | ) ) | | – – | | | (0.03 (0.09 | ) ) | | 17.81 17.39 | |||||||||
Class C2 | 04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 | | 17.39 16.22 17.30 19.73 18.95 | | 0.02 0.08 0.18 0.26 0.21 | | 0.43 1.18 (1.09 (2.18 1.03 | ) ) | | 0.45 1.26 (0.91 (1.92 1.24 | ) ) | | (0.03 (0.09 (0.17 (0.23 (0.21 | ) ) ) ) ) | | – – – (0.28 (0.25 | ) ) | | (0.03 (0.09 (0.17 (0.51 (0.46 | ) ) ) ) ) | | 17.81 17.39 16.22 17.30 19.73 | |||||||||
Class M | 04/30/2004 | 17.39 | 0.03 | 0.44 | 0.47 | (0.04 | ) | – | (0.04 | ) | 17.82 | ||||||||||||||||||||
10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999 | | 16.22 17.30 19.73 18.95 14.74 | | 0.10 0.19 0.28 0.23 0.10 | | 1.18 (1.09 (2.18 1.03 4.27 | ) ) | | 1.28 (0.90 (1.90 1.26 4.37 | ) ) | | (0.11 (0.18 (0.25 (0.23 (0.08 | ) ) ) ) ) | | – – (0.28 (0.25 (0.08 | ) ) ) | | (0.11 (0.18 (0.53 (0.48 (0.16 | ) ) ) ) ) | | 17.39 16.22 17.30 19.73 18.95 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999 | 2.90 8.71 (4.72 (9.35 7.23 30.43 | % ) ) | $ | 76,465 89,335 100,923 126,369 133,445 67,749 | 1.77 1.73 1.68 1.64 1.67 1.81 | % | 1.77 1.73 1.70 1.66 1.69 1.82 | % | 0.93 1.13 1.70 1.96 1.73 1.28 | % | 19 69 87 114 71 60 | % | |||||||
Class B | 04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999 | 2.58 7.84 (5.31 (9.93 6.58 29.64 | ) ) | | 171,028 199,472 214,019 243,387 229,160 92,833 | 2.42 2.37 2.33 2.29 2.32 2.46 | | 2.42 2.37 2.35 2.31 2.34 2.47 | | 0.28 0.48 1.05 1.31 1.08 0.63 | | 19 69 87 114 71 60 | | |||||||
Class C | 04/30/2004 10/31/2003 | 2.58 7.84 | | | 4,154 4,354 | 2.42 2.38 | | 2.42 2.39 | | 0.28 0.48 | | 19 69 | | |||||||
Class C2 | 04/30/2004 10/31/2003 10/31/2002 10/31/2001 10/31/2000 | 2.58 7.84 (5.31 (9.93 6.58 | ) ) | | 22,380 29,591 39,636 47,399 42,447 | 2.42 2.37 2.33 2.29 2.32 | | 2.42 2.37 2.35 2.31 2.34 | | 0.28 0.48 1.05 1.31 1.08 | | 19 69 87 114 71 | | |||||||
Class M | 04/30/2004 | 2.69 | 31,475 | 2.32 | 2.32 | 0.38 | 19 | |||||||||||||
10/31/2003 10/31/2002 10/31/2001 10/31/2000 10/31/1999 | 7.95 (5.23 (9.84 6.68 29.76 | ) ) | | 39,074 50,414 64,641 66,249 34,122 | 2.27 2.23 2.19 2.22 2.36 | | 2.27 2.25 2.21 2.24 2.37 | | 0.58 1.15 1.41 1.18 0.73 | | 69 87 114 71 60 | |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 8
TA IDEX Janus Balanced
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003 and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 9
TA IDEX Janus Balanced
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Janus Balanced (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on December 2, 1994.
On March 1, 2004, the Fund changed its name from IDEX Janus Balanced to TA IDEX Janus Balanced.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 10
TA IDEX Janus Balanced
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $53 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $14 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 30, 2004, are listed in the Schedule of Investments.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 11
TA IDEX Janus Balanced
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $8. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
1.00% of the first $250 million of ANA
0.90% of the next $500 million of ANA
0.80% of the next $750 million of ANA
0.70% of ANA over $1.5 billion
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.50% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
The sub-adviser, Janus Capital Management, LLC, has agreed to a pricing discount based on the aggregate assets that they manage in the AEGON/Transamerica Series Fund, Inc. and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund for the period ended April 30, 2004 was $4.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 116 | |
Retained by Underwriter | 13 | ||
Contingent Deferred Sales Charges | 297 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $24 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $442 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 12
TA IDEX Janus Balanced
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $25. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 59,610 | |
U.S. Government | 4,194 | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 117,605 | ||
U.S. Government | 4,735 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$23,179 40,242 9,071 | October 31, 2009 October 31, 2010 October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 301,690 | ||
Unrealized Appreciation | $ | 30,527 | ||
Unrealized (Depreciation) | (4,665 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 25,862 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On May 28, 2004, the Fund acquired all the net assets of TA IDEX Janus Growth & Income pursuant to a plan of reorganization. At the same time, the Fund changed subadvisors from Janus Capital Management, LLC to Transamerica Investment Management, LLC and was renamed from TA IDEX Janus Balanced to TA IDEX Transamerica Balanced.
Transamerica Investment Management, LLC is an affiliate of the Fund.
The acquisition was accomplished by a tax-free exchange of 1,567 shares of the Fund for the 3,232 shares of TA IDEX Janus Growth & Income outstanding on May 27, 2004. TA IDEX Janus Growth & Income’s net assets at that date, $28,209, including $4,682 unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 362 | $ | 6,534 | ||
Class B | 956 | 17,187 | |||
Class C | 49 | 879 | |||
Class C2 | 126 | 2,271 | |||
Class M | 74 | 1,338 | |||
1,567 | $ | 28,209 | |||
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Balanced 13
TA IDEX Janus Global
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
PREFERRED STOCKS (0.7%) | |||||
Brazil (0.7%) | |||||
Caemi Mineracao e Metalurgia SA | 4,687 | $ | 1,705 | ||
Usinas Siderurgicas de Minas Gerais SA | 64,100 | 632 | |||
Total Preferred Stocks (cost: $2,869) | 2,337 | ||||
COMMON STOCKS (93.8%) | |||||
Australia (0.9%) | |||||
BHP Billiton Limited | 387,086 | 3,208 | |||
Austria (0.4%) | |||||
Erste Bank der oesterreichischen Sparkassen AG | 10,363 | 1,552 | |||
Bermuda (1.9%) | |||||
Tyco International Ltd. | 252,810 | 6,940 | |||
Brazil (2.5%) | |||||
Aracruz Celulose SA–ADR | 20,095 | 626 | |||
Companhia Vale do Rio Doce–ADR | 114,960 | 5,232 | |||
Petroleo Brasileiro SA–Petrobras–ADR | 79,110 | 2,286 | |||
Unibanco–Union of Brazilian Banks SA–GDR | 41,890 | 821 | |||
Canada (3.5%) | |||||
ATI Technologies Inc. (a) | 60,500 | 880 | |||
Canadian Natural Resources Limited | 32,856 | 1,806 | |||
EnCana Corporation | 42,058 | 1,649 | |||
Inco Limited (a)(b) | 130,210 | 3,744 | |||
Suncor Energy Inc. | 119,020 | 2,843 | |||
Talisman Energy Inc. | 28,702 | 1,628 | |||
China (0.7%) | |||||
China Petroleum & Chemical Corporation (Sinopec)–H Shares | 6,956,000 | 2,408 | |||
France (2.8%) | |||||
Alcatel–Class A (a) | 83,735 | 1,248 | |||
Hermes International | 5,547 | 1,106 | |||
LVMH Moet Hennessy Louis Vuitton SA | 50,537 | 3,564 | |||
Schneider Electric SA | 26,750 | 1,803 | |||
Total Fina Elf SA | 12,589 | 2,330 | |||
Germany (3.0%) | |||||
Altana AG | 45,095 | 2,872 | |||
Bayerische Hypo–und Vereinsbank AG (a) | 100,380 | 1,742 | |||
Deutsche Telekom AG (a) | 148,897 | 2,572 | |||
Hannover Rueckversicherungs AG–Registered Shares | 27,993 | 963 | |||
MAN AG | 71,233 | 2,610 | |||
Greece (0.4%) | |||||
Greek Organization of Football Prognostics | 79,870 | 1,523 | |||
Guernsey (0.7%) | |||||
Amdocs Limited (a)(b) | 97,675 | 2,593 | |||
Hong Kong (0.2%) | |||||
CNOOC Limited | 2,432,875 | 881 | |||
India (6.9%) | |||||
Housing Development Finance Corporation Limited | 106,393 | 1,425 |
Shares | Value | ||||
India (continued) | |||||
ICICI Bank Limited | 501,573 | $ | 3,557 | ||
Indian Petrochemicals Corporation Limited | 192,675 | 821 | |||
ITC Limited | 61,260 | 1,483 | |||
Oil & Natural Gas Corporation Ltd. | 152,750 | 2,889 | |||
Reliance Energy Limited–GDR–144A | 19,601 | 958 | |||
Reliance Industries Limited–GDR–144A (b) | 397,897 | 10,146 | |||
Tata Iron and Steel Company Limited | 234,295 | 1,872 | |||
Tata Motors Limited | 148,113 | 1,577 | |||
Ireland (0.5%) | |||||
Anglo Irish Bank Corporation PLC | 98,180 | 1,608 | |||
Israel (1.1%) | |||||
Check Point Software Technologies, Ltd. (a) | 65,125 | 1,526 | |||
Teva Pharmaceutical Industries Ltd.–ADR | 40,555 | 2,497 | |||
Japan (19.2%) | |||||
ACOM Co., Ltd. | 13,000 | 926 | |||
Asahi Breweries, Ltd. | 78,000 | 877 | |||
Canon Inc. | 147,000 | 7,714 | |||
Chugai Pharmaceutical Co., Ltd. | 78,900 | 1,194 | |||
FANUC LTD | 25,425 | 1,558 | |||
Hirose Electric Co., Ltd. | 9,000 | 1,032 | |||
JSR Corporation | 73,000 | 1,538 | |||
Kirin Brewery Company, Limited | 124,000 | 1,230 | |||
Komatsu Ltd. | 677,000 | 3,860 | |||
Millea Holdings, Inc. | 154 | 2,191 | |||
Mitsubishi Corporation | 120,000 | 1,144 | |||
Mitsubishi Estate Company, Limited | 149,000 | 1,762 | |||
Mitsubishi Tokyo Financial Group, Inc. | 864 | 7,690 | |||
Mitsui Sumitomo Insurance Co., Ltd. | 204,000 | 1,921 | |||
Mizuho Financial Group, Inc. | 652 | 3,085 | |||
Nissan Motor Co., Ltd. | 254,000 | 2,829 | |||
Nitto Denko Corporation | 64,900 | 3,606 | |||
Nomura Securities Co., Ltd. (The) | 290,000 | 4,711 | |||
Omron Corporation | 78,200 | 1,907 | |||
Pioneer Corporation | 117,200 | 3,346 | |||
Promise Company Limited | 18,000 | 1,191 | |||
Sankyo Company, Ltd. | 50,600 | 938 | |||
Shinsei Bank, Ltd. | 69,000 | 465 | |||
Sumitomo Mitsui Financial Group, Inc. | 312 | 2,358 | |||
Takeda Chemical Industries, Ltd. | 39,100 | 1,577 | |||
Tokyo Electron Limited | 29,200 | 1,779 | |||
Tokyo Gas Co., Ltd. | 467,000 | 1,731 | |||
Toyota Motor Corporation | 75,400 | 2,727 | |||
UFJ Holdings, Inc. | 184 | 1,139 | |||
Mexico (1.9%) | |||||
Cemex, SA de CV–ADR (b) | 14,480 | 426 | |||
Grupo Televisa SA de CV–ADR | 96,225 | 4,194 | |||
Wal-Mart de Mexico SA de CV–Series V | 785,200 | 2,287 | |||
Netherlands (1.7%) | |||||
ING Groep NV (b) | 84,523 | 1,813 | |||
Royal Numico NV–CVA (a) | 33,837 | 938 | |||
STMicroelectronics NV | 98,144 | 2,165 | |||
Vedior NV–CVA | 81,399 | 1,183 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 1
TA IDEX Janus Global
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Russia (3.2%) | |||||
Lukoil Oil Company–ADR | 47,325 | $ | 5,159 | ||
Mining and Metallurgical Company Norilsk Nickel–ADR | 54,085 | 3,234 | |||
YUKOS Oil Company–ADR | 67,609 | 3,029 | |||
Singapore (1.3%) | |||||
Chartered Semiconductor Manufacturing Ltd. (a) | 983,000 | 867 | |||
DBS Group Holdings Ltd. | 466,000 | 3,917 | |||
South Korea (8.8%) | |||||
Hana Bank | 49,570 | 1,071 | |||
HONAM Petrochemical Corporation | 4,590 | 171 | |||
Kookmin Bank (a) | 69,920 | 2,611 | |||
KT Corp. | 6,720 | 234 | |||
KT Corp.–ADR (b) | 28,555 | 528 | |||
LG Chem, Ltd. | 50,690 | 2,048 | |||
LG Electronics, Inc. | 47,980 | 2,912 | |||
Lg Petrochemical Co., Ltd. | 18,640 | 374 | |||
POSCO | 32,000 | 3,914 | |||
Samsung Electronics Co., Ltd. | 32,425 | 15,396 | |||
Shinsegae Co., Ltd. | 6,980 | 1,577 | |||
SK Telecom Co., Ltd.–ADR (b) | 19,225 | 388 | |||
Spain (0.2%) | |||||
Sogecable, SA (a) | 14,327 | 614 | |||
Sweden (2.0%) | |||||
Atlas Copco AB–A Shares | 70,588 | 2,481 | |||
Autoliv, Inc.–SDR | 56,500 | 2,408 | |||
Sandvik AB | 66,743 | 2,175 | |||
Switzerland (5.1%) | |||||
Adecco SA–Registered Shares (a) | 18,265 | 817 | |||
Givaudan SA–Registered Shares | 3,294 | 1,640 | |||
Roche Holding AG–Genusschein | 87,761 | 9,212 | |||
UBS AG–Registered Shares | 89,951 | 6,397 | |||
Taiwan (1.9%) | |||||
China Steel Corporation–ADR–144A | 62,400 | 1,112 | |||
Hon Hai Precision Industry Co., Ltd.–GDR Registered Shares | 367,745 | 2,900 | |||
United Microelectronics Corporation– | 535,600 | 2,785 | |||
Thailand (0.9%) | |||||
Bangkok Bank Public Company Limited–Registered Shares (a) | 196,300 | 481 | |||
Bangkok Bank Public Company Limited (a) | 273,900 | 647 | |||
PTT Public Company Limited | 598,900 | 2,187 | |||
United Kingdom (10.1%) | |||||
BHP Billiton PLC | 150,515 | 1,203 | |||
British Sky Broadcasting Group PLC | 632,958 | 7,481 | |||
Burberry Group PLC | 221,022 | 1,520 | |||
Compass Group PLC | 412,301 | 2,597 | |||
Diageo PLC | 102,961 | 1,382 | |||
easyJet PLC (a) | 368,608 | 1,935 | |||
HSBC Holdings PLC | 89,069 | 1,277 |
Shares | Value | |||||
United Kingdom (continued) | ||||||
Rank Group PLC (The) | 323,384 | $ | 1,825 | |||
Reckitt Benckiser PLC | 126,881 | 3,301 | ||||
Reed Elsevier PLC | 155,877 | 1,452 | ||||
Rio Tinto PLC–Registered Shares | 168,109 | 3,690 | ||||
Smiths Group PLC | 212,993 | 2,640 | ||||
Standard Chartered PLC | 184,437 | 2,828 | ||||
Vedanta Resources PLC (a) | 159,733 | 867 | ||||
Vodafone Group PLC | 639,763 | 1,555 | ||||
Vodafone Group PLC–ADR | 15,675 | 385 | ||||
United States (12.0%) | ||||||
Abbott Laboratories | 79,755 | 3,510 | ||||
Amgen Inc. (a) | 72,060 | 4,055 | ||||
Anthem, Inc. (a)(b) | 62,415 | 5,529 | ||||
CarMax, Inc. (a)(b) | 2,750 | 71 | ||||
Cendant Corporation | 53,795 | 1,274 | ||||
Cisco Systems, Inc. (a) | 306,915 | 6,405 | ||||
Clear Channel Communications, Inc. | 34,600 | 1,436 | ||||
Comcast Corporation–Special Class A (a) | 60,315 | 1,749 | ||||
Hewlett-Packard Company | 77,225 | 1,521 | ||||
InterActiveCorp (a)(b) | 37,875 | 1,207 | ||||
KLA–Tencor Corporation (a) | 39,715 | 1,655 | ||||
Medtronic, Inc. | 93,955 | 4,742 | ||||
Microsoft Corporation | 73,370 | 1,905 | ||||
Time Warner Inc. (a) | 159,501 | 2,683 | ||||
UnitedHealth Group Incorporated | 82,275 | 5,059 | ||||
Total Common Stocks (cost: $303,092) | 334,846 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (5.1%) | ||||||
Debt (2.8%) | ||||||
Bank Notes (0.5%) | ||||||
Canadian Imperial Bank of Commerce | $ | 894 | $ | 894 | ||
Fleet National Bank | 894 | 894 | ||||
Euro Dollar Overnight (0.2%) | ||||||
Credit Agricole Indosuez | 536 | 536 | ||||
Royal Bank of Scotland Group PLC (The) | 322 | 322 | ||||
Euro Dollar Terms (0.7%) | ||||||
Bank of Montreal | 104 | 104 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 536 | 536 | ||||
1.08%, due 07/29/2004 | 536 | 536 | ||||
Den Danske Bank | 358 | 358 | ||||
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004 | 358 | 358 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 2
TA IDEX Janus Global
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Euro Dollar Terms (continued) | ||||||
Wells Fargo & Company | $ | 536 | $ | 536 | ||
Promissory Notes (0.4%) | ||||||
Goldman Sachs Group, Inc. (The) | 1,251 | 1,251 | ||||
Repurchase Agreements (1.0%) (c) | ||||||
Merrill Lynch & Co., Inc. | 3,577 | 3,577 | ||||
Shares | Value | |||||
Investment Companies (2.3%) | ||||||
Money Market Funds (2.3%) | ||||||
American AAdvantage Select Fund | 1,072,699 | 1,073 | ||||
Barclays Institutional Money Market Fund | 2,502,964 | 2,503 | ||||
Merrill Lynch Premier Institutional Fund | 968,838 | 969 | ||||
Merrimac Cash Series Fund– | 3,575,663 | 3,576 | ||||
Total Security Lending Collateral (cost: $18,023) | 18,023 | |||||
Total Investment Securities (cost: $323,984) | $ | 355,206 | ||||
SUMMARY: | ||||||
Investments, at value | 99.6% | $ | 355,206 | |||
Other assets in excess of liabilities | 0.4% | 1,487 | ||||
Net assets | 100.0% | $ | 356,693 | |||
Percentage of Net Assets | Value | ||||
INVESTMENTS BY INDUSTRY: | |||||
Commercial Banks | 12.2 % | $ | 43,246 | ||
Electronic & Other Electric Equipment | 7.9 % | 27,930 | |||
Pharmaceuticals | 7.5 % | 26,793 | |||
Oil & Gas Extraction | 6.2 % | 22,194 | |||
Chemicals & Allied Products | 5.9 % | 21,199 | |||
Metal Mining | 5.4 % | 19,139 | |||
Electronic Components & Accessories | 5.1 % | 18,298 | |||
Computer & Office Equipment | 4.6 % | 16,521 | |||
Insurance | 4.4 % | 15,663 | |||
Primary Metal Industries | 3.2 % | 11,275 | |||
Industrial Machinery & Equipment | 3.1 % | 11,126 | |||
Telecommunications | 2.8 % | 9,856 | |||
Automotive | 2.7 % | 9,541 | |||
Radio & Television Broadcasting | 2.3 % | 8,095 | |||
Computer & Data Processing Services | 1.7 % | 6,024 | |||
Beer, Wine & Distilled Beverages | 1.6 % | 5,671 | |||
Petroleum Refining | 1.5 % | 5,251 | |||
Medical Instruments & Supplies | 1.3 % | 4,741 | |||
Security & Commodity Brokers | 1.3 % | 4,710 | |||
Electric Services | 1.2 % | 4,338 | |||
Business Services | 1.0 % | 3,436 | |||
Amusement & Recreation Services | 0.9 % | 3,348 | |||
Motion Pictures | 0.8 % | 2,683 | |||
Restaurants | 0.7 % | 2,597 | |||
Personal Services | 0.7 % | 2,465 | |||
Variety Stores | 0.6 % | 2,287 | |||
Air Transportation | 0.5 % | 1,935 | |||
Life Insurance | 0.5 % | 1,813 | |||
Machinery, Equipment & Supplies | 0.5 % | 1,803 | |||
Real Estate | 0.5 % | 1,762 | |||
Communication | 0.5 % | 1,749 | |||
Instruments & Related Products | 0.5 % | 1,655 | |||
Food & Kindred Products | 0.5 % | 1,640 | |||
Department Stores | 0.4 % | 1,577 | |||
Rubber & Misc. Plastic Products | 0.4 % | 1,538 | |||
Apparel Products | 0.4 % | 1,520 | |||
Tobacco Products | 0.4 % | 1,483 | |||
Printing & Publishing | 0.4 % | 1,452 | |||
Mortgage Bankers & Brokers | 0.4 % | 1,425 | |||
Beverages | 0.4 % | 1,382 | |||
Communications Equipment | 0.3 % | 1,248 | |||
Transportation & Public Utilities | 0.3 % | 1,207 | |||
Wholesale Trade Durable Goods | 0.3 % | 1,144 | |||
Personal Credit Institutions | 0.3 % | 926 | |||
Paper & Allied Products | 0.2 % | 626 | |||
Stone, Clay & Glass Products | 0.1 % | 426 | |||
Petroleum & Petroleum Products | 0.1 % | 374 | |||
Automotive Dealers & Service Stations | 0.0 % | 71 | |||
Investments, at market value | 94.5 % | 337,183 | |||
Short-term investments | 5.1 % | 18,023 | |||
Other assets in excess of liabilities | 0.4 % | 1,487 | |||
Net assets | 100.0 % | $ | 356,693 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 3
TA IDEX Janus Global
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
FORWARD FOREIGN CURRENCY CONTRACTS: | |||||||||||
Currency | Bought (Sold) | Settlement Date | Amount in U.S. Dollars Bought (Sold) | Net Unrealized Appreciation (Depreciation) | |||||||
Canadian Dollar | (326 | ) | 05/04/2004 | $ | (238) | $ | – | ||||
Euro Dollar | (934 | ) | 05/03/2004 | (1,115) | (6) | ||||||
Euro Dollar | 3,600 | 09/27/2004 | 4,271 | 33 | |||||||
Euro Dollar | (3,600 | ) | 09/27/2004 | (4,396) | 92 | ||||||
British Pound | 18 | 05/04/2004 | 31 | – | |||||||
British Pound | 191 | 05/05/2004 | 339 | 1 | |||||||
British Pound | 149 | 05/05/2004 | 264 | (1) | |||||||
British Pound | 1,800 | 10/15/2004 | 3,150 | – | |||||||
British Pound | (1,800 | ) | 10/15/2004 | (3,170) | 20 | ||||||
British Pound | 2,300 | 11/19/2004 | 4,014 | (2) | |||||||
British Pound | (2,300 | ) | 11/19/2004 | 4,121 | 108 | ||||||
Hong Kong Dollar | (5,495 | ) | 05/04/2004 | (705) | – | ||||||
Indian Rupee | 8,811 | 04/30/2004 | 198 | – | |||||||
Japanese Yen | (67,634 | ) | 05/07/2004 | (615) | 2 | ||||||
Japanese Yen | 151,421 | 05/10/2004 | (1,371) | (2) | |||||||
Mexican Peso | 399 | 05/03/2004 | 35 | – | |||||||
Singapore Dollar | 27 | 05/03/2004 | 16 | – | |||||||
Singapore Dollar | 288 | 05/04/2004 | 169 | – | |||||||
Swiss Franc | 1,319 | 05/04/2004 | (1,019) | 1 | |||||||
Swiss Franc | – | 09/27/2004 | (41) | 41 | |||||||
Swiss Franc | 1,675 | 10/15/2004 | 1,284 | 15 | |||||||
Swiss Franc | (1,675 | ) | 10/15/2004 | (1,290) | (8) | ||||||
$ | 3,932 | $ | 294 | ||||||||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $17,004. |
(c) | Cash collateral for the Repurchase Agreements, valued at $3,647, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
GDR Global Depositary Receipt
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 4
TA IDEX Janus Global
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $323,984) | $ | 355,206 | ||
Cash | 17,342 | |||
Foreign cash (cost: $531) | 530 | |||
Receivables: | ||||
Investment securities sold | 5,703 | |||
Shares of beneficial interest sold | 39 | |||
Interest | 3 | |||
Dividends | 921 | |||
Dividend reclaims receivable | 537 | |||
Unrealized appreciation on forward foreign currency | 313 | |||
Other | 119 | |||
380,713 | ||||
Liabilities: | ||||
Investment securities purchased | 3,382 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 1,059 | |||
Management and advisory fees | 316 | |||
Distribution fees | 216 | |||
Deferred foreign taxes | 188 | |||
Transfer agent fees | 611 | |||
Payable for collateral for securities on loan | 18,023 | |||
Unrealized depreciation on forward foreign currency contracts | 19 | |||
Other | 206 | |||
24,020 | ||||
Net Assets | $ | 356,693 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 742,047 | ||
Accumulated net investment income (loss) | (2,086 | ) | ||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (414,470 | ) | ||
Foreign currency transactions | (165 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 31,200 | |||
Translation of assets and liabilities denominated in | 167 | |||
Net Assets | $ | 356,693 | ||
Net Assets by Class: | ||||
Class A | $ | 167,636 | ||
Class B | 133,952 | |||
Class C | 217 | |||
Class C2 | 14,182 | |||
Class M | 40,706 | |||
Shares Outstanding: | ||||
Class A | 7,365 | |||
Class B | 6,242 | |||
Class C | 10 | |||
Class C2 | 661 | |||
Class M | 1,891 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 22.76 | ||
Class B | 21.46 | |||
Class C | 21.46 | |||
Class C2 | 21.46 | |||
Class M | 21.53 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 24.08 | ||
Class M | 21.75 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 11 | ||
Dividends | 3,129 | |||
Income from loaned securities–net | 43 | |||
Less withholding taxes on foreign dividends | (305 | ) | ||
2,878 | ||||
Expenses: | ||||
Management and advisory fees | 1,997 | |||
Transfer agent fees | 867 | |||
Printing and shareholder reports | 326 | |||
Custody fees | 194 | |||
Administration fees | 27 | |||
Legal fees | 12 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 15 | |||
Registration fees | 30 | |||
Other | 23 | |||
Distribution and service fees: | ||||
Class A | 327 | |||
Class B | 743 | |||
Class C | 1 | |||
Class C2 | 82 | |||
Class M | 213 | |||
Total expenses | 4,864 | |||
Net Investment Income (Loss) | (1,986 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 31,879 | |||
Foreign currency transactions | (165 | ) | ||
31,714 | ||||
Net Increase (Decrease) in Unrealized Appreciation | ||||
Investment securities | (3,716 | ) | ||
Translation of assets and liabilities denominated in | 111 | |||
(3,605 | ) | |||
Net Gain (Loss) on Investments and Foreign Currency Transactions | 28,109 | |||
Net Increase (Decrease) in Net Assets Resulting from | $ | 26,123 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 5
TA IDEX Janus Global
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (1,986 | ) | $ | (2,778 | ) | ||
Net realized gain (loss) from investment securities and foreign currency transaction | 31,714 | (57,479 | ) | |||||
Net unrealized appreciation (depreciation) on investments securities and foreign currency translation | (3,605 | ) | 106,452 | |||||
26,123 | 46,195 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 5,648 | 75,695 | ||||||
Class B | 2,218 | 5,156 | ||||||
Class C | 65 | 3,270 | ||||||
Class C2 | 789 | 776 | ||||||
Class M | 513 | 1,937 | ||||||
9,233 | 86,834 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (39,494 | ) | (134,273 | ) | ||||
Class B | (30,698 | ) | (61,709 | ) | ||||
Class C | (18 | ) | (3,225 | ) | ||||
Class C2 | (6,188 | ) | (11,577 | ) | ||||
Class M | (14,806 | ) | (33,901 | ) | ||||
(91,204 | ) | (244,685 | ) | |||||
(81,971 | ) | (157,851 | ) | |||||
Net increase (decrease) in net assets | (55,848 | ) | (111,656 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 412,541 | 524,197 | ||||||
End of period | $ | 356,693 | $ | 412,541 | ||||
Accumulated Net Investment Income (Loss) | $ | (2,086 | ) | $ | (100 | ) | ||
April 30, 2004 | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 246 | 3,964 | ||||
Class B | 101 | 285 | ||||
Class C | 3 | 176 | ||||
Class C2 | 36 | 43 | ||||
Class M | 24 | 107 | ||||
410 | 4,575 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (1,710 | ) | (6,977 | ) | ||
Class B | (1,415 | ) | (3,380 | ) | ||
Class C | (1 | ) | (168 | ) | ||
Class C2 | (288 | ) | (636 | ) | ||
Class M | (683 | ) | (1,842 | ) | ||
(4,097 | ) | (13,003 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | (1,464 | ) | (3,013 | ) | ||
Class B | (1,314 | ) | (3,095 | ) | ||
Class C | 2 | 8 | ||||
Class C2 | (252 | ) | (593 | ) | ||
Class M | (659 | ) | (1,735 | ) | ||
(3,687 | ) | (8,428 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 6
TA IDEX Janus Global
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
| Net Investment Income (Loss) | | | Net Realized and Unrealized Gain (Loss) | | | Total Operations | | | From Net Investment Income | | From Net Realized Gains | | | Total Distributions | | |||||||||||||||
Class A | 04/30/2004 | $ | 21.41 | $ | (0.07 | ) | $ | 1.42 | $ | 1.35 | $ | – | $ | – | $ | – | $ | 22.76 | |||||||||||||
10/31/2003 | 19.06 | (0.05 | ) | 2.40 | 2.35 | – | – | – | 21.41 | ||||||||||||||||||||||
10/31/2002 | 23.67 | (0.08 | ) | (4.53 | ) | (4.61 | ) | – | – | – | 19.06 | ||||||||||||||||||||
10/31/2001 | 40.20 | (0.07 | ) | (13.99 | ) | (14.06 | ) | – | (2.47 | ) | (2.47 | ) | 23.67 | ||||||||||||||||||
10/31/2000 | 33.80 | – | 7.53 | 7.53 | – | (1.13 | ) | (1.13 | ) | 40.20 | |||||||||||||||||||||
10/31/1999 | 24.09 | 0.22 | 9.49 | 9.71 | – | – | – | 33.80 | |||||||||||||||||||||||
Class B | 04/30/2004 | 20.25 | (0.14 | ) | 1.35 | 1.21 | – | – | – | 21.46 | |||||||||||||||||||||
10/31/2003 | 18.14 | (0.17 | ) | 2.28 | 2.11 | – | – | – | 20.25 | ||||||||||||||||||||||
10/31/2002 | 22.71 | (0.22 | ) | (4.35 | ) | (4.57 | ) | – | – | – | 18.14 | ||||||||||||||||||||
10/31/2001 | 38.97 | (0.27 | ) | (13.52 | ) | (13.79 | ) | – | (2.47 | ) | (2.47 | ) | 22.71 | ||||||||||||||||||
10/31/2000 | 32.98 | (0.41 | ) | 7.53 | 7.12 | – | (1.13 | ) | (1.13 | ) | 38.97 | ||||||||||||||||||||
10/31/1999 | 23.62 | (0.13 | ) | 9.49 | 9.36 | – | – | – | 32.98 | ||||||||||||||||||||||
Class C | 04/30/2004 | 20.25 | (0.15 | ) | 1.36 | 1.21 | – | – | – | 21.46 | |||||||||||||||||||||
10/31/2003 | 18.00 | (0.17 | ) | 2.42 | 2.25 | – | – | – | 20.25 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 20.25 | (0.14 | ) | 1.35 | 1.21 | – | – | – | 21.46 | |||||||||||||||||||||
10/31/2003 | 18.14 | (0.17 | ) | 2.28 | 2.11 | – | – | – | 20.25 | ||||||||||||||||||||||
10/31/2002 | 22.72 | (0.22 | ) | (4.36 | ) | (4.58 | ) | – | – | – | 18.14 | ||||||||||||||||||||
10/31/2001 | 38.98 | (0.27 | ) | (13.52 | ) | (13.79 | ) | – | (2.47 | ) | (2.47 | ) | 22.72 | ||||||||||||||||||
10/31/2000 | 32.98 | (0.40 | ) | 7.53 | 7.13 | – | (1.13 | ) | (1.13 | ) | 38.98 | ||||||||||||||||||||
Class M | 04/30/2004 | 20.31 | (0.13 | ) | 1.35 | 1.22 | – | – | – | 21.53 | |||||||||||||||||||||
10/31/2003 | 18.18 | (0.15 | ) | 2.28 | 2.13 | – | – | – | 20.31 | ||||||||||||||||||||||
10/31/2002 | 22.72 | (0.20 | ) | (4.34 | ) | (4.54 | ) | – | – | – | 18.18 | ||||||||||||||||||||
10/31/2001 | 38.94 | (0.24 | ) | (13.51 | ) | (13.75 | ) | – | (2.47 | ) | (2.47 | ) | 22.72 | ||||||||||||||||||
10/31/2000 | 32.91 | (0.37 | ) | 7.53 | 7.16 | – | (1.13 | ) | (1.13 | ) | 38.94 | ||||||||||||||||||||
10/31/1999 | 23.56 | (0.14 | ) | 9.49 | 9.35 | – | – | – | 32.91 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 6.31 | % | $ | 167,636 | 2.10 | % | 2.10 | % | (0.66) | % | 53 | % | |||||||
10/31/2003 | 12.33 | 189,046 | 2.07 | 2.07 | (0.26) | 103 | ||||||||||||||
10/31/2002 | (19.46 | ) | 225,722 | 1.88 | 1.88 | (0.34) | 72 | |||||||||||||
10/31/2001 | (37.08 | ) | 374,626 | 1.63 | 1.63 | (0.24) | 79 | |||||||||||||
10/31/2000 | 22.26 | 749,671 | 1.64 | 1.64 | (0.56) | 53 | ||||||||||||||
10/31/1999 | 40.31 | 487,787 | 1.73 | 1.73 | (0.22) | 145 | ||||||||||||||
Class B | 04/30/2004 | 5.98 | 133,952 | 2.75 | 2.75 | (1.31) | 53 | |||||||||||||
10/31/2003 | 11.57 | 153,046 | 2.72 | 2.72 | (0.91) | 103 | ||||||||||||||
10/31/2002 | (20.09 | ) | 193,259 | 2.53 | 2.53 | (0.99) | 72 | |||||||||||||
10/31/2001 | (37.58 | ) | 320,693 | 2.28 | 2.28 | (0.89) | 79 | |||||||||||||
10/31/2000 | 21.62 | 614,789 | 2.29 | 2.29 | (1.21) | 53 | ||||||||||||||
10/31/1999 | 39.62 | 283,847 | 2.38 | 2.38 | (0.87) | 145 | ||||||||||||||
Class C | 04/30/2004 | 5.98 | 217 | 2.75 | 2.75 | (1.31) | 53 | |||||||||||||
10/31/2003 | 12.50 | 163 | 2.72 | 2.72 | (0.92) | 103 | ||||||||||||||
Class C2 | 04/30/2004 | 5.98 | 14,182 | 2.75 | 2.75 | (1.31) | 53 | |||||||||||||
10/31/2003 | 11.57 | 18,495 | 2.72 | 2.72 | (0.91) | 103 | ||||||||||||||
10/31/2002 | (20.09 | ) | 27,332 | 2.53 | 2.53 | (0.99) | 72 | |||||||||||||
10/31/2001 | (37.58 | ) | 54,221 | 2.28 | 2.28 | (0.89) | 79 | |||||||||||||
10/31/2000 | 21.62 | 116,071 | 2.29 | 2.29 | (1.21) | 53 | ||||||||||||||
Class M | 04/30/2004 | 6.01 | 40,706 | 2.65 | 2.65 | (1.21) | 53 | |||||||||||||
10/31/2003 | 11.72 | 51,791 | 2.62 | 2.62 | (0.81) | 103 | ||||||||||||||
10/31/2002 | (20.00 | ) | 77,884 | 2.43 | 2.43 | (0.89) | 72 | |||||||||||||
10/31/2001 | (37.48 | ) | 149,070 | 2.18 | 2.18 | (0.79) | 79 | |||||||||||||
10/31/2000 | 21.72 | 306,667 | 2.19 | 2.19 | (1.11) | 53 | ||||||||||||||
10/31/1999 | 39.73 | 155,147 | 2.28 | 2.28 | (0.77) | 145 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 7
TA IDEX Janus Global
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 8
TA IDEX Janus Global
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Janus Global (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on October 1, 1992.
On March 1, 2004, the Fund changed its name from IDEX Janus Global to TA IDEX Janus Global.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 9
TA IDEX Janus Global
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the
underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $178 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $19 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Foreign capital gains taxes: The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 10
TA IDEX Janus Global
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
The Fund’s investments in India are subject to a 30% governmental short-term capital gains tax. The Indian government has elected to waive the long-term capital gains tax of 10% on equities securities held for longer than one year. This waiver of tax is effective through March of 2007. Such taxes are due upon sale of individual securities. The Fund accrues for taxes on the capital gains throughout the holding period of the underlying securities. As of April 30, 2004, short-term capital gains tax of $188 would have been realized if all the India securities were sold.
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 30, 2004, are listed in the Schedule of Investments.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
1.00% of the first $750 million of ANA
0.90% of the next $250 million of ANA
0.85% of ANA over $1 billion
ATFA has contractually waived its advisory fee and will reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.00% Expense Limit
The sub-adviser, Janus Capital Management, LLC, has agreed to a pricing discount based on the aggregate assets that they manage in the AEGON/Transamerica Series Fund, Inc. and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund for the period ended April 30, 2004 was $5.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 99 | |
Retained by Underwriter | 12 | ||
Contingent Deferred Sales Charges | 156 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $27 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $867 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $82. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 11
TA IDEX Janus Global
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 205,063 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 289,582 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$176,064 | October 31, 2009 | |
205,203 | October 31, 2010 | |
57,944 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 326,753 | ||
Unrealized Appreciation | $ | 40,841 | ||
Unrealized (Depreciation) | (12,388 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 28,453 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On May 28, 2004, the Fund acquired all the net assets of TA IDEX Templeton Great Companies Global pursuant to a plan of reorganization. At the same time, the Fund changed its sub-adviser from Janus Capital Management, LLC to Templeton Investment Counsel, LLC and Great Companies, LLC and was renamed from TA IDEX Janus Global to TA IDEX Templeton Great Companies Global. Great Companies, LLC is an affiliate of the Fund. The acquisition was accomplished by a tax-free exchange of 4,196 shares of the Fund for the 12,556 shares of TA IDEX Templeton Great Companies Global outstanding on May 27, 2004. TA IDEX Templeton Great Companies Global’s net assets at that date, $92,688, including $3,609 unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 3,817 | $ | 85,329 | ||
Class B | 260 | 4,841 | |||
Class C | 21 | 436 | |||
Class C2 | 59 | 1,244 | |||
Class M | 39 | 838 | |||
4,196 | $ | 92,688 | |||
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Global 12
TA IDEX Janus Growth
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
COMMON STOCKS (90.7%) | |||||
Air Transportation (1.9%) | |||||
FedEx Corporation | 331,750 | $ | 23,856 | ||
Amusement & Recreation Services (2.1%) | |||||
Mandalay Resort Group | 463,825 | 26,647 | |||
Automotive Dealers & Service Stations (1.8%) | |||||
Advance Auto Parts, Inc. (a) | 523,920 | 22,607 | |||
Beer, Wine & Distilled Beverages (1.0%) | |||||
LVMH Moet Hennessy Louis Vuitton SA | 182,673 | 12,884 | |||
Business Services (7.2%) | |||||
Clear Channel Communications, Inc. | 1,526,975 | 63,354 | |||
eBay Inc. (a) | 350,420 | 27,971 | |||
Chemicals & Allied Products (1.4%) | |||||
Procter & Gamble Company (The) | 166,115 | 17,567 | |||
Commercial Banks (5.8%) | |||||
Citigroup Inc. | 437,245 | 21,027 | |||
MBNA Corporation (b) | 1,333,205 | 32,505 | |||
Northern Trust Corporation | 298,410 | 12,617 | |||
Providian Financial Corporation (a) | 528,310 | 6,408 | |||
Communication (4.5%) | |||||
Liberty Media Corporation–Class A (a) | 5,143,306 | 56,268 | |||
Communications Equipment (1.4%) | |||||
Avaya Inc. (a) | 427,000 | 5,841 | |||
Nokia Corporation–ADR | 878,070 | 12,302 | |||
Computer & Data Processing Services (10.6%) | |||||
Check Point Software Technologies, Ltd. (a)(b) | 831,925 | 19,492 | |||
Electronic Arts Inc. (a)(b) | 1,000,625 | 50,652 | |||
Yahoo! Inc. (a) | 1,235,955 | 62,366 | |||
Computer & Office Equipment (3.9%) | |||||
Cisco Systems, Inc. (a) | 1,653,652 | 34,512 | |||
Lexmark International, Inc. (a) | 157,750 | 14,270 | |||
Electronic Components & Accessories (5.4%) | |||||
Advanced Micro Devices, Inc. (a)(b) | 1,925,310 | 27,378 | |||
Intel Corporation | 323,455 | 8,322 | |||
Maxim Integrated Products | 334,230 | 15,371 | |||
NVIDIA Corporation (a)(b) | 382,560 | 7,858 | |||
Xilinx, Inc. (a) | 260,993 | 8,777 | |||
Hotels & Other Lodging Places (3.2%) | |||||
Marriott International, Inc.–Class A | 426,930 | 20,134 | |||
Starwood Hotels & Resorts Worldwide, Inc. | 512,880 | 20,407 | |||
Instruments & Related Products (1.1%) | |||||
Alcon, Inc. | 191,810 | 14,242 | |||
Insurance (4.3%) | |||||
UnitedHealth Group Incorporated | 887,100 | 54,539 | |||
Manufacturing Industries (1.3%) | |||||
International Game Technology | 432,095 | 16,307 |
Shares | Value | |||||
Medical Instruments & Supplies (8.6%) | ||||||
Biomet, Incorporated | 441,645 | $ | 17,445 | |||
Boston Scientific Corporation (a) | 491,055 | 20,227 | ||||
Medtronic, Inc. | 1,399,445 | 70,616 | ||||
Paper & Allied Products (1.3%) | ||||||
3M Company | 194,355 | 16,808 | ||||
Personal Credit Institutions (1.1%) | ||||||
SLM Corporation | 368,115 | 14,102 | ||||
Pharmaceuticals (15.8%) | ||||||
Amgen Inc. (a) | 671,180 | 37,767 | ||||
Celgene Corporation (a)(b) | 305,705 | 15,802 | ||||
Elan Corporation PLC–ADR (a)(b) | 132,230 | 2,856 | ||||
Eon Labs, Inc. (a) | 64,100 | 4,215 | ||||
Forest Laboratories, Inc. (a) | 369,295 | 23,812 | ||||
Genentech, Inc. (a) | 526,725 | 64,682 | ||||
Genzyme Corporation | 170,275 | 7,417 | ||||
Roche Holding AG–Genusschein (b) | 323,715 | 33,978 | ||||
Teva Pharmaceutical Industries Ltd. | 119,270 | 7,342 | ||||
Restaurants (1.6%) | ||||||
McDonald’s Corporation | 753,650 | 20,522 | ||||
Retail Trade (3.9%) | ||||||
Amazon.com, Inc. (a)(b) | 602,730 | 26,195 | ||||
Staples, Inc. | 906,305 | 23,346 | ||||
Security & Commodity Brokers (0.8%) | ||||||
Legg Mason, Inc. (b) | 113,800 | 10,476 | ||||
U.S. Government Agencies (0.7%) | ||||||
Fannie Mae | 136,140 | 9,356 | ||||
Total Common Stocks (cost: $913,441) | 1,143,445 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (5.5%) | ||||||
Debt (3.0%) | ||||||
Bank Notes (0.5%) | ||||||
Canadian Imperial Bank of Commerce 1.10%, due 11/04/2004 | $ | 3,419 | $ | 3,419 | ||
Fleet National Bank | 3,419 | 3,419 | ||||
Euro Dollar Overnight (0.3%) | ||||||
Credit Agricole Indosuez | 2,051 | 2,051 | ||||
Royal Bank of Scotland Group PLC (The) 1.00%, due 05/07/2004 | 1,231 | 1,231 | ||||
Euro Dollar Terms (0.7%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 399 | 399 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 2,051 | 2,051 | ||||
1.08%, due 07/29/2004 | 2,051 | 2,051 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 1
TA IDEX Janus Growth
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Euro Dollar Terms (continued) | ||||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | $ | 1,367 | $ | 1,367 | ||
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004 | 1,367 | 1,367 | ||||
Wells Fargo & Company | 2,051 | 2,051 | ||||
Promissory Notes (0.4%) | ||||||
Goldman Sachs Group, Inc. (The) | 4,786 | 4,786 | ||||
Repurchase Agreements (1.1%) (c) | ||||||
Merrill Lynch & Co., Inc. | 13,674 | 13,674 |
Shares | Value | ||||
Investment Companies (2.5%) | |||||
Money Market Funds (2.5%) | |||||
American AAdvantage Select Fund | 4,102,260 | $ | 4,102 | ||
Barclays Institutional Money Market Fund | 9,571,939 | 9,572 | |||
Merrill Lynch Premier Institutional Fund | 3,705,072 | 3,705 | |||
Merrimac Cash Series Fund– | 13,674,199 | 13,674 | |||
Total Security Lending Collateral (cost: $68,919) | 68,919 | ||||
Total Investment Securities (cost: $982,360) | $ | 1,212,364 | |||
SUMMARY: | |||||
Investments, at value | 96.2% | $ | 1,212,364 | ||
Other assets in excess of liabilities | 3.8% | 48,100 | |||
Net assets | 100.0% | $ | 1,260,464 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $65,740. |
(c) | Cash collateral for the Repurchase Agreements, valued at $13,948, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 2
TA IDEX Janus Growth
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $982,360) | $ | 1,212,364 | ||
Cash | 123,101 | |||
Receivables: | ||||
Investment securities sold | 3,872 | |||
Shares of beneficial interest sold | 405 | |||
Interest | 19 | |||
Dividends | 852 | |||
Dividend reclaims receivable | 83 | |||
Other | 383 | |||
1,341,079 | ||||
Liabilities: | ||||
Investment securities purchased | 6,851 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 1,816 | |||
Management and advisory fees | 945 | |||
Distribution fees | 426 | |||
Transfer agent fees | 1,162 | |||
Payable for collateral for securities on loan | 68,919 | |||
Other | 496 | |||
80,615 | ||||
Net Assets | $ | 1,260,464 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 1,977,880 | ||
Accumulated net investment income (loss) | (7,115 | ) | ||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (940,216 | ) | ||
Foreign currency transactions | (15 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 229,930 | |||
Net Assets | $ | 1,260,464 | ||
Net Assets by Class: | ||||
Class A | $ | 565,843 | ||
Class B | 223,050 | |||
Class C | 949 | |||
Class C2 | 27,576 | |||
Class M | 52,271 | |||
Class T | 390,775 | |||
Shares Outstanding: | ||||
Class A | 26,790 | |||
Class B | 11,330 | |||
Class C | 48 | |||
Class C2 | 1,401 | |||
Class M | 2,626 | |||
Class T | 17,823 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 21.12 | ||
Class B | 19.69 | |||
Class C | 19.69 | |||
Class C2 | 19.69 | |||
Class M | 19.90 | |||
Class T | 21.93 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 22.35 | ||
Class M | 20.10 | |||
Class T | 23.97 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 118 | ||
Dividends | 4,568 | |||
Income from loaned securities–net | 95 | |||
Less withholding taxes on foreign dividends | (152 | ) | ||
4,629 | ||||
Expenses: | ||||
Management and advisory fees | 5,783 | |||
Transfer agent fees | 1,912 | |||
Printing and shareholder reports | 822 | |||
Custody fees | 62 | |||
Administration fees | 73 | |||
Legal fees | 32 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 41 | |||
Registration fees | 38 | |||
Other | 38 | |||
Distribution and service fees: | ||||
Class A | 1,029 | |||
Class B | 1,161 | |||
Class C | 4 | |||
Class C2 | 149 | |||
Class M | 253 | |||
Class T | – | |||
Total expenses | 11,402 | |||
Net Investment Income (Loss) | (6,773 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 43,265 | |||
Foreign currency transactions | 15 | |||
43,280 | ||||
Net Increase (Decrease) in Unrealized Appreciation | ||||
Investment securities | 54,725 | |||
54,725 | ||||
Net Gain (Loss) on Investment Securities and | 98,005 | |||
Net Increase (Decrease) in Net Assets Resulting from | $ | 91,232 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 3
TA IDEX Janus Growth
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (6,773 | ) | $ | (15,691 | ) | ||
Net realized gain (loss) from investment securities and foreign currency transactions | 43,280 | (89,352 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities | 54,725 | 372,706 | ||||||
91,232 | 267,663 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
Class T | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
Class T | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 15,200 | 97,031 | ||||||
Class B | 6,318 | 16,501 | ||||||
Class C | 558 | 925 | ||||||
Class C2 | 1,074 | 3,457 | ||||||
Class M | 968 | 2,730 | ||||||
Class T | 10,383 | 26,507 | ||||||
34,501 | 147,151 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
Class T | – | – | ||||||
– | – | |||||||
April 30, 2004 | October 31, 2003 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (73,629 | ) | (136,363 | ) | ||||
Class B | (32,271 | ) | (54,092 | ) | ||||
Class C | (396 | ) | (248 | ) | ||||
Class C2 | (6,543 | ) | (11,227 | ) | ||||
Class M | (10,785 | ) | (17,848 | ) | ||||
Class T | (65,815 | ) | (62,594 | ) | ||||
(189,439 | ) | (282,372 | ) | |||||
(154,938 | ) | (135,221 | ) | |||||
Net increase (decrease) in net assets | (63,706 | ) | 132,442 | |||||
Net Assets: | ||||||||
Beginning of period | 1,324,170 | 1,191,728 | ||||||
End of period | $ | 1,260,464 | $ | 1,324,170 | ||||
Accumulated Net Investment Income (Loss) | $ | (7,115 | ) | $ | (342 | ) | ||
Share Activity: | ||||||||
Shares issued: | ||||||||
Class A | 730 | 5,565 | ||||||
Class B | 324 | 999 | ||||||
Class C | 29 | 54 | ||||||
Class C2 | 55 | 215 | ||||||
Class M | 49 | 164 | ||||||
Class T | 482 | 1,445 | ||||||
1,669 | 8,442 | |||||||
Shares issued–reinvested from distributions: |
| |||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
Class T | – | – | ||||||
– | – | |||||||
Shares redeemed: | ||||||||
Class A | (3,519 | ) | (7,843 | ) | ||||
Class B | (1,660 | ) | (3,354 | ) | ||||
Class C | (21 | ) | (14 | ) | ||||
Class C2 | (336 | ) | (687 | ) | ||||
Class M | (548 | ) | (1,099 | ) | ||||
Class T | (3,037 | ) | (3,528 | ) | ||||
(9,121 | ) | (16,525 | ) | |||||
Net increase (decrease) in shares outstanding: |
| |||||||
Class A | (2,789 | ) | (2,278 | ) | ||||
Class B | (1,336 | ) | (2,355 | ) | ||||
Class C | 8 | 40 | ||||||
Class C2 | (281 | ) | (472 | ) | ||||
Class M | (499 | ) | (935 | ) | ||||
Class T | (2,555 | ) | (2,083 | ) | ||||
(7,452 | ) | (8,083 | ) | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 4
TA IDEX Janus Growth
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For the Period Ended (d)(g) | For a share of beneficial interest outstanding throughout each period | ||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | ||||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 19.73 | $ | (0.10 | ) | $ | 1.49 | $ | 1.39 | $ | – | $ | – | $ | – | $ | 21.12 | |||||||||||||
10/31/2003 | 15.87 | (0.21 | ) | 4.07 | 3.86 | – | – | – | 19.73 | ||||||||||||||||||||||
10/31/2002 | 19.64 | (0.22 | ) | (3.55 | ) | (3.77 | ) | – | – | – | 15.87 | ||||||||||||||||||||
10/31/2001 | 43.81 | (0.24 | ) | (20.80 | ) | (21.04 | ) | – | (3.13 | ) | (3.13 | ) | 19.64 | ||||||||||||||||||
10/31/2000 | 46.72 | 0.03 | 5.35 | 5.38 | – | (8.29 | ) | (8.29 | ) | 43.81 | |||||||||||||||||||||
10/31/1999 | 29.35 | 0.06 | 17.70 | 17.76 | – | (0.39 | ) | (0.39 | ) | 46.72 | |||||||||||||||||||||
Class B | 04/30/2004 | 18.45 | (0.16 | ) | 1.40 | 1.24 | – | – | – | 19.69 | |||||||||||||||||||||
10/31/2003 | 14.93 | (0.31 | ) | 3.83 | 3.52 | – | – | – | 18.45 | ||||||||||||||||||||||
10/31/2002 | 18.63 | (0.34 | ) | (3.36 | ) | (3.70 | ) | – | – | – | 14.93 | ||||||||||||||||||||
10/31/2001 | 42.08 | (0.41 | ) | (19.91 | ) | (20.32 | ) | – | (3.13 | ) | (3.13 | ) | 18.63 | ||||||||||||||||||
10/31/2000 | 45.38 | (0.36 | ) | 5.35 | 4.99 | – | (8.29 | ) | (8.29 | ) | 42.08 | ||||||||||||||||||||
10/31/1999 | 28.63 | (0.56 | ) | 17.70 | 17.14 | – | (0.39 | ) | (0.39 | ) | 45.38 | ||||||||||||||||||||
Class C | 04/30/2004 | 18.45 | (0.16 | ) | 1.40 | 1.24 | – | – | – | 19.69 | |||||||||||||||||||||
10/31/2003 | 14.74 | (0.32 | ) | 4.03 | 3.71 | – | – | – | 18.45 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 18.45 | (0.16 | ) | 1.40 | 1.24 | – | – | – | 19.69 | |||||||||||||||||||||
10/31/2003 | 14.93 | (0.31 | ) | 3.83 | 3.52 | – | – | – | 18.45 | ||||||||||||||||||||||
10/31/2002 | 18.63 | (0.34 | ) | (3.36 | ) | (3.70 | ) | – | – | – | 14.93 | ||||||||||||||||||||
10/31/2001 | 42.08 | (0.42 | ) | (19.90 | ) | (20.32 | ) | – | (3.13 | ) | (3.13 | ) | 18.63 | ||||||||||||||||||
10/31/2000 | 45.38 | (0.36 | ) | 5.35 | 4.99 | – | (8.29 | ) | (8.29 | ) | 42.08 | ||||||||||||||||||||
Class M | 04/30/2004 | 18.65 | (0.15 | ) | 1.40 | 1.25 | – | – | – | 19.90 | |||||||||||||||||||||
10/31/2003 | 15.08 | (0.29 | ) | 3.86 | 3.57 | – | – | – | 18.65 | ||||||||||||||||||||||
10/31/2002 | 18.78 | (0.32 | ) | (3.38 | ) | (3.70 | ) | – | – | – | 15.08 | ||||||||||||||||||||
10/31/2001 | 42.35 | (0.39 | ) | (20.05 | ) | (20.44 | ) | – | (3.13 | ) | (3.13 | ) | 18.78 | ||||||||||||||||||
10/31/2000 | 45.58 | (0.29 | ) | 5.35 | 5.06 | – | (8.29 | ) | (8.29 | ) | 42.35 | ||||||||||||||||||||
10/31/1999 | 28.74 | (0.47 | ) | 17.70 | 17.23 | – | (0.39 | ) | (0.39 | ) | 45.58 | ||||||||||||||||||||
Class T | 04/30/2004 | 20.45 | (0.07 | ) | 1.55 | 1.48 | – | – | – | 21.93 | |||||||||||||||||||||
10/31/2003 | 16.40 | (0.16 | ) | 4.21 | 4.05 | – | – | – | 20.45 | ||||||||||||||||||||||
10/31/2002 | 20.20 | (0.16 | ) | (3.64 | ) | (3.80 | ) | – | – | – | 16.40 | ||||||||||||||||||||
10/31/2001 | 44.76 | (0.14 | ) | (21.29 | ) | (21.43 | ) | – | (3.13 | ) | (3.13 | ) | 20.20 | ||||||||||||||||||
10/31/2000 | 47.45 | 0.25 | 5.35 | 5.60 | – | (8.29 | ) | (8.29 | ) | 44.76 | |||||||||||||||||||||
10/31/1999 | 29.74 | 0.40 | 17.70 | 18.10 | – | (0.39 | ) | (0.39 | ) | 47.45 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 5
TA IDEX Janus Growth
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment to Average Net Assets (a) | Portfolio Turnover | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 7.05 | % | $ | 565,843 | 1.68 | % | 1.68 | % | (0.98 | )% | 22 | % | |||||||
10/31/2003 | 24.32 | 583,674 | 1.70 | 1.72 | (1.22 | ) | 62 | |||||||||||||
10/31/2002 | (19.21 | ) | 505,704 | 1.66 | 1.69 | (1.10 | ) | 62 | ||||||||||||
10/31/2001 | (51.31 | ) | 770,590 | 1.49 | 1.49 | (0.83 | ) | 64 | ||||||||||||
10/31/2000 | 10.82 | 1,727,573 | 1.39 | 1.42 | (0.61 | ) | 41 | |||||||||||||
10/31/1999 | 61.00 | 1,467,595 | 1.40 | 1.43 | (0.60 | ) | 71 | |||||||||||||
Class B | 04/30/2004 | 6.72 | 223,050 | 2.33 | 2.33 | (1.63 | ) | 22 | ||||||||||||
10/31/2003 | 23.58 | 233,731 | 2.35 | 2.37 | (1.87 | ) | 62 | |||||||||||||
10/31/2002 | (19.86 | ) | 224,348 | 2.31 | 2.35 | (1.75 | ) | 62 | ||||||||||||
10/31/2001 | (51.74 | ) | 354,949 | 2.14 | 2.14 | (1.48 | ) | 64 | ||||||||||||
10/31/2000 | 10.11 | 775,252 | 2.04 | 2.07 | (1.26 | ) | 41 | |||||||||||||
10/31/1999 | 60.36 | 327,926 | 2.05 | 2.08 | (1.25 | ) | 71 | |||||||||||||
Class C | 04/30/2004 | 6.72 | 949 | 2.33 | 2.33 | (1.63 | ) | 22 | ||||||||||||
10/31/2003 | 25.17 | 735 | 2.35 | 2.37 | (1.88 | ) | 62 | |||||||||||||
Class C2 | 04/30/2004 | 6.72 | 27,576 | 2.33 | 2.33 | (1.63 | ) | 22 | ||||||||||||
10/31/2003 | 23.58 | 31,039 | 2.35 | 2.37 | (1.87 | ) | 62 | |||||||||||||
10/31/2002 | (19.86 | ) | 32,168 | 2.31 | 2.35 | (1.75 | ) | 62 | ||||||||||||
10/31/2001 | (51.74 | ) | 54,760 | 2.14 | 2.14 | (1.48 | ) | 64 | ||||||||||||
10/31/2000 | 10.11 | 121,633 | 2.04 | 2.07 | (1.26 | ) | 41 | |||||||||||||
Class M | 04/30/2004 | 6.70 | 52,271 | 2.23 | 2.23 | (1.53 | ) | 22 | ||||||||||||
10/31/2003 | 23.67 | 58,272 | 2.25 | 2.27 | (1.77 | ) | 62 | |||||||||||||
10/31/2002 | (19.72 | ) | 61,207 | 2.21 | 2.25 | (1.65 | ) | 62 | ||||||||||||
10/31/2001 | (51.68 | ) | 113,794 | 2.04 | 2.04 | (1.38 | ) | 64 | ||||||||||||
10/31/2000 | 10.22 | 287,530 | 1.94 | 1.97 | (1.16 | ) | 41 | |||||||||||||
10/31/1999 | 60.45 | 141,586 | 1.95 | 1.98 | (1.15 | ) | 71 | |||||||||||||
Class T | 04/30/2004 | 7.24 | 390,775 | 1.33 | 1.33 | (0.63 | ) | 22 | ||||||||||||
10/31/2003 | 24.70 | 416,719 | 1.35 | 1.37 | (0.87 | ) | 62 | |||||||||||||
10/31/2002 | (18.82 | ) | 368,301 | 1.31 | 1.34 | (0.75 | ) | 62 | ||||||||||||
10/31/2001 | (51.07 | ) | 546,317 | 1.14 | 1.14 | (0.48 | ) | 64 | ||||||||||||
10/31/2000 | 11.20 | 1,232,295 | 1.04 | 1.07 | (0.26 | ) | 41 | |||||||||||||
10/31/1999 | 61.34 | 1,166,965 | 1.05 | 1.08 | (0.25 | ) | 71 |
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 6
TA IDEX Janus Growth
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Janus Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on May 8, 1986.
On March 1, 2004, the Fund changed its name from IDEX Janus Growth to TA IDEX Janus Growth.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers six classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. Class T shares are not available to new investors. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 7
TA IDEX Janus Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $173 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $41 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 8
TA IDEX Janus Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $41. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the assets allocation funds)
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 4,726 | 0% | ||
TA IDEX Asset Allocation - Growth Portfolio | 12,643 | 1% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 20,018 | 2% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 11,151 | 1% | |||
Total | $ | 48,538 | 4% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
1.00% of the first $250 million of ANA
0.90% of the next $500 million of ANA
0.80% of the next $750 million of ANA
0.70% of ANA over $1.5 billion
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.50% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
The sub-adviser, Janus Capital Management, LLC, has agreed to a pricing discount based on the aggregate assets that they manage in the AEGON/Transamerica Series Fund, Inc. and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund for the period ended April 30, 2004 was $16.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund, excluding Class T. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset- based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% | |
Class T | N/A |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A, M and T shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 447 | |
Retained by Underwriter | 60 | ||
Contingent Deferred Sales Charges | 287 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $73 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $1,912 for the period ended April 30, 2004.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 9
TA IDEX Janus Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $270. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 205,063 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 289,582 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss Carryforward | Available through | |
$633,224 | October 31, 2009 | |
259,422 | October 31, 2010 | |
86,859 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 986,687 | ||
Unrealized Appreciation | $ | 267,413 | ||
Unrealized (Depreciation) | (41,736 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 225,677 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth 10
TA IDEX Janus Growth & Income
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Principal | Value | |||||
CORPORATE DEBT SECURITIES (0.8%) | ||||||
Communication (0.5%) | ||||||
Cox Communications, Inc. | ||||||
7.13%, due 10/01/2012 | $ | 130 | $ | 144 | ||
Electric, Gas & Sanitary Services (0.1%) | ||||||
CMS Energy Corporation | ||||||
7.63%, due 11/15/2004 | 35 | 36 | ||||
Environmental Services (0.1%) | ||||||
Allied Waste North America, Inc. | ||||||
7.88%, due 04/15/2013 | 15 | 16 | ||||
Telecommunications (0.1%) | ||||||
MCI, Inc. (b) | ||||||
6.69%, due 05/01/2009 | 45 | 43 | ||||
Total Corporate Debt Securities (cost: $225) | 239 | |||||
CONVERTIBLE BONDS (0.1%) | ||||||
Business Services (0.1%) | ||||||
Lamar Advertising Company | ||||||
2.88%, due 12/31/2010 | 30 | 32 | ||||
Total Convertible Bonds (cost: $30) | 32 | |||||
Shares | Value | |||||
CONVERTIBLE PREFERRED STOCKS (1.5%) | ||||||
Environmental Services (0.2%) | ||||||
Allied Waste Industries, Inc. | 740 | $ | 51 | |||
Insurance (0.6%) | ||||||
XL Capital Ltd–Class A | 6,550 | 166 | ||||
Petroleum Refining (0.7%) | ||||||
Amerada Hess Corporation | 3,150 | 211 | ||||
Total Convertible Preferred Stocks (cost: $390) | 428 | |||||
PREFERRED STOCKS (0.9%) | ||||||
Automotive (0.9%) | ||||||
Porsche AG | 409 | 255 | ||||
Total Preferred Stocks (cost: $171) | 255 | |||||
COMMON STOCKS (92.7%) | ||||||
Amusement & Recreation Services (0.9%) | ||||||
Disney (Walt) Company (The) | 11,505 | 265 | ||||
Automotive (0.8%) | ||||||
Honeywell International Inc. | 6,630 | 229 | ||||
Automotive Dealers & Service Stations (0.4%) | ||||||
AutoZone, Inc. (a)(b) | 1,095 | 96 | ||||
CarMax, Inc. (a) | 1,165 | 30 | ||||
Beer, Wine & Distilled Beverages (0.6%) | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 2,629 | 185 | ||||
Beverages (2.0%) | ||||||
Anheuser-Busch Companies, Inc. | 2,775 | 142 | ||||
PepsiCo, Inc. | 8,104 | 442 | ||||
Business Credit Institutions (0.7%) | ||||||
CIT Group, Inc. | 5,775 | 198 | ||||
Business Services (3.0%) | ||||||
Clear Channel Communications, Inc. | 9,775 | 406 | ||||
eBay Inc. (a) | 1,855 | 148 | ||||
Lamar Advertising Company (a) | 7,800 | 320 |
Shares | Value | ||||
Chemicals & Allied Products (3.1%) | |||||
International Flavors & Fragrances Inc. | 5,240 | $ | 190 | ||
Procter & Gamble Company (The) | 5,590 | 591 | |||
Reckitt Benckiser PLC | 4,145 | 108 | |||
Commercial Banks (6.0%) | |||||
Citigroup Inc. | 22,785 | 1,096 | |||
Morgan Chase & Co. (J.P.) | 6,515 | 245 | |||
U.S. Bancorp | 15,817 | 406 | |||
Communication (6.2%) | |||||
Comcast Corporation–Special Class A (a)(b) | 17,195 | 498 | |||
Cox Communications, Inc.–Class A (a) | 13,415 | 439 | |||
Liberty Media Corporation–Class A (a) | 52,040 | 569 | |||
Viacom, Inc.–Class B | 7,264 | 281 | |||
Communications Equipment (1.1%) | |||||
Nokia Corporation–ADR | 23,480 | 329 | |||
Computer & Data Processing Services (6.5%) | |||||
Computer Associates International, Inc. (b) | 15,975 | 428 | |||
Electronic Arts Inc. (a) | 7,995 | 405 | |||
Microsoft Corporation | 26,710 | 694 | |||
Oracle Corporation (a) | 14,930 | 168 | |||
Yahoo! Inc. (a) | 3,485 | 176 | |||
Computer & Office Equipment (5.4%) | |||||
Cisco Systems, Inc. (a) | 29,315 | 612 | |||
Dell Inc. (a) | 5,575 | 194 | |||
International Business Machines Corporation | 5,095 | 449 | |||
Lexmark International, Inc. (a) | 2,100 | 190 | |||
SanDisk Corporation (a) | 5,130 | 119 | |||
Drug Stores & Proprietary Stores (1.4%) | |||||
Medco Health Solutions, Inc. (a) | 11,325 | 401 | |||
Electric Services (1.6%) | |||||
EnCana Corporation | 11,483 | 450 | |||
Electronic & Other Electric Equipment (4.6%) | |||||
General Electric Company | 16,540 | 495 | |||
Harman International Industries, Incorporated | 2,455 | 186 | |||
Samsung Electronics Co., Ltd. | 400 | 190 | |||
Samsung Electronics Co., Ltd.–GDR–144A (USD) (b) | 1,965 | 462 | |||
Electronic Components & Accessories (11.8%) | |||||
Intel Corporation | 10,915 | 281 | |||
Linear Technology Corporation | 8,625 | 307 | |||
Maxim Integrated Products | 13,310 | 612 | |||
NVIDIA Corporation (a)(b) | 8,765 | 180 | |||
Smiths Group PLC | 12,934 | 160 | |||
Texas Instruments Incorporated | 20,820 | 523 | |||
Tyco International Ltd. | 48,690 | 1,337 | |||
Environmental Services (0.1%) | |||||
Waste Management, Inc. | 925 | 26 | |||
Food & Kindred Products (0.7%) | |||||
Altria Group, Inc. | 3,735 | 207 | |||
Gas Production & Distribution (0.6%) | |||||
Kinder Morgan, Inc. | 3,020 | 182 | |||
Hotels & Other Lodging Places (3.1%) | |||||
Fairmont Hotels & Resorts Inc. (b) | 12,992 | 321 | |||
Four Seasons Hotels Inc. (b) | 3,515 | 188 | |||
Starwood Hotels & Resorts Worldwide, Inc. | 9,700 | 386 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 1
TA IDEX Janus Growth & Income
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | |||||
Industrial Machinery & Equipment (1.0%) | ||||||
Applied Materials, Inc. (a) | 15,080 | $ | 275 | |||
Insurance (7.9%) | ||||||
Aetna Inc. | 5,740 | 475 | ||||
American International Group, Inc. | 7,116 | 510 | ||||
Berkshire Hathaway Inc.–Class B (a) | 219 | 683 | ||||
UnitedHealth Group Incorporated | 10,175 | 626 | ||||
Manufacturing Industries (0.3%) | ||||||
Marvel Enterprises, Inc. (a) | 4,895 | 93 | ||||
Medical Instruments & Supplies (2.4%) | ||||||
Bard, (C.R.) Inc. | 2,025 | 215 | ||||
Medtronic, Inc. | 9,440 | 476 | ||||
Mortgage Bankers & Brokers (0.4%) | ||||||
Countrywide Financial Corporation | 2,100 | 125 | ||||
Motion Pictures (1.9%) | ||||||
Time Warner Inc. (a) | 32,360 | 544 | ||||
Oil & Gas Extraction (0.7%) | ||||||
ConocoPhillips | 2,673 | 191 | ||||
Paper & Allied Products (1.5%) | ||||||
3M Company | 4,890 | 423 | ||||
Petroleum Refining (3.1%) | ||||||
Exxon Mobil Corporation | 21,180 | 901 | ||||
Pharmaceuticals (6.2%) | ||||||
Amgen Inc. (a) | 7,690 | 433 | ||||
Pfizer Inc. | 12,555 | 449 | ||||
Roche Holding AG–Genusschein | 8,712 | 914 | ||||
Radio & Television Broadcasting (1.4%) | ||||||
British Sky Broadcasting Group PLC | 33,076 | 391 | ||||
Railroads (0.9%) | ||||||
Canadian National Railway Company | 7,255 | 274 | ||||
Retail Trade (1.3%) | ||||||
Amazon.com, Inc. (a)(b) | 4,655 | 202 | ||||
PETsMART, Inc. | 6,545 | 181 | ||||
Security & Commodity Brokers (1.4%) | ||||||
Goldman Sachs Group, Inc. (The) | 4,305 | 415 | ||||
U.S. Government Agencies (1.7%) | ||||||
Fannie Mae | 7,000 | 481 | ||||
Total Common Stocks (cost: $22,648) | 26,819 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (6.5%) | ||||||
Debt (3.6%) | ||||||
Bank Notes (0.6%) | ||||||
Canadian Imperial Bank of Commerce | ||||||
1.10%, due 11/04/2004 | $ | 93 | $ | 93 | ||
Fleet National Bank | ||||||
1.00%, due 07/21/2004 | 93 | 93 |
Principal | Value | ||||
Euro Dollar Overnight (0.3%) | |||||
Credit Agricole Indosuez | |||||
1.00%, due 05/07/2004 | $ 56 | $ | 56 | ||
Royal Bank of Scotland Group PLC (The) | |||||
1.00%, due 05/07/2004 | 34 | 34 | |||
Euro Dollar Terms (0.9%) | |||||
Bank of Montreal | |||||
1.02%, due 05/21/2004 | 11 | 11 | |||
BNP Paribas SA | |||||
1.01%, due 05/18/2004 | 56 | 56 | |||
1.08%, due 07/29/2004 | 56 | 56 | |||
Den Danske Bank | |||||
1.02%, due 05/20/2004 | 37 | 37 | |||
Royal Bank of Scotland Group PLC (The) | |||||
1.05%, due 07/15/2004 | 37 | 37 | |||
Wells Fargo & Company | |||||
1.02%, due 05/14/2004 | 56 | 56 | |||
Promissory Notes (0.5%) | |||||
Goldman Sachs Group, Inc. (The) | |||||
1.13%, due 07/29/2004 | 131 | 131 | |||
Repurchase Agreements (1.3%) (c) | |||||
Merrill Lynch & Co., Inc. | |||||
1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $375 on 05/03/2004 | 375 | 375 | |||
Shares | Value | ||||
Investment Companies (2.9%) | |||||
Money Market Funds (2.9%) | |||||
American AAdvantage Select Fund | |||||
1-day yield of 0.98% | 112,156 | $ | 112 | ||
Barclays Institutional Money Market Fund | |||||
1-day yield of 1.02% | 261,697 | 262 | |||
Merrill Lynch Premier Institutional Fund | |||||
1-day yield of 0.97% | 101,297 | 101 | |||
Merrimac Cash Series Fund– | |||||
1-day yield of 0.99% | 373,853 | 374 | |||
Total Security Lending Collateral (cost: $1,884) | 1,884 | ||||
Total Investment Securities (cost: $25,348) | $ | 29,657 | |||
SUMMARY: | |||||
Investments, at value | 102.5 % | $ | 29,657 | ||
Liabilities in excess of other assets | (2.5)% | (713) | |||
Net assets | 100.0 % | $ | 28,944 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 2
TA IDEX Janus Growth & Income
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
FORWARD FOREIGN CURRENCY CONTRACTS: | |||||||||||
Currency | Bought (Sold) | Settlement Date | Amount in U.S. Dollars Bought (Sold) | Net Unrealized Appreciation (Depreciation) | |||||||
Euro Dollar | (210) | 09/27/2004 | $ | (255) | $ | 4 | |||||
Swiss Franc | (200) | 09/27/2004 | (158) | 3 | |||||||
Swiss Franc | (150) | 10/15/2004 | (116) | (1 | ) | ||||||
$ | (529) | $ | 6 | ||||||||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $1,814. |
(c) | Cash collateral for the Repurchase Agreements, valued at $381, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
GDR Global Depositary Receipt
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $462 or 1.59% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 3
TA IDEX Janus Growth & Income
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $ 25,348) | $ | 29,657 | ||
Cash | 1,634 | |||
Receivables: | ||||
Investment securities sold | 145 | |||
Shares of beneficial interest sold | 3 | |||
Interest | 3 | |||
Dividends | 24 | |||
Dividend reclaims receivable | 2 | |||
Unrealized appreciation on forward foreign currency | 7 | |||
Other | 4 | |||
31,479 | ||||
Liabilities: | ||||
Investment securities purchased | 179 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 352 | |||
Management and advisory fees | 18 | |||
Distribution fees | 21 | |||
Transfer agent fees | 46 | |||
Payable for collateral for securities on loan | 1,884 | |||
Unrealized depreciation on forward foreign currency | 1 | |||
Other | 34 | |||
2,535 | ||||
Net Assets | $ | 28,944 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no | $ | 29,229 | ||
Accumulated net investment income (loss) | (192 | ) | ||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (4,379 | ) | ||
Foreign currency transactions | (30 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 4,309 | |||
Translation of assets and liabilities denominated in foreign currencies | 7 | |||
Net Assets | $ | 28,944 | ||
Net Assets by Class: | ||||
Class A | $ | 6,596 | ||
Class B | 17,292 | |||
Class C | 1,351 | |||
Class C2 | 2,239 | |||
Class M | 1,466 | |||
Shares Outstanding: | ||||
Class A | 754 | |||
Class B | 2,024 | |||
Class C | 159 | |||
Class C2 | 262 | |||
Class M | 171 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 8.74 | ||
Class B | 8.54 | |||
Class C | 8.54 | |||
Class C2 | 8.54 | |||
Class M | 8.57 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 9.25 | ||
Class M | 8.66 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C, and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 8 | ||
Dividends | 190 | |||
Income from loaned securities–net | 2 | |||
Less withholding taxes on foreign dividends | (4 | ) | ||
196 | ||||
Expenses: | ||||
Management and advisory fees | 160 | |||
Transfer agent fees | 61 | |||
Printing and shareholder reports | 24 | |||
Custody fees | 11 | |||
Administration fees | 8 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 1 | |||
Registration fees | 25 | |||
Other | 6 | |||
Distribution and service fees: | ||||
Class A | 13 | |||
Class B | 94 | |||
Class C | 8 | |||
Class C2 | 14 | |||
Class M | 8 | |||
Total expenses | 439 | |||
Less: | ||||
Advisory fee waiver | (51 | ) | ||
Net expenses | 388 | |||
Net Investment Income (Loss) | (192 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 1,719 | |||
Foreign currency transactions | (30 | ) | ||
1,689 | ||||
Net Increase (Decrease) in Unrealized Appreciation | ||||
Investment securities | 145 | |||
Translation of assets and liabilities denominated in foreign currencies | 11 | |||
156 | ||||
Net Gain (Loss) on Investment Securities and Foreign | 1,845 | |||
Net Increase (Decrease) in Net Assets Resulting from | $ | 1,653 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 4
TA IDEX Janus Growth & Income
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (192 | ) | $ | (366 | ) | ||
Net realized gain (loss) from investment securities and foreign currency transactions | 1,689 | (900 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation | 156 | 7,198 | ||||||
1,653 | 5,932 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
�� | ||||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 1,459 | 14,068 | ||||||
Class B | 871 | 6,262 | ||||||
Class C | 126 | 1,608 | ||||||
Class C2 | 172 | 966 | ||||||
Class M | 62 | 987 | ||||||
2,690 | 23,891 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (1,797 | ) | (27,993 | ) | ||||
Class B | (4,649 | ) | (4,407 | ) | ||||
Class C | (361 | ) | (231 | ) | ||||
Class C2 | (1,199 | ) | (1,685 | ) | ||||
Class M | (886 | ) | (941 | ) | ||||
(8,892 | ) | (35,257 | ) | |||||
(6,202 | ) | (11,366 | ) | |||||
Net increase (decrease) in net assets | (4,549 | ) | (5,434 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 33,493 | 38,927 | ||||||
End of period | $ | 28,944 | $ | 33,493 | ||||
Accumulated Net Investment Income (Loss) | $ | (192 | ) | $ | – | |||
April 30, 2004 | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 169 | 1,935 | ||||
Class B | 100 | 846 | ||||
Class C | 15 | 219 | ||||
Class C2 | 20 | 130 | ||||
Class M | 7 | 136 | ||||
311 | 3,266 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (203 | ) | (3,591 | ) | ||
Class B | (546 | ) | (592 | ) | ||
Class C | (42 | ) | (33 | ) | ||
Class C2 | (140 | ) | (228 | ) | ||
Class M | (103 | ) | (129 | ) | ||
(1,034 | ) | (4,573 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | (34 | ) | (1,656 | ) | ||
Class B | (446 | ) | 254 | |||
Class C | (27 | ) | 186 | |||
Class C2 | (120 | ) | (98 | ) | ||
Class M | (96 | ) | 7 | |||
(723 | ) | (1,307 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 5
TA IDEX Janus Growth & Income
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 8.32 | $ | (0.03 | ) | $ | 0.45 | $ | 0.42 | $ | – | $ | – | $ | – | $ | 8.74 | |||||||||||
10/31/2003 | 7.26 | (0.04 | ) | 1.10 | 1.06 | – | – | – | 8.32 | ||||||||||||||||||||
10/31/2002 | 8.44 | (0.03 | ) | (1.15 | ) | (1.18 | ) | – | – | – | 7.26 | ||||||||||||||||||
10/31/2001 | 10.00 | 0.03 | (1.59 | ) | (1.56 | ) | – | – | – | 8.44 | |||||||||||||||||||
Class B | 04/30/2004 | 8.15 | (0.06 | ) | 0.45 | 0.39 | – | – | – | 8.54 | |||||||||||||||||||
10/31/2003 | 7.16 | (0.09 | ) | 1.08 | 0.99 | – | – | – | 8.15 | ||||||||||||||||||||
10/31/2002 | 8.38 | (0.09 | ) | (1.13 | ) | (1.22 | ) | – | – | – | 7.16 | ||||||||||||||||||
10/31/2001 | 10.00 | (0.03 | ) | (1.59 | ) | (1.62 | ) | – | – | – | 8.38 | ||||||||||||||||||
Class C | 04/30/2004 | 8.15 | (0.06 | ) | 0.45 | 0.39 | – | – | – | 8.54 | |||||||||||||||||||
10/31/2003 | 7.11 | (0.09 | ) | 1.13 | 1.04 | – | – | – | 8.15 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 8.15 | (0.06 | ) | 0.45 | 0.39 | – | – | – | 8.54 | |||||||||||||||||||
10/31/2003 | 7.16 | (0.09 | ) | 1.08 | 0.99 | – | – | – | 8.15 | ||||||||||||||||||||
10/31/2002 | 8.38 | (0.10 | ) | (1.12 | ) | (1.22 | ) | – | – | – | 7.16 | ||||||||||||||||||
10/31/2001 | 10.00 | (0.03 | ) | (1.59 | ) | (1.62 | ) | – | – | – | 8.38 | ||||||||||||||||||
Class M | 04/30/2004 | 8.17 | (0.05 | ) | 0.45 | 0.40 | – | – | – | 8.57 | |||||||||||||||||||
10/31/2003 | 7.17 | (0.08 | ) | 1.08 | 1.00 | – | – | – | 8.17 | ||||||||||||||||||||
10/31/2002 | 8.39 | (0.09 | ) | (1.13 | ) | (1.22 | ) | – | – | – | 7.17 | ||||||||||||||||||
10/31/2001 | 10.00 | (0.03 | ) | (1.58 | ) | (1.61 | ) | – | – | – | 8.39 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 5.05 | % | $ | 6,596 | 1.95 | % | 2.25 | % | (0.70 | )% | 18 | % | |||||||
10/31/2003 | 14.60 | 6,556 | 1.95 | 2.15 | (0.50 | ) | 87 | |||||||||||||
10/31/2002 | (13.94 | ) | 17,754 | 1.93 | 2.28 | (0.41 | ) | 53 | ||||||||||||
10/31/2001 | (15.64 | ) | 3,881 | 1.75 | 3.26 | 0.34 | 44 | |||||||||||||
Class B | 04/30/2004 | 4.79 | 17,292 | 2.60 | 2.90 | (1.35 | ) | 18 | ||||||||||||
10/31/2003 | 13.83 | 20,130 | 2.60 | 2.80 | (1.15 | ) | 87 | |||||||||||||
10/31/2002 | (14.56 | ) | 15,868 | 2.58 | 2.93 | (1.06 | ) | 53 | ||||||||||||
10/31/2001 | (16.20 | ) | 11,884 | 2.40 | 3.91 | (0.31 | ) | 44 | ||||||||||||
Class C | 04/30/2004 | 4.79 | 1,351 | 2.60 | 2.90 | (1.35 | ) | 18 | ||||||||||||
10/31/2003 | 14.63 | 1,515 | 2.60 | 2.80 | (1.15 | ) | 87 | |||||||||||||
Class C2 | 04/30/2004 | 4.79 | 2,239 | 2.60 | 2.90 | (1.35 | ) | 18 | ||||||||||||
10/31/2003 | 13.83 | 3,110 | 2.60 | 2.80 | (1.15 | ) | 87 | |||||||||||||
10/31/2002 | (14.56 | ) | 3,441 | 2.58 | 2.93 | (1.06 | ) | 53 | ||||||||||||
10/31/2001 | (16.20 | ) | 2,469 | 2.40 | 3.91 | (0.31 | ) | 44 | ||||||||||||
Class M | 04/30/2004 | 4.90 | 1,466 | 2.50 | 2.80 | (1.25 | ) | 18 | ||||||||||||
10/31/2003 | 13.95 | 2,182 | 2.50 | 2.70 | (1.05 | ) | 87 | |||||||||||||
10/31/2002 | (14.53 | ) | 1,864 | 2.48 | 2.83 | (0.96 | ) | 53 | ||||||||||||
10/31/2001 | (16.11 | ) | 1,698 | 2.30 | 3.81 | (0.21 | ) | 44 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Janus Growth & Income (“the Fund”) commenced operations on December 15, 2000. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 6
TA IDEX Janus Growth & Income
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Janus Growth & Income (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on December 15, 2000.
On March 1, 2004, the Fund changed its name from IDEX Janus Growth & Income to TA IDEX Janus Growth & Income.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 7
TA IDEX Janus Growth & Income
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $45 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 30, 2004, are listed in the Schedule of Investments.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 8
TA IDEX Janus Growth & Income
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
1.00% of the first $100 million of ANA
0.95% of the next $400 million of ANA
0.85% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.60% Expense Limit
The sub-adviser, Janus Capital Management, LLC, has agreed to a pricing discount based on the aggregate assets that they manage in the AEGON/Transamerica Series Fund, Inc. and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at April 30, 2004 was less than $1.
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three periods, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Advisory Fee Waived | Available for Recapture Through | ||||
Fiscal Year 2003 | $ | 84 | 10/31/2006 | ||
Fiscal Year 2002 | 104 | 10/31/2005 | |||
Fiscal Year 2001 | 173 | 10/31/2004 |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 19 | |
Retained by Underwriter | 2 | ||
Contingent Deferred Sales Charges | 34 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $8 for the period ended April 30, 2004.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 9
TA IDEX Janus Growth & Income
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Transfer agent fees: The Fund paid ATIS $61 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amounts was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 5,615 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 12,020 | ||
U.S. Government | 268 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss Carryforward | Available through | ||
$ | 658 | October 31, 2009 | |
3,893 | October 31, 2010 | ||
1,077 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 25,666 | ||
Unrealized Appreciation | $ | 4,399 | ||
Unrealized (Depreciation) | (408 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 3,991 | ||
NOTE 5. | SUBSEQUENT EVENTS |
The Fund merged into TA IDEX Janus Balanced effective as of the close of business on May 28, 2004.
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Janus Growth & Income 10
TA IDEX Jennison Growth
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
PREFERRED STOCKS (0.6%) | |||||
Motion Pictures (0.6%) | |||||
News Corporation Limited (The)–ADR | 12,700 | $ | 429 | ||
Total Preferred Stocks (cost: $375) | 429 | ||||
COMMON STOCKS (95.6%) | |||||
Apparel & Accessory Stores (1.0%) | |||||
Chico’s FAS, Inc. (a) | 18,900 | 770 | |||
Business Services (2.9%) | |||||
Clear Channel Communications, Inc. | 8,400 | 349 | |||
eBay Inc. (a) | 22,900 | 1,828 | |||
Chemicals & Allied Products (2.4%) | |||||
Avon Products, Inc. | 7,900 | 664 | |||
Procter & Gamble Company (The) | 10,800 | 1,142 | |||
Commercial Banks (6.5%) | |||||
Citigroup Inc. | 37,200 | 1,789 | |||
Morgan Chase & Co. (J.P.) | 42,700 | 1,605 | |||
State Street Corporation | 28,800 | 1,405 | |||
Communication (2.3%) | |||||
DIRECTV Group, Inc. (The) (a) | 19,800 | 354 | |||
Viacom, Inc.–Class B | 34,500 | 1,333 | |||
Communications Equipment (1.6%) | |||||
Nokia Corporation–ADR | 22,800 | 319 | |||
QUALCOMM Incorporated | 13,700 | 856 | |||
Computer & Data Processing Services (8.9%) | |||||
Amdocs Limited (a) | 12,800 | 340 | |||
Electronic Arts Inc. (a) | 26,800 | 1,357 | |||
Mercury Interactive Corporation (a) | 6,700 | 285 | |||
Microsoft Corporation | 66,500 | 1,727 | |||
SAP AG–ADR | 39,000 | 1,453 | |||
Symantec Corporation (a) | 1,000 | 45 | |||
Yahoo! Inc. (a) | 28,100 | 1,418 | |||
Computer & Office Equipment (8.9%) | |||||
Apple Computer, Inc. (a) | 900 | 23 | |||
Cisco Systems, Inc. (a) | 116,100 | 2,423 | |||
Dell Inc. (a) | 54,000 | 1,874 | |||
EMC Corporation (a) | 62,700 | 700 | |||
Hewlett-Packard Company | 8,400 | 165 | |||
International Business Machines Corporation | 12,400 | 1,093 | |||
Lexmark International, Inc. (a) | 4,000 | 362 | |||
Department Stores (0.9%) | |||||
Kohl’s Corporation (a) | 15,400 | 644 | |||
Educational Services (1.6%) | |||||
Apollo Group, Inc.–Class A (a) | 12,900 | 1,172 | |||
Electronic & Other Electric Equipment (3.3%) | |||||
General Electric Company | 67,400 | 2,019 | |||
Harman International Industries, Incorporated | 5,600 | 425 | |||
Electronic Components & Accessories (6.4%) | |||||
Intel Corporation | 90,900 | 2,339 | |||
Marvell Technology Group Ltd. (a) | 18,400 | 713 | |||
Texas Instruments Incorporated | 67,200 | 1,687 |
Shares | Value | ||||
Food Stores (2.2%) | |||||
Kroger Co. (The) (a) | 28,500 | $ | 499 | ||
Whole Foods Market, Inc. | 14,400 | 1,152 | |||
Furniture & Home Furnishings Stores (1.8%) | |||||
Bed Bath & Beyond Inc. (a) | 36,800 | 1,366 | |||
Health Services (1.0%) | |||||
Caremark Rx, Inc. (a) | 23,000 | 779 | |||
Instruments & Related Products (2.7%) | |||||
Agilent Technologies, Inc. (a) | 50,200 | 1,356 | |||
Alcon, Inc. | 5,800 | 431 | |||
KLA–Tencor Corporation (a) | 5,400 | 225 | |||
Insurance (1.4%) | |||||
American International Group, Inc. | 15,000 | 1,075 | |||
Lumber & Other Building Materials (1.2%) | |||||
Lowe’s Companies, Inc. | 17,100 | 890 | |||
Medical Instruments & Supplies (2.1%) | |||||
Guidant Corporation | 13,000 | 819 | |||
Medtronic, Inc. | 14,200 | 717 | |||
Oil & Gas Extraction (4.9%) | |||||
BJ Services Company (a) | 18,500 | 823 | |||
Schlumberger Limited | 24,800 | 1,451 | |||
Total Fina Elf SA–ADR | 14,400 | 1,327 | |||
Pharmaceuticals (15.8%) | |||||
Allergan, Inc. | 11,800 | 1,039 | |||
Amgen Inc. (a) | 20,300 | 1,142 | |||
AstraZeneca PLC–ADR | 19,500 | 933 | |||
Genentech, Inc. (a) | 13,200 | 1,621 | |||
Gilead Sciences, Inc. (a) | 16,700 | 1,016 | |||
IVAX Corporation (a) | 6,800 | 145 | |||
Lilly (Eli) and Company | 17,500 | 1,292 | |||
Medimmune, Inc. (a) | 18,300 | 444 | |||
Novartis AG–ADR | 20,200 | 905 | |||
Pfizer Inc. | 45,300 | 1,619 | |||
Roche Holding AG–ADR | 8,569 | 899 | |||
Teva Pharmaceutical Industries Ltd.–ADR | 11,500 | 708 | |||
Radio & Television Broadcasting (1.6%) | |||||
Univision Communications Inc.–Class A (a) | 34,400 | 1,164 | |||
Restaurants (3.4%) | |||||
McDonald’s Corporation | 35,700 | 972 | |||
Starbucks Corporation (a) | 40,300 | 1,565 | |||
Retail Trade (1.6%) | |||||
Tiffany & Co. | 29,700 | 1,158 | |||
Security & Commodity Brokers (4.2%) | |||||
American Express Company | 33,300 | 1,630 | |||
Goldman Sachs Group, Inc. (The) | 7,600 | 733 | |||
Merrill Lynch & Co., Inc. | 13,400 | 727 | |||
Telecommunications (1.5%) | |||||
Vodafone Group PLC–ADR | 44,400 | 1,090 | |||
Transportation & Public Utilities (1.0%) | |||||
InterActiveCorp (a) | 23,738 | 757 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 1
TA IDEX Jennison Growth
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Variety Stores (2.5%) | |||||
Costco Wholesale Corporation (a) | 19,300 | $ | 723 | ||
Wal-Mart Stores, Inc. | 19,700 | 1,123 | |||
Total Common Stocks (cost: $72,617) | 70,993 | ||||
Total Investment Securities (cost: $72,992) | $ | 71,422 | |||
SUMMARY: | |||||
Investments, at value | 96.2% | $ | 71,422 | ||
Other assets in excess of liabilities | 3.8% | 2,792 | |||
Net assets | 100.0% | $ | 74,214 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 2
TA IDEX Jennison Growth
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $72,992) | $ | 71,422 | ||
Cash | 1,261 | |||
Receivables: | ||||
Investment securities sold | 1,646 | |||
Shares of beneficial interest sold | 334 | |||
Dividends | 52 | |||
Dividend reclaims receivable | 5 | |||
Other | 4 | |||
74,724 | ||||
Liabilities: | ||||
Investment securities purchased | 190 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 101 | |||
Management and advisory fees | 50 | |||
Distribution fees | 51 | |||
Transfer agent fees | 85 | |||
Other | 33 | |||
510 | ||||
Net Assets | $ | 74,214 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 76,082 | ||
Accumulated net investment income (loss) | (464 | ) | ||
Undistributed net realized gain (loss) from: | ||||
Investment securities | 176 | |||
Foreign currency transactions | (9 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | (1,571 | ) | ||
Net Assets | $ | 74,214 | ||
Net Assets by Class: | ||||
Class A | $ | 19,814 | ||
Class B | 37,883 | |||
Class C | 2,087 | |||
Class C2 | 7,160 | |||
Class M | 7,270 | |||
Shares Outstanding: | ||||
Class A | 2,127 | |||
Class B | 4,278 | |||
Class C | 235 | |||
Class C2 | 809 | |||
Class M | 814 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 9.32 | ||
Class B | 8.86 | |||
Class C | 8.90 | |||
Class C2 | 8.86 | |||
Class M | 8.93 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 9.86 | ||
Class M | 9.02 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 5 | ||
Dividends | 359 | |||
Income from loaned securities–net | 10 | |||
Less withholding taxes on foreign dividends | (4 | ) | ||
370 | ||||
Expenses: | ||||
Management and advisory fees | 302 | |||
Transfer agent fees | 126 | |||
Printing and shareholder reports | 55 | |||
Custody fees | 8 | |||
Administration fees | 10 | |||
Legal fees | 2 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 2 | |||
Registration fees | 22 | |||
Other | 5 | |||
Distribution and service fees: | ||||
Class A | 34 | |||
Class B | 195 | |||
Class C | 8 | |||
Class C2 | 38 | |||
Class M | 35 | |||
Total expenses | 847 | |||
Less: | ||||
Advisory fee waiver | (16 | ) | ||
Net expenses | 831 | |||
Net Investment Income (Loss) | (461 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 14,482 | |||
Foreign currency transactions | (9 | ) | ||
14,473 | ||||
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | (7,655 | ) | ||
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions | 6,818 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 6,357 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 3
TA IDEX Jennison Growth
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (461 | ) | $ | (708 | ) | ||
Net realized gain (loss) from investment securities and foreign currency transactions | 14,473 | (2,454 | ) | |||||
Net unrealized appreciation (depreciation) | (7,655 | ) | 17,691 | |||||
6,357 | 14,529 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 3,818 | 4,065 | ||||||
Class B | 1,239 | 3,745 | ||||||
Class C | 2,257 | 589 | ||||||
Class C2 | 328 | 1,689 | ||||||
Class M | 992 | 763 | ||||||
8,634 | 10,851 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (4,569 | ) | (11,152 | ) | ||||
Class B | (4,127 | ) | (10,927 | ) | ||||
Class C | (831 | ) | (64 | ) | ||||
Class C2 | (1,474 | ) | (4,487 | ) | ||||
Class M | (1,820 | ) | (2,917 | ) | ||||
(12,821 | ) | (29,547 | ) | |||||
(4,187 | ) | (18,696 | ) | |||||
Net increase (decrease) in net assets | 2,170 | (4,167 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 72,044 | 76,211 | ||||||
End of period | $ | 74,214 | $ | 72,044 | ||||
Accumulated Net Investment Income (Loss) | $ | (464 | ) | $ | (3 | ) | ||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 410 | 549 | ||||
Class B | 139 | 533 | ||||
Class C | 252 | 84 | ||||
Class C2 | 37 | 241 | ||||
Class M | 111 | 110 | ||||
949 | 1,517 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (490 | ) | (1,514 | ) | ||
Class B | (468 | ) | (1,584 | ) | ||
Class C | (92 | ) | (9 | ) | ||
Class C2 | (169 | ) | (657 | ) | ||
Class M | (205 | ) | (413 | ) | ||
(1,424 | ) | (4,177 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | (80 | ) | (965 | ) | ||
Class B | (329 | ) | (1,051 | ) | ||
Class C | 160 | 75 | ||||
Class C2 | (132 | ) | (416 | ) | ||
Class M | (94 | ) | (303 | ) | ||
(475 | ) | (2,660 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 4
TA IDEX Jennison Growth
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 8.54 | $ | (0.03 | ) | $ | 0.81 | $ | 0.78 | $ | – | $ | – | $ | – | $ | 9.32 | |||||||||||||
10/31/2003 | 6.88 | (0.04 | ) | 1.70 | 1.66 | – | – | – | 8.54 | ||||||||||||||||||||||
10/31/2002 | 8.04 | (0.05 | ) | (1.11 | ) | (1.16 | ) | – | – | – | 6.88 | ||||||||||||||||||||
10/31/2001 | 10.26 | (0.01 | ) | (1.17 | ) | (1.18 | ) | – | (1.04 | ) | (1.04 | ) | 8.04 | ||||||||||||||||||
10/31/2000 | 12.14 | (0.13 | ) | (1.54 | ) | (1.67 | ) | – | (0.21 | ) | (0.21 | ) | 10.26 | ||||||||||||||||||
10/31/1999 | 10.14 | 0.06 | 2.78 | 2.84 | – | (0.84 | ) | (0.84 | ) | 12.14 | |||||||||||||||||||||
Class B | 04/30/2004 | 8.14 | (0.06 | ) | 0.78 | 0.72 | – | – | – | 8.86 | |||||||||||||||||||||
10/31/2003 | 6.60 | (0.08 | ) | 1.62 | 1.54 | – | – | – | 8.14 | ||||||||||||||||||||||
10/31/2002 | 7.77 | (0.10 | ) | (1.07 | ) | (1.17 | ) | – | – | – | 6.60 | ||||||||||||||||||||
10/31/2001 | 10.01 | (0.05 | ) | (1.15 | ) | (1.20 | ) | – | (1.04 | ) | (1.04 | ) | 7.77 | ||||||||||||||||||
10/31/2000 | 11.93 | (0.17 | ) | (1.54 | ) | (1.71 | ) | – | (0.21 | ) | (0.21 | ) | 10.01 | ||||||||||||||||||
10/31/1999 | 10.02 | (0.03 | ) | 2.78 | 2.75 | – | (0.84 | ) | (0.84 | ) | 11.93 | ||||||||||||||||||||
Class C | 04/30/2004 | 8.14 | (0.07 | ) | 0.83 | 0.76 | – | – | – | 8.90 | |||||||||||||||||||||
10/31/2003 | 6.60 | (0.09 | ) | 1.63 | 1.54 | – | – | – | 8.14 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 8.14 | (0.06 | ) | 0.78 | 0.72 | – | – | – | 8.86 | |||||||||||||||||||||
10/31/2003 | 6.60 | (0.08 | ) | 1.62 | 1.54 | – | – | – | 8.14 | ||||||||||||||||||||||
10/31/2002 | 7.77 | (0.10 | ) | (1.07 | ) | (1.17 | ) | – | – | – | 6.60 | ||||||||||||||||||||
10/31/2001 | 10.01 | (0.05 | ) | (1.15 | ) | (1.20 | ) | – | (1.04 | ) | (1.04 | ) | 7.77 | ||||||||||||||||||
10/31/2000 | 11.93 | (0.17 | ) | (1.54 | ) | (1.71 | ) | – | (0.21 | ) | (0.21 | ) | 10.01 | ||||||||||||||||||
Class M | 04/30/2004 | 8.20 | (0.06 | ) | 0.79 | 0.73 | – | – | – | 8.93 | |||||||||||||||||||||
10/31/2003 | 6.65 | (0.08 | ) | 1.63 | 1.55 | – | – | – | 8.20 | ||||||||||||||||||||||
10/31/2002 | 7.81 | (0.10 | ) | (1.06 | ) | (1.16 | ) | – | – | – | 6.65 | ||||||||||||||||||||
10/31/2001 | 10.05 | (0.04 | ) | (1.16 | ) | (1.20 | ) | – | (1.04 | ) | (1.04 | ) | 7.81 | ||||||||||||||||||
10/31/2000 | 11.96 | (0.16 | ) | (1.54 | ) | (1.70 | ) | – | (0.21 | ) | (0.21 | ) | 10.05 | ||||||||||||||||||
10/31/1999 | 10.04 | (0.02 | ) | 2.78 | 2.76 | – | (0.84 | ) | (0.84 | ) | 11.96 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 9.13 | % | $ | 19,814 | 1.75 | % | 1.77 | % | (0.75 | )% | 128 | % | |||||||
10/31/2003 | 24.13 | 18,833 | 1.75 | 1.90 | (0.54 | ) | 100 | |||||||||||||
10/31/2002 | (14.47 | ) | 21,836 | 1.75 | 1.82 | (0.52 | ) | 98 | ||||||||||||
10/31/2001 | (11.08 | ) | 17,670 | 1.55 | 2.44 | (0.11 | ) | 158 | ||||||||||||
10/31/2000 | (14.06 | ) | 4,147 | 1.55 | 2.66 | (0.87 | ) | 244 | ||||||||||||
10/31/1999 | 30.07 | 4,537 | 1.64 | 2.87 | (0.99 | ) | 126 | |||||||||||||
Class B | 04/30/2004 | 8.85 | 37,883 | 2.40 | 2.42 | (1.40 | ) | 128 | ||||||||||||
10/31/2003 | 23.33 | 37,500 | 2.40 | 2.55 | (1.19 | ) | 100 | |||||||||||||
10/31/2002 | (15.10 | ) | 37,363 | 2.40 | 2.47 | (1.17 | ) | 98 | ||||||||||||
10/31/2001 | (11.54 | ) | 31,922 | 2.20 | 3.09 | (0.76 | ) | 158 | ||||||||||||
10/31/2000 | (14.70 | ) | 3,483 | 2.20 | 3.31 | (1.52 | ) | 244 | ||||||||||||
10/31/1999 | 29.45 | 3,868 | 2.29 | 3.52 | (1.64 | ) | 126 | |||||||||||||
Class C | 04/30/2004 | 9.34 | 2,087 | 2.40 | 2.42 | (1.40 | ) | 128 | ||||||||||||
10/31/2003 | 23.33 | 607 | 2.40 | 2.55 | (1.19 | ) | 100 | |||||||||||||
Class C2 | 04/30/2004 | 8.85 | 7,160 | 2.40 | 2.42 | (1.40 | ) | 128 | ||||||||||||
10/31/2003 | 23.33 | 7,654 | 2.40 | 2.55 | (1.19 | ) | 100 | |||||||||||||
10/31/2002 | (15.10 | ) | 8,957 | 2.40 | 2.47 | (1.17 | ) | 98 | ||||||||||||
10/31/2001 | (11.54 | ) | 7,211 | 2.20 | 3.09 | (0.76 | ) | 158 | ||||||||||||
10/31/2000 | (14.70 | ) | 271 | 2.20 | 3.31 | (1.51 | ) | 244 | ||||||||||||
Class M | 04/30/2004 | 8.90 | 7,270 | 2.30 | 2.32 | (1.30 | ) | 128 | ||||||||||||
10/31/2003 | 23.31 | 7,450 | 2.30 | 2.45 | (1.09 | ) | 100 | |||||||||||||
10/31/2002 | (14.91 | ) | 8,055 | 2.30 | 2.37 | (1.07 | ) | 98 | ||||||||||||
10/31/2001 | (11.48 | ) | 5,994 | 2.10 | 2.99 | (0.66 | ) | 158 | ||||||||||||
10/31/2000 | (14.60 | ) | 946 | 2.10 | 3.21 | (1.42 | ) | 244 | ||||||||||||
10/31/1999 | 29.54 | 1,338 | 2.19 | 3.42 | (1.54 | ) | 126 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 5
TA IDEX Jennison Growth
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 6
TA IDEX Jennison Growth
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Jennison Equity Opportunity (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1996.
On March 1, 2004, the Fund changed its name from IDEX Jennison Equity Opportunity to TA IDEX Jennison Growth.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 7
TA IDEX Jennison Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $12 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $4 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain in the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Repurchase Agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 8
TA IDEX Jennison Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued)
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of
Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 26 | |
Retained by Underwriter | 3 | ||
Contingent Deferred Sales Charges | 60 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $126 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 90,852 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 93,108 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 9
TA IDEX Jennison Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 4–(continued)
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$2,778 8,055 3,020 | October 31, 2009 October 31, 2010 October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 73,064 | ||
Unrealized Appreciation | $ | 2,573 | ||
Unrealized (Depreciation) | (4,215 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | (1,642 | ) | |
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Jennison Growth 10
TA IDEX LKCM Strategic Total Return
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
U.S. GOVERNMENT OBLIGATIONS (0.8%) | ||||||
U.S. Treasury Note (b) | $ | 400 | $ | 400 | ||
Total U.S. Government Obligations (cost: $405) | 400 | |||||
CORPORATE DEBT SECURITIES (5.0%) | ||||||
Business Services (1.0%) | ||||||
First Data Corporation | 500 | 522 | ||||
Life Insurance (0.8%) | ||||||
Hartford Life, Inc. | 400 | 402 | ||||
Personal Credit Institutions (1.0%) | ||||||
General Electric Capital Corporation | 500 | 530 | ||||
Printing & Publishing (1.0%) | ||||||
Gannett Co., Inc. | 500 | 533 | ||||
Variety Stores (1.2%) | ||||||
Wal-Mart Stores, Inc. | 600 | 609 | ||||
Total Corporate Debt Securities (cost: $2,587) | 2,596 | |||||
CONVERTIBLE BONDS (1.3%) | ||||||
Printing & Publishing (1.3%) | ||||||
Tribune Company–PHONES | 8,100 | 656 | ||||
Total Convertible Bonds (cost: $977) | 656 | |||||
Shares | Value | |||||
CONVERTIBLE PREFERRED STOCKS (3.7%) | ||||||
Instruments & Related Products (1.7%) | ||||||
Raytheon Company | 17,000 | $ | 875 | |||
Life Insurance (2.0%) | ||||||
Prudential Financial, Inc.–Units | 15,100 | 1,020 | ||||
Total Convertible Preferred Stocks (cost: $1,662) | 1,895 | |||||
COMMON STOCKS (87.8%) | ||||||
Automotive (1.6%) | ||||||
Honeywell International Inc. | 24,500 | 847 | ||||
Beverages (3.7%) | ||||||
Coca-Cola Company (The) | 19,000 | 961 | ||||
PepsiCo, Inc. | 17,000 | 926 | ||||
Business Services (3.5%) | ||||||
Clear Channel Communications, Inc. | 21,800 | 904 | ||||
First Data Corporation | 19,600 | 890 | ||||
Chemicals & Allied Products (3.7%) | ||||||
Colgate-Palmolive Company | 17,500 | 1,013 | ||||
du Pont (E.I.) de Nemours and Company | 20,400 | 876 |
Shares | Value | ||||
Commercial Banks (9.7%) | |||||
Bank of America Corporation | 9,900 | $ | 797 | ||
Bank of New York Company, Inc. (The) | 26,500 | 772 | |||
Citigroup Inc. | 18,800 | 904 | |||
Cullen/Frost Bankers, Inc. | 19,000 | 823 | |||
Mellon Financial Corporation | 29,800 | 883 | |||
Wells Fargo & Company | 15,600 | 881 | |||
Communication (1.5%) | |||||
Viacom, Inc.–Class B | 20,344 | 786 | |||
Communications Equipment (2.9%) | |||||
Harris Corporation (b) | 20,700 | 933 | |||
Motorola, Inc. | 29,700 | 542 | |||
Computer & Data Processing Services (4.7%) | |||||
Automatic Data Processing, Inc. | 20,000 | 876 | |||
Microsoft Corporation | 37,800 | 982 | |||
SunGard Data Systems Inc. (a) | 21,000 | 547 | |||
Computer & Office Equipment (4.4%) | |||||
Cisco Systems, Inc. (a) | 27,700 | 578 | |||
Dell Inc. (a) | 27,200 | 944 | |||
International Business Machines Corporation | 8,500 | 749 | |||
Electronic & Other Electric Equipment (1.8%) | |||||
General Electric Company | 31,500 | 943 | |||
Electronic Components & Accessories (4.1%) | |||||
Intel Corporation | 28,300 | 728 | |||
Texas Instruments Incorporated | 30,000 | 753 | |||
Tyco International Ltd. | 24,000 | 659 | |||
Environmental Services (2.7%) | |||||
Allied Waste Industries, Inc. (a)(b) | 54,000 | 680 | |||
Waste Management, Inc. | 24,700 | 701 | |||
Food & Kindred Products (2.9%) | |||||
Altria Group, Inc. | 14,300 | 792 | |||
Kraft Foods, Inc.–Class A | 21,400 | 704 | |||
Health Services (1.8%) | |||||
Triad Hospitals, Inc. (a) | 26,600 | 905 | |||
Instruments & Related Products (1.9%) | |||||
Alcon, Inc. | 13,500 | 1,002 | |||
Insurance (1.8%) | |||||
American International Group, Inc. | 13,275 | 951 | |||
Lumber & Other Building Materials (1.7%) | |||||
Home Depot, Inc. (The) | 24,800 | 873 | |||
Lumber & Wood Products (1.4%) | |||||
Masco Corporation (b) | 25,000 | 700 | |||
Medical Instruments & Supplies (1.9%) | |||||
Medtronic, Inc. | 19,200 | 969 | |||
Oil & Gas Extraction (6.3%) | |||||
Anadarko Petroleum Corporation | 18,000 | 964 | |||
EOG Resources, Inc. | 14,800 | 729 | |||
Schlumberger Limited | 14,800 | 866 | |||
Unocal Corporation | 20,000 | 721 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 1
TA IDEX LKCM Strategic Total Return
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||
Paper & Allied Products (3.3%) | ||||||
Kimberly-Clark Corporation | 15,000 | $ | 982 | |||
Temple-Inland Inc. | 11,500 | 710 | ||||
Paper & Paper Products (1.3%) | ||||||
Boise Cascade Corporation | 20,000 | 675 | ||||
Personal Services (0.9%) | ||||||
Block (H&R), Inc. (b) | 10,200 | 460 | ||||
Petroleum Refining (3.9%) | ||||||
BP PLC–ADR | 18,100 | 958 | ||||
Exxon Mobil Corporation | 24,400 | 1,038 | ||||
Pharmaceuticals (6.4%) | ||||||
Abbott Laboratories | 11,000 | 484 | ||||
Pfizer Inc. | 28,200 | 1,008 | ||||
Schering-Plough Corporation | 29,000 | 485 | ||||
Teva Pharmaceutical Industries Ltd.–ADR | 12,500 | 770 | ||||
Wyeth | 14,900 | 567 | ||||
Savings Institutions (1.6%) | ||||||
Charter One Financial, Inc. | 24,500 | 818 | ||||
Telecommunications (4.6%) | ||||||
ALLTEL Corporation | 17,400 | 876 | ||||
SBC Communications Inc. | 21,000 | 523 | ||||
Verizon Communications, Inc. | 25,400 | 959 | ||||
Variety Stores (1.8%) | ||||||
Wal-Mart Stores, Inc. | 16,700 | 953 | ||||
Total Common Stocks (cost: $39,635) | 45,320 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (2.8%) | ||||||
Debt (1.6%) | ||||||
Bank Notes (0.3%) | ||||||
Canadian Imperial Bank of Commerce | $ | 71 | $ | 71 | ||
Fleet National Bank | 71 | 71 | ||||
Euro Dollar Overnight (0.1%) | ||||||
Credit Agricole Indosuez | 43 | 43 | ||||
Royal Bank of Scotland Group PLC (The) | 26 | 26 |
Principal | Value | |||||
Euro Dollar Terms (0.4%) | ||||||
Bank of Montreal | $ | 8 | $ | 8 | ||
BNP Paribas SA | 43 | 43 | ||||
1.08%, due 07/29/2004 | 43 | 43 | ||||
Den Danske Bank | 28 | 28 | ||||
Royal Bank of Scotland Group PLC (The) | 27 | 27 | ||||
Wells Fargo & Company | 43 | 43 | ||||
Promissory Notes (0.2%) | ||||||
Goldman Sachs Group, Inc. (The) | 98 | 98 | ||||
Repurchase Agreements (0.6%) (c) | ||||||
Merrill Lynch & Co., Inc. | 284 | 284 | ||||
Shares | Value | |||||
Investment Companies (1.2%) | ||||||
Money Market Funds (1.2%) | ||||||
American AAdvantage Select Fund | 85,117 | $ | 85 | |||
Barclays Institutional Money Market Fund | 199,607 | 199 | ||||
Merrill Lynch Premier Institutional Fund | 77,876 | 77 | ||||
Merrimac Cash Series Fund– | 284,742 | 284 | ||||
Total Security Lending Collateral (cost: $1,430) | 1,430 | |||||
Total Investment Securities (cost: $46,696) | $ | 52,297 | ||||
SUMMARY: | ||||||
Investments, at value | 101.4% | $ | 52,297 | |||
Liabilities in excess of other assets | (1.4)% | (723) | ||||
Net assets | 100.0% | $ | 51,574 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $1,350. |
(c) | Cash collateral for the Repurchase Agreements, valued at $289, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
PHONES Participation Hybrid Option Note Exchangeable Securities
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 2
TA IDEX LKCM Strategic Total Return
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $46,696) | $ | 52,297 | ||
Cash | 827 | |||
Receivables: | ||||
Shares of beneficial interest sold | 28 | |||
Interest | 42 | |||
Dividends | 65 | |||
Dividend reclaims receivable | 2 | |||
Other | 9 | |||
53,270 | ||||
Liabilities: | ||||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 111 | |||
Management and advisory fees | 22 | |||
Distribution fees | 27 | |||
Transfer agent fees | 67 | |||
Payable for collateral for securities on loan | 1,430 | |||
Other | 39 | |||
1,696 | ||||
Net Assets | $ | 51,574 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 45,409 | ||
Accumulated net investment income (loss) | (146 | ) | ||
Undistributed net realized gain (loss) from | 712 | |||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 5,599 | |||
Net Assets | $ | 51,574 | ||
Net Assets by Class: | ||||
Class A | $ | 29,389 | ||
Class B | 16,033 | |||
Class C | 343 | |||
Class C2 | 2,600 | |||
Class M | 3,209 | |||
Shares Outstanding: | ||||
Class A | 1,704 | |||
Class B | 936 | |||
Class C | 20 | |||
Class C2 | 152 | |||
Class M | 187 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 17.25 | ||
Class B | 17.13 | |||
Class C | 17.13 | |||
Class C2 | 17.13 | |||
Class M | 17.14 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 18.25 | ||
Class M | 17.31 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the year period April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 79 | ||
Dividends | 513 | |||
Income from loaned securities–net | 2 | |||
Less withholding taxes on foreign dividends | (4 | ) | ||
590 | ||||
Expenses: | ||||
Management and advisory fees | 215 | |||
Transfer agent fees | 91 | |||
Printing and shareholder reports | 41 | |||
Custody fees | 4 | |||
Administration fees | 10 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 2 | |||
Registration fees | 25 | |||
Other | 4 | |||
Distribution and service fees: | ||||
Class A | 55 | |||
Class B | 82 | |||
Class C | 1 | |||
Class C2 | 13 | |||
Class M | 15 | |||
Total expenses | 566 | |||
Less: | ||||
Advisory fee waiver | (83 | ) | ||
Net expenses | 483 | |||
Net Investment Income (Loss) | 107 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 1,181 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | 2,718 | |||
Net Gain (Loss) on Investment Securities | 3,899 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,006 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 3
TA IDEX LKCM Strategic Total Return
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 107 | $ | 458 | ||||
Net realized gain (loss) from investment securities | 1,181 | 795 | ||||||
Net unrealized appreciation (depreciation) | 2,718 | 5,051 | ||||||
4,006 | 6,304 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (177 | ) | (313 | ) | ||||
Class B | (70 | ) | (109 | ) | ||||
Class C | (1 | ) | – | |||||
Class C2 | (12 | ) | (19 | ) | ||||
Class M | (15 | ) | (28 | ) | ||||
(275 | ) | (469 | ) | |||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 1,703 | 3,504 | ||||||
Class B | 773 | 2,035 | ||||||
Class C | 188 | 203 | ||||||
Class C2 | 100 | 250 | ||||||
Class M | 77 | 197 | ||||||
2,841 | 6,189 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 170 | 300 | ||||||
Class B | 67 | 105 | ||||||
Class C | 1 | – | ||||||
Class C2 | 11 | 18 | ||||||
Class M | 15 | 27 | ||||||
264 | 450 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (5,916 | ) | (7,375 | ) | ||||
Class B | (1,898 | ) | (3,870 | ) | ||||
Class C | (69 | ) | (12 | ) | ||||
Class C2 | (344 | ) | (684 | ) | ||||
Class M | (559 | ) | (1,096 | ) | ||||
(8,786 | ) | (13,037 | ) | |||||
(5,681 | ) | (6,398 | ) | |||||
Net increase (decrease) in net assets | (1,950 | ) | (563 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 53,524 | 54,087 | ||||||
End of period | $ | 51,574 | $ | 53,524 | ||||
Accumulated Net Investment Income (Loss) | $ | (146 | ) | $ | 22 | |||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 100 | 238 | ||||
Class B | 45 | 136 | ||||
Class C | 11 | 14 | ||||
Class C2 | 6 | 17 | ||||
Class M | 4 | 14 | ||||
166 | 419 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 10 | 21 | ||||
Class B | 4 | 7 | ||||
Class C | – | – | ||||
Class C2 | 1 | 1 | ||||
Class M | 1 | 2 | ||||
16 | 31 | |||||
Shares redeemed: | ||||||
Class A | (345 | ) | (503 | ) | ||
Class B | (112 | ) | (266 | ) | ||
Class C | (4 | ) | (1 | ) | ||
Class C2 | (20 | ) | (47 | ) | ||
Class M | (33 | ) | (75 | ) | ||
(514 | ) | (892 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | (235 | ) | (244 | ) | ||
Class B | (63 | ) | (123 | ) | ||
Class C | 7 | 13 | ||||
Class C2 | (13 | ) | (29 | ) | ||
Class M | (28 | ) | (59 | ) | ||
(332 | ) | (442 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 4
TA IDEX LKCM Strategic Total Return
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the | Net Asset | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 16.10 | $ | 0.06 | $ | 1.18 | $ | 1.24 | $ | (0.09 | ) | $ | – | $ | (0.09 | ) | $ | 17.25 | ||||||||||||
10/31/2003 | 14.34 | 0.17 | 1.74 | 1.91 | (0.15 | ) | – | (0.15 | ) | 16.10 | |||||||||||||||||||||
10/31/2002 | 15.46 | 0.28 | (1.11 | ) | (0.83 | ) | (0.27 | ) | (0.02 | ) | (0.29 | ) | 14.34 | ||||||||||||||||||
10/31/2001 | 17.02 | 0.30 | (1.51 | ) | (1.21 | ) | (0.26 | ) | (0.09 | ) | (0.35 | ) | 15.46 | ||||||||||||||||||
10/31/2000 | 17.62 | 0.27 | (0.15 | ) | 0.12 | (0.30 | ) | (0.42 | ) | (0.72 | ) | 17.02 | |||||||||||||||||||
10/31/1999 | 16.18 | 0.20 | 1.65 | 1.85 | (0.20 | ) | (0.21 | ) | (0.41 | ) | 17.62 | ||||||||||||||||||||
Class B | 04/30/2004 | 16.02 | – | 1.18 | 1.18 | (0.07 | ) | – | (0.07 | ) | 17.13 | ||||||||||||||||||||
10/31/2003 | 14.33 | 0.07 | 1.72 | 1.79 | (0.10 | ) | – | (0.10 | ) | 16.02 | |||||||||||||||||||||
10/31/2002 | 15.45 | 0.18 | (1.11 | ) | (0.93 | ) | (0.17 | ) | (0.02 | ) | (0.19 | ) | 14.33 | ||||||||||||||||||
10/31/2001 | 17.01 | 0.19 | (1.50 | ) | (1.31 | ) | (0.16 | ) | (0.09 | ) | (0.25 | ) | 15.45 | ||||||||||||||||||
10/31/2000 | 17.60 | 0.18 | (0.15 | ) | 0.03 | (0.20 | ) | (0.42 | ) | (0.62 | ) | 17.01 | |||||||||||||||||||
10/31/1999 | 16.17 | 0.09 | 1.65 | 1.74 | (0.10 | ) | (0.21 | ) | (0.31 | ) | 17.60 | ||||||||||||||||||||
Class C | 04/30/2004 | 16.02 | – | 1.18 | 1.18 | (0.07 | ) | – | (0.07 | ) | 17.13 | ||||||||||||||||||||
10/31/2003 | 14.06 | 0.07 | 1.99 | 2.06 | (0.10 | ) | – | (0.10 | ) | 16.02 | |||||||||||||||||||||
Class C2 | 04/30/2004 | 16.02 | – | 1.18 | 1.18 | (0.07 | ) | – | (0.07 | ) | 17.13 | ||||||||||||||||||||
10/31/2003 | 14.33 | 0.07 | 1.72 | 1.79 | (0.10 | ) | – | (0.10 | ) | 16.02 | |||||||||||||||||||||
10/31/2002 | 15.45 | 0.18 | (1.11 | ) | (0.93 | ) | (0.17 | ) | (0.02 | ) | (0.19 | ) | 14.33 | ||||||||||||||||||
10/31/2001 | 17.01 | 0.19 | (1.50 | ) | (1.31 | ) | (0.16 | ) | (0.09 | ) | (0.25 | ) | 15.45 | ||||||||||||||||||
10/31/2000 | 17.60 | 0.18 | (0.15 | ) | 0.03 | (0.20 | ) | (0.42 | ) | (0.62 | ) | 17.01 | |||||||||||||||||||
Class M | 04/30/2004 | 16.03 | 0.01 | 1.17 | 1.18 | (0.07 | ) | – | (0.07 | ) | 17.14 | ||||||||||||||||||||
10/31/2003 | 14.33 | 0.09 | 1.72 | 1.81 | (0.11 | ) | – | (0.11 | ) | 16.03 | |||||||||||||||||||||
10/31/2002 | 15.45 | 0.19 | (1.10 | ) | (0.91 | ) | (0.19 | ) | (0.02 | ) | (0.21 | ) | 14.33 | ||||||||||||||||||
10/31/2001 | 17.01 | 0.20 | (1.49 | ) | (1.29 | ) | (0.18 | ) | (0.09 | ) | (0.27 | ) | 15.45 | ||||||||||||||||||
10/31/2000 | 17.61 | 0.18 | (0.15 | ) | 0.03 | (0.21 | ) | (0.42 | ) | (0.63 | ) | 17.01 | |||||||||||||||||||
10/31/1999 | 16.17 | 0.11 | 1.65 | 1.76 | (0.11 | ) | (0.21 | ) | (0.32 | ) | 17.61 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 7.75 | % | $ | 29,389 | 1.55 | % | 1.84 | % | 0.66 | % | 3 | % | |||||||
10/31/2003 | 13.43 | 31,224 | 1.55 | 1.99 | 1.14 | 32 | ||||||||||||||
10/31/2002 | (5.52 | ) | 31,303 | 1.55 | 1.85 | 1.77 | 14 | |||||||||||||
10/31/2001 | (7.13 | ) | 37,253 | 1.55 | 1.74 | 1.80 | 23 | |||||||||||||
10/31/2000 | 0.64 | 40,919 | 1.55 | 1.69 | 1.59 | 56 | ||||||||||||||
10/31/1999 | 11.61 | 37,959 | 1.64 | 1.79 | 1.20 | 60 | ||||||||||||||
Class B | 04/30/2004 | 7.39 | 16,033 | 2.20 | 2.49 | 0.01 | 3 | |||||||||||||
10/31/2003 | 12.58 | 15,997 | 2.20 | 2.64 | 0.49 | 32 | ||||||||||||||
10/31/2002 | (6.12 | ) | 16,072 | 2.20 | 2.51 | 1.12 | 14 | |||||||||||||
10/31/2001 | (7.72 | ) | 19,236 | 2.20 | 2.39 | 1.15 | 23 | |||||||||||||
10/31/2000 | 0.03 | 19,375 | 2.20 | 2.34 | 0.94 | 56 | ||||||||||||||
10/31/1999 | 10.91 | 15,531 | 2.29 | 2.44 | 0.55 | 60 | ||||||||||||||
Class C | 04/30/2004 | 7.39 | 343 | 2.20 | 2.49 | 0.01 | 3 | |||||||||||||
10/31/2003 | 14.74 | 206 | 2.20 | 2.64 | 0.49 | 32 | ||||||||||||||
Class C2 | 04/30/2004 | 7.39 | 2,600 | 2.20 | 2.49 | 0.01 | 3 | |||||||||||||
10/31/2003 | 12.58 | 2,650 | 2.20 | 2.64 | 0.49 | 32 | ||||||||||||||
10/31/2002 | (6.12 | ) | 2,778 | 2.20 | 2.50 | 1.12 | 14 | |||||||||||||
10/31/2001 | (7.72 | ) | 2,989 | 2.20 | 2.39 | 1.15 | 23 | |||||||||||||
10/31/2000 | 0.03 | 2,523 | 2.20 | 2.34 | 0.94 | 56 | ||||||||||||||
Class M | 04/30/2004 | 7.41 | 3,209 | 2.10 | 2.39 | 0.11 | 3 | |||||||||||||
10/31/2003 | 12.71 | 3,447 | 2.10 | 2.54 | 0.59 | 32 | ||||||||||||||
10/31/2002 | (6.04 | ) | 3,934 | 2.10 | 2.41 | 1.22 | 14 | |||||||||||||
10/31/2001 | (7.63 | ) | 5,547 | 2.10 | 2.29 | 1.25 | 23 | |||||||||||||
10/31/2000 | 0.12 | 7,026 | 2.10 | 2.24 | 1.04 | 56 | ||||||||||||||
10/31/1999 | 11.02 | 8,779 | 2.19 | 2.34 | 0.65 | 60 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 5
TA IDEX LKCM Strategic Total Return
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 6
TA IDEX LKCM Strategic Total Return
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX LKCM Strategic Total Return (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on December 2, 1994.
On March 1, 2004, the Fund changed its name from IDEX LKCM Strategic Total Return to TA IDEX LKCM Strategic Total Return.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $7 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 7
TA IDEX LKCM Strategic Total Return
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $3. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.20% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 8
TA IDEX LKCM Strategic Total Return
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 20 | |
Retained by Underwriter | 3 | ||
Contingent Deferred Sales Charges | 14 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $91 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amount was $7. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 726 | |
U.S. Government | 812 | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 7,038 | ||
U.S. Government | 402 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales and capital loss carryforwards.
The capital loss carryforward is available to offset future realized capital gains through the period listed:
Capital Loss | Available through | |
$469 | October 31, 2010 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 46,701 | ||
Unrealized Appreciation | $ | 7,943 | ||
Unrealized (Depreciation) | (2,347 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 5,596 | ||
NOTE 5. | SUBSEQUENT EVENTS |
The Fund merged into TA IDEX Transamerica Value Balanced effective as of the close of business on May 28, 2004.
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX LKCM Strategic Total Return 9
TA IDEX Marsico Growth
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
COMMON STOCKS (97.1%) | |||||
Air Transportation (2.3%) | |||||
FedEx Corporation | 21,424 | $ | 1,541 | ||
Amusement & Recreation Services (1.7%) | |||||
Mandalay Resort Group | 19,878 | 1,142 | |||
Automotive (1.1%) | |||||
Honeywell International Inc. | 20,264 | 701 | |||
Beverages (2.4%) | |||||
PepsiCo, Inc. | 29,695 | 1,618 | |||
Business Services (1.0%) | |||||
eBay Inc. (a) | 8,056 | 643 | |||
Chemicals & Allied Products (3.5%) | |||||
Monsanto Company | 8,386 | 290 | |||
Procter & Gamble Company (The) | 19,375 | 2,049 | |||
Commercial Banks (5.7%) | |||||
Citigroup Inc. | 65,092 | 3,130 | |||
Morgan Chase & Co. (J.P.) | 16,282 | 612 | |||
Communications Equipment (7.4%) | |||||
Motorola, Inc. | 101,388 | 1,850 | |||
QUALCOMM Incorporated | 48,260 | 3,014 | |||
Computer & Data Processing Services (2.9%) | |||||
Automatic Data Processing, Inc. | 15,908 | 697 | |||
Electronic Arts Inc. (a) | 23,758 | 1,203 | |||
Computer & Office Equipment (1.5%) | |||||
Dell Inc. (a) | 28,113 | 976 | |||
Construction (0.2%) | |||||
M.D.C. Holdings, Inc. | 1,680 | 104 | |||
Electronic & Other Electric Equipment (8.2%) | |||||
General Electric Company | 90,117 | 2,699 | |||
Samsung Electronics Co., Ltd. | 4,220 | 2,003 | |||
Sharp Corporation | 35,000 | 631 | |||
Electronic Components & Accessories (2.7%) | |||||
Maxim Integrated Products | 10,461 | 481 | |||
Tyco International Ltd. | 47,468 | 1,303 | |||
Health Services (1.5%) | |||||
Quest Diagnostics Incorporated | 11,660 | 984 | |||
Industrial Machinery & Equipment (3.9%) | |||||
Caterpillar, Inc. | 33,132 | 2,575 | |||
Insurance (5.4%) | |||||
UnitedHealth Group Incorporated | 58,092 | 3,571 | |||
Lumber & Other Building Materials (2.7%) | |||||
Lowe’s Companies, Inc. | 34,798 | 1,812 | |||
Medical Instruments & Supplies (10.1%) | |||||
Boston Scientific Corporation (a) | 63,152 | 2,601 | |||
Medtronic, Inc. | 27,579 | 1,392 | |||
St. Jude Medical, Inc. (a) | 6,552 | 500 | |||
Zimmer Holdings, Inc. (a) | 27,489 | 2,195 |
Shares | Value | |||||
Mortgage Bankers & Brokers (1.3%) | ||||||
Countrywide Financial Corporation | 14,203 | $ | 842 | |||
Personal Credit Institutions (4.6%) | ||||||
SLM Corporation | 79,949 | 3,063 | ||||
Pharmaceuticals (10.8%) | ||||||
Forest Laboratories, Inc. (a) | 25,243 | 1,628 | ||||
Genentech, Inc. (a) | 36,923 | 4,534 | ||||
Roche Holding AG–Genusschein | 9,612 | 1,009 | ||||
Residential Building Construction (1.5%) | ||||||
Lennar Corporation | 21,214 | 994 | ||||
Retail Trade (2.5%) | ||||||
Tiffany & Co. | 41,896 | 1,634 | ||||
Rubber & Misc. Plastic Products (2.0%) | ||||||
NIKE, Inc.–Class B | 18,428 | 1,326 | ||||
Security & Commodity Brokers (5.7%) | ||||||
Goldman Sachs Group, Inc. (The) | 19,769 | 1,907 | ||||
Merrill Lynch & Co., Inc. | 34,069 | 1,848 | ||||
Telecommunications (1.7%) | ||||||
Nextel Communications, Inc.–Class A (a) | 47,327 | 1,129 | ||||
Variety Stores (1.8%) | ||||||
Wal-Mart Stores, Inc. | 20,914 | 1,192 | ||||
Water Transportation (1.0%) | ||||||
Royal Caribbean Cruises Ltd. (b) | 16,867 | 684 | ||||
Total Common Stocks (cost: $54,713) | 64,107 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (0.9%) | ||||||
Debt (0.5%) | ||||||
Bank Notes (0.1%) | ||||||
Canadian Imperial Bank of Commerce | $ | 29 | $ | 29 | ||
Fleet National Bank | 29 | 29 | ||||
Euro Dollar Overnight (0.0%) | ||||||
Credit Agricole Indosuez | 17 | 17 | ||||
Royal Bank of Scotland Group PLC (The) | 11 | 11 | ||||
Euro Dollar Terms (0.1%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 3 | 3 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 17 | 17 | ||||
1.08%, due 07/29/2004 | 17 | 17 | ||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | 12 | 12 | ||||
Royal Bank of Scotland Group PLC (The) | 12 | 12 | ||||
Wells Fargo & Company | 17 | 17 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 1
TA IDEX Marsico Growth
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Promissory Notes (0.1%) | ||||||
Goldman Sachs Group, Inc. (The) | $ | 41 | $ | 41 | ||
Repurchase Agreements (0.2%) (c) | ||||||
Merrill Lynch & Co., Inc. | 115 | 115 |
Shares | Value | ||||
Investment Companies (0.4%) | |||||
Money Market Funds (0.4%) | |||||
American AAdvantage Select Fund | 34,614 | $ | 35 | ||
Barclays Institutional Money Market Fund | 80,767 | 81 | |||
Merrill Lynch Premier Institutional Fund | 31,263 | 31 | |||
Merrimac Cash Series Fund– | 115,381 | 115 | |||
Total Security Lending Collateral (cost: $582) | 582 | ||||
Total Investment Securities (cost: $55,295) | $ | 64,689 | |||
SUMMARY: | |||||
Investments, at value | 98.0% | $ | 64,689 | ||
Other assets in excess of liabilities | 2.0% | 1,345 | |||
Net assets | 100.0% | $ | 66,034 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $564. |
(c) | Cash collateral for the Repurchase Agreements, valued at $118, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 2
TA IDEX Marsico Growth
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $55,295) | $ | 64,689 | ||
Cash | 1,741 | |||
Foreign cash (cost: $1,031) | 1,037 | |||
Receivables: | ||||
Investment securities sold | 1,143 | |||
Shares of beneficial interest sold | 52 | |||
Dividends | 89 | |||
Other | 3 | |||
68,754 | ||||
Liabilities: | ||||
Investment securities purchased | 1,676 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 289 | |||
Due to advisor | 27 | |||
Management and advisory fees | 45 | |||
Distribution fees | 36 | |||
Transfer agent fees | 33 | |||
Payable for collateral for securities on loan | 582 | |||
Other | 32 | |||
2,720 | ||||
Net Assets | $ | 66,034 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 70,064 | ||
Accumulated net investment income (loss) | (336 | ) | ||
Accumulated net realized gain (loss) from: | (13,057 | ) | ||
Foreign currency transactions | (31 | ) | ||
Net unrealized appreciation (depreciation) on investment securities | 9,394 | |||
Net Assets | $ | 66,034 | ||
Net Assets by Class: | ||||
Class A | $ | 36,760 | ||
Class B | 20,523 | |||
Class C | 2,902 | |||
Class C2 | 2,104 | |||
Class M | 3,745 | |||
Shares Outstanding: | ||||
Class A | 4,073 | |||
Class B | 2,358 | |||
Class C | 333 | |||
Class C2 | 242 | |||
Class M | 428 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 9.03 | ||
Class B | 8.71 | |||
Class C | 8.71 | |||
Class C2 | 8.70 | |||
Class M | 8.75 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 9.56 | ||
Class M | 8.84 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 5 | ||
Dividends | 290 | |||
Income from loaned securities–net | 2 | |||
Less withholding taxes on foreign dividends | (2 | ) | ||
295 | ||||
Expenses: | ||||
Management and advisory fees | 261 | |||
Transfer agent fees | 58 | |||
Printing and shareholder reports | 25 | |||
Custody fees | 6 | |||
Administration fees | 10 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 2 | |||
Registration fees | 25 | |||
Other | 3 | |||
Distribution and service fees: | ||||
Class A | 64 | |||
Class B | 103 | |||
Class C | 10 | |||
Class C2 | 12 | |||
Class M | 18 | |||
Total expenses before recovery of waived expenses | 603 | |||
Recovered expenses | 27 | |||
Total expenses | 630 | |||
Net Investment Income (Loss) | (335 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 2,059 | |||
Foreign currency transactions | (31 | ) | ||
2,028 | ||||
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | (1,388 | ) | ||
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions | 640 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 305 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 3
TA IDEX Marsico Growth
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (335 | ) | $ | (600 | ) | ||
Net realized gain (loss) from investment securities and foreign currency transactions | 2,028 | (8,233 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities | (1,388 | ) | 18,675 | |||||
305 | 9,842 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 4,295 | 32,721 | ||||||
Class B | 3,589 | 7,333 | ||||||
Class C | 1,780 | �� | 1,174 | |||||
Class C2 | 287 | 990 | ||||||
Class M | 390 | 800 | ||||||
10,341 | 43,018 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (1,924 | ) | (10,582 | ) | ||||
Class B | (2,852 | ) | (4,304 | ) | ||||
Class C | (58 | ) | (94 | ) | ||||
Class C2 | (491 | ) | (1,326 | ) | ||||
Class M | (589 | ) | (755 | ) | ||||
(5,914 | ) | (17,061 | ) | |||||
4,427 | 25,957 | |||||||
Net increase (decrease) in net assets | 4,732 | 35,799 | ||||||
Net Assets: | ||||||||
Beginning of period | 61,302 | 25,503 | ||||||
End of period | $ | 66,034 | $ | 61,302 | ||||
Accumulated Net Investment Income (Loss) | $ | (336 | ) | $ | (1 | ) | ||
April 30, 2004 | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 473 | 4,395 | ||||
Class B | 408 | 935 | ||||
Class C | 201 | 153 | ||||
Class C2 | 33 | 131 | ||||
Class M | 44 | 103 | ||||
1,159 | 5,717 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (210 | ) | (1,346 | ) | ||
Class B | (323 | ) | (582 | ) | ||
Class C | (6 | ) | (15 | ) | ||
Class C2 | (55 | ) | (180 | ) | ||
Class M | (66 | ) | (102 | ) | ||
(660 | ) | (2,225 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 263 | 3,049 | ||||
Class B | 85 | 353 | ||||
Class C | 195 | 138 | ||||
Class C2 | (22 | ) | (49 | ) | ||
Class M | (22 | ) | 1 | |||
499 | 3,492 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 4
TA IDEX Marsico Growth
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 8.97 | $ | (0.03 | ) | $ | 0.09 | $ | 0.06 | $ | – | $ | – | $ | – | $ | 9.03 | |||||||||||||
10/31/2003 | 7.56 | (0.08 | ) | 1.49 | 1.41 | – | – | – | 8.97 | ||||||||||||||||||||||
10/31/2002 | 9.10 | (0.06 | ) | (1.48 | ) | (1.54 | ) | – | – | – | 7.56 | ||||||||||||||||||||
10/31/2001 | 12.54 | (0.05 | ) | (3.25 | ) | (3.30 | ) | – | (0.14 | ) | (0.14 | ) | 9.10 | ||||||||||||||||||
10/31/2000 | 11.40 | 0.02 | 1.15 | 1.17 | – | (0.03 | ) | (0.03 | ) | 12.54 | |||||||||||||||||||||
10/31/1999 | 10.00 | 0.03 | 1.37 | 1.40 | – | – | – | 11.40 | |||||||||||||||||||||||
Class B | 04/30/2004 | 8.68 | (0.06 | ) | 0.09 | 0.03 | – | – | – | 8.71 | |||||||||||||||||||||
10/31/2003 | 7.36 | (0.12 | ) | 1.44 | 1.32 | – | – | – | 8.68 | ||||||||||||||||||||||
10/31/2002 | 8.92 | (0.11 | ) | (1.45 | ) | (1.56 | ) | – | – | – | 7.36 | ||||||||||||||||||||
10/31/2001 | 12.41 | (0.11 | ) | (3.24 | ) | (3.35 | ) | – | (0.14 | ) | (0.14 | ) | 8.92 | ||||||||||||||||||
10/31/2000 | 11.35 | (0.06 | ) | 1.15 | 1.09 | – | (0.03 | ) | (0.03 | ) | 12.41 | ||||||||||||||||||||
10/31/1999 | 10.00 | (0.02 | ) | 1.37 | 1.35 | – | – | – | 11.35 | ||||||||||||||||||||||
Class C | 04/30/2004 | 8.68 | (0.06 | ) | 0.09 | 0.03 | – | – | – | 8.71 | |||||||||||||||||||||
10/31/2003 | 7.18 | (0.12 | ) | 1.62 | 1.50 | – | – | – | 8.68 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 8.68 | (0.06 | ) | 0.08 | 0.02 | – | – | – | 8.70 | |||||||||||||||||||||
10/31/2003 | 7.36 | (0.12 | ) | 1.44 | 1.32 | – | – | – | 8.68 | ||||||||||||||||||||||
10/31/2002 | 8.92 | (0.12 | ) | (1.44 | ) | (1.56 | ) | – | – | – | 7.36 | ||||||||||||||||||||
10/31/2001 | 12.41 | (0.12 | ) | (3.23 | ) | (3.35 | ) | – | (0.14 | ) | (0.14 | ) | 8.92 | ||||||||||||||||||
10/31/2000 | 11.35 | (0.06 | ) | 1.15 | 1.09 | – | (0.03 | ) | (0.03 | ) | 12.41 | ||||||||||||||||||||
Class M | 04/30/2004 | 8.72 | (0.05 | ) | 0.08 | 0.03 | – | – | – | 8.75 | |||||||||||||||||||||
10/31/2003 | 7.39 | (0.11 | ) | 1.44 | 1.33 | – | – | – | 8.72 | ||||||||||||||||||||||
10/31/2002 | 8.95 | (0.11 | ) | (1.45 | ) | (1.56 | ) | – | – | – | 7.39 | ||||||||||||||||||||
10/31/2001 | 12.43 | (0.11 | ) | (3.23 | ) | (3.34 | ) | – | (0.14 | ) | (0.14 | ) | 8.95 | ||||||||||||||||||
10/31/2000 | 11.36 | (0.05 | ) | 1.15 | 1.10 | – | (0.03 | ) | (0.03 | ) | 12.43 | ||||||||||||||||||||
10/31/1999 | 10.00 | (0.01 | ) | 1.37 | 1.36 | – | – | – | 11.36 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 0.67 | % | $ | 36,760 | 1.56 | % | 1.64 | % | (0.74 | )% | 56 | % | |||||||
10/31/2003 | 18.65 | 34,167 | 1.75 | 1.80 | (0.97 | ) | 129 | |||||||||||||
10/31/2002 | (16.88 | ) | 5,752 | 1.73 | 2.05 | (0.56 | ) | 34 | ||||||||||||
10/31/2001 | (26.63 | ) | 7,361 | 1.55 | 2.03 | (0.43 | ) | 15 | ||||||||||||
10/31/2000 | 10.29 | 6,587 | 1.55 | 2.53 | (0.47 | ) | 25 | |||||||||||||
10/31/1999 | 13.97 | 1,978 | 1.55 | 7.65 | (0.55 | ) | 22 | |||||||||||||
Class B | 04/30/2004 | 0.35 | 20,523 | 2.21 | 2.29 | (1.39 | ) | 56 | ||||||||||||
10/31/2003 | 17.93 | 19,723 | 2.40 | 2.45 | (1.62 | ) | 129 | |||||||||||||
10/31/2002 | (17.52 | ) | 14,130 | 2.38 | 2.70 | (1.21 | ) | 34 | ||||||||||||
10/31/2001 | (27.25 | ) | 15,081 | 2.20 | 2.68 | (1.08 | ) | 15 | ||||||||||||
10/31/2000 | 9.54 | 7,908 | 2.20 | 3.18 | (1.12 | ) | 25 | |||||||||||||
10/31/1999 | 13.54 | 2,261 | 2.20 | 8.30 | (1.20 | ) | 22 | |||||||||||||
Class C | 04/30/2004 | 0.35 | 2,902 | 2.21 | 2.29 | (1.39 | ) | 56 | ||||||||||||
10/31/2003 | 20.89 | 1,200 | 2.40 | 2.46 | (1.62 | ) | 129 | |||||||||||||
Class C2 | 04/30/2004 | 0.23 | 2,104 | 2.21 | 2.29 | (1.39 | ) | 56 | ||||||||||||
10/31/2003 | 17.93 | 2,292 | 2.40 | 2.45 | (1.62 | ) | 129 | |||||||||||||
10/31/2002 | (17.52 | ) | 2,301 | 2.38 | 2.70 | (1.21 | ) | 34 | ||||||||||||
10/31/2001 | (27.25 | ) | 4,719 | 2.20 | 2.68 | (1.08 | ) | 15 | ||||||||||||
10/31/2000 | 9.54 | 6,484 | 2.20 | 3.18 | (1.12 | ) | 25 | |||||||||||||
Class M | 04/30/2004 | 0.34 | 3,745 | 2.11 | 2.19 | (1.29 | ) | 56 | ||||||||||||
10/31/2003 | 18.00 | 3,920 | 2.30 | 2.35 | (1.52 | ) | 129 | |||||||||||||
10/31/2002 | (17.43 | ) | 3,320 | 2.28 | 2.60 | (1.11 | ) | 34 | ||||||||||||
10/31/2001 | (27.15 | ) | 3,201 | 2.10 | 2.58 | (0.98 | ) | 15 | ||||||||||||
10/31/2000 | 9.65 | 2,976 | 2.10 | 3.08 | (1.02 | ) | 25 | |||||||||||||
10/31/1999 | 13.61 | 748 | 2.10 | 8.20 | (1.10 | ) | 22 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 5
TA IDEX Marsico Growth
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and excludes the recovery of waived expenses (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Marsico Growth (“the Fund”) commenced operations on March 1, 1999. The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 6
TA IDEX Marsico Growth
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Marsico Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.
On March 1, 2004, the Fund changed its name from IDEX Marsico Growth to TA IDEX Marsico Growth.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 7
TA IDEX Marsico Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $10 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 8
TA IDEX Marsico Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and
AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e.: through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation -Moderate Growth Portfolio | $ | 13,618 | 21% | ||
TA IDEX Asset Allocation -Moderate Portfolio | 10,835 | 16% | |||
Total | $ | 24,453 | 37% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Expense Recovered by Adviser | Increase in Total Expenses to Average Net Assets | ||||
Recovered in 2004 | $ | 27 | 0.08% |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 43 | |
Retained by Underwriter | 5 | ||
Contingent Deferred Sales Charges | 36 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $58 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 9
TA IDEX Marsico Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amount was $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 39,775 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 32,854 | ||
U.S. Government | 1,847 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$1,802 | October 31, 2009 | |
4,581 | October 31, 2010 | |
8,550 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 55,372 | ||
Unrealized Appreciation | $ | 10,200 | ||
Unrealized (Depreciation) | (883 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 9,317 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Marsico Growth 10
TA IDEX PBHG Mid Cap Growth
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
COMMON STOCKS (96.0%) | |||||
Amusement & Recreation Services (0.8%) | |||||
Mandalay Resort Group | 7,600 | $ | 437 | ||
Apparel & Accessory Stores (5.4%) | |||||
American Eagle Outfitters, Inc. (a) | 4,700 | 121 | |||
AnnTaylor, Inc. (a)(b) | 13,600 | 551 | |||
Chico’s FAS, Inc. (a)(b) | 25,800 | 1,051 | |||
Hot Topic, Inc. (a)(b) | 15,600 | 347 | |||
Nordstrom, Inc. | 6,400 | 228 | |||
Pacific Sunwear of California, Inc. (a) | 16,000 | 344 | |||
Ross Stores, Inc. | 15,300 | 467 | |||
Automotive Dealers & Service Stations (1.4%) | |||||
O’Reilly Automotive, Inc. (a) | 17,500 | 786 | |||
Business Services (1.4%) | |||||
Ask Jeeves, Inc. (a)(b) | 20,000 | 709 | |||
eBay Inc. (a) | 630 | 50 | |||
Getty Images, Inc. (a) | 400 | 22 | |||
Communications Equipment (0.9%) | |||||
ADTRAN, Inc. | 20,000 | 490 | |||
Nokia Corporation–ADR | 800 | 11 | |||
QUALCOMM Incorporated | 300 | 19 | |||
Computer & Data Processing Services (11.0%) | |||||
Autodesk, Inc. | 10,600 | 355 | |||
CACI International Inc.–Class A (a) | 14,000 | 637 | |||
Citrix Systems, Inc. (a) | 3,700 | 70 | |||
Cognizant Technology Solutions Corporation (a) | 24,500 | 1,060 | |||
Cognos Incorporated (a) | 35,500 | 1,119 | |||
Microsoft Corporation | 1,800 | 47 | |||
Network Associates, Inc. (a) | 27,500 | 431 | |||
Novell, Inc. (a) | 23,700 | 228 | |||
Oracle Corporation (a) | 2,400 | 27 | |||
PeopleSoft, Inc. (a) | 21,700 | 366 | |||
Red Hat, Inc. (a) | 3,800 | 86 | |||
Siebel Systems, Inc. (a) | 43,400 | 446 | |||
Symantec Corporation (a)(b) | 28,900 | 1,302 | |||
Yahoo! Inc. (a) | 3,600 | 182 | |||
Computer & Office Equipment (4.7%) | |||||
Cisco Systems, Inc. (a) | 4,400 | 92 | |||
Dell Inc. (a) | 1,000 | 35 | |||
Emulex Corporation (a) | 29,200 | 487 | |||
Foundry Networks, Inc. (a)(b) | 30,800 | 348 | |||
Juniper Networks, Inc. (a)(b) | 32,000 | 700 | |||
Network Appliance, Inc. (a)(b) | 35,700 | 665 | |||
Polycom, Inc. (a) | 13,700 | 261 | |||
Symbol Technologies, Inc. | 11,300 | 136 | |||
Construction (0.8%) | |||||
Chicago Bridge & Iron Company NV–NY Registered Shares | 15,800 | 454 | |||
Drug Stores & Proprietary Stores (1.8%) | |||||
Omnicare, Inc. (b) | 24,500 | 1,016 |
Shares | Value | ||||
Educational Services (7.8%) | |||||
Apollo Group, Inc.–Class A (a) | 5,100 | $ | 463 | ||
Apollo Group, Inc.–University of Phoenix | 13,700 | 1,193 | |||
Career Education Corporation (a) | 25,364 | 1,623 | |||
Corinthian Colleges, Inc. (a)(b) | 40,402 | 1,237 | |||
Electronic & Other Electric Equipment (1.0%) | |||||
Harman International Industries, Incorporated | 7,900 | 599 | |||
Electronic Components & Accessories (11.0%) | |||||
Broadcom Corporation–Class A (a) | 38,400 | 1,450 | |||
Cypress Semiconductor Corporation (a)(b) | 34,000 | 475 | |||
Jabil Circuit, Inc. (a) | 22,000 | 581 | |||
Linear Technology Corporation | 15,900 | 567 | |||
Marvell Technology Group Ltd. (a) | 18,400 | 713 | |||
Microchip Technology Incorporated | 21,600 | 605 | |||
OmniVision Technologies, Inc. (a)(b) | 20,000 | 446 | |||
Silicon Laboratories Inc. (a)(b) | 19,800 | 934 | |||
Vishay Intertechnology, Inc. (a) | 33,500 | 583 | |||
Environmental Services (1.3%) | |||||
Stericycle, Inc. (a) | 15,300 | 732 | |||
Furniture & Home Furnishings Stores (1.2%) | |||||
Williams-Sonoma, Inc. (a)(b) | 20,500 | 666 | |||
Health Services (2.6%) | |||||
Caremark Rx, Inc. (a)(b) | 12,200 | 413 | |||
Lincare Holdings Inc. (a)(b) | 10,900 | 379 | |||
Select Medical Corporation | 38,000 | 720 | |||
Industrial Machinery & Equipment (4.2%) | |||||
Lam Research Corporation (a) | 28,600 | 633 | |||
Varian Semiconductor Equipment Associates, | 16,000 | 521 | |||
Zebra Technologies Corporation–Class A (a) | 16,950 | 1,242 | |||
Instruments & Related Products (2.4%) | |||||
Avid Technology, Inc. (a) | 15,000 | 720 | |||
Cognex Corporation | 20,500 | 651 | |||
Insurance (0.4%) | |||||
Everest Re Group, Ltd. | 2,500 | 213 | |||
Leather & Leather Products (2.1%) | |||||
Coach, Inc. (a) | 28,600 | 1,218 | |||
Management Services (2.8%) | |||||
Corporate Executive Board Company (The) | 30,800 | 1,591 | |||
Medical Instruments & Supplies (6.3%) | |||||
DENTSPLY International Inc. | 15,200 | 737 | |||
ResMed Inc. (a)(b) | 15,500 | 764 | |||
Respironics, Inc. (a) | 7,600 | 398 | |||
St. Jude Medical, Inc. (a) | 5,400 | 412 | |||
Varian Medical Systems, Inc. (a) | 15,500 | 1,331 | |||
Pharmaceuticals (8.3%) | |||||
Celgene Corporation (a) | 17,700 | 915 | |||
Eon Labs, Inc. (a) | 9,700 | 638 | |||
Integra LifeSciences Holdings Corporation (a) | 5,500 | 176 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 1
TA IDEX PBHG Mid Cap Growth
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | |||||
Pharmaceuticals (continued) | ||||||
Invitrogen Corporation (a)(b) | 15,800 | $ | 1,140 | |||
Martek Biosciences Corp. (a)(b) | 5,000 | 317 | ||||
Medicines Company (The) (a)(b) | 13,900 | 455 | ||||
Taro Pharmaceutical Industries Ltd. (a)(b) | 12,500 | 541 | ||||
Techne Corporation (a) | 15,000 | 584 | ||||
Primary Metal Industries (0.4%) | ||||||
Andrew Corporation (a) | 15,200 | 258 | ||||
Radio & Television Broadcasting (0.5%) | ||||||
Univision Communications Inc.–Class A (a) | 8,500 | 288 | ||||
Research & Testing Services (1.5%) | ||||||
Affymetrix, Inc. (a)(b) | 20,500 | 626 | ||||
Gen-Probe Incorporated (a) | 7,200 | 240 | ||||
Restaurants (2.3%) | ||||||
Applebee’s International, Inc. | 16,200 | 628 | ||||
Cheesecake Factory Incorporated (The) (a)(b) | 12,900 | 546 | ||||
Darden Restaurants, Inc. | 6,700 | 152 | ||||
Retail Trade (6.9%) | ||||||
Amazon.com, Inc. (a) | 200 | 9 | ||||
Barnes & Noble, Inc. (a) | 15,600 | 466 | ||||
CDW Corporation | 15,700 | 981 | ||||
PETCO Animal Supplies, Inc. (a) | 18,800 | 552 | ||||
PETsMART, Inc. | 20,500 | 568 | ||||
Schein (Henry), Inc. (a) | 11,500 | 810 | ||||
Staples, Inc. | 22,400 | 577 | ||||
Savings Institutions (2.3%) | ||||||
New York Community Bancorp, Inc. | 52,710 | 1,321 | ||||
Security & Commodity Brokers (0.5%) | ||||||
Investors Financial Services Corp. | 7,700 | 299 | ||||
Water Transportation (0.9%) | ||||||
Royal Caribbean Cruises Ltd. (b) | 13,300 | 539 | ||||
Wholesale Trade Nondurable Goods (1.1%) | ||||||
Tractor Supply Company (a) | 16,200 | 633 | ||||
Total Common Stocks (cost: $46,119) | 55,252 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (25.0%) | ||||||
Debt (13.8%) | ||||||
Bank Notes (2.5%) | ||||||
Canadian Imperial Bank of Commerce | ||||||
1.10%, due 11/04/2004 | $ | 714 | $ | 714 | ||
Fleet National Bank | ||||||
1.00%, due 07/21/2004 | 714 | 714 |
Principal | Value | |||||
Euro Dollar Overnight (1.2%) | ||||||
Credit Agricole Indosuez | ||||||
1.00%, due 05/07/2004 | $ | 428 | $ | 428 | ||
Royal Bank of Scotland Group PLC (The) | ||||||
1.00%, due 05/07/2004 | 257 | 257 | ||||
Euro Dollar Terms (3.4%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 83 | 83 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 428 | 428 | ||||
1.08%, due 07/29/2004 | 428 | 428 | ||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | 286 | 286 | ||||
Royal Bank of Scotland Group PLC (The) | ||||||
1.05%, due 07/15/2004 | 286 | 286 | ||||
Wells Fargo & Company | ||||||
1.02%, due 05/14/2004 | 428 | 428 | ||||
Promissory Notes (1.7%) | ||||||
Goldman Sachs Group, Inc. (The) | ||||||
1.13%, due 07/29/2004 | 999 | 999 | ||||
Repurchase Agreements (5.0%) (c) | ||||||
Merrill Lynch & Co., Inc. | ||||||
1.13% Repurchase Agreement dated 04/30/2004 to be repurchased at $2,855 | 2,855 | 2,855 | ||||
Shares | Value | |||||
Investment Companies (11.2%) | ||||||
Money Market Funds (11.2%) | ||||||
American AAdvantage Select Fund | ||||||
1-day yield of 0.98% | 856,585 | $ | 857 | |||
Barclays Institutional Money Market Fund | ||||||
1-day yield of 1.02% | 1,998,699 | 1,999 | ||||
Merrill Lynch Premier Institutional Fund | ||||||
1-day yield of 0.97% | 773,649 | 774 | ||||
Merrimac Cash Series Fund– | ||||||
1-day yield of 0.99% | 2,855,285 | 2,855 | ||||
Total Security Lending Collateral (cost: $14,391) | 14,391 | |||||
Total Investment Securities (cost: $60,510) | $ | 69,643 | ||||
SUMMARY: | ||||||
Investments, at value | 121.0% | $ | 69,643 | |||
Liabilities in excess of other assets | (21.0)% | (12,066) | ||||
Net assets | 100.0% | $ | 57,577 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $13,910. |
(c) | Cash collateral for the Repurchase Agreements, valued at $2,912, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 2
TA IDEX PBHG Mid Cap Growth
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $ 60,510) (including securities loaned of $13,910) | $ | 69,643 | ||
Cash | 2,472 | |||
Receivables: | ||||
Investment securities sold | 158 | |||
Shares of beneficial interest sold | 59 | |||
Due from advisor | 14 | |||
Interest | 1 | |||
Dividends | 23 | |||
Other | 16 | |||
72,386 | ||||
Liabilities: | ||||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 101 | |||
Distribution fees | 39 | |||
Transfer agent fees | 197 | |||
Payable for collateral for securities on loan | 14,391 | |||
Other | 81 | |||
14,809 | ||||
Net Assets | $ | 57,577 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 164,898 | ||
Accumulated net investment income (loss) | (605 | ) | ||
Accumulated net realized gain (loss) from investment securities | (115,848 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 9,132 | |||
Net Assets | $ | 57,577 | ||
Net Assets by Class: | ||||
Class A | $ | 19,650 | ||
Class B | 28,279 | |||
Class C | 739 | |||
Class C2 | 5,455 | |||
Class M | 3,454 | |||
Shares Outstanding: | ||||
Class A | 2,236 | |||
Class B | 3,343 | |||
Class C | 87 | |||
Class C2 | 645 | |||
Class M | 406 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 8.79 | ||
Class B | 8.46 | |||
Class C | 8.45 | |||
Class C2 | 8.46 | |||
Class M | 8.51 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 9.30 | ||
Class M | 8.60 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 3 | ||
Dividends | 69 | |||
Income from loaned securities–net | 7 | |||
79 | ||||
Expenses: | ||||
Management and advisory fees | 252 | |||
Transfer agent fees | 285 | |||
Printing and shareholder reports | 162 | |||
Custody fees | 12 | |||
Administration fees | 9 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 2 | |||
Registration fees | 24 | |||
Other | 6 | |||
Distribution and service fees: | ||||
Class A | 37 | |||
Class B | 155 | |||
Class C | 4 | |||
Class C2 | 32 | |||
Class M | 18 | |||
Total expenses | 1,004 | |||
Less: | ||||
Advisory fee waiver and expense reimbursement | (324 | ) | ||
Net expenses | 680 | |||
Net Investment Income (Loss) | (601 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 1,358 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | (3,932 | ) | ||
Net Gain (Loss) on Investment Securities | (2,574 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (3,175 | ) | |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 3
TA IDEX PBHG Mid Cap Growth
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (601 | ) | $ | (1,083 | ) | ||
Net realized gain (loss) from investment securities | 1,358 | 3,990 | ||||||
Net unrealized appreciation (depreciation) on investment securities | (3,932 | ) | 11,464 | |||||
(3,175 | ) | 14,371 | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 2,323 | – | ||||||
Class B | 1,486 | 848 | ||||||
Class C | 1,024 | 736 | ||||||
Class C2 | 412 | 4,119 | ||||||
Class M | 142 | 4,853 | ||||||
5,387 | 10,556 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Proceeds from fund acquisition: | ||||||||
Class A | – | 4,698 | ||||||
Class B | – | 7,930 | ||||||
Class C | – | 20 | ||||||
Class C2 | – | 2,171 | ||||||
Class M | – | 1,054 | ||||||
– | 15,873 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (4,149 | ) | (8,056 | ) | ||||
Class B | (4,644 | ) | (6,900 | ) | ||||
Class C | (1,073 | ) | (26 | ) | ||||
Class C2 | (1,647 | ) | (3,509 | ) | ||||
Class M | (1,154 | ) | (1,200 | ) | ||||
(12,667 | ) | (19,691 | ) | |||||
(7,280 | ) | 6,738 | ||||||
Net increase (decrease) in net assets | (10,455 | ) | 21,109 | |||||
Net Assets: | ||||||||
Beginning of period | 68,032 | 46,923 | ||||||
End of period | $ | 57,577 | $ | 68,032 | ||||
Accumulated Net Investment Income (Loss) | $ | (605 | ) | $ | 115 | |||
April 30, 2004 | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 252 | – | ||||
Class B | 168 | 373 | ||||
Class C | 115 | 98 | ||||
Class C2 | 47 | 203 | ||||
Class M | 16 | 101 | ||||
598 | 775 | |||||
Shares issued on fund acquisition: | ||||||
Class A | – | 682 | ||||
Class B | – | 1,187 | ||||
Class C | – | 3 | ||||
Class C2 | – | 325 | ||||
Class M | – | 158 | ||||
– | 2,355 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (455 | ) | (486 | ) | ||
Class B | (525 | ) | (939 | ) | ||
Class C | (126 | ) | (3 | ) | ||
Class C2 | (187 | ) | (472 | ) | ||
Class M | (132 | ) | (162 | ) | ||
(1,425 | ) | (2,062 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | (203 | ) | 196 | |||
Class B | (357 | ) | 621 | |||
Class C | (11 | ) | 98 | |||
Class C2 | (140 | ) | 56 | |||
Class M | (116 | ) | 97 | |||
(827 | ) | 1,068 | ||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 4
TA IDEX PBHG Mid Cap Growth
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 9.23 | $ | (0.07 | ) | $ | (0.37 | ) | $ | (0.44 | ) | $ | – | $ | – | $ | – | $ | 8.79 | |||||||||||
10/31/2003 | 7.38 | (0.12 | ) | 1.97 | 1.85 | – | – | – | 9.23 | ||||||||||||||||||||||
10/31/2002 | 9.24 | (0.14 | ) | (1.72 | ) | (1.86 | ) | – | – | – | 7.38 | ||||||||||||||||||||
10/31/2001 | 20.94 | (0.12 | ) | (11.58 | ) | (11.70 | ) | – | – | – | 9.24 | ||||||||||||||||||||
10/31/2000 | 14.80 | (0.02 | ) | 6.47 | 6.45 | – | (0.31 | ) | (0.31 | ) | 20.94 | ||||||||||||||||||||
10/31/1999 | 10.00 | 0.02 | 4.78 | 4.80 | – | – | – | 14.80 | |||||||||||||||||||||||
Class B | 04/30/2004 | 8.91 | (0.09 | ) | (0.36 | ) | (0.45 | ) | – | – | – | 8.46 | |||||||||||||||||||
10/31/2003 | 7.17 | (0.17 | ) | 1.91 | 1.74 | – | – | – | 8.91 | ||||||||||||||||||||||
10/31/2002 | 9.05 | (0.19 | ) | (1.69 | ) | (1.88 | ) | – | – | – | 7.17 | ||||||||||||||||||||
10/31/2001 | 20.76 | (0.21 | ) | (11.50 | ) | (11.71 | ) | – | – | – | 9.05 | ||||||||||||||||||||
10/31/2000 | 14.76 | (0.16 | ) | 6.47 | 6.31 | – | (0.31 | ) | (0.31 | ) | 20.76 | ||||||||||||||||||||
10/31/1999 | 10.00 | (0.02 | ) | 4.78 | 4.76 | – | – | – | 14.76 | ||||||||||||||||||||||
Class C | 04/30/2004 | 8.91 | (0.09 | ) | (0.37 | ) | (0.46 | ) | – | – | – | 8.45 | |||||||||||||||||||
10/31/2003 | 6.96 | (0.18 | ) | 2.13 | 1.95 | – | – | – | 8.91 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 8.91 | (0.09 | ) | (0.36 | ) | (0.45 | ) | – | – | – | 8.46 | |||||||||||||||||||
10/31/2003 | 7.17 | (0.17 | ) | 1.91 | 1.74 | – | – | – | 8.91 | ||||||||||||||||||||||
10/31/2002 | 9.05 | (0.19 | ) | (1.69 | ) | (1.88 | ) | – | – | – | 7.17 | ||||||||||||||||||||
10/31/2001 | 20.76 | (0.22 | ) | (11.49 | ) | (11.71 | ) | – | – | – | 9.05 | ||||||||||||||||||||
10/31/2000 | 14.76 | (0.16 | ) | 6.47 | 6.31 | – | (0.31 | ) | (0.31 | ) | 20.76 | ||||||||||||||||||||
Class M | 04/30/2004 | 8.96 | (0.09 | ) | (0.36 | ) | (0.45 | ) | – | – | – | 8.51 | |||||||||||||||||||
10/31/2003 | 7.20 | (0.16 | ) | 1.92 | 1.76 | – | – | – | 8.96 | ||||||||||||||||||||||
10/31/2002 | 9.08 | (0.18 | ) | (1.70 | ) | (1.88 | ) | – | ��� | – | 7.20 | ||||||||||||||||||||
10/31/2001 | 20.79 | (0.20 | ) | (11.51 | ) | (11.71 | ) | – | – | – | 9.08 | ||||||||||||||||||||
10/31/2000 | 14.77 | (0.14 | ) | 6.47 | 6.33 | – | (0.31 | ) | (0.31 | ) | 20.79 | ||||||||||||||||||||
10/31/1999 | 10.00 | (0.01 | ) | 4.78 | 4.77 | – | – | – | 14.77 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the | Total | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | (4.77 | )% | $ | 19,650 | 1.75 | % | 2.76 | % | (1.48 | )% | 18 | % | |||||||
10/31/2003 | 25.07 | 22,508 | 1.75 | 3.38 | (1.55 | ) | 229 | |||||||||||||
10/31/2002 | (20.11 | ) | 16,555 | 1.73 | 2.75 | (1.51 | ) | 176 | ||||||||||||
10/31/2001 | (55.87 | ) | 23,952 | 1.55 | 2.12 | (0.91 | ) | 172 | ||||||||||||
10/31/2000 | 43.78 | 48,842 | 1.55 | 2.06 | (0.80 | ) | 129 | |||||||||||||
10/31/1999 | 48.06 | 2,571 | 1.55 | 6.95 | (0.88 | ) | 151 | |||||||||||||
Class B | 04/30/2004 | (5.05 | ) | 28,279 | 2.40 | 3.41 | (2.13 | ) | 18 | |||||||||||
10/31/2003 | 24.27 | 32,976 | 2.40 | 4.03 | (2.20 | ) | 229 | |||||||||||||
10/31/2002 | (20.78 | ) | 22,081 | 2.38 | 3.40 | (2.16 | ) | 176 | ||||||||||||
10/31/2001 | (56.42 | ) | 34,017 | 2.20 | 2.77 | (1.56 | ) | 172 | ||||||||||||
10/31/2000 | 43.07 | 68,184 | 2.20 | 2.71 | (1.45 | ) | 129 | |||||||||||||
10/31/1999 | 47.63 | 2,875 | 2.20 | 7.60 | (1.53 | ) | 151 | |||||||||||||
Class C | 04/30/2004 | (5.16 | ) | 739 | 2.40 | 3.41 | (2.13 | ) | 18 | |||||||||||
10/31/2003 | 28.02 | 871 | 2.40 | 4.03 | (2.20 | ) | 229 | |||||||||||||
Class C2 | 04/30/2004 | (5.05 | ) | 5,455 | 2.40 | 3.41 | (2.13 | ) | 18 | |||||||||||
10/31/2003 | 24.27 | 7,000 | 2.40 | 4.03 | (2.20 | ) | 229 | |||||||||||||
10/31/2002 | (20.78 | ) | 5,226 | 2.38 | 3.40 | (2.16 | ) | 176 | ||||||||||||
10/31/2001 | (56.42 | ) | 8,595 | 2.20 | 2.77 | (1.56 | ) | 172 | ||||||||||||
10/31/2000 | 43.07 | 16,972 | 2.20 | 2.71 | (1.45 | ) | 129 | |||||||||||||
Class M | 04/30/2004 | (5.02 | ) | 3,454 | 2.30 | 3.31 | (2.03 | ) | 18 | |||||||||||
10/31/2003 | 24.44 | 4,677 | 2.30 | 3.93 | (2.10 | ) | 229 | |||||||||||||
10/31/2002 | (20.69 | ) | 3,061 | 2.28 | 3.30 | (2.06 | ) | 176 | ||||||||||||
10/31/2001 | (56.33 | ) | 5,502 | 2.10 | 2.67 | (1.46 | ) | 172 | ||||||||||||
10/31/2000 | 43.17 | 14,734 | 2.10 | 2.61 | (1.35 | ) | 129 | |||||||||||||
10/31/1999 | 47.70 | 1,016 | 2.10 | 7.50 | (1.43 | ) | 151 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 5
TA IDEX PBHG Mid Cap Growth
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX PBHG Mid Cap Growth (“the Fund”) commenced operations on March 1, 1999. The inception date for the Fund’s offering of share classes are as follows: |
Class C2 – November 1, 1999
Class C – November 11, 2002
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 6
TA IDEX PBHG Mid Cap Growth
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX PBHG Mid Cap Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.
On March 1, 2004, the Fund changed its name from IDEX PBHG Mid Cap Growth to TA IDEX PBHG Mid Cap Growth.
On March 1, 2003, the Fund acquired all the net assets of IDEX Munder Net50 and IDEX PBHG Technology & Communications pursuant to a plan of reorganization approved by shareholders of IDEX Munder Net50 and IDEX PBHG Technology & Communication on February 12, 2003. The acquisition was accomplished by a tax-free exchange of 2,355 shares of the Fund for the 332 shares of IDEX Munder Net50 and for the 16,322 shares of IDEX PBHG Technology & Communications outstanding on February 28, 2003. IDEX Munder Net50 and IDEX PBHG Technology & Communications’ net assets at that date ($934 and $14,939, respectively), including ($38 and $325, respectively) unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:
IDEX Munder Net50:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 43 | $ | 294 | ||
Class B | 64 | 428 | |||
Class C | 23 | 150 | |||
Class L | 1 | 9 | |||
Class M | 8 | 53 | |||
$ | 934 | ||||
IDEX PBHG Technology & Communications:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 639 | $ | 4,404 | ||
Class B | 1,123 | 7,502 | |||
Class C | 302 | 2,021 | |||
Class L | 2 | 11 | |||
Class M | 150 | 1,001 | |||
$ | 14,939 | ||||
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 7
TA IDEX PBHG Mid Cap Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $5 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $3 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $9. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 8
TA IDEX PBHG Mid Cap Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $100 million of ANA
0.70% of ANA over $100 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 45 | |
Retained by Underwriter | 6 | ||
Contingent Deferred Sales Charges | 51 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $9 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $285 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 11,182 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 20,246 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$96,985 | October 31, 2009 | |
19,020 | October 31, 2011 |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 9
TA IDEX PBHG Mid Cap Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 4–(continued) |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 61,518 | ||
Unrealized Appreciation | $ | 10,433 | ||
Unrealized (Depreciation) | (2,308 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 8,125 | ||
NOTE 5. | SUBSEQUENT EVENTS |
The Fund merged into TA IDEX Transamerica Growth Opportunities effective as of the close of business on May 28, 2004.
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PBHG Mid Cap Growth 10
TA IDEX PIMCO Real Return TIPS
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
U.S. GOVERNMENT OBLIGATIONS (91.6%) | ||||||
U.S. Treasury Inflation Index | ||||||
3.63%, due 01/15/2008 | $ | 30,537 | $ | 33,599 | ||
3.88%, due 01/15/2009 | 43,590 | 48,884 | ||||
3.50%, due 01/15/2011 | 12,622 | 14,060 | ||||
3.38%, due 01/15/2012 | 1,944 | 2,156 | ||||
3.00%, due 07/15/2012 | 25,160 | 27,196 | ||||
1.88%, due 07/15/2013 | 19,766 | 19,492 | ||||
2.00%, due 01/15/2014 | 42,317 | 42,016 | ||||
3.63%, due 04/15/2028 | 5,755 | 6,869 | ||||
3.88%, due 04/15/2029 | 41,946 | 52,302 | ||||
3.38%, due 04/15/2032 | 1,049 | 1,245 | ||||
Total U.S. Government Obligations | 247,819 | |||||
FOREIGN GOVERNMENT OBLIGATIONS (0.2%) | ||||||
Federative Republic of Brazil | 586 | 538 | ||||
Total Foreign Government Obligations | 538 | |||||
MORTGAGE-BACKED SECURITIES (0.1%) | ||||||
Truman Capital Mortgage Loan Trust, | 275 | 273 | ||||
Total Mortgage-Backed Securities (cost: $275) | 273 | |||||
ASSET-BACKED SECURITIES (0.2%) | ||||||
Bank of America Mortgage Securities, Inc., | 463 | 473 | ||||
Total Asset-Backed Securities (cost: $476) | 473 | |||||
CORPORATE DEBT SECURITIES (4.9%) | ||||||
Asset-Backed (0.7%) | ||||||
Equity One ABS, Inc. Series 2004-1 | 1,236 | 1,237 | ||||
Redwood Capital Ltd.–144A (b) | 300 | 301 | ||||
Redwood Capital Ltd.–144A (b) | 300 | 300 | ||||
Business Credit Institutions (0.1%) | ||||||
Ford Motor Credit Company (b) | 200 | 201 | ||||
Electric Services (0.1%) | ||||||
Entergy Gulf States, Inc.–144A (b) | 200 | 201 | ||||
Insurance (0.1%) | ||||||
Residential Reinsurance, Ltd.–144A (b) | 300 | 305 | ||||
Mortgage-Backed (0.7%) | ||||||
Countrywide Home Loans, Inc. (b) | 2,000 | 2,000 |
Principal | Value | |||||
Oil & Gas Extraction (0.9%) | ||||||
Halliburton Company–144A (b) | $ | 2,400 | $ | 2,397 | ||
Personal Credit Institutions (0.6%) | ||||||
General Motors Acceptance Corporation (b) | 1,500 | 1,500 | ||||
Primary Metal Industries (0.1%) | ||||||
Alcan Inc.–144A (b) | 300 | 300 | ||||
Revenue-Education (0.6%) | ||||||
Arizona Educational Loan Marketing Corporation, Revenue Bonds (b) | 500 | 500 | ||||
Illinois Student Assistance Commission, | 500 | 500 | ||||
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds (b) | 500 | 500 | ||||
Telecommunications (1.0%) | ||||||
Sprint Capital Corporation | 2,600 | 2,729 | ||||
Verizon Wireless Capital LLC–144A (b) | 300 | 300 | ||||
Total Corporate Debt Securities (cost: $13,270) | 13,271 | |||||
CONVERTIBLE BONDS (0.4%) | ||||||
Mortgage-Backed (0.4%) | ||||||
Small Business Administration Participation Certificates | 1,200 | 1,139 | ||||
Total Convertible Bonds (cost: $1,200) | 1,139 | |||||
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (32.4%) | ||||||
Fannie Mae | ||||||
1.00%, due 05/19/2004 | 5,400 | 5,397 | ||||
0.99%, due 05/20/2004 | 2,300 | 2,299 | ||||
1.00%, due 05/26/2004 | 3,500 | 3,498 | ||||
1.01%, due 06/02/2004 | 4,300 | 4,296 | ||||
1.00%, due 06/23/2004 | 700 | 699 | ||||
1.02%, due 06/23/2004 | 2,500 | 2,496 | ||||
1.02%, due 06/30/2004 | 2,500 | 2,496 | ||||
1.01%, due 07/01/2004 | 2,300 | 2,296 | ||||
1.03%, due 07/01/2004 | 2,000 | 1,997 | ||||
1.03%, due 07/07/2004 | 9,300 | 9,281 | ||||
1.02%, due 07/14/2004 | 2,500 | 2,495 | ||||
1.04%, due 07/14/2004 | 5,000 | 4,990 | ||||
1.01%, due 07/20/2004 | 2,300 | 2,295 | ||||
1.06%, due 07/21/2004 | 7,200 | 7,183 | ||||
1.06%, due 07/28/2004 | 5,300 | 5,285 | ||||
Federal Home Loan Bank | ||||||
1.00%, due 05/26/2004 | 3,800 | 3,797 |
TA IDEX PIMCO Real Return TIPS 1
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Freddie Mac | ||||||
1.02%, due 05/11/2004 | $ | 5,400 | $ | 5,397 | ||
1.00%, due 05/18/2004 | 5,400 | 5,397 | ||||
1.00%, due 05/25/2004 | 2,600 | 2,599 | ||||
1.00%, due 06/01/2004 | 4,200 | 4,196 | ||||
1.00%, due 06/15/2004 | 2,200 | 2,197 | ||||
1.03%, due 07/06/2004 | 400 | 399 | ||||
1.01%, due 07/15/2004 | 1,000 | 998 | ||||
U. S. Treasury Bill | ||||||
1.01%, due 06/03/2004 | 3,300 | 3,297 | ||||
0.89%, due 06/17/2004 | 1,770 | 1,768 | ||||
0.91%, due 06/17/2004 | 450 | 449 | ||||
Total Short-Term U.S. Government Obligations (cost: $87,497) | 87,497 | |||||
COMMERCIAL PAPER (56.7%) | ||||||
ABN-AMRO North America Finance, Inc. | ||||||
1.03%, due 05/20/2004 | 1,100 | 1,099 | ||||
1.09%, due 07/29/2004 | 1,900 | 1,895 | ||||
Alcon Capital Corporation | ||||||
1.02%, due 05/25/2004 | 1,000 | 999 | ||||
Australia and New Zealand Banking Group Limited | ||||||
1.03%, due 05/17/2004 | 100 | 100 | ||||
1.03%, due 05/25/2004 | 1,700 | 1,699 | ||||
1.03%, due 06/02/2004 | 100 | 100 | ||||
1.02%, due 06/03/2004 | 100 | 100 | ||||
1.04%, due 06/21/2004 | 200 | 200 | ||||
1.03%, due 06/22/2004 | 700 | 699 | ||||
1.05%, due 07/07/2004 | 400 | 399 | ||||
1.06%, due 07/19/2004 | 4,500 | 4,490 | ||||
Barclays PLC | ||||||
1.02%, due 05/06/2004 | 5,400 | 5,398 | ||||
1.04%, due 06/21/2004 | 2,100 | 2,097 | ||||
Barclays U.S. Funding LLC | ||||||
1.11%, due 08/25/2004 | 400 | 399 | ||||
Cba (Delaware) Finance | ||||||
1.02%, due 05/04/2004 | 2,700 | 2,700 | ||||
1.02%, due 06/10/2004 | 1,000 | 999 | ||||
1.05%, due 07/02/2004 | 100 | 100 | ||||
1.05%, due 07/13/2004 | 3,700 | 3,692 | ||||
1.08%, due 07/27/2004 | 400 | 399 | ||||
CDC IXIS–144A | ||||||
1.04%, due 06/04/2004 | 2,500 | 2,498 | ||||
1.05%, due 07/07/2004 | 2,000 | 1,996 | ||||
Danske Bank Aktieselskab | ||||||
1.04%, due 05/11/2004 | 1,700 | 1,700 | ||||
1.03%, due 05/12/2004 | 2,100 | 2,099 | ||||
1.03%, due 05/17/2004 | 100 | 100 | ||||
1.02%, due 06/04/2004 | 2,800 | 2,798 | ||||
1.03%, due 06/18/2004 | 500 | 499 | ||||
1.02%, due 06/22/2004 | 100 | 100 | ||||
1.07%, due 07/21/2004 | 500 | 499 | ||||
1.07%, due 07/26/2004 | 100 | 100 | ||||
du Pont (E.I.) de Nemours and Company | ||||||
1.01%, due 05/13/2004 | 5,400 | 5,397 | ||||
1.02%, due 05/13/2004 | 700 | 700 |
Principal | Value | |||||
European Investment Bank | ||||||
1.01%, due 05/25/2004 | $ | 3,000 | $ | 2,998 | ||
1.05%, due 07/16/2004 | 4,600 | 4,589 | ||||
General Electric Capital Corporation | ||||||
1.05%, due 05/18/2004 | 3,000 | 2,999 | ||||
1.04%, due 05/27/2004 | 1,300 | 1,299 | ||||
1.04%, due 06/08/2004 | 500 | 499 | ||||
1.04%, due 06/15/2004 | 400 | 399 | ||||
1.04%, due 06/17/2004 | 1,900 | 1,897 | ||||
1.05%, due 07/07/2004 | 200 | 200 | ||||
1.04%, due 07/08/2004 | 200 | 200 | ||||
1.06%, due 07/09/2004 | 100 | 100 | ||||
1.06%, due 07/12/2004 | 100 | 100 | ||||
1.11%, due 08/13/2004 | 200 | 199 | ||||
HBOS PLC | ||||||
1.04%, due 05/27/2004 | 300 | 300 | ||||
1.04%, due 06/03/2004 | 100 | 100 | ||||
1.03%, due 06/08/2004 | 100 | 100 | ||||
1.06%, due 06/11/2004 | 3,700 | 3,696 | ||||
1.03%, due 06/21/2004 | 500 | 499 | ||||
1.05%, due 06/22/2004 | 300 | 300 | ||||
1.03%, due 06/29/2004 | 300 | 299 | ||||
1.04%, due 07/01/2004 | 100 | 100 | ||||
1.06%, due 07/16/2004 | 300 | 300 | ||||
1.06%, due 07/19/2004 | 100 | 100 | ||||
1.08%, due 07/22/2004 | 2,100 | 2,095 | ||||
1.09%, due 07/28/2004 | 100 | 100 | ||||
KfW International Finance Inc.–144A | ||||||
1.01%, due 06/01/2004 | 1,100 | 1,099 | ||||
1.02%, due 06/08/2004 | 3,500 | 3,496 | ||||
1.10%, due 08/10/2004 | 2,200 | 2,193 | ||||
1.11%, due 08/20/2004 | 4,400 | 4,385 | ||||
1.11%, due 08/23/2004 | 4,400 | 4,385 | ||||
Lloyds TSB Group PLC | ||||||
1.05%, due 06/03/2004 | 3,200 | 3,197 | ||||
Nestle SA–ADR | ||||||
1.01%, due 06/04/2004 | 2,700 | 2,697 | ||||
1.11%, due 08/25/2004 | 1,800 | 1,794 | ||||
1.11%, due 08/26/2004 | 3,400 | 3,388 | ||||
Pfizer Inc. | ||||||
1.00%, due 05/12/2004 | 400 | 400 | ||||
1.00%, due 05/17/2004 | 500 | 500 | ||||
1.02%, due 06/03/2004 | 500 | 500 | ||||
Rabobank USA Finance Corp | ||||||
1.11%, due 08/23/2004 | 1,200 | 1,196 | ||||
Royal Bank of Scotland Group PLC (The) | ||||||
1.02%, due 05/05/2004 | 600 | 600 | ||||
1.03%, due 05/11/2004 | 3,700 | 3,699 | ||||
1.03%, due 06/01/2004 | 400 | 400 | ||||
1.02%, due 06/15/2004 | 100 | 100 | ||||
1.05%, due 06/28/2004 | 100 | 100 | ||||
1.03%, due 07/06/2004 | 600 | 599 | ||||
1.05%, due 07/14/2004 | 2,300 | 2,295 | ||||
1.11%, due 08/25/2004 | 100 | 100 | ||||
1.14%, due 08/26/2004 | 100 | 100 |
TA IDEX PIMCO Real Return TIPS 2
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Shell Finance (UK) PLC | ||||||
1.03%, due 06/29/2004 | $ | 4,600 | $ | 4,591 | ||
Stadshypotek Delaware | ||||||
1.03%, due 05/27/2004 | 6,500 | 6,494 | ||||
1.04%, due 06/04/2004 | 300 | 300 | ||||
Statens Bostadsfin AB | ||||||
1.04%, due 05/21/2004 | 5,500 | 5,496 | ||||
Svenska Handelsbanken AB | ||||||
1.03%, due 05/13/2004 | 200 | 200 | ||||
1.03%, due 05/24/2004 | 6,100 | 6,096 | ||||
1.03%, due 05/28/2004 | 900 | 899 | ||||
1.07%, due 07/21/2004 | 600 | 599 | ||||
1.08%, due 07/28/2004 | 100 | 100 | ||||
Total Capital | ||||||
1.02%, due 06/02/2004 | 6,800 | 6,793 | ||||
Toyota Motor Credit Corporation | ||||||
1.03%, due 06/11/2004 | 400 | 400 | ||||
UBS Finance (Delaware) LLC | ||||||
1.02%, due 06/03/2004 | 1,800 | 1,798 | ||||
1.03%, due 06/23/2004 | 100 | 100 | ||||
1.02%, due 06/28/2004 | 800 | 799 | ||||
1.06%, due 07/01/2004 | 2,800 | 2,795 | ||||
1.06%, due 07/13/2004 | 2,100 | 2,096 | ||||
1.11%, due 08/24/2004 | 300 | 299 | ||||
Westpac Banking Corporation | ||||||
1.03%, due 05/25/2004 | 100 | 100 | ||||
1.03%, due 06/03/2004 | 300 | 300 | ||||
1.06%, due 06/07/2004 | 2,000 | 1,998 | ||||
1.04%, due 06/24/2004 | 3,000 | 2,995 | ||||
1.03%, due 07/07/2004 | 1,200 | 1,198 | ||||
1.03%, due 07/09/2004 | 100 | 100 | ||||
1.03%, due 07/12/2004 | 100 | 100 | ||||
Total Commercial Paper (cost: $153,387) | 153,387 | |||||
CERTIFICATES OF DEPOSITS (5.1%) | ||||||
Wells Fargo & Company | ||||||
1.02%, due 05/06/2004 | 4,900 | 4,900 | ||||
1.02%, due 05/17/2004 | 100 | 100 | ||||
1.03%, due 05/24/2004 | 200 | 200 | ||||
Citibank New York N.A. | ||||||
1.03%, due 06/10/2004 | 1,800 | 1,800 | ||||
1.09%, due 07/30/2004 | 1,800 | 1,800 | ||||
Chase Manhattan Bank USA | ||||||
1.02%, due 05/13/2004 | 1,000 | 1,000 | ||||
1.03%, due 05/28/2004 | 3,900 | 3,900 | ||||
Total Certificates of Deposits (cost: $13,700) | 13,700 | |||||
Contracts (a) | Value | ||||||
PURCHASED OPTIONS (0.0%) | |||||||
U.S. Treasury Inflation Index | 15,000 | $ | 2 | ||||
U.S. Treasury Inflation Index | 17,700 | 3 | |||||
Total Purchased Options (cost: $5) | 5 | ||||||
Total Investment Securities (cost: $521,899) | $ | 518,102 | |||||
Notional Amount | Value | ||||||
WRITTEN SWAPTIONS (0.0%) | |||||||
Covered Call Swaptions (0.0%) | |||||||
LIBOR Rate Swaption (c) | $ | 2,500 | $ | (5 | ) | ||
LIBOR Rate Swaption (c) | 2,400 | (3 | ) | ||||
LIBOR Rate Swaption (c) | 1,400 | (5 | ) | ||||
Put Swaptions (0.0%) | |||||||
LIBOR Rate Swaption (d) | 2,500 | (8 | ) | ||||
LIBOR Rate Swaption (d) | 1,400 | (3 | ) | ||||
LIBOR Rate Swaption (d) | 2,400 | (26 | ) | ||||
Total Written Swaptions (premium: $111) | (26 | ) | |||||
SUMMARY: | |||||||
Investments, at value | 191.6% | $ | 518,102 | ||||
Written swaptions | 0% | (26 | ) | ||||
Liabilities in excess of other assets | (91.6)% | (247,661 | ) | ||||
Net assets | 100.0% | $ | 270,415 | ||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 3
TA IDEX PIMCO Real Return TIPS
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
SWAP AGREEMENTS: | ||||||||
Expiration Date | Notional Amount | Net Unrealized Appreciation (Depreciation) | ||||||
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 6.00%. Counterparty: Bank of America, N.A. | 12/18/2033 | $ | 10,000 | $ | 170 | |||
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 6.00%. Counterparty: UBS AG | 12/18/2033 | 2,700 | 21 | |||||
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 6.00%. Counterparty: UBS AG | 06/16/2014 | 3,800 | 50 | |||||
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Counterparty: Barclays Bank PLC | 03/15/2007 | 5,700 | 5 | |||||
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: Citigroup Global Markets Holdings Inc. | 03/15/2007 | 8,000 | (25) | |||||
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 5.00%. Counterparty: Bank of America, N.A. | 06/16/2004 | 11,100 | 123 |
SWAP AGREEMENTS (continued): | ||||||||
Expiration Date | Notional Amount | Net Unrealized Appreciation (Depreciation) | ||||||
Receive floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate) and pay a fixed rate of 5.00%. Counterparty: J.P. Morgan Chase Bank | 06/16/2004 | $ | 3,800 | $ | 43 | |||
Total Swap Agreements (premium: $-93) | $ | 45,100 | $ | 387 | ||||
FUTURES CONTRACTS | ||||||||||
Contracts (a) | Settlement Date | Amount | Net Unrealized Appreciation (Depreciation) | |||||||
Euro-BUND (e) | 122 | 06/10/2004 | $ | 16,660 | $ | (11) | ||||
10-Year U.S. Treasury Note | (22) | 06/30/2004 | $ | (2,450) | 19 | |||||
$ | 14,210 | $ | 8 | |||||||
FORWARD FOREIGN CURRENCY CONTRACTS: | |||||||||||
Currency | Bought (Sold) | Settlement Date | Amount in U.S. Dollars Bought (Sold) | Net Unrealized Appreciation (Depreciation) | |||||||
Euro Dollar | (9 | ) | 05/03/2004 | $ | (10) | $ | – | ||||
Euro Dollar | (472 | ) | 05/10/2004 | (567) | 2 | ||||||
Euro Dollar | 24 | 05/10/2004 | 28 | – | |||||||
$ | (549) | $ | 2 | ||||||||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | Contract amounts are not in thousands. |
(b) | Floating or variable rate note. Rate is listed as of April 30, 2004. |
(c) | An option on an interest rate swap. If exercised, the Fund will pay the strike rate in order to receive the 3 Month LIBOR (London Interbank Offer Rate). |
(d) | An option on an interest rate swap. If exercised, the Fund will pay the 3 Month LIBOR (London Interbank Offer Rate) in order to receive the strike rate. |
(e) | Notional long-term debt instrument issued by the German Federal Government. |
DEFINITIONS:
ADR American Depositary Receipt
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $24,156 or 8.93% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 4
TA IDEX PIMCO Real Return TIPS
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $521,899) | $ | 518,102 | ||
Cash | 1,588 | |||
Foreign cash (cost: $513) | 510 | |||
Receivables: | ||||
Shares of beneficial interest sold | 1,643 | |||
Interest | 2,221 | |||
Unrealized appreciation on forward foreign currency contracts | 2 | |||
Swap agreements at value (premium: $-19) | 388 | |||
Variation margin | 37 | |||
524,491 | ||||
Liabilities: | ||||
Investment securities purchased | 253,672 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 8 | |||
Management and advisory fees | 146 | |||
Distribution fees | 79 | |||
Transfer agent fees | 7 | |||
Written swaptions (premium: $111) | 26 | |||
Swap agreements at value (premium $-74) | 94 | |||
Other | 44 | |||
254,076 | ||||
Net Assets | $ | 270,415 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 272,025 | ||
Accumulated net investment income (loss) | (76 | ) | ||
Undistributed net realized gain (loss) from: | ||||
Investment securities | 1,784 | |||
Futures contracts | 2 | |||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | (3,797 | ) | ||
Futures contracts | 8 | |||
Written swaption contracts | 84 | |||
Swap agreement | 387 | |||
Translation of assets and liabilities denominated in foreign currencies | (2 | ) | ||
Net Assets | $ | 270,415 | ||
Net Assets by Class: | ||||
Class A | $ | 258,805 | ||
Class B | 5,783 | |||
Class C | 5,108 | |||
Class C2 | 284 | |||
Class M | 435 | |||
Shares Outstanding: | ||||
Class A | 25,438 | |||
Class B | 572 | |||
Class C | 505 | |||
Class C2 | 28 | |||
Class M | 43 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 10.17 | ||
Class B | 10.12 | |||
Class C | 10.12 | |||
Class C2 | 10.11 | |||
Class M | 10.12 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 10.68 | ||
Class M | 10.22 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 881 | ||
Expenses: | ||||
Management and advisory fees | 565 | |||
Transfer agent fees | 5 | |||
Custody fees | 5 | |||
Administration fees | 18 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 1 | |||
Registration fees | 39 | |||
Other | 2 | |||
Distribution and service fees: | ||||
Class A | 267 | |||
Class B | 22 | |||
Class C | 20 | |||
Class C2 | 2 | |||
Class M | 2 | |||
Total expenses | 956 | |||
Net Investment Income (Loss) | (75 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 1,849 | |||
Futures contracts | 2 | |||
1,851 | ||||
Net Increase (Decrease) in Unrealized Appreciation | ||||
Investment securities | (3,846 | ) | ||
Futures contracts | 8 | |||
Written swaption contracts | 84 | |||
Swap agreements | 387 | |||
Translation of assets and liabilities denominated in foreign currencies | (2 | ) | ||
(3,369 | ) | |||
Net Gain (Loss) on Investment Securities, Futures and Swaption Contracts, Swap Agreements, and Foreign Currency Transactions | (1,518 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,593 | ) | |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 5
TA IDEX PIMCO Real Return TIPS
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 (a) | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (75 | ) | $ | 326 | |||
Net realized gain (loss) from investment securities and written options contracts | 1,851 | 825 | ||||||
Net unrealized appreciation (depreciation) on investment securities, futures, option and swaption contracts, swap agreements, and foreign currency translation | (3,369 | ) | 49 | |||||
(1,593 | ) | 1,200 | ||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (81 | ) | (220 | ) | ||||
Class B | (3 | ) | (13 | ) | ||||
Class C | (3 | ) | (25 | ) | ||||
Class C2 | – | (3 | ) | |||||
Class M | – | (2 | ) | |||||
(87 | ) | (263 | ) | |||||
From net realized gains: | ||||||||
Class A | (816 | ) | – | |||||
Class B | (34 | ) | – | |||||
Class C | (33 | ) | – | |||||
Class C2 | (3 | ) | – | |||||
Class M | (4 | ) | – | |||||
(890 | ) | – | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 227,505 | 41,725 | ||||||
Class B | 3,149 | 3,347 | ||||||
Class C | 2,511 | 6,078 | ||||||
Class C2 | 39 | 457 | ||||||
Class M | 38 | 465 | ||||||
233,242 | 52,072 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 892 | 220 | ||||||
Class B | 28 | 11 | ||||||
Class C | 29 | 15 | ||||||
Class C2 | 3 | 3 | ||||||
Class M | 4 | 2 | ||||||
956 | 251 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (3,608 | ) | (6,129 | ) | ||||
Class B | (545 | ) | (223 | ) | ||||
Class C | (565 | ) | (3,105 | ) | ||||
Class C2 | (94 | ) | (126 | ) | ||||
Class M | (47 | ) | (31 | ) | ||||
(4,859 | ) | (9,614 | ) | |||||
229,339 | 42,709 | |||||||
Net increase (decrease) in net assets | 226,769 | 43,646 | ||||||
Net Assets: | ||||||||
Beginning of period | 43,646 | – | ||||||
End of period | $ | 270,415 | $ | 43,646 | ||||
Accumulated Net Investment Income (Loss) | $ | (76 | ) | $ | 86 | |||
April 30, 2004 (unaudited) | October 31, 2003 (a) | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 22,086 | 4,219 | ||||
Class B | 305 | 338 | ||||
Class C | 245 | 617 | ||||
Class C2 | 4 | 46 | ||||
Class M | 4 | 46 | ||||
22,644 | 5,266 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | 88 | 22 | ||||
Class B | 3 | 1 | ||||
Class C | 3 | 2 | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
94 | 25 | |||||
Shares redeemed: | ||||||
Class A | (352 | ) | (625 | ) | ||
Class B | (53 | ) | (22 | ) | ||
Class C | (55 | ) | (307 | ) | ||
Class C2 | (9 | ) | (13 | ) | ||
Class M | (4 | ) | (3 | ) | ||
(473 | ) | (970 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 21,822 | 3,616 | ||||
Class B | 255 | 317 | ||||
Class C | 193 | 312 | ||||
Class C2 | (5 | ) | 33 | |||
Class M | – | 43 | ||||
22,265 | 4,321 | |||||
(a) Commenced operations on March 1, 2003.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 6
TA IDEX PIMCO Real Return TIPS
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | ||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | ||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | |||||||||||||||||||||||||
Class A | 04/30/2004 10/31/2003 | $ | 10.10 10.00 | $ | – 0.14 | | $ | 0.17 0.07 | $ | 0.17 0.21 | $ | (0.01 (0.11 | ) ) | $ | (0.09 – | ) | $ | (0.10 (0.11 | ) ) | $ | 10.17 10.10 | |||||||||
Class B | 04/30/2004 10/31/2003 | | 10.08 10.00 | | (0.04 0.09 | ) | | 0.18 0.08 | | 0.14 0.17 | | (0.01 (0.09 | ) ) | | (0.09 – | ) | | (0.10 (0.09 | ) ) | | 10.12 10.08 | |||||||||
Class C | 04/30/2004 10/31/2003 | | 10.08 10.00 | | (0.04 0.09 | ) | | 0.18 0.08 | | 0.14 0.17 | | (0.01 (0.09 | ) ) | | (0.09 – | ) | | (0.10 (0.09 | ) ) | | 10.12 10.08 | |||||||||
Class C2 | 04/30/2004 10/31/2003 | | 10.08 10.00 | | (0.04 0.09 | ) | | 0.17 0.08 | | 0.13 0.17 | | (0.01 (0.09 | ) ) | | (0.09 – | ) | | (0.10 (0.09 | ) ) | | 10.11 10.08 | |||||||||
Class M | 04/30/2004 10/31/2003 | | 10.08 10.00 | | (0.03 0.10 | ) | | 0.17 0.07 | | 0.14 0.17 | | (0.01 (0.09 | ) ) | | (0.09 – | ) | | (0.10 (0.09 | ) ) | | 10.12 10.08 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 10/31/2003 | 1.72 2.09 | % | $ | 258,805 36,531 | 1.14 1.65 | % | 1.14 2.03 | % | (0.05 2.07 | )% | 704 480 | % | |||||||
Class B | 04/30/2004 10/31/2003 | 1.43 1.72 | | | 5,783 3,194 | 1.82 2.30 | | 1.82 2.68 | | (0.73 1.42 | ) | 704 480 | | |||||||
Class C | 04/30/2004 10/31/2003 | 1.43 1.72 | | | 5,108 3,148 | 1.82 2.30 | | 1.82 2.68 | | (0.73 1.42 | ) | 704 480 | | |||||||
Class C2 | 04/30/2004 10/31/2003 | 1.43 1.72 | | | 284 334 | 1.82 2.30 | | 1.82 2.68 | | (0.73 1.42 | ) | 704 480 | | |||||||
Class M | 04/30/2004 10/31/2003 | 1.33 1.75 | | | 435 439 | 1.72 2.19 | | 1.72 2.57 | | (0.63 1.53 | ) | 704 480 | |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | Commenced operations on March 1, 2003. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 7
TA IDEX PIMCO Real Return TIPS
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX PIMCO Real Return TIPS (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2003.
On March 1, 2004, the Fund changed its name from IDEX PIMCO Real Return TIPS to TA IDEX PIMCO Real Return TIPS.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains and losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 8
TA IDEX PIMCO Real Return TIPS
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued)
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 4, 2004, are listed in the Schedule of Investments.
Swap agreements: The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.
Swaps are marked to market daily based upon quotations from market makers and vendors and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of interest income on the Statement of Operations.
Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. Open Swap Agreements at April 30, 2004, are listed in the Schedule of Investments.
Futures, options and swaptions contracts. The Fund may enter into futures and/or options contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Option contracts are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with futures contracts and options are imperfect correlation between the change in value of the securities held and the prices of futures contracts and options; the possibility of an illiquid market and inability of the counterparty to meet the contract terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written.
The Fund is authorized to write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Fund represents an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call option is exercised, the writer will enter a swap and is obligated to pay the fixed rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers.
When the Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current value of the swaption. Changes in the value of the swaption are reported as Unrealized gains or losses in written options in the Statement of Assets and Liabilities. Gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the portfolio as realized gains from written options. The difference between the premium and the amount paid on affecting a closing purchase transaction is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss.
Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, the portfolio enters into swaption contracts with counterparties whose creditworthiness has been approved by the Board of Trustees. The portfolio bears the market risk arising from any changes in index values or interest rates.
The underlying face amounts of open futures, option, and swaption contracts at April 30, 2004, are listed in the Schedule of Investments. The variation margin receivable is included in the accompanying Statement of Assets and Liabilities. The variation margin receivable or payable, as applicable, is included in the accompanying Statement of Assets and Liabilities. Variation margin represents the additional payments due or excess deposits made in order to maintain the equity account at the required margin level.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 9
TA IDEX PIMCO Real Return TIPS
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Transactions in swaptions were as follows:
Premium | Notional Amount | ||||
Beginning Balance 10/31/2003 | $ | – | – | ||
Sales | 111 | 13 | |||
Closing Buys | – | – | |||
Expirations | – | – | |||
Exercised | – | – | |||
Balance at 04/30/2004 | $ | 111 | 13 | ||
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator, AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 60,867 | 23% | ||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 66,109 | 24% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 128,776 | 48% | |||
Total | $ | 255,752 | 95% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.70% of ANA
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.30% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 32 | |
Retained by Underwriter | 6 | ||
Contingent Deferred Sales Charges | 8 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $18 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $5 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 10
TA IDEX PIMCO Real Return TIPS
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2.–(continued) |
April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 20,291 | |
U.S. Government | 1,425,860 | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 5,156 | ||
U.S. Government | 1,224,999 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions and capital loss carryforwards.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 527,112 | ||
Unrealized Appreciation | $ | 8 | ||
Unrealized (Depreciation) | (9,018 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | (9,010 | ) | |
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Real Return TIPS 11
TA IDEX PIMCO Total Return
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
U.S. GOVERNMENT OBLIGATIONS (3.4%) | ||||||
U.S. Treasury Inflation Index | ||||||
3.50%, due 01/15/2011 | $ | 214 | $ | 238 | ||
3.38%, due 01/15/2012 | 2,569 | 2,850 | ||||
3.88%, due 04/15/2029 | 385 | 480 | ||||
Total U.S. Government Obligations (cost: $3,636) | 3,568 | |||||
U.S. GOVERNMENT AGENCY | ||||||
Fannie Mae | ||||||
3.00%, due 08/25/2009 | 100 | 100 | ||||
6.00%, due 11/25/2027 | 154 | 154 | ||||
3.70%, due 01/01/2028 (d) | 191 | 197 | ||||
6.50%, due 06/25/2028 | 53 | 53 | ||||
1.54%, due 11/25/2032 (d) | 214 | 214 | ||||
Fannie Mae–Conventional Pool | ||||||
5.50%, due 07/01/2016 | 1,279 | 1,314 | ||||
5.50%, due 12/01/2016 | 179 | 184 | ||||
5.50%, due 01/01/2017 | 209 | 215 | ||||
5.50%, due 02/01/2017 | 193 | 198 | ||||
5.50%, due 03/01/2017 | 15 | 15 | ||||
5.50%, due 05/01/2017 | 209 | 215 | ||||
5.50%, due 11/01/2017 | 20 | 20 | ||||
5.00%, due 02/01/2018 | 351 | 354 | ||||
5.50%, due 02/01/2018 | 518 | 532 | ||||
5.00%, due 05/01/2018 | 65 | 65 | ||||
5.50%, due 05/01/2018 | 41 | 42 | ||||
5.00%, due 06/01/2018 | 897 | 903 | ||||
6.50%, due 07/01/2032 | 238 | 248 | ||||
5.24%, due 04/01/2033 (d) | 86 | 87 | ||||
6.00%, due 04/01/2033 | 26 | 27 | ||||
5.50%, due 07/01/2033 | 299 | 299 | ||||
5.50%, due 08/01/2033 | 379 | 378 | ||||
Fannie Mae–May TBA | ||||||
5.00%, due 05/01/2019 | 1,500 | 1,508 | ||||
5.50%, due 05/01/2034 | 6,000 | 5,985 | ||||
Freddie Mac | ||||||
6.00%, due 12/15/2007 | 50 | 51 | ||||
5.00%, due 09/15/2016 | 198 | 203 | ||||
6.00%, due 08/15/2026 | 12 | 12 | ||||
6.00%, due 08/15/2027 | 94 | 94 | ||||
6.50%, due 02/15/2028 | 5 | 5 | ||||
6.50%, due 12/15/2028 | 177 | 178 | ||||
6.50%, due 02/15/2030 | 66 | 69 | ||||
6.50%, due 07/25/2043 | 96 | 101 | ||||
Freddie Mac–Gold Pool | ||||||
6.50%, due 08/01/2032 | 915 | 953 | ||||
Freddie Mac–Series 2142 | ||||||
6.50%, due 04/15/2029 | 28 | 29 | ||||
Freddie Mac–Series 2434 TA | ||||||
5.63%, due 07/15/2028 | 19 | 19 | ||||
Ginnie Mae–FHA/VA Pool | ||||||
6.50%, due 07/15/2023 | 12 | 12 | ||||
6.50%, due 02/15/2028 | 447 | 468 |
Principal | Value | |||||
Ginnie Mae–FHA/VA Pool (continued) | ||||||
6.50%, due 06/15/2029 | $ | 586 | $ | 612 | ||
6.50%, due 01/15/2030 | 22 | 23 | ||||
6.50%, due 06/15/2031 | 562 | 587 | ||||
6.50%, due 07/15/2031 | 11 | 11 | ||||
6.50%, due 11/15/2031 | 31 | 32 | ||||
6.50%, due 01/15/2032 | 27 | 29 | ||||
5.50%, due 03/15/2032 | 107 | 108 | ||||
6.50%, due 04/15/2032 | 1,095 | 1,143 | ||||
6.50%, due 07/15/2032 | 155 | 162 | ||||
5.50%, due 12/15/2032 | 291 | 292 | ||||
5.50%, due 07/15/2033 | 987 | 989 | ||||
5.00%, due 09/15/2033 | 725 | 705 | ||||
5.50%, due 10/15/2033 | 497 | 499 | ||||
5.50%, due 12/15/2033 | 738 | 739 | ||||
5.50%, due 02/15/2034 | 2,282 | 2,285 | ||||
Ginnie Mae–Series 2002-40 | ||||||
6.50%, due 06/20/2032 | 45 | 45 | ||||
Total U.S. Government Agency Obligations (cost: $23,960) | 23,762 | |||||
FOREIGN GOVERNMENT OBLIGATIONS (2.6%) | ||||||
European Investment Bank | ||||||
0.88%, due 11/08/2004 | 28,000 | 255 | ||||
Federal Republic of Germany | ||||||
3.25%, due 09/24/2004 | 87 | 105 | ||||
Federative Republic of Brazil | ||||||
2.06%, due 04/15/2006 (d) | 288 | 277 | ||||
11.50%, due 03/12/2008 | 122 | 129 | ||||
2.13%, due 04/15/2009 | 276 | 249 | ||||
11.00%, due 01/11/2012 | 200 | 203 | ||||
8.88%, due 04/15/2024 | 150 | 121 | ||||
11.00%, due 08/17/2040 | 154 | 143 | ||||
Malaysia | ||||||
7.50%, due 07/15/2011 | 10 | 11 | ||||
Republic of Panama | ||||||
8.25%, due 04/22/2008 | 40 | 44 | ||||
Republic of Peru | ||||||
9.13%, due 02/21/2012 | 170 | 179 | ||||
4.50%, due 03/07/2017 (d) | 150 | 128 | ||||
Republic of South Africa | ||||||
5.25%, due 05/16/2013 | 90 | 105 | ||||
Russian Federation (i) | ||||||
5.00%, due 03/31/2030 | 320 | 293 | ||||
United Mexican States | ||||||
1.84%, due 01/13/2009 (d) | 130 | 130 | ||||
9.88%, due 02/01/2010 | 150 | 185 | ||||
6.38%, due 01/16/2013 | 150 | 152 | ||||
Total Foreign Government Obligations (cost: $2,428) | 2,709 | |||||
MORTGAGE-BACKED SECURITIES (2.6%) | ||||||
Amortizing Residential Collateral Trust (d) | ||||||
1.38%, due 07/25/2032 | 108 | 108 | ||||
Bank of America Mortgage Securities, Inc. (d) | ||||||
5.72%, due 10/20/2032 | 175 | 180 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 1
TA IDEX PIMCO Total Return
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Bear Stearns Adjustable Rate Mortgage Trust (d) | ||||||
5.99%, due 06/25/2032 | $ | 26 | $ | 26 | ||
CDC Mortgage Capital Trust (d) | ||||||
1.38%, due 01/25/2033 | 137 | 138 | ||||
Countrywide Home Loan Trust–Series 2002-1 (e) | ||||||
5.75%, due 03/19/2032 | 83 | 84 | ||||
Countrywide Home Loans, Inc. (d) | ||||||
4.98%, due 09/19/2032 | 115 | 116 | ||||
Credit-Based Asset Servicing and Securities, Series 2002-CB6 (d) | ||||||
1.60%, due 01/25/2033 | 30 | 30 | ||||
CS First Boston Mortgage Securities Corp. | ||||||
2.14%, due 03/25/2032 | 170 | 168 | ||||
1.53%, due 03/28/2032 | 16 | 16 | ||||
1.90%, due 08/25/2033 | 449 | 451 | ||||
Home Equity Asset Trust (d) | ||||||
1.39%, due 11/25/2032 | 132 | 132 | ||||
Merrill Lynch Mortgage Investors, Inc. (d) | ||||||
1.47%, due 04/25/2031 | 3 | 3 | ||||
Residential Funding Mortgage Securities I, Inc. | ||||||
6.50%, due 03/25/2032 | 42 | 43 | ||||
Sequoia Mortgage Funding Corporation– | ||||||
1.47%, due 10/20/2027 | 419 | 419 | ||||
Small Business Administration Participation Certificates | ||||||
5.13%, due 09/01/2023 | 98 | 98 | ||||
Structured Asset Mortgage Investments Inc. (d) | ||||||
1.42%, due 09/19/2032 | 249 | 250 | ||||
Structured Asset Securities Corporation | ||||||
1.39%, due 10/25/2027 (d) | 52 | 52 | ||||
1.38%, due 01/25/2033 (d) | 29 | 29 | ||||
1.25%, due 08/25/2033 (d) | 40 | 40 | ||||
Washington Mutual | ||||||
4.82%, due 10/25/2032 | 53 | 54 | ||||
Washington Mutual Mortgage Securities Corporation (d) | ||||||
2.76%, due 12/25/2040 | 232 | 232 | ||||
Wells Fargo Mortgage Backed Securities Trust–Series 2002-E (d) | ||||||
5.01%, due 09/25/2032 | 64 | 65 | ||||
Total Mortgage-Backed Securities (cost: $2,733) | 2,734 | |||||
ASSET-BACKED SECURITIES (3.0%) | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||
4.39%, due 01/25/2034 (d) | 619 | 620 | ||||
4.83%, due 01/25/2034 (d) | 267 | 268 | ||||
4.95%, due 01/25/2034 (d) | 173 | 175 | ||||
Bear Stearns Asset Backed Securities, Inc. (d) | ||||||
1.42%, due 10/25/2032 | 117 | 117 | ||||
Centex Home Equity, Series 2004-A (d) | ||||||
1.38%, due 01/25/2034 | 272 | 272 | ||||
Citicorp Mortgage Securities, Inc. | ||||||
6.50%, due 04/25/2029 | 179 | 181 |
Principal | Value | |||||
Countrywide Alternative Loan Trust– | ||||||
6.00%, due 10/25/2032 | $ | 55 | $ | 56 | ||
Countrywide Home Loan Trust–Series 2004-7 | ||||||
1.37%, due 04/25/2034 | 80 | 80 | ||||
First Horizon Asset Securities Inc. | ||||||
7.00%, due 09/25/2030 | 6 | 6 | ||||
GSMPS Mortgage Loan Trust | ||||||
7.00%, due 06/25/2043 | 107 | 111 | ||||
Morgan Stanley Capital I Inc. Series 2003-HE2 (d) | ||||||
1.43%, due 08/25/2033 | 226 | 226 | ||||
RACERS SER 1997-R-8-3–144A (d) | ||||||
1.42%, due 08/15/2007 | 300 | 294 | ||||
Small Business Administration Participation Certificates | ||||||
4.34%, due 03/01/2024 | 590 | 556 | ||||
Vanderbilt Acquisition Loan Trust | ||||||
3.28%, due 01/07/2013 | 65 | 66 | ||||
Washington Mutual (d) | ||||||
3.15%, due 02/27/2034 | 73 | 73 | ||||
Total Asset-Backed Securities (cost: $3,150) | 3,101 | |||||
CORPORATE DEBT SECURITIES (12.1%) | ||||||
Air Transportation (0.6%) | ||||||
Continental Airlines, Inc. | ||||||
7.06%, due 09/15/2009 | 200 | 202 | ||||
UAL Corporation | ||||||
6.20%, due 09/01/2008 | 300 | 267 | ||||
6.60%, due 09/01/2013 | 130 | 115 | ||||
Automotive (0.2%) | ||||||
DaimlerChrysler North America | ||||||
1.44%, due 08/16/2004 (d) | 50 | 50 | ||||
6.50%, due 11/15/2013 | 160 | 165 | ||||
Business Credit Institutions (0.1%) | ||||||
Ford Motor Credit Company | ||||||
1.59%, due 07/18/2005 (d) | 100 | 99 | ||||
Commercial Banks (0.9%) | ||||||
HSBC Capital Funding LP–144A | ||||||
10.18%, due 12/31/2049 (j) | 150 | 214 | ||||
KBC Bank Fund Trust III–144A (k) | ||||||
9.86%, due 11/29/2049 | 15 | 19 | ||||
KfW International Finance Inc. | ||||||
1.00%, due 12/20/2004 | 80,000 | 729 | ||||
Communication (0.4%) | ||||||
Continental Cablevision, Inc. | ||||||
8.30%, due 05/15/2006 | 100 | 110 | ||||
CSC Holdings, Inc. | ||||||
7.63%, due 04/01/2011 | 150 | 156 | ||||
Rogers Cablesystems Ltd. | ||||||
10.00%, due 03/15/2005 | 10 | 11 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 2
TA IDEX PIMCO Total Return
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Communication (continued) | ||||||
TCI Communications, Inc. | ||||||
8.65%, due 09/15/2004 | $ | 100 | $ | 103 | ||
Electric Services (0.6%) | ||||||
Florida Power Corporation | ||||||
4.80%, due 03/01/2013 | 450 | 440 | ||||
PSEG Power LLC | ||||||
6.95%, due 06/01/2012 | 210 | 232 | ||||
Electric, Gas & Sanitary Services (0.6%) | ||||||
Niagara Mohawk Power Corporation | ||||||
7.75%, due 10/01/2008 | 250 | 283 | ||||
PG&E Corporation (d) | ||||||
1.81%, due 04/03/2006 | 360 | 360 | ||||
Environmental Services (0.1%) | ||||||
Waste Management, Inc. | ||||||
6.38%, due 11/15/2012 | 75 | 81 | ||||
Gas Production & Distribution (0.5%) | ||||||
El Paso Corporation (a) | ||||||
7.75%, due 01/15/2032 | 125 | 98 | ||||
Sonat Inc. | ||||||
7.63%, due 07/15/2011 | 370 | 320 | ||||
Southern Natural Gas Company | ||||||
8.00%, due 03/01/2032 | 100 | 100 | ||||
General Obligation-City (0.3%) | ||||||
Chicago, Illinois, Board of Education, | ||||||
General Obligation Bonds, | ||||||
5.00%, due 12/01/2012 | 255 | 276 | ||||
General Obligation-County (0.5%) | ||||||
Cook County, Illinois Public Improvements, | ||||||
General Obligation Bonds, | ||||||
5.13%, due 11/15/2026 | 450 | 451 | ||||
Fairfax County, | ||||||
5.25%, due 04/01/2013 | 90 | 100 | ||||
Holding & Other Investment Offices (0.4%) | ||||||
Premium Asset Trust–144A (d) | ||||||
1.30%, due 06/28/2004 | 180 | 180 | ||||
Rabobank Nederland–144A (d) | ||||||
5.26%, due 12/31/2049 | 210 | 207 | ||||
Hotels & Other Lodging Places (0.7%) | ||||||
Harrah’s Operating Company, Inc. | ||||||
7.50%, due 01/15/2009 | 10 | 11 | ||||
Hilton Hotels Corporation | ||||||
7.00%, due 07/15/2004 | 150 | 151 | ||||
Park Place Entertainment Corporation | ||||||
7.50%, due 09/01/2009 | 350 | 382 | ||||
Starwood Hotels & Resorts Worldwide, Inc. (d) | ||||||
7.88%, due 05/01/2012 | 200 | 219 | ||||
Life Insurance (0.5%) | ||||||
ASIF II | ||||||
1.20%, due 01/26/2005 | 30,000 | 274 |
Principal | Value | |||||
Life Insurance (continued) | ||||||
Protective Life Corporation–144A (d) | ||||||
1.21%, due 09/26/2005 | $ | 280 | $ | 279 | ||
Motion Pictures (0.2%) | ||||||
Time Warner Inc. | ||||||
8.11%, due 08/15/2006 | 200 | 221 | ||||
6.88%, due 05/01/2012 | 20 | 22 | ||||
Oil & Gas Extraction (0.1%) | ||||||
RasLaffan Liquefied Natural Gas Company Limited–144A | ||||||
3.44%, due 09/15/2009 | 100 | 99 | ||||
Paper & Allied Products (0.0%) | ||||||
Bowater Canada Finance Corporation–144A | ||||||
7.95%, due 11/15/2011 | 10 | 11 | ||||
Personal Credit Institutions (0.8%) | ||||||
General Motors Acceptance Corporation | ||||||
2.40%, due 10/20/2005 | 880 | 886 | ||||
Primary Metal Industries (0.2%) | ||||||
Alcan Inc.–144A (d) | ||||||
1.37%, due 12/08/2004 | 170 | 170 | ||||
Railroads (0.1%) | ||||||
Norfolk Southern Corporation (d) | ||||||
1.82%, due 02/28/2005 | 100 | 101 | ||||
Revenue-Building Authority (0.2%) | ||||||
Michigan State Building Authority, | ||||||
Revenue Bonds, Series I, | ||||||
5.25%, due 10/15/2013 | 180 | 199 | ||||
Revenue-Education (0.6%) | ||||||
Michigan State Higher Educational | ||||||
1.10%, due 09/01/2033 (d) | 100 | 100 | ||||
Missouri Higher Education Loan Authority, Revenue Bonds, | ||||||
1.11%, due 07/01/2032 (d) | 100 | 100 | ||||
Pennsylvania State Higher Educational Assistance Agency, Revenue Bonds, | ||||||
1.10%, due 10/01/2040 (d) | 300 | 300 | ||||
Pennsylvania State Higher Educational | ||||||
Assistance Agency, Revenue Bonds, | ||||||
1.11%, due 08/01/2042 (d) | 100 | 100 | ||||
Revenue-Pollution Control (0.1%) | ||||||
New York State Environmental Facilities, Revenue Bonds, | ||||||
5.00%, due 06/15/2032 | 70 | 70 | ||||
5.00%, due 07/15/2033 | 20 | 20 | ||||
Revenue-Special (0.9%) | ||||||
New York City Transitional Finance Authority, Revenue Bonds, Series C, | ||||||
5.00%, due 02/01/2033 | 260 | 257 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 3
TA IDEX PIMCO Total Return
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Revenue-Special (continued) | ||||||
New York City Transitional Finance Authority, Revenue Bonds, Series D, | ||||||
5.00%, due 02/01/2031 | $ | 600 | $ | 594 | ||
Tobacco Settlement Financing Corporation, | ||||||
New Jersey, Revenue Bonds, | ||||||
6.00%, due 06/01/2037 | 130 | 111 | ||||
Revenue-Tobacco (0.6%) | ||||||
Golden State Tobacco Securitization Corporation, California, | ||||||
Revenue Bonds, Series 2003-A-1, | ||||||
6.75%, due 06/01/2039 | 80 | 75 | ||||
Golden State Tobacco Securitization Corporation, California, | ||||||
Revenue Bonds, Series A-2, | ||||||
7.90%, due 06/01/2042 (d) | 35 | 37 | ||||
Iowa Tobacco Settlement Authority, | ||||||
Revenue Bonds, Series B, | ||||||
5.60%, due 06/01/2035 | 100 | 79 | ||||
Tobacco Settlement Financing | ||||||
6.38%, due 06/01/2032 | 420 | 387 | ||||
Revenue-Transportation (0.1%) | ||||||
Florida State Turnpike Authority, | ||||||
Revenue Bonds, Series C, | ||||||
5.00%, due 07/01/2033 | 30 | 30 | ||||
Harris County, Texas, | ||||||
Revenue Bonds, | ||||||
5.00%, due 08/15/2033 | 100 | 99 | ||||
Revenue-Utilities (0.5%) | ||||||
New York City Municipal Water | ||||||
Revenue Bonds, Series A, | ||||||
5.00%, due 06/15/2035 | 90 | 89 | ||||
San Antonio, Texas Water Utility Improvements, | ||||||
5.00%, due 05/15/2032 | 450 | 445 | ||||
South Central Connecticut Regional | ||||||
Revenue Bonds, Series A, | ||||||
5.00%, due 08/01/2033 | 20 | 20 | ||||
Telecommunications (1.3%) | ||||||
AT&T Corp. (e) | ||||||
8.05%, due 11/15/2011 | 300 | 329 | ||||
Cingular Wireless | ||||||
6.50%, due 12/15/2011 | 180 | 194 | ||||
Deutsche Telekom International | ||||||
8.25%, due 06/15/2005 (f) | 205 | 218 | ||||
8.50%, due 06/15/2010 (f) | 30 | 35 | ||||
8.13%, due 05/29/2012 (g) | 100 | 147 |
Principal | Value | |||||
Telecommunications (continued) | ||||||
France Telecom (h) | ||||||
9.50%, due 03/01/2031 | $ | 320 | $ | 410 | ||
Total Corporate Debt Securities (cost: $12,567) | 12,639 | |||||
CONVERTIBLE BONDS (0.3%) | ||||||
Mortgage-Backed (0.3%) | ||||||
Small Business Administration Participation Certificates | ||||||
4.50%, due 02/10/2014 | 300 | 285 | ||||
Total Convertible Bonds (cost: $300) | 285 | |||||
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (19.2%) | ||||||
Fannie Mae | ||||||
1.00%, due 05/19/2004 | 500 | 500 | ||||
1.05%, due 06/15/2004 | 700 | 699 | ||||
1.03%, due 07/01/2004 | 1,100 | 1,098 | ||||
1.01%, due 07/20/2004 | 400 | 399 | ||||
Freddie Mac | ||||||
1.02%, due 05/11/2004 | 1,900 | 1,899 | ||||
1.00%, due 05/18/2004 | 1,100 | 1,099 | ||||
U. S. Treasury Bill | ||||||
0.00%, due 05/06/2004 | 1,800 | 1,800 | ||||
1.04%, due 05/13/2004 | 3,600 | 3,599 | ||||
1.01%, due 05/20/2004 | 2,300 | 2,299 | ||||
0.99%, due 05/27/2004 | 500 | 500 | ||||
1.03%, due 06/03/2004 | 5,600 | 5,595 | ||||
0.93%, due 06/03/2004 (c) | 595 | 594 | ||||
Total Short-Term U.S. Government Obligations (cost: $20,081) | 20,081 | |||||
COMMERCIAL PAPER (40.0%) | ||||||
ABN-AMRO North America Finance, Inc. | ||||||
1.05%, due 06/07/2004 | 1,700 | 1,698 | ||||
Australia and New Zealand Banking | ||||||
1.04%, due 06/21/2004 | 800 | 799 | ||||
1.03%, due 06/21/2004 | 200 | 200 | ||||
1.05%, due 07/06/2004 | 1,400 | 1,397 | ||||
1.06%, due 07/19/2004 | 700 | 698 | ||||
Cba (Delaware) Finance | ||||||
1.03%, due 05/12/2004 | 3,000 | 2,999 | ||||
1.02%, due 06/10/2004 | 300 | 300 | ||||
Danske Bank Aktieselskab | ||||||
1.03%, due 05/10/2004 | 1,600 | 1,600 | ||||
1.03%, due 05/12/2004 | 1,700 | 1,699 | ||||
du Pont (E.I.) de Nemours and Company | ||||||
1.01%, due 05/13/2004 | 200 | 200 | ||||
European Investment Bank | ||||||
1.01%, due 05/25/2004 | 100 | 100 | ||||
1.01%, due 06/15/2004 | 300 | 300 | ||||
1.05%, due 07/16/2004 | 2,500 | 2,494 | ||||
General Electric Capital Corporation | ||||||
1.04%, due 06/17/2004 | 2,800 | 2,796 | ||||
1.04%, due 07/08/2004 | 300 | 299 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 4
TA IDEX PIMCO Total Return
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
HBOS PLC | ||||||
1.04%, due 05/27/2004 | $ | 900 | $ | 899 | ||
1.06%, due 06/11/2004 | 500 | 499 | ||||
1.04%, due 06/25/2004 | 700 | 699 | ||||
1.04%, due 07/08/2004 | 700 | 699 | ||||
1.04%, due 07/09/2004 | 400 | 399 | ||||
KfW International Finance Inc.–144A | ||||||
1.02%, due 06/08/2004 | 1,700 | 1,698 | ||||
Lloyds TSB Group PLC | ||||||
1.05%, due 06/03/2004 | 1,400 | 1,399 | ||||
Nestle SA–ADR | ||||||
1.02%, due 06/25/2004 | 400 | 399 | ||||
Royal Bank of Scotland Group PLC (The) | ||||||
1.02%, due 05/05/2004 | 1,800 | 1,800 | ||||
1.03%, due 07/06/2004 | 100 | 100 | ||||
1.14%, due 08/26/2004 | 1,200 | 1,196 | ||||
Shell Finance (UK) PLC | ||||||
1.02%, due 06/09/2004 | 2,900 | 2,897 | ||||
Statens Bostadsfin AB | ||||||
1.06%, due 07/16/2004 | 1,300 | 1,297 | ||||
1.09%, due 07/29/2004 | 2,800 | 2,792 | ||||
Svenska Handelsbanken AB | ||||||
1.03%, due 05/13/2004 | 500 | 500 | ||||
1.03%, due 05/28/2004 | 900 | 899 | ||||
UBS Finance (Delaware) LLC | ||||||
1.02%, due 06/03/2004 | 2,900 | 2,897 | ||||
Westpac Banking Corporation | ||||||
1.03%, due 05/05/2004 | 2,000 | 2,000 | ||||
1.03%, due 07/07/2004 | 800 | 798 | ||||
1.09%, due 08/12/2004 | 300 | 299 | ||||
Total Commercial Paper (cost: $41,745) | 41,745 | |||||
SECURITY LENDING COLLATERAL (0.1%) | ||||||
Debt (0.0%) | ||||||
Bank Notes (0.0%) | ||||||
Canadian Imperial Bank of Commerce | ||||||
1.10%, due 11/04/2004 | 5 | 5 | ||||
Fleet National Bank | ||||||
1.00%, due 07/21/2004 | 5 | 5 | ||||
Euro Dollar Overnight (0.0%) | ||||||
Credit Agricole Indosuez | ||||||
1.00%, due 05/07/2004 | 3 | 3 | ||||
Royal Bank of Scotland Group PLC (The) | ||||||
1.00%, due 05/07/2004 | 2 | 2 | ||||
Euro Dollar Terms (0.0%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 1 | 1 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 3 | 3 | ||||
1.08%, due 07/29/2004 | 3 | 3 | ||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | 2 | 2 |
Principal | Value | |||||
Euro Dollar Terms (continued) | ||||||
Royal Bank of Scotland Group PLC (The) | ||||||
1.05%, due 07/15/2004 | $ | 2 | $ | 2 | ||
Wells Fargo & Company | ||||||
1.02%, due 05/14/2004 | 3 | 3 | ||||
Promissory Notes (0.0%) | ||||||
Goldman Sachs Group, Inc. (The) | ||||||
1.13%, due 07/29/2004 | 7 | 7 | ||||
Repurchase Agreements (0.0%) (b) | ||||||
Merrill Lynch & Co., Inc. | ||||||
1.04%, Repurchase Agreement dated 04/30/2004 to be repurchased at $21 on 05/03/2004 | 21 | 21 | ||||
Shares | Value | |||||
Investment Companies (0.1%) | ||||||
Money Market Funds (0.1%) | ||||||
American AAdvantage Select Fund | ||||||
1-day yield of 0.98% | 6,175 | 6 | ||||
Barclays Institutional Money Market Fund | ||||||
1-day yield of 1.02% | 14,409 | 14 | ||||
Merrill Lynch Premier Institutional Fund | ||||||
1-day yield of 0.97% | 5,578 | 6 | ||||
Merrimac Cash Series Fund–Premium Class | ||||||
1-day yield of 0.99% | 20,585 | 21 | ||||
Total Security Lending Collateral (cost: $104) | 104 | |||||
Total Investment Securities (cost: $110,703) | $ | 110,728 | ||||
Notional Amount | Value | |||||
WRITTEN SWAPTIONS (-0.1%) | ||||||
Covered Call Swaptions (0.0%) | ||||||
LIBOR Rate Swaption (l) | ||||||
Call Strike 4.00% | ||||||
Expires 01/07/2005 | $ | 1,800 | $ | (8) | ||
LIBOR Rate Swaption (l) | ||||||
Call Strike 3.80% | ||||||
Expires 10/07/2004 | 7,900 | (14) | ||||
Put Swaptions (-0.1%) | ||||||
LIBOR Rate Swaption (m) | ||||||
Put Strike 7.00% | ||||||
Expires 01/07/2005 | 1,900 | (4) | ||||
LIBOR Rate Swaption (m) | ||||||
Put Strike 6.00% | ||||||
Expires 10/07/2004 | 7,900 | (27) | ||||
Total Written Swaptions (premium: $205) | (53) | |||||
SUMMARY: | ||||||
Investments, at value | 106.0% | $ | 110,728 | |||
Written swaptions | (0.1)% | (53) | ||||
Liabilities in excess of other assets | (5.9)% | (6,184) | ||||
Net assets | 100.0% | $ | 104,491 | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 5
TA IDEX PIMCO Total Return
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
FORWARD FOREIGN CURRENCY CONTRACTS: | |||||||||||
Currency | Bought (Sold) | Settlement Date | Amount in U.S. Dollars Bought (Sold) | Net Unrealized Appreciation (Depreciation) | |||||||
Euro Dollar | 5 | 05/03/2004 | $ | 6 | $ | – | |||||
Euro Dollar | (678 | ) | 05/10/2004 | (812) | (2) | ||||||
$ | (806) | $ | (2) | ||||||||
FUTURES CONTRACTS: | |||||||||||
Contracts (o) | Settlement Date | Amount | Net Unrealized Appreciation (Depreciation) | ||||||||
Euro-BOBL (p) | 32 | 06/08/2004 | $ | 4,450 | $ | (32 | ) | ||||
U.S. Treasury Long Bond | 6 | 06/21/2004 | 643 | (31 | ) | ||||||
90-Day Euro Dollar | 4 | 03/15/2005 | 973 | (11 | ) | ||||||
90-Day Euro Dollar | 1 | 03/13/2006 | 240 | (3 | ) | ||||||
90-Day Euro Dollar | 27 | 06/13/2005 | 6,539 | (16 | ) | ||||||
90-Day Euro Dollar | 1 | 09/19/2005 | 241 | (3 | ) | ||||||
90-Day Euro Dollar | 36 | 12/13/2004 | 8,802 | 17 | |||||||
90-Day Euro Dollar | 1 | 12/19/2005 | 241 | (3 | ) | ||||||
3 Month Euro Euribor (q) | 22 | 09/19/2005 | 6,439 | (8 | ) | ||||||
3 Month Euro Euribor (q) | 61 | 12/19/2005 | 18,107 | (47 | ) | ||||||
5 Year U.S. Treasury Note | 69 | 06/21/2004 | 7,586 | (140 | ) | ||||||
10 Year U.S. Treasury Note | 183 | 06/21/2004 | 2,221 | (495 | ) | ||||||
10 Year U.S. Treasury Note | 21 | 09/21/2004 | 2,291 | (7 | ) | ||||||
$ | 58,773 | $ | (779 | ) | |||||||
SWAP AGREEMENTS: | |||||||||
Expiration Date | Notional Amount | Net Unrealized Appreciation (Depreciation) | |||||||
Receive a fixed rate equal to 1.31% and the Fund will pay to the counterparty at par in the event of default of United Mexican States, 11.50%, due 05/15/2026. Counterparty: Goldman Sachs Capital Markets, L.P. | 01/29/2005 | $ | 200 | $ | 2 | ||||
Receive a fixed rate equal to 5.00% and pay floating rate based on 3-month United States Dollar–LIBOR (London Interbank Offer Rate). Counterparty: Merrill Lynch Capital Services, Inc. | 06/16/2014 | 1,200 | (11 | ) | |||||
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: Merrill Lynch Capital Services, Inc. | 03/15/2007 | 1,300 | 5 | ||||||
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: J.P. Morgan Chase Bank | 03/15/2007 | 1,800 | (6) | ||||||
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offered Rate). Counterparty: Barclays Bank PLC | 03/15/2007 | 1,600 | 3 | ||||||
Receive a floating rate based on the monthly performance of the Lehman Brothers ERISA Eligible CMBS Index and pay floating rate based on 1-month United States Dollar–LIBOR (London Interbank Offer Rate) less 0.65%. (n) Counterparty: Morgan Stanley Capital Services Inc. | 09/30/2004 | 720 | (25) | ||||||
Total Swap Agreements (premium: $83) | $ | 6,820 | $ | (32) | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 6
TA IDEX PIMCO Total Return
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $ 101. |
(b) | Cash collateral for the Repurchase Agreements, valued at $ 21, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%-9.75% and maturity dates ranging from 08/15/2004-11/15/2096, including some issues having a perpetual maturity. |
(c) | At April 30, 2004, all or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at April 30, 2004, is $ 594. |
(d) | Floating or variable rate note. Rate is listed as of April 30, 2004. |
(e) | Securities are stepbonds. Coupon steps up by 25 BP for each rating downgrade by Standard and Poor’s or Moody’s for each notch below BBB+/A3. Coupon steps down by 25 BP for each rating upgrade. |
(f) | Securities are stepbonds. Coupon steps up by 50 BP if rating is downgraded below Standard and Poor’s or Moody’s single A rating. Coupon steps down by 50 BP if rating is raised above Standard and Poor’s or Moody’s BBB/Baa rating. |
(g) | Securities are stepbonds. Coupon steps up by 50 BP for each rating downgrade by Standard and Poor’s or Moody’s for each notch below BBB+/Baa1. Coupon steps down by 50 BP for each rating upgrade. |
(h) | Securities are stepbonds. Coupon steps up or down by 25 BP for each rating upgrade or downgrade by Standard and Poor’s or Moody’s for each notch below A-/A3. |
(i) | Securities are stepbonds. Russian Federation has a coupon rate of 5.00% until 03/31/2007, thereafter the coupon rate will become 7.50%. |
(j) | Securities are stepbonds. HSBC Capital Funding LP-144A has a coupon rate of 10.18% until 06/30/2030, thereafter the coupon rate will become the 3 Month LIBOR (London Interbank Offer Rate) plus 498BP. |
(k) | Securities are stepbonds. KBC Bank Fund Trust III-144A has a coupon rate of 9.86% until 11/02/2009, thereafter the coupon rate will become the 3 Month LIBOR (London Interbank Offer Rate) plus 405BP. |
(l) | An option on an interest rate swap. If exercised, the Fund will pay the strike rate in order to receive the 3 Month LIBOR (London Interbank Offer Rate). |
(m) | An option on an interest rate swap. If exercised, the Fund will pay 3 Month LIBOR (London Interbank Offer Rate) in order to receive the strike rate. |
(n) | If the monthly performance of the CMBS Index is negative the Fund pays a floating rate in addition to the 1-month United States Dollar–LIBOR (London Interbank Offer Rate) less 0.65%. |
(o) | Contract amounts are not in thousands. |
(p) | Notional medium-term debt instrument issued by the German Federal Government. |
(q) | Euro Interbank Offered Rate. |
DEFINITIONS:
ADR American Depositary Receipt
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $3,171 or 3.03% of the net assets of the Fund.
TBA Mortgage-backed securities traded under delayed delivery commitments. Income on TBA’s are not earned until settlement date.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 7
TA IDEX PIMCO Total Return
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $110,704) | $ | 110,728 | ||
Cash | 1,064 | |||
Foreign cash (cost: $310) | 309 | |||
Receivables: | ||||
Shares of beneficial interest sold | 7 | |||
Interest | 330 | |||
Swap agreements at value (premium $83) | 51 | |||
Variation margin | 111 | |||
Other | 5 | |||
112,605 | ||||
Liabilities: | ||||
Investment securities purchased | 7,579 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 164 | |||
Management and advisory fees | 61 | |||
Distribution fees | 55 | |||
Transfer agent fees | 56 | |||
Payable for collateral for securities on loan | 104 | |||
Unrealized depreciation on forward foreign currency contracts | 2 | |||
Written swaptions (premium $205) | 53 | |||
Other | 40 | |||
8,114 | ||||
Net Assets | $ | 104,491 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 102,824 | ||
Undistributed net investment income (loss) | 22 | |||
Undistributed net realized gain (loss) from: | ||||
Investment securities | 515 | |||
Futures contracts | 1,862 | |||
Written swaption contracts | (185 | ) | ||
Swap agreements | 79 | |||
Foreign currency transactions | 11 | |||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 23 | |||
Futures contracts | (779 | ) | ||
Written swaption contracts | 152 | |||
Swap agreements | (32 | ) | ||
Translation of assets and liabilities denominated in foreign currencies | (1 | ) | ||
Net Assets | $ | 104,491 | ||
Net Assets by Class: | ||||
Class A | $ | 60,129 | ||
Class B | 30,179 | |||
Class C | 4,632 | |||
Class C2 | 7,291 | |||
Class M | 2,260 | |||
Shares Outstanding: | ||||
Class A | 5,812 | |||
Class B | 2,918 | |||
Class C | 448 | |||
Class C2 | 705 | |||
Class M | 218 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 10.35 | ||
Class B | 10.34 | |||
Class C | 10.34 | |||
Class C2 | 10.34 | |||
Class M | 10.34 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 10.87 | ||
Class M | 10.44 |
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 1,604 | ||
Expenses: | ||||
Management and advisory fees | 384 | |||
Transfer agent fees | 67 | |||
Printing and shareholder reports | 30 | |||
Custody fees | 19 | |||
Administration fees | 13 | |||
Legal fees | 3 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 4 | |||
Registration fees | 27 | |||
Other | 9 | |||
Distribution and service fees: | ||||
Class A | 106 | |||
Class B | 163 | |||
Class C | 24 | |||
Class C2 | 44 | |||
Class M | 12 | |||
Total expenses | 912 | |||
Net Investment Income (Loss) | 692 | |||
Net Realized Gain (Loss) from: | ||||
Investment securities | 719 | |||
Futures contracts | 1,861 | |||
Written swaption contracts | 225 | |||
Swap agreements | 25 | |||
Foreign currency transactions | 11 | |||
2,841 | ||||
Net Increase (Decrease) in Unrealized Appreciation | ||||
Investment securities | (969 | ) | ||
Futures contracts | (1,306 | ) | ||
Written swaption contracts | (66 | ) | ||
Swap agreements | (5 | ) | ||
Translation of assets and liabilities denominated in foreign currencies | 5 | |||
(2,341 | ) | |||
Net Gain (Loss) on Investment Securities, Futures and Swaption Contracts, Swap Agreements and Foreign Currency Transactions | 500 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,192 | ||
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C, and M shares equals net asset value less any applicable contingent deferred sales charge.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 8
TA IDEX PIMCO Total Return
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 692 | $ | 1,647 | ||||
Net realized gain (loss) from investment securities, futures contracts, written swaption contracts, swap agreements, and foreign currency transactions | 2,841 | 2,158 | ||||||
Net unrealized appreciation (depreciation) on investment securities, futures and swaption contracts, swap agreements, and foreign currency translation | (2,341 | ) | 1,445 | |||||
1,192 | 5,250 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (451 | ) | (1,137 | ) | ||||
Class B | (135 | ) | (662 | ) | ||||
Class C | (20 | ) | (61 | ) | ||||
Class C2 | (37 | ) | (215 | ) | ||||
Class M | (12 | ) | (80 | ) | ||||
(655 | ) | (2,155 | ) | |||||
From net realized gains: | ||||||||
Class A | (1,225 | ) | (659 | ) | ||||
Class B | (669 | ) | (450 | ) | ||||
Class C | (106 | ) | (16 | ) | ||||
Class C2 | (198 | ) | (163 | ) | ||||
Class M | (57 | ) | (60 | ) | ||||
(2,255 | ) | (1,348 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 7,650 | 68,966 | ||||||
Class B | 2,928 | 21,900 | ||||||
Class C | 656 | 7,167 | ||||||
Class C2 | 400 | 5,117 | ||||||
Class M | 47 | 1,114 | ||||||
11,681 | 104,264 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 1,643 | 1,690 | ||||||
Class B | 638 | 905 | ||||||
Class C | 98 | 67 | ||||||
Class C2 | 206 | 327 | ||||||
Class M | 67 | 135 | ||||||
2,652 | 3,124 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (4,631 | ) | (55,731 | ) | ||||
Class B | (7,432 | ) | (19,809 | ) | ||||
Class C | (1,272 | ) | (2,033 | ) | ||||
Class C2 | (3,317 | ) | (7,237 | ) | ||||
Class M | (1,030 | ) | (2,443 | ) | ||||
(17,682 | ) | (87,253 | ) | |||||
(3,349 | ) | 20,135 | ||||||
Net increase (decrease) in net assets | (5,067 | ) | 21,882 | |||||
Net Assets: | ||||||||
Beginning of period | 109,558 | $ | 87,676 | |||||
End of period | $ | 104,491 | 109,558 | |||||
Undistributed Net Investment Income (Loss) | $ | 22 | $ | (15 | ) | |||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 727 | 6,565 | ||||
Class B | 279 | 2,093 | ||||
Class C | 63 | 684 | ||||
Class C2 | 38 | 491 | ||||
Class M | 4 | 106 | ||||
1,111 | 9,939 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | 158 | 162 | ||||
Class B | 61 | 87 | ||||
Class C | 9 | 6 | ||||
Class C2 | 20 | 31 | ||||
Class M | 6 | 13 | ||||
254 | 299 | |||||
Shares redeemed: | ||||||
Class A | (441 | ) | (5,310 | ) | ||
Class B | (708 | ) | (1,889 | ) | ||
Class C | (122 | ) | (192 | ) | ||
Class C2 | (315 | ) | (691 | ) | ||
Class M | (98 | ) | (233 | ) | ||
(1,684 | ) | (8,315 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 444 | 1,417 | ||||
Class B | (368 | ) | 291 | |||
Class C | (50 | ) | 498 | |||
Class C2 | (257 | ) | (169 | ) | ||
Class M | (88 | ) | (114 | ) | ||
(319 | ) | 1,923 | ||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 9
TA IDEX PIMCO Total Return
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 10.52 | $ | 0.08 | $ | 0.04 | $ | 0.12 | $ | (0.08 | ) | $ | (0.21 | ) | $ | (0.29 | ) | $ | 10.35 | |||||||||
10/31/2003 | 10.32 | 0.20 | 0.39 | 0.59 | (0.25 | ) | (0.14 | ) | (0.39 | ) | 10.52 | ||||||||||||||||||
10/31/2002 | 10.00 | 0.13 | 0.28 | 0.41 | (0.09 | ) | – | (0.09 | ) | 10.32 | |||||||||||||||||||
Class B | 04/30/2004 | 10.51 | 0.05 | 0.03 | 0.08 | (0.04 | ) | (0.21 | ) | (0.25 | ) | 10.34 | |||||||||||||||||
10/31/2003 | 10.32 | 0.13 | 0.38 | 0.51 | (0.18 | ) | (0.14 | ) | (0.32 | ) | 10.51 | ||||||||||||||||||
10/31/2002 | 10.00 | 0.09 | 0.29 | 0.38 | (0.06 | ) | – | (0.06 | ) | 10.32 | |||||||||||||||||||
Class C | 04/30/2004 | 10.51 | 0.05 | 0.03 | 0.08 | (0.04 | ) | (0.21 | ) | (0.25 | ) | 10.34 | |||||||||||||||||
10/31/2003 | 10.38 | 0.13 | 0.32 | 0.45 | (0.18 | ) | (0.14 | ) | (0.32 | ) | 10.51 | ||||||||||||||||||
Class C2 | 04/30/2004 | 10.51 | 0.05 | 0.03 | 0.08 | (0.04 | ) | (0.21 | ) | (0.25 | ) | 10.34 | |||||||||||||||||
10/31/2003 | 10.32 | 0.13 | 0.38 | 0.51 | (0.18 | ) | (0.14 | ) | (0.32 | ) | 10.51 | ||||||||||||||||||
10/31/2002 | 10.00 | 0.09 | 0.29 | 0.38 | (0.06 | ) | – | (0.06 | ) | 10.32 | |||||||||||||||||||
Class M | 04/30/2004 | 10.51 | 0.05 | 0.04 | 0.09 | (0.05 | ) | (0.21 | ) | (0.26 | ) | 10.34 | |||||||||||||||||
10/31/2003 | 10.32 | 0.14 | 0.38 | 0.52 | (0.19 | ) | (0.14 | ) | (0.33 | ) | 10.51 | ||||||||||||||||||
10/31/2002 | 10.00 | 0.11 | 0.27 | 0.38 | (0.06 | ) | – | (0.06 | ) | 10.32 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 1.12 | % | $ | 60,129 | 1.37 | % | 1.37 | % | 1.55 | % | 138 | % | |||||||
10/31/2003 | 5.88 | 56,452 | 1.43 | 1.43 | 1.91 | 326 | ||||||||||||||
10/31/2002 | 4.13 | 40,767 | 1.65 | 1.81 | 2.28 | 240 | ||||||||||||||
Class B | 04/30/2004 | 0.79 | 30,179 | 2.02 | 2.02 | 0.90 | 138 | |||||||||||||
10/31/2003 | 5.08 | 34,547 | 2.08 | 2.08 | 1.26 | 326 | ||||||||||||||
10/31/2002 | 3.80 | 30,909 | 2.30 | 2.46 | 1.63 | 240 | ||||||||||||||
Class C | 04/30/2004 | 0.79 | 4,632 | 2.02 | 2.02 | 0.90 | 138 | |||||||||||||
10/31/2003 | 4.47 | 5,231 | 2.08 | 2.08 | 1.25 | 326 | ||||||||||||||
Class C2 | 04/30/2004 | 0.79 | 7,291 | 2.02 | 2.02 | 0.90 | 138 | |||||||||||||
10/31/2003 | 5.08 | 10,116 | 2.08 | 2.08 | 1.26 | 326 | ||||||||||||||
10/31/2002 | 3.80 | 11,667 | 2.30 | 2.46 | 1.63 | 240 | ||||||||||||||
Class M | 04/30/2004 | 0.84 | 2,260 | 1.92 | 1.92 | 1.00 | 138 | |||||||||||||
10/31/2003 | 5.19 | 3,212 | 1.98 | 1.98 | 1.36 | 326 | ||||||||||||||
10/31/2002 | 3.85 | 4,333 | 2.20 | 2.36 | 1.73 | 240 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX PIMCO Total Return (“the Fund”) commenced operations on March 1, 2002. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 10
TA IDEX PIMCO Total Return
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX PIMCO Total Return (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.
On March 1, 2004, the Fund changed its name from IDEX PIMCO Total Return to TA IDEX PIMCO Total Return.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 11
TA IDEX PIMCO Total Return
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
TBA purchase commitments: The Fund may enter into “TBA” (to be announced) purchase commitments to purchase securities for a fixed
price at a future date, typically not to exceed 45 days. TBA purchase commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Fund’s other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations. TBA purchase commitments are included in the Schedule of Investments.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not
less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 30, 2004, are listed in the Schedule of Investments.
Swap agreements: The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into
interest rate and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 12
TA IDEX PIMCO Total Return
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.
Swaps are marked to market daily based upon quotations from market makers and vendors and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of interest income on the Statement of Operations.
Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. Open Swap Agreements at April 30, 2004, are listed in the Schedule of Investments.
Futures, options and swaptions contracts: The Fund may enter into futures and/or options contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange
on which they are traded. Option contracts are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with futures contracts and options are imperfect correlation between the change in value of the securities held and the prices of futures contracts and options; the possibility of an illiquid market and inability of the counterparty to meet the contract terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written.
The Fund is authorized to write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Fund represents an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call option is exercised, the writer will enter a swap and is obligated to pay the fixed rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers.
When the Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current value of the swaption. Changes in the value of the swaption are reported as Unrealized gains or losses in written options in the Statement of Assets and Liabilities. Gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the portfolio as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss.
Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, the portfolio enters into swaption contracts with counterparties whose creditworthiness has been approved by the Board of Trustees. The portfolio bears the market risk arising from any changes in index values or interest rates.
The underlying face amounts of open futures, option, and swaption contracts at April 30, 2004, are listed in the Schedule of Investments. The variation margin receivable is included in the accompanying Statement of Assets and Liabilities. The variation margin receivable or payable, as applicable, is included in the accompanying Statement of Assets and Liabilities. Variation margin represents the additional payments due or excess deposits made in order to maintain the equity account at the required margin level.
Transactions in swaptions were as follows:
Premium | Notional Amount | ||||||
Beginning Balance 10/31/2003 | $ | 280 | 18,700 | ||||
Sales | 150 | 15,800 | |||||
Closing Buys | (225 | ) | (15,000 | ) | |||
Expirations | – | – | |||||
Exercised | – | – | |||||
Balance at 04/30/2004 | $ | 205 | 19,500 | ||||
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 13
TA IDEX PIMCO Total Return
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica
Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e. through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 11,463 | 11% | ||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 17,075 | 16% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 20,654 | 20% | |||
Total | $ | 49,192 | 47% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.70% of ANA
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.30% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 30 | |
Retained by Underwriter | 5 | ||
Contingent Deferred Sales Charges | 92 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $13 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $67 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $3. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 10,830 | |
U.S. Government | 64,996 | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 16,350 | ||
U.S. Government | 76,009 |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 14
TA IDEX PIMCO Total Return
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, and foreign currency transactions.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 110,704 | ||
Unrealized Appreciation | $ | 593 | ||
Unrealized (Depreciation) | (569 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 24 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX PIMCO Total Return 15
TA IDEX Protected Principal Stock
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
COMMON STOCKS (99.3%) (c) | |||||
Aerospace (1.2%) | |||||
Boeing Company (The) | 4,900 | $ | 209 | ||
Goodrich Corporation | 600 | 17 | |||
Lockheed Martin Corporation | 2,600 | 124 | |||
Northrop Grumman Corporation | 1,135 | 113 | |||
Textron Inc. | 900 | 50 | |||
United Technologies Corporation | 3,000 | 259 | |||
Air Transportation (0.3%) | |||||
Delta Air Lines, Inc. | 800 | 5 | |||
FedEx Corporation | 1,700 | 122 | |||
Southwest Airlines Co. | 4,600 | 66 | |||
Amusement & Recreation Services (0.5%) | |||||
Disney (Walt) Company (The) | 12,100 | 279 | |||
Harrah’s Entertainment, Inc. | 700 | 37 | |||
Apparel & Accessory Stores (0.5%) | |||||
Gap, Inc. (The) | 5,300 | 117 | |||
Limited, Inc. (The) | 3,100 | 64 | |||
Nordstrom, Inc. | 900 | 32 | |||
TJX Companies, Inc. (The) | 3,000 | 74 | |||
Apparel Products (0.2%) | |||||
Cintas Corporation | 1,000 | 45 | |||
Jones Apparel Group, Inc. | 800 | 29 | |||
Liz Claiborne, Inc. | 700 | 25 | |||
V.F. Corporation | 700 | 32 | |||
Auto Repair, Services & Parking (0.0%) | |||||
Ryder System, Inc. | 400 | 15 | |||
Automotive (1.2%) | |||||
Dana Corporation | 800 | 16 | |||
Delphi Corporation | 3,300 | 34 | |||
Ford Motor Company | 10,800 | 166 | |||
General Motors Corporation | 3,300 | 156 | |||
Harley-Davidson, Inc. | 1,700 | 96 | |||
Honeywell International Inc. | 5,100 | 176 | |||
Navistar International Corporation (a) | 500 | 23 | |||
PACCAR Inc. | 900 | 51 | |||
Visteon Corporation | 700 | 8 | |||
Automotive Dealers & Service Stations (0.1%) | |||||
AutoNation, Inc. (a) | 1,550 | 26 | |||
AutoZone, Inc. (a) | 600 | 53 | |||
Beverages (2.7%) | |||||
Anheuser-Busch Companies, Inc. | 4,800 | 246 | |||
Brown-Forman Corporation–Class B | 800 | 37 | |||
Coca-Cola Company (The) | 14,500 | 733 | |||
Coca-Cola Enterprises Inc. | 2,600 | 70 | |||
Coors (Adolph) Company | 200 | 13 | |||
Pepsi Bottling Group, Inc. (The) | 1,600 | 47 | |||
PepsiCo, Inc. | 10,100 | 550 |
Shares | Value | ||||
Business Services (1.5%) | |||||
Clear Channel Communications, Inc. | 3,600 | $ | 149 | ||
eBay Inc. (a) | 3,800 | 303 | |||
Equifax Inc. | 900 | 22 | |||
First Data Corporation | 5,395 | 245 | |||
Interpublic Group of Companies, Inc. (The) (a) | 2,400 | 38 | |||
Monster Worldwide, Inc. (a) | 700 | 18 | |||
Moody’s Corporation | 800 | 52 | |||
Omnicom Group, Inc. | 1,100 | 87 | |||
Robert Half International Inc. (a) | 1,000 | 27 | |||
Chemicals & Allied Products (3.4%) | |||||
Air Products and Chemicals, Inc. | 1,400 | 70 | |||
Avon Products, Inc. | 1,300 | 109 | |||
Clorox Company (The) | 1,300 | 67 | |||
Colgate-Palmolive Company | 3,200 | 185 | |||
Dow Chemical Company (The) | 5,500 | 218 | |||
du Pont (E.I.) de Nemours and Company | 5,800 | 249 | |||
Eastman Chemical Company | 500 | 21 | |||
Ecolab Inc. | 1,600 | 48 | |||
Great Lakes Chemical Corporation | 300 | 8 | |||
Hercules Incorporated (a) | 700 | 8 | |||
International Flavors & Fragrances Inc. | 600 | 22 | |||
Monsanto Company | 1,571 | 54 | |||
PPG Industries, Inc. | 1,000 | 59 | |||
Praxair, Inc. | 2,000 | 73 | |||
Procter & Gamble Company (The) | 7,700 | 814 | |||
Rohm and Haas Company | 1,400 | 54 | |||
Sherwin-Williams Company (The) | 800 | 30 | |||
Sigma-Aldrich Corporation | 500 | 28 | |||
Commercial Banks (10.1%) | |||||
AmSouth Bancorporation | 2,000 | 44 | |||
Bank of America Corporation | 12,309 | 991 | |||
Bank of New York Company, Inc. (The) | 4,500 | 131 | |||
Bank One Corporation | 6,600 | 326 | |||
BB&T Corporation | 3,300 | 114 | |||
Citigroup Inc. | 30,500 | 1,467 | |||
Comerica Incorporated | 1,100 | 57 | |||
Fifth Third Bancorp | 3,300 | 177 | |||
First Horizon National Corporation | 800 | 35 | |||
Huntington Bancshares Incorporated | 1,400 | 30 | |||
KeyCorp | 2,400 | 71 | |||
M&T Bank Corporation | 800 | 68 | |||
Marshall & Ilsley Corporation | 1,400 | 51 | |||
MBNA Corporation | 7,600 | 185 | |||
Mellon Financial Corporation | 2,600 | 77 | |||
Morgan Chase & Co. (J.P.) | 12,100 | 455 | |||
National City Corporation | 3,600 | 125 | |||
North Fork Bancorporation, Inc. | 800 | 30 | |||
Northern Trust Corporation | 1,300 | 55 | |||
PNC Financial Services Group, Inc. (The) | 1,700 | 90 | |||
Providian Financial Corporation (a) | 1,800 | 22 | |||
Regions Financial Corporation | 1,400 | 49 | |||
SouthTrust Corporation | 1,900 | 59 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 1
TA IDEX Protected Principal Stock
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Commercial Banks (continued) | |||||
State Street Corporation | 1,900 | $ | 93 | ||
SunTrust Banks, Inc. | 1,700 | 116 | |||
Synovus Financial Corp. | 1,700 | 41 | |||
U.S. Bancorp | 11,400 | 292 | |||
Union Planters Corporation | 1,100 | 31 | |||
Wachovia Corporation | 7,900 | 361 | |||
Wells Fargo & Company | 10,100 | 570 | |||
Zions Bancorporation | 600 | 34 | |||
Communication (1.3%) | |||||
Comcast Corporation–Class A (a) | 13,319 | 401 | |||
Viacom, Inc.–Class B | 10,300 | 398 | |||
Communications Equipment (1.4%) | |||||
ADC Telecommunications, Inc. (a) | 4,700 | 12 | |||
Avaya Inc. (a) | 2,400 | 33 | |||
CIENA Corporation (a) | 2,800 | 12 | |||
Comverse Technology, Inc. (a) | 1,200 | 20 | |||
Corning Incorporated (a) | 7,900 | 87 | |||
Lucent Technologies Inc. (a) | 24,900 | 84 | |||
Motorola, Inc. | 13,700 | 250 | |||
QUALCOMM Incorporated | 4,800 | 300 | |||
Rockwell Collins, Inc. | 1,100 | 35 | |||
Scientific-Atlanta, Inc. | 800 | 26 | |||
Tellabs, Inc. (a) | 2,500 | 22 | |||
Computer & Data Processing Services (5.3%) | |||||
Adobe Systems Incorporated | 1,400 | 58 | |||
Affiliated Computer Services, Inc.–Class A (a) | 850 | 41 | |||
Autodesk, Inc. | 700 | 23 | |||
Automatic Data Processing, Inc. | 3,500 | 153 | |||
BMC Software, Inc. (a) | 1,400 | 24 | |||
Citrix Systems, Inc. (a) | 1,000 | 19 | |||
Computer Associates International, Inc. | 3,400 | 91 | |||
Computer Sciences Corporation (a) | 1,100 | 45 | |||
Compuware Corporation (a) | 2,200 | 17 | |||
Convergys Corporation (a) | 900 | 13 | |||
Electronic Arts Inc. (a) | 1,700 | 86 | |||
Electronic Data Systems Corporation | 2,900 | 53 | |||
Fiserv, Inc. (a) | 1,200 | 44 | |||
IMS Health Incorporated | 1,500 | 38 | |||
Intuit Inc. (a) | 1,200 | 51 | |||
Mercury Interactive Corporation (a) | 600 | 26 | |||
Microsoft Corporation | 63,900 | 1,659 | |||
Novell, Inc. (a) | 2,200 | 21 | |||
Oracle Corporation (a) | 31,000 | 348 | |||
Parametric Technology Corporation (a) | 1,600 | 7 | |||
PeopleSoft, Inc. (a) | 2,200 | 37 | |||
Sabre Holdings Corporation | 900 | 21 | |||
Siebel Systems, Inc. (a) | 3,000 | 31 | |||
SunGard Data Systems Inc. (a) | 1,600 | 42 | |||
Symantec Corporation (a) | 1,750 | 79 | |||
Unisys Corporation (a) | 1,900 | 25 | |||
VERITAS Software Corporation (a) | 2,600 | 69 | |||
Yahoo! Inc. (a) | 3,900 | 197 |
Shares | Value | ||||
Computer & Office Equipment (5.1%) | |||||
Apple Computer, Inc. (a) | 2,100 | $ | 54 | ||
Cisco Systems, Inc. (a) | 40,600 | 847 | |||
Dell Inc. (a) | 15,200 | 528 | |||
EMC Corporation (a) | 14,200 | 158 | |||
Gateway, Inc. (a) | 2,000 | 10 | |||
Hewlett-Packard Company | 18,200 | 359 | |||
International Business Machines Corporation | 10,100 | 891 | |||
Lexmark International, Inc. (a) | 800 | 72 | |||
NCR Corporation (a) | 600 | 27 | |||
Network Appliance, Inc. (a) | 2,000 | 37 | |||
Pitney Bowes Inc. | 1,400 | 61 | |||
Sun Microsystems, Inc. (a) | 19,700 | 77 | |||
Symbol Technologies, Inc. | 1,400 | 17 | |||
Xerox Corporation (a) | 4,600 | 62 | |||
Construction (0.2%) | |||||
Ashland Inc. | 500 | 24 | |||
Centex Corporation | 800 | 38 | |||
Fluor Corporation | 500 | 19 | |||
KB Home | 300 | 21 | |||
Pulte Homes, Inc. | 800 | 39 | |||
Department Stores (0.5%) | |||||
Dillard’s, Inc.–Class A | 500 | 8 | |||
Federated Department Stores, Inc. | 1,100 | 54 | |||
J.C. Penney Company, Inc. | 1,700 | 58 | |||
Kohl’s Corporation (a) | 2,100 | 88 | |||
May Department Stores Company (The) | 1,800 | 55 | |||
Sears, Roebuck and Co. | 1,400 | 56 | |||
Drug Stores & Proprietary Stores (0.6%) | |||||
CVS Corporation | 2,400 | 93 | |||
Medco Health Solutions, Inc. (a) | 1,653 | 59 | |||
Walgreen Co. | 6,200 | 214 | |||
Educational Services (0.2%) | |||||
Apollo Group, Inc.–Class A (a) | 1,100 | 100 | |||
Electric Services (1.7%) | |||||
AES Corporation (The) (a) | 3,700 | 32 | |||
Allegheny Energy, Inc. (a) | 800 | 11 | |||
American Electric Power Company, Inc. | 2,300 | 70 | |||
Calpine Corporation (a) | 2,400 | 10 | |||
CenterPoint Energy, Inc. | 1,900 | 21 | |||
Constellation Energy Group, Inc. | 1,000 | 38 | |||
Dominion Resources, Inc. | 2,000 | 128 | |||
DTE Energy Company | 1,000 | 39 | |||
Duke Energy Corporation | 5,300 | 112 | |||
Edison International | 2,000 | 47 | |||
Entergy Corporation | 1,400 | 76 | |||
FirstEnergy Corp. | 1,900 | 74 | |||
FPL Group, Inc. | 1,100 | 70 | |||
Pinnacle West Capital Corporation | 600 | 23 | |||
PPL Corporation | 1,100 | 47 | |||
Progress Energy, Inc. | 1,500 | 64 | |||
Southern Company (The) | 4,300 | 124 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 2
TA IDEX Protected Principal Stock
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Electric Services (continued) | |||||
TECO Energy, Inc. | 1,100 | $ | 14 | ||
TXU Corp. | 2,000 | 68 | |||
Electric, Gas & Sanitary Services (0.9%) | |||||
Ameren Corporation | 1,000 | 44 | |||
Cinergy Corp. | 1,100 | 42 | |||
CMS Energy Corporation (a) | 1,000 | 8 | |||
Consolidated Edison, Inc. | 1,400 | 58 | |||
Exelon Corporation | 2,000 | 134 | |||
NiSource Inc. | 1,600 | 32 | |||
PG&E Corporation (a) | 2,500 | 69 | |||
Public Service Enterprise Group Incorporated | 1,400 | 60 | |||
Sempra Energy | 1,400 | 44 | |||
Xcel Energy Inc. | 2,400 | 40 | |||
Electronic & Other Electric Equipment (3.4%) | |||||
American Power Conversion Corporation | 1,200 | 22 | |||
Cooper Industries, Inc.–Class A | 600 | 33 | |||
Eaton Corporation | 800 | 48 | |||
Emerson Electric Co. | 2,400 | 145 | |||
General Electric Company | 59,500 | 1,781 | |||
Maytag Corporation | 500 | 14 | |||
Thomas & Betts Corporation (a) | 400 | 10 | |||
Whirlpool Corp. | 500 | 33 | |||
Electronic Components & Accessories (3.8%) | |||||
Advanced Micro Devices, Inc. (a) | 2,000 | 28 | |||
Altera Corporation (a) | 2,200 | 44 | |||
Analog Devices, Inc. | 2,100 | 89 | |||
Applied Micro Circuits Corporation (a) | 1,900 | 8 | |||
Broadcom Corporation–Class A (a) | 1,700 | 64 | |||
Intel Corporation | 38,700 | 996 | |||
Jabil Circuit, Inc. (a) | 1,200 | 32 | |||
JDS Uniphase Corporation (a) | 8,500 | 26 | |||
Linear Technology Corporation | 1,900 | 68 | |||
LSI Logic Corporation (a) | 2,200 | 16 | |||
Maxim Integrated Products | 1,900 | 87 | |||
Micron Technology, Inc. (a) | 3,600 | 49 | |||
Molex Incorporated | 1,200 | 36 | |||
National Semiconductor Corporation (a) | 1,100 | 45 | |||
NVIDIA Corporation (a) | 1,000 | 21 | |||
PMC-Sierra, Inc. (a) | 1,000 | 12 | |||
Power-One, Inc. (a) | 500 | 4 | |||
QLogic Corporation (a) | 600 | 16 | |||
Sanmina Corporation (a) | 3,100 | 31 | |||
Solectron Corporation (a) | 4,900 | 24 | |||
Texas Instruments Incorporated | 10,200 | 256 | |||
Tyco International Ltd. | 11,900 | 327 | |||
Xilinx, Inc. (a) | 2,100 | 71 | |||
Environmental Services (0.2%) | |||||
Allied Waste Industries, Inc. (a) | 1,400 | 18 | |||
Waste Management, Inc. | 3,400 | 97 |
Shares | Value | ||||
Fabricated Metal Products (0.6%) | |||||
Crane Co. | 400 | $ | 12 | ||
Fortune Brands, Inc. | 800 | 61 | |||
Gillette Company (The) | 6,100 | 250 | |||
Parker-Hannifin Corporation | 800 | 44 | |||
Stanley Works (The) | 500 | 21 | |||
Finance (0.9%) | |||||
Standard & Poor’s 500 Depositary Receipt | 4,790 | 532 | |||
Food & Kindred Products (2.4%) | |||||
Altria Group, Inc. | 12,000 | 665 | |||
Archer Daniels Midland Co. | 3,800 | 67 | |||
Campbell Soup Company | 2,500 | 69 | |||
ConAgra Foods, Inc. | 3,200 | 92 | |||
General Mills, Inc. | 2,200 | 107 | |||
Heinz (H.J.) Company | 2,000 | 76 | |||
Hershey Foods Corporation | 700 | 62 | |||
Kellogg Company | 2,500 | 107 | |||
McCormick & Company, Incorporated | 900 | 31 | |||
Sara Lee Corporation | 4,700 | 108 | |||
Wrigley (Wm.) Jr. Company | 1,400 | 86 | |||
Food Stores (0.3%) | |||||
Albertson’s, Inc. | 2,100 | 49 | |||
Kroger Co. (The) (a) | 4,400 | 77 | |||
Safeway Inc. (a) | 2,700 | 62 | |||
Winn-Dixie Stores, Inc. | 900 | 7 | |||
Furniture & Fixtures (0.1%) | |||||
Johnson Controls, Inc. | 1,000 | 55 | |||
Leggett & Platt, Incorporated | 1,200 | 27 | |||
Furniture & Home Furnishings Stores (0.1%) | |||||
Bed Bath & Beyond Inc. (a) | 1,800 | 67 | |||
Gas Production & Distribution (0.3%) | |||||
El Paso Corporation | 3,600 | 25 | |||
KeySpan Corporation | 1,000 | 36 | |||
Kinder Morgan, Inc. | 800 | 48 | |||
Nicor Inc. | 300 | 10 | |||
Peoples Energy Corporation | 200 | 8 | |||
Williams Companies, Inc. (The) | 3,100 | 32 | |||
Health Services (0.6%) | |||||
Caremark Rx, Inc. (a) | 2,700 | 91 | |||
HCA Inc. | 3,000 | 122 | |||
Health Management Associates, Inc.–Class A | 1,500 | 35 | |||
Manor Care, Inc. | 600 | 19 | |||
Quest Diagnostics Incorporated | 700 | 59 | |||
Tenet Healthcare Corporation (a) | 2,800 | 33 | |||
Holding & Other Investment Offices (0.4%) | |||||
Apartment Investment & Management Co.–Class A | 540 | 15 | |||
Equity Office Properties Trust | 2,400 | 60 | |||
Equity Residential | 1,700 | 47 | |||
Janus Capital Group, Inc. | 1,500 | 23 | |||
Plum Creek Timber Company, Inc. | 1,100 | 33 | |||
ProLogis | 1,050 | 31 | |||
Simon Property Group, Inc. | 1,200 | 58 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 3
TA IDEX Protected Principal Stock
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Hotels & Other Lodging Places (0.2%) | |||||
Hilton Hotels Corporation | 2,200 | $ | 38 | ||
Marriott International, Inc.–Class A | 1,400 | 66 | |||
Starwood Hotels & Resorts Worldwide, Inc. | 1,200 | 48 | |||
Industrial Machinery & Equipment (1.6%) | |||||
American Standard Companies Inc. (a) | 500 | 53 | |||
Applied Materials, Inc. (a) | 9,900 | 180 | |||
Baker Hughes Incorporated | 1,900 | 70 | |||
Black & Decker Corporation (The) | 500 | 29 | |||
Brunswick Corporation | 600 | 25 | |||
Caterpillar, Inc. | 2,000 | 155 | |||
Cummins Inc. | 300 | 18 | |||
Deere & Company | 1,500 | 102 | |||
Dover Corporation | 1,200 | 48 | |||
Illinois Tool Works Inc. | 1,900 | 164 | |||
Ingersoll-Rand Company–Class A | 1,000 | 65 | |||
ITT Industries, Inc. | 600 | 48 | |||
Novellus Systems, Inc. (a) | 1,000 | 29 | |||
Pall Corporation | 800 | 19 | |||
Instruments & Related Products (0.9%) | |||||
Agilent Technologies, Inc. (a) | 2,800 | 76 | |||
Applera Corporation–Applied Biosystems Group | 1,300 | 24 | |||
Bausch & Lomb Incorporated | 300 | 19 | |||
Danaher Corporation | 1,000 | 93 | |||
Eastman Kodak Company | 1,600 | 41 | |||
KLA–Tencor Corporation (a) | 1,200 | 50 | |||
Millipore Corporation (a) | 300 | 16 | |||
PerkinElmer, Inc. | 800 | 15 | |||
Raytheon Company | 2,500 | 81 | |||
Rockwell International Corporation | 1,100 | 36 | |||
Snap-on Incorporated | 400 | 14 | |||
Tektronix, Inc. | 400 | 12 | |||
Teradyne, Inc. (a) | 1,200 | 24 | |||
Thermo Electron Corporation (a) | 1,000 | 29 | |||
Waters Corporation (a) | 800 | 35 | |||
Insurance (4.7%) | |||||
ACE Limited | 1,700 | 75 | |||
Aetna Inc. | 1,000 | 83 | |||
AFLAC Incorporated | 3,100 | 131 | |||
Allstate Corporation (The) | 4,100 | 188 | |||
Ambac Financial Group, Inc. | 700 | 48 | |||
American International Group, Inc. | 15,400 | 1,103 | |||
Anthem, Inc. (a) | 900 | 80 | |||
Aon Corporation | 1,800 | 47 | |||
Chubb Corporation | 1,100 | 76 | |||
CIGNA Corporation | 900 | 58 | |||
Cincinnati Financial Corporation | 1,050 | 43 | |||
Humana Inc. (a) | 1,000 | 16 | |||
Loews Corporation | 1,100 | 64 | |||
MBIA, Inc. | 900 | 53 | |||
MGIC Investment Corporation | 600 | 44 | |||
Principal Financial Group, Inc. | 2,000 | 71 | |||
Progressive Corporation (The) | 1,300 | 114 |
Shares | Value | ||||
Insurance (continued) | |||||
SAFECO Corporation | 900 | $ | 39 | ||
St. Paul Companies, Inc. (The) | 4,047 | 165 | |||
UnitedHealth Group Incorporated | 3,700 | 227 | |||
UnumProvident Corporation | 1,700 | 26 | |||
WellPoint Health Networks Inc. (a) | 800 | 89 | |||
XL Capital Ltd.–Class A | 900 | 69 | |||
Insurance Agents, Brokers & Service (0.7%) | |||||
Express Scripts, Inc.–Class A (a) | 550 | 43 | |||
Hartford Financial Services Group, Inc. (The) | 1,600 | 98 | |||
Marsh & McLennan Companies, Inc. | 3,200 | 144 | |||
MetLife, Inc. | 4,500 | 155 | |||
Life Insurance (0.6%) | |||||
Jefferson-Pilot Corporation | 900 | 45 | |||
Lincoln National Corporation | 1,100 | 49 | |||
Manulife Financial Corporation | 2,134 | 78 | |||
Prudential Financial, Inc. | 3,100 | 136 | |||
Torchmark Corporation | 700 | 36 | |||
Lumber & Other Building Materials (1.1%) | |||||
Home Depot, Inc. (The) | 13,400 | 472 | |||
Lowe’s Companies, Inc. | 4,600 | 239 | |||
Lumber & Wood Products (0.4%) | |||||
Georgia-Pacific Corporation | 1,600 | 56 | |||
Louisiana-Pacific Corporation | 700 | 17 | |||
Masco Corporation | 2,800 | 78 | |||
Weyerhaeuser Company | 1,300 | 77 | |||
Management Services (0.1%) | |||||
Paychex, Inc. | 2,200 | 82 | |||
Manufacturing Industries (0.2%) | |||||
Hasbro Inc. | 1,000 | 19 | |||
International Game Technology | 2,000 | 75 | |||
Mattel, Inc. | 2,600 | 44 | |||
Medical Instruments & Supplies (2.0%) | |||||
Bard, (C.R.) Inc. | 300 | 32 | |||
Baxter International Inc. | 3,600 | 114 | |||
Becton, Dickinson and Company | 1,600 | 81 | |||
Biomet, Incorporated | 1,600 | 63 | |||
Boston Scientific Corporation (a) | 4,800 | 198 | |||
Guidant Corporation | 1,900 | 120 | |||
Medtronic, Inc. | 7,200 | 363 | |||
St. Jude Medical, Inc. (a) | 1,000 | 76 | |||
Stryker Corporation | 1,200 | 119 | |||
Zimmer Holdings, Inc. (a) | 1,300 | 104 | |||
Metal Cans & Shipping Containers (0.0%) | |||||
Ball Corporation | 400 | 26 | |||
Metal Mining (0.2%) | |||||
Freeport-McMoRan Copper & Gold Inc.–Class B | 1,000 | 31 | |||
Newmont Mining Corporation | 2,600 | 97 | |||
Mining (0.1%) | |||||
Vulcan Materials Company | 700 | 32 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 4
TA IDEX Protected Principal Stock
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Mortgage Bankers & Brokers (0.2%) | |||||
Countrywide Financial Corporation | 1,650 | $ | 98 | ||
Motion Pictures (0.7%) | |||||
Time Warner Inc. (a) | 26,900 | 452 | |||
Motor Vehicles, Parts & Supplies (0.1%) | |||||
Genuine Parts Company | 1,000 | 36 | |||
Oil & Gas Extraction (2.0%) | |||||
Anadarko Petroleum Corporation | 1,500 | 80 | |||
Apache Corporation | 1,910 | 80 | |||
BJ Services Company (a) | 1,000 | 45 | |||
Burlington Resources Inc. | 1,200 | 81 | |||
ConocoPhillips | 4,004 | 285 | |||
Devon Energy Corporation | 1,100 | 67 | |||
Dynegy Inc. (a) | 2,200 | 9 | |||
EOG Resources, Inc. | 600 | 30 | |||
Halliburton Company | 2,500 | 75 | |||
Kerr-McGee Corporation | 500 | 24 | |||
Nabors Industries Ltd. (a) | 800 | 35 | |||
Noble Corporation (a) | 700 | 26 | |||
Occidental Petroleum Corporation | 2,200 | 104 | |||
Rowan Companies, Inc. (a) | 600 | 13 | |||
Schlumberger Limited | 3,400 | 199 | |||
Transocean Inc. (a) | 1,800 | 50 | |||
Unocal Corporation | 1,600 | 58 | |||
Paper & Allied Products (1.4%) | |||||
3M Company | 4,600 | 398 | |||
Avery Dennison Corporation | 700 | 45 | |||
Bemis Company, Inc. | 600 | 16 | |||
International Paper Company | 2,900 | 117 | |||
Kimberly-Clark Corporation | 3,000 | 196 | |||
MeadWestvaco Corporation | 1,200 | 31 | |||
Pactiv Corporation (a) | 1,000 | 23 | |||
Temple-Inland Inc. | 400 | 25 | |||
Paper & Paper Products (0.0%) | |||||
Boise Cascade Corporation | 400 | 13 | |||
Personal Credit Institutions (0.3%) | |||||
Capital One Financial Corporation | 1,400 | 92 | |||
SLM Corporation | 2,600 | 100 | |||
Personal Services (0.3%) | |||||
Block (H&R), Inc. | 1,100 | 50 | |||
Cendant Corporation | 6,200 | 147 | |||
Petroleum Refining (3.9%) | |||||
Amerada Hess Corporation | 600 | 43 | |||
ChevronTexaco Corporation | 6,600 | 604 | |||
Exxon Mobil Corporation | 39,100 | 1,664 | |||
Marathon Oil Corporation | 1,900 | 64 | |||
Sunoco, Inc. | 500 | 31 | |||
Pharmaceuticals (9.7%) | |||||
Abbott Laboratories | 9,200 | 405 | |||
Allergan, Inc. | 700 | 62 |
Shares | Value | ||||
Pharmaceuticals (continued) | |||||
AmerisourceBergen Corporation | 700 | $ | 41 | ||
Amgen Inc. (a) | 7,872 | 443 | |||
Biogen, Inc. (a) | 1,600 | 94 | |||
Bristol-Myers Squibb Co. | 11,400 | 286 | |||
Cardinal Health, Inc. | 2,600 | 190 | |||
Chiron Corporation (a) | 1,100 | 51 | |||
Forest Laboratories, Inc. (a) | 2,100 | 135 | |||
Genzyme Corporation–General Division (a) | 1,400 | 61 | |||
Johnson & Johnson | 17,500 | 946 | |||
King Pharmaceuticals, Inc. (a) | 1,500 | 26 | |||
Lilly (Eli) and Company | 6,700 | 495 | |||
McKesson HBOC, Inc. | 1,800 | 59 | |||
Medimmune, Inc. (a) | 1,500 | 36 | |||
Merck & Co., Inc. | 13,200 | 620 | |||
Pfizer Inc. | 45,240 | 1,618 | |||
Schering-Plough Corporation | 8,600 | 144 | |||
Watson Pharmaceuticals, Inc. (a) | 700 | 25 | |||
Wyeth | 7,900 | 301 | |||
Primary Metal Industries (0.5%) | |||||
Alcoa Inc. | 5,100 | 157 | |||
Allegheny Technologies Incorporated | 500 | 5 | |||
Andrew Corporation (a) | 700 | 12 | |||
Engelhard Corporation | 800 | 23 | |||
Nucor Corporation | 500 | 30 | |||
Phelps Dodge Corporation (a) | 600 | 39 | |||
United States Steel Corporation | 700 | 20 | |||
Worthington Industries, Inc. | 600 | 11 | |||
Printing & Publishing (0.8%) | |||||
American Greetings Corporation–Class A (a) | 400 | 8 | |||
Deluxe Corporation | 300 | 12 | |||
Donnelley (R.R.) & Sons Company | 700 | 21 | |||
Dow Jones & Company, Inc. | 500 | 23 | |||
Gannett Co., Inc. | 1,700 | 147 | |||
Knight-Ridder, Inc. | 500 | 39 | |||
McGraw-Hill Companies, Inc. (The) | 1,200 | 95 | |||
Meredith Corporation | 300 | 15 | |||
New York Times Company (The)–Class A | 800 | 37 | |||
Tribune Company | 1,800 | 86 | |||
Radio & Television Broadcasting (0.1%) | |||||
Univision Communications Inc.–Class A (a) | 1,600 | 54 | |||
Radio, Television & Computer Stores (0.2%) | |||||
Best Buy Co., Inc. | 2,000 | 109 | |||
Circuit City Stores, Inc.–Circuit City Group | 1,300 | 15 | |||
RadioShack Corporation | 1,000 | 31 | |||
Railroads (0.4%) | |||||
Burlington Northern Santa Fe Corporation | 2,100 | 69 | |||
CSX Corporation | 1,300 | 40 | |||
Norfolk Southern Corporation | 2,400 | 57 | |||
Union Pacific Corporation | 1,600 | 94 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 5
TA IDEX Protected Principal Stock
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Restaurants (0.7%) | |||||
Darden Restaurants, Inc. | 1,000 | $ | 23 | ||
McDonald’s Corporation | 7,500 | 204 | |||
Starbucks Corporation (a) | 2,400 | 93 | |||
Wendy’s International, Inc. | 700 | 27 | |||
YUM! Brands, Inc. (a) | 1,800 | 70 | |||
Retail Trade (0.3%) | |||||
Alberto-Culver Company–Class B | 600 | 28 | |||
Office Depot, Inc. (a) | 1,800 | 32 | |||
Staples, Inc. | 2,900 | 75 | |||
Tiffany & Co. | 800 | 31 | |||
Toys “R” Us, Inc. (a) | 1,300 | 20 | |||
Rubber & Misc. Plastic Products (0.4%) | |||||
Cooper Tire & Rubber Company | 500 | 11 | |||
Goodyear Tire & Rubber Company (The) (a) | 1,100 | 10 | |||
Newell Financial Trust I | 1,700 | 40 | |||
NIKE, Inc.–Class B | 1,600 | 115 | |||
Reebok International Ltd. | 400 | 15 | |||
Sealed Air Corporation (a) | 600 | 29 | |||
Savings Institutions (0.6%) | |||||
Charter One Financial, Inc. | 1,390 | 46 | |||
Golden West Financial Corporation | 800 | 84 | |||
Washington Mutual, Inc. | 5,400 | 213 | |||
Security & Commodity Brokers (2.7%) | |||||
American Express Company | 7,800 | 382 | |||
Bear Stearns Companies Inc. (The) | 600 | 48 | |||
E*TRADE Financial Corporation (a) | 1,950 | 22 | |||
Federated Investors, Inc.–Class B | 550 | 16 | |||
Franklin Resources, Inc. | 1,500 | 82 | |||
Goldman Sachs Group, Inc. (The) | 2,800 | 270 | |||
Lehman Brothers Holdings Inc. | 1,700 | 125 | |||
Merrill Lynch & Co., Inc. | 5,500 | 298 | |||
Morgan Stanley | 6,600 | 339 | |||
Schwab (Charles) Corporation (The) | 8,100 | 83 | |||
T. Rowe Price Group, Inc. | 800 | 41 | |||
Telecommunications (3.5%) | |||||
ALLTEL Corporation | 1,900 | 96 | |||
AT&T Corp. | 4,700 | 81 | |||
AT&T Wireless Services, Inc. (a) | 16,100 | 222 | |||
BellSouth Corporation | 11,000 | 284 | |||
CenturyTel, Inc. | 900 | 26 | |||
Citizens Communications Company (a) | 1,600 | 21 | |||
Nextel Communications, Inc.–Class A (a) | 6,500 | 155 | |||
Qwest Communications International Inc. (a) | 10,500 | 42 | |||
SBC Communications Inc. | 19,800 | 493 | |||
Sprint Corporation (FON Group) | 8,450 | 151 | |||
Verizon Communications, Inc. | 16,400 | 619 |
Shares | Value | |||||
Tobacco Products (0.1%) | ||||||
R.J. Reynolds Tobacco Holdings, Inc. | 600 | $ | 39 | |||
UST Inc. | 1,000 | 37 | ||||
Transportation Equipment (0.2%) | ||||||
General Dynamics Corporation | 1,200 | 112 | ||||
Trucking & Warehousing (0.8%) | ||||||
United Parcel Service, Inc.–Class B | 6,900 | 484 | ||||
U.S. Government Agencies (1.0%) | ||||||
Fannie Mae | 5,700 | 392 | ||||
Freddie Mac | 4,100 | 239 | ||||
Variety Stores (3.0%) | ||||||
Big Lots, Inc. (a) | 600 | 8 | ||||
Costco Wholesale Corporation (a) | 2,800 | 105 | ||||
Dollar General Corporation | 1,900 | 36 | ||||
Family Dollar Stores, Inc. | 1,000 | 32 | ||||
Target Corporation | 5,300 | 230 | ||||
Wal-Mart Stores, Inc. | 25,500 | 1,454 | ||||
Water Transportation (0.3%) | ||||||
Carnival Corporation | 3,700 | 158 | ||||
Wholesale Trade Durable Goods (0.0%) | ||||||
Grainger (W.W.), Inc. | 600 | 31 | ||||
Wholesale Trade Nondurable Goods (0.3%) | ||||||
SUPERVALU INC. | 700 | 22 | ||||
SYSCO Corporation | 3,900 | 149 | ||||
Total Common Stocks (cost: $52,758) | 61,726 | |||||
Principal | Value | |||||
PURCHASED OPTIONS (0.7%) | ||||||
Put Options (0.7%) | ||||||
S & P 500 Index | ||||||
Put Strike $1,025.00, | ||||||
Expires 06/19/2004 | $ | 127 | $ | 79 | ||
S & P 500 Index | ||||||
Put Strike $1,050.00, | ||||||
Expires 05/22/2004 | 151 | 46 | ||||
S & P 500 Index | ||||||
Put Strike $1,050.00, | ||||||
Expires 06/19/2004 | 151 | 152 | ||||
S & P 500 Index | ||||||
Put Strike $1,050.00, | ||||||
Expires 06/19/2004 | 127 | 128 | ||||
Total Purchased Options (cost: $455) | 405 | |||||
Total Investment Securities (cost: $53,213) | $ | 62,131 | ||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 6
TA IDEX Protected Principal Stock
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Contracts (b) | Value | ||||
WRITTEN OPTIONS (-0.8%) | |||||
Covered Call Options (-0.8%) | |||||
S & P 500 Index | |||||
Call Strike $1,125.00, | |||||
Expires 05/22/2004 | 101 | $ | (75) | ||
S & P 500 Index | |||||
Call Strike $1,125.00, | |||||
Expires 05/22/2004 | 68 | (50) | |||
S & P 500 Index | |||||
Call Strike $1,125.00, | |||||
Expires 06/19/2004 | 88 | (142) | |||
S & P 500 Index | |||||
Call Strike $1,125.00, | |||||
Expires 06/19/2004 | 86 | (138) | |||
S & P 500 Index | |||||
Call Strike $1,150.00, | |||||
Expires 05/22/2004 | 128 | (25) | |||
S & P 500 Index | |||||
Call Strike $1,150.00, | |||||
Expires 06/19/2004 | 86 | (63) | |||
Total Written Options (premium: $1,467) | $ | (493) | |||
SUMMARY: | |||||
Investments, at value | 100.0% | $ | 62,131 | ||
Written options | (0.8)% | (493) | |||
Other assets in excess of liabilities | 0.8% | 448 | |||
Net assets | 100.0% | $ | 62,086 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | Contract amounts are not in thousands. |
(c) | Substantially all of the Fund’s common stocks are memo pledged as collateral by the custodian for the listed short index option contracts written by the Fund (see Note 1). |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 7
TA IDEX Protected Principal Stock
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $53,213) | $ | 62,131 | ||
Cash | 601 | |||
Receivables: | ||||
Shares of beneficial interest sold | 33 | |||
Dividends | 80 | |||
Other | 2 | |||
62,847 | ||||
Liabilities: | ||||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 5 | |||
Management and advisory fees | 68 | |||
Due to advisor | 75 | |||
Distribution fees | 47 | |||
Transfer agent fees | 39 | |||
Written options (premium: $1,467) | 493 | |||
Other | 34 | |||
761 | ||||
Net Assets | $ | 62,086 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 59,325 | ||
Accumulated net investment income (loss) | (353 | ) | ||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (4,993 | ) | ||
Written option contracts | (1,785 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 8,918 | |||
Written option contracts | 974 | |||
Net Assets | $ | 62,086 | ||
Net Assets by Class: | ||||
Class A | $ | 8,440 | ||
Class B | 43,918 | |||
Class C2 | 6,743 | |||
Class M | 2,985 | |||
Shares Outstanding: | ||||
Class A | 817 | |||
Class B | 4,268 | |||
Class C2 | 655 | |||
Class M | 290 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 10.34 | ||
Class B | 10.30 | |||
Class C2 | 10.30 | |||
Class M | 10.31 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 10.94 | ||
Class M | 10.41 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B and C2 shares represents offering price. The redemption price for Classes B and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 2 | ||
Dividends | 549 | |||
551 | ||||
Expenses: | ||||
Management and advisory fees | 418 | |||
Transfer agent fees | 29 | |||
Printing and shareholder reports | 16 | |||
Custody fees | 8 | |||
Administration fees | 11 | |||
Legal fees | 2 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 2 | |||
Registration fees | 25 | |||
Other | 19 | |||
Distribution and service fees: | ||||
Class A | 16 | |||
Class B | 227 | |||
Class C2 | 35 | |||
Class M | 14 | |||
Total expenses before recovery of waived expenses | 829 | |||
Recovered expenses | 75 | |||
Total expenses | 904 | |||
Net Investment Income (Loss) | (353 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | (553 | ) | ||
Written option contracts | (1,785 | ) | ||
(2,338 | ) | |||
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | 3,101 | |||
Written option contracts | 578 | |||
3,679 | ||||
Net Gain (Loss) on Investment Securities and Written Option Contracts | 1,341 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 988 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 8
TA IDEX Protected Principal Stock
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (353 | ) | $ | (685 | ) | ||
Net realized gain (loss) from investment securities and written options | (2,338 | ) | (4,420 | ) | ||||
Net unrealized appreciation (depreciation) | 3,679 | 11,181 | ||||||
988 | 6,076 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | (728 | ) | |||||
Class B | – | (3,475 | ) | |||||
Class C2 | – | (519 | ) | |||||
Class M | – | (301 | ) | |||||
– | (5,023 | ) | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 3 | 171 | ||||||
Class B | 1 | – | ||||||
Class C2 | 2 | 6 | ||||||
Class M | – | – | ||||||
6 | 177 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | 733 | ||||||
Class B | – | 3,468 | ||||||
Class C2 | – | 519 | ||||||
Class M | – | 301 | ||||||
– | 5,021 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (1,050 | ) | (2,125 | ) | ||||
Class B | (3,462 | ) | (4,642 | ) | ||||
Class C2 | (402 | ) | (576 | ) | ||||
Class M | (640 | ) | (858 | ) | ||||
(5,554 | ) | (8,201 | ) | |||||
(5,548 | ) | (3,003 | ) | |||||
Net increase (decrease) in net assets | (4,560 | ) | (1,950 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 66,646 | 68,596 | ||||||
End of period | $ | 62,086 | $ | 66,646 | ||||
Accumulated Net Investment Income (Loss) | $ | (353 | ) | $ | – | |||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | – | 17 | ||||
Class B | – | – | ||||
Class C2 | – | 1 | ||||
Class M | – | – | ||||
– | 18 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | – | 78 | ||||
Class B | – | 369 | ||||
Class C2 | – | 55 | ||||
Class M | – | 32 | ||||
– | 534 | |||||
Shares redeemed: | ||||||
Class A | (102 | ) | (213 | ) | ||
Class B | (336 | ) | (480 | ) | ||
Class C2 | (39 | ) | (59 | ) | ||
Class M | (62 | ) | (87 | ) | ||
(539 | ) | (839 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | (102 | ) | (118 | ) | ||
Class B | (336 | ) | (111 | ) | ||
Class C2 | (39 | ) | (3 | ) | ||
Class M | (62 | ) | (55 | ) | ||
(539 | ) | (287 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 9
TA IDEX Protected Principal Stock
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 10.15 | $ | (0.02 | ) | $ | 0.21 | $ | 0.19 | $ | – | $ | – | $ | – | $ | 10.34 | |||||||||||
10/31/2003 | 10.01 | (0.04 | ) | 0.92 | 0.88 | – | (0.74 | ) | (0.74 | ) | 10.15 | ||||||||||||||||||
10/31/2002 | 10.00 | (0.02 | ) | 0.03 | 0.01 | – | – | – | 10.01 | ||||||||||||||||||||
Class B | 04/30/2004 | 10.15 | (0.05 | ) | 0.20 | 0.15 | – | – | – | 10.30 | |||||||||||||||||||
10/31/2003 | 10.01 | (0.11 | ) | 0.99 | 0.88 | – | (0.74 | ) | (0.74 | ) | 10.15 | ||||||||||||||||||
10/31/2002 | 10.00 | (0.04 | ) | 0.05 | 0.01 | – | – | – | 10.01 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 10.15 | (0.05 | ) | 0.20 | 0.15 | – | – | – | 10.30 | |||||||||||||||||||
10/31/2003 | 10.01 | (0.11 | ) | 0.99 | 0.88 | – | (0.74 | ) | (0.74 | ) | 10.15 | ||||||||||||||||||
10/31/2002 | 10.00 | (0.04 | ) | 0.05 | 0.01 | – | – | – | 10.01 | ||||||||||||||||||||
Class M | 04/30/2004 | 10.14 | (0.04 | ) | 0.21 | 0.17 | – | – | – | 10.31 | |||||||||||||||||||
10/31/2003 | 10.01 | (0.10 | ) | 0.97 | 0.87 | – | (0.74 | ) | (0.74 | ) | 10.14 | ||||||||||||||||||
10/31/2002 | 10.00 | (0.04 | ) | 0.05 | 0.01 | – | – | – | 10.01 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 1.87 | % | $ | 8,440 | 2.01 | % | 2.25 | % | (0.54 | )% | – | % | |||||||
10/31/2003 | 9.44 | 9,320 | 2.25 | 2.25 | (0.46 | ) | 3 | |||||||||||||
10/31/2002 | 0.10 | 10,381 | 2.25 | 2.62 | (0.70 | ) | 14 | |||||||||||||
Class B | 04/30/2004 | 1.48 | 43,918 | 2.66 | 2.90 | (1.19 | ) | – | ||||||||||||
10/31/2003 | 9.44 | 46,709 | 2.90 | 2.90 | (1.11 | ) | 3 | |||||||||||||
10/31/2002 | 0.10 | 47,170 | 2.90 | 3.28 | (1.35 | ) | 14 | |||||||||||||
Class C2 | 04/30/2004 | 1.48 | 6,743 | 2.66 | 2.90 | (1.19 | ) | – | ||||||||||||
10/31/2003 | 9.44 | 7,041 | 2.90 | 2.90 | (1.11 | ) | 3 | |||||||||||||
10/31/2002 | 0.10 | 6,969 | 2.90 | 3.28 | (1.35 | ) | 14 | |||||||||||||
Class M | 04/30/2004 | 1.68 | 2,985 | 2.56 | 2.80 | (1.09 | ) | – | ||||||||||||
10/31/2003 | 9.33 | 3,576 | 2.80 | 2.80 | (1.01 | ) | 3 | |||||||||||||
10/31/2002 | 0.10 | 4,076 | 2.80 | 3.18 | (1.25 | ) | 14 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any and excludes the recovery of waived expenses. (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Protected Principal Stock commenced operations on July 1, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 10
TA IDEX Protected Principal Stock
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Protected Principal Stock (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on July 1, 2002.
On March 1, 2004, the Fund changed its name from IDEX Protected Principal Stock to TA IDEX Protected Principal Stock.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers four classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed to class C2 shares on that date. Currently all share classes are closed to new investors. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under the Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on a day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Option contracts: The Fund may enter into options contracts to manage exposure to market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount is subsequently marked-to-market to reflect the current value of the option written.
The underlying face amounts of open contracts at April 30, 2004, are listed in the Schedule of Investments.
Substantially all the Fund’s common stocks are memo pledged as collateral by the custodian for the listed short index option contracts written by the Fund. The custodian uses the escrow receipt depository of the Options Clearing Corporation (“OCC”) to effect pledging while main - -
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 11
TA IDEX Protected Principal Stock
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
taining custody of the stock positions, rather than delivering them to broker-dealers. The OCC guarantees the obligations of the contracts that they clear are fulfilled.
Transactions in written call and put options were as follows:
Premium | Contracts* | ||||||
Beginning Balance 10/31/2003 | $ | 2,599 | 638 | ||||
Sales | 6,078 | 2,037 | |||||
Closing Buys | (6,778 | ) | (1,942 | ) | |||
Expirations | (432 | ) | (176 | ) | |||
Exercised | – | – | |||||
Balance at 04/30/2004 | $ | 1,467 | 557 | ||||
* | Contracts not in thousands. |
TA IDEX Protected Principal Stock Guarantee: The Fund’s investment adviser, AEGON/Transamerica Fund Advisers, Inc. (“ATFA”), guarantees shareholders a Guaranteed Amount five years after the end of the Offering Period. The Guaranteed Amount will be no less than the value of that shareholder’s account on the Investment Date, less extraordinary charges, provided that shareholders have reinvested all dividends and distributions in additional shares and have redeemed no shares (“Guarantee”). Please see the Prospectus and the Statement of Additional Information for further information on the Guarantee.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATIS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
1.30% of the first $100 million of ANA
1.25% of ANA over $100 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.90% Expense Limit
If total Fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Advisory Fee Waived | Available for Recapture Through | ||||
Fiscal Year 2003 | $ | 9 | 10/31/2006 | ||
Fiscal Year 2002 | 85 | 10/31/2005 |
Expenses Recovered by Adviser | Increase in Total Expenses to Average Net Assets | |||
Recovered in 2004 | 75 | 0.24% |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | – | |
Retained by Underwriter | – | ||
Contingent Deferred Sales Charges | 129 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal Fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $11 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $29 for the period ended April 30, 2004.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 12
TA IDEX Protected Principal Stock
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 253 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 9,197 | ||
U.S. Government | 116 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforward is available to offset future realized capital gains through the period listed:
Capital Loss | Available through | |
$4,710 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 53,211 | ||
Unrealized Appreciation | $ | 10,428 | ||
Unrealized (Depreciation) | (1,508 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 8,920 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares converted to Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Protected Principal Stock 13
TA IDEX Salomon All Cap
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
PREFERRED STOCKS (1.0%) | |||||
Motion Pictures (1.0%) | |||||
News Corporation Limited (The)–ADR | 209,000 | $ | 7,054 | ||
Total Preferred Stocks (cost: $5,838) | 7,054 | ||||
COMMON STOCKS (92.2%) | |||||
Aerospace (0.8%) | |||||
Boeing Company (The) | 127,300 | 5,434 | |||
Amusement & Recreation Services (1.1%) | |||||
Disney (Walt) Company (The) | 316,400 | 7,287 | |||
Apparel & Accessory Stores (0.4%) | |||||
Gap, Inc. (The) (b) | 119,400 | 2,628 | |||
Apparel Products (0.3%) | |||||
Tommy Hilfiger Corporation (a) | 121,800 | 1,900 | |||
Automotive (1.3%) | |||||
Delphi Corporation | 376,300 | 3,838 | |||
Honeywell International Inc. | 140,000 | 4,841 | |||
Business Services (0.4%) | |||||
Catalina Marketing Corporation (a)(b) | 98,900 | 1,640 | |||
NDCHealth Corporation | 57,600 | 1,317 | |||
Chemicals & Allied Products (3.0%) | |||||
Cabot Corporation | 275,000 | 9,295 | |||
Crompton Corporation | 477,100 | 2,968 | |||
Dow Chemical Company (The) | 200,100 | 7,942 | |||
Commercial Banks (4.6%) | |||||
Bank of New York Company, Inc. (The) | 154,700 | 4,508 | |||
Bank One Corporation | 100,000 | 4,937 | |||
Mitsubishi Tokyo Financial Group, Inc. | 946 | 8,420 | |||
Morgan Chase & Co. (J.P.) (b) | 193,100 | 7,261 | |||
State Street Corporation | 126,100 | 6,154 | |||
Communication (3.8%) | |||||
Comcast Corporation–Special Class A (a) | 324,900 | 9,418 | |||
Liberty Media Corporation–Class A (a) | 910,700 | 9,963 | |||
Viacom, Inc.–Class B | 173,200 | 6,694 | |||
Communications Equipment (6.1%) | |||||
Lucent Technologies Inc. (a)(b) | 2,115,300 | 7,129 | |||
Motorola, Inc. | 811,600 | 14,812 | |||
Nokia Corporation–ADR (b) | 525,000 | 7,355 | |||
Telefonaktiebolaget LM Ericsson–ADR (a)(b) | 464,660 | 12,392 | |||
Computer & Data Processing Services (5.4%) | |||||
Actuate Corporation (a) | 47,600 | 156 | |||
Micromuse Inc. (a) | 700,000 | 4,697 | |||
Microsoft Corporation | 339,700 | 8,822 | |||
RealNetworks, Inc. (a) | 710,000 | 4,083 | |||
Sabre Holdings Corporation | 240,300 | 5,669 | |||
SunGard Data Systems Inc. (a) | 243,200 | 6,340 | |||
Unisys Corporation (a) | 555,600 | 7,239 | |||
Computer & Office Equipment (0.5%) | |||||
3Com Corporation (a) | 597,300 | 3,679 |
Shares | Value | ||||
Construction (0.3%) | |||||
Fluor Corporation (b) | 50,100 | $ | 1,912 | ||
Electronic & Other Electric Equipment (0.3%) | |||||
Sony Corporation (b) | 50,000 | 1,935 | |||
Electronic Components & Accessories (4.7%) | |||||
Intel Corporation | 317,700 | 8,174 | |||
Lattice Semiconductor Corporation (a) | 213,000 | 1,517 | |||
Solectron Corporation (a) | 1,900,500 | 9,312 | |||
Taiwan Semiconductor Manufacturing Company Ltd.–ADR (a) | 881,300 | 8,399 | |||
Texas Instruments Incorporated | 194,200 | 4,874 | |||
Environmental Services (1.1%) | |||||
Waste Management, Inc. | 275,400 | 7,821 | |||
Fabricated Metal Products (0.5%) | |||||
Shaw Group Inc. (The) (a)(b) | 284,300 | 3,412 | |||
Food Stores (1.1%) | |||||
Safeway Inc. (a)(b) | 321,200 | 7,372 | |||
Gas Production & Distribution (0.8%) | |||||
Williams Companies, Inc. (The) | 526,500 | 5,423 | |||
Health Services (0.4%) | |||||
Enzo Biochemical, Inc. (a)(b) | 168,800 | 2,456 | |||
Industrial Machinery & Equipment (1.7%) | |||||
Caterpillar, Inc. | 87,000 | 6,763 | |||
Deere & Company | 75,000 | 5,103 | |||
Instruments & Related Products (3.0%) | |||||
Agilent Technologies, Inc. (a) | 362,300 | 9,785 | |||
Raytheon Company | 330,400 | 10,659 | |||
Insurance (8.4%) | |||||
Ambac Financial Group, Inc. | 112,900 | 7,790 | |||
American International Group, Inc. | 138,100 | 9,895 | |||
Assured Guaranty Ltd. (a)(b) | 97,000 | 1,717 | |||
Chubb Corporation | 115,780 | 7,989 | |||
CNA Surety Corporation (a) | 294,600 | 3,208 | |||
MBIA, Inc. | 125,000 | 7,361 | |||
MGIC Investment Corporation | 122,000 | 8,982 | |||
PMI Group, Inc. (The) (b) | 41,100 | 1,769 | |||
Radian Group, Inc. | 200,400 | 9,320 | |||
Insurance Agents, Brokers & Service (1.9%) | |||||
Hartford Financial Services Group, Inc. (The) | 100,000 | 6,108 | |||
Marsh & McLennan Companies, Inc. | 150,000 | 6,765 | |||
Life Insurance (0.3%) | |||||
Scottish Annuity & Life Holdings, Ltd. (b) | 99,000 | 2,166 | |||
Lumber & Other Building Materials (0.9%) | |||||
Home Depot, Inc. (The) | 182,100 | 6,408 | |||
Lumber & Wood Products (2.6%) | |||||
Georgia-Pacific Corporation | 269,200 | 9,448 | |||
Weyerhaeuser Company | 141,800 | 8,395 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 1
TA IDEX Salomon All Cap
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Manufacturing Industries (1.1%) | |||||
Hasbro Inc. | 384,700 | $ | 7,267 | ||
Metal Mining (1.3%) | |||||
Newmont Mining Corporation | 235,700 | 8,815 | |||
Motion Pictures (3.0%) | |||||
Metro-Goldwyn-Mayer Inc. (a)(b) | 240,292 | 5,051 | |||
News Corporation Limited (The)–ADR (b) | 149,900 | 5,480 | |||
Time Warner Inc. (a) | 600,000 | 10,092 | |||
Oil & Gas Extraction (3.3%) | |||||
Anadarko Petroleum Corporation | 126,500 | 6,778 | |||
GlobalSantaFe Corporation | 175,000 | 4,615 | |||
Halliburton Company (b) | 225,000 | 6,705 | |||
Schlumberger Limited | 75,000 | 4,390 | |||
Paper & Allied Products (1.0%) | |||||
Smurfit-Stone Container Corporation (a) | 379,300 | 6,520 | |||
Petroleum Refining (2.1%) | |||||
ChevronTexaco Corporation | 95,400 | 8,729 | |||
Murphy Oil Corporation | 80,500 | 5,514 | |||
Pharmaceuticals (11.6%) | |||||
Abbott Laboratories | 223,200 | 9,825 | |||
Aphton Corporation (a)(b) | 500,200 | 2,451 | |||
Genelabs Technologies, Inc. (a) | 274,500 | 755 | |||
Glaxo Wellcome PLC–ADR | 197,400 | 8,291 | |||
Johnson & Johnson | 201,000 | 10,860 | |||
McKesson HBOC, Inc. | 246,000 | 8,084 | |||
Merck & Co., Inc. | 242,100 | 11,379 | |||
Novartis AG –ADR | 125,000 | 5,600 | |||
Pfizer Inc. | 347,800 | 12,437 | |||
Wyeth | 212,000 | 8,071 | |||
XOMA Ltd. (a) | 405,900 | 1,741 | |||
Primary Metal Industries (4.1%) | |||||
Alcoa Inc. | 302,300 | 9,296 | |||
Allegheny Technologies Incorporated | 371,400 | 3,796 | |||
Brush Engineered Materials Inc. (a) | 90,600 | 1,466 | |||
Engelhard Corporation | 179,900 | 5,224 | |||
Nucor Corporation (b) | 100,000 | 5,940 | |||
RTI International Metals, Inc. (a) | 128,800 | 1,887 | |||
Printing & Publishing (0.3%) | |||||
MarketWatch.com, Inc. (a)(b) | 200,000 | 2,100 | |||
Savings Institutions (0.1%) | |||||
Washington Mutual, Inc. | 15,300 | 603 | |||
Security & Commodity Brokers (3.2%) | |||||
American Express Company | 175,000 | 8,566 | |||
Merrill Lynch & Co., Inc. | 144,000 | 7,809 | |||
Morgan Stanley | 100,000 | 5,139 |
Shares | Value | |||||
Telecommunications (3.4%) | ||||||
Nippon Telegraph and Telephone Corporation–ADR | 313,900 | $ | 8,152 | |||
SBC Communications Inc. | 250,000 | 6,225 | ||||
Vodafone Group PLC–ADR (b) | 351,800 | 8,633 | ||||
Transportation Equipment (0.2%) | ||||||
Fleetwood Enterprises, Inc. (a)(b) | 103,700 | 1,504 | ||||
Variety Stores (1.0%) | ||||||
Costco Wholesale Corporation (a) | 175,000 | 6,554 | ||||
Wholesale Trade Durable Goods (0.8%) | ||||||
IKON Office Solutions, Inc. | 468,300 | 5,212 | ||||
Total Common Stocks (cost: $577,859) | 628,612 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (10.5%) | ||||||
Debt (5.7%) | ||||||
Bank Notes (1.0%) | ||||||
Canadian Imperial Bank of Commerce | $ | 3,538 | $ | 3,538 | ||
Fleet National Bank | 3,538 | 3,538 | ||||
Euro Dollar Overnight (0.5%) | ||||||
Credit Agricole Indosuez | 2,123 | 2,123 | ||||
Royal Bank of Scotland Group PLC (The) | 1,274 | 1,274 | ||||
Euro Dollar Terms (1.4%) | ||||||
Bank of Montreal | 413 | 413 | ||||
BNP Paribas SA | 2,123 | 2,123 | ||||
1.08%, due 07/29/2004 | 2,123 | 2,123 | ||||
Den Danske Bank | 1,415 | 1,415 | ||||
Royal Bank of Scotland Group PLC (The) | 1,415 | 1,415 | ||||
Wells Fargo & Company | 2,123 | 2,123 | ||||
Promissory Notes (0.7%) | ||||||
Goldman Sachs Group, Inc. (The) | 4,953 | 4,953 | ||||
Repurchase Agreements (2.1%) (c) | ||||||
Merrill Lynch & Co., Inc. | 14,150 | 14,150 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 2
TA IDEX Salomon All Cap
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
Investment Companies (4.8%) | |||||
Money Market Funds (4.8%) | |||||
American AAdvantage Select Fund | 4,245,418 | $ | 4,245 | ||
Barclays Institutional Money Market Fund | 9,905,976 | 9,906 | |||
Merrill Lynch Premier Institutional Fund | 3,834,370 | 3,834 | |||
Merrimac Cash Series Fund– | 14,151,395 | 14,151 | |||
Total Security Lending Collateral (cost: $71,324) | 71,324 | ||||
Total Investment Securities (cost: $655,021) | $ | 706,990 | |||
SUMMARY: | |||||
Investments, at value | 103.7% | $ | 706,990 | ||
Liabilities in excess of other assets | (3.7)% | (25,539) | |||
Net assets | 100.0% | $ | 681,451 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $67,191. |
(c) | Cash collateral for the Repurchase Agreements, valued at $14,434, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 3
TA IDEX Salomon All Cap
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $655,021 including securities loaned of $67,191) | $ | 706,990 | ||
Cash | 47,741 | |||
Receivables: | ||||
Shares of beneficial interest sold | 310 | |||
Interest | 11 | |||
Dividends | 731 | |||
Dividend reclaims receivable | 5 | |||
Other | 67 | |||
755,855 | ||||
Liabilities: | ||||
Investment securities purchased | 1,604 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 294 | |||
Management and advisory fees | 445 | |||
Distribution fees | 331 | |||
Transfer agent fees | 292 | |||
Payable for collateral for securities on loan | 71,324 | |||
Other | 114 | |||
74,404 | ||||
Net Assets | $ | 681,451 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 692,136 | ||
Accumulated net investment income (loss) | (1,497 | ) | ||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (61,148 | ) | ||
Foreign currency transactions | (4 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 51,966 | |||
Translation of assets and liabilities denominated in | (2 | ) | ||
Net Assets | $ | 681,451 | ||
Net Assets by Class: | ||||
Class A | $ | 442,342 | ||
Class B | 164,577 | |||
Class C | 7,127 | |||
Class C2 | 30,581 | |||
Class M | 36,824 | |||
Shares Outstanding: | ||||
Class A | 29,982 | |||
Class B | 11,536 | |||
Class C | 500 | |||
Class C2 | 2,144 | |||
Class M | 2,568 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 14.75 | ||
Class B | 14.27 | |||
Class C | 14.27 | |||
Class C2 | 14.27 | |||
Class M | 14.34 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 15.61 | ||
Class M | 14.48 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 125 | ||
Dividends | 3,402 | |||
Income from loaned securities–net | 70 | |||
Less withholding taxes on foreign dividends | (57 | ) | ||
3,540 | ||||
Expenses: | ||||
Management and advisory fees | 2,414 | |||
Transfer agent fees | 458 | |||
Printing and shareholder reports | 175 | |||
Custody fees | 21 | |||
Administration fees | 39 | |||
Legal fees | 8 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 10 | |||
Registration fees | 32 | |||
Other | 13 | |||
Distribution and service fees: | ||||
Class A | 653 | |||
Class B | 836 | |||
Class C | 27 | |||
Class C2 | 166 | |||
Class M | 174 | |||
Total expenses | 5,031 | |||
Net Investment Income (Loss) | (1,491 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 13,921 | |||
Foreign currency transactions | (4 | ) | ||
13,917 | ||||
Net Increase (Decrease) in Unrealized Appreciation | ||||
Investment securities | 15,162 | |||
Translation of assets and liabilities denominated in | (2 | ) | ||
15,160 | ||||
Net Gain (Loss) on Investment Securities and Foreign Currency Transactions | 29,077 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 27,586 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 4
TA IDEX Salomon All Cap
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (1,491 | ) | $ | (2,444 | ) | ||
Net realized gain (loss) from investment securities and foreign currency transactions | 13,917 | (14,296 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation | 15,160 | 111,856 | ||||||
27,586 | 95,116 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 166,820 | 202,927 | ||||||
Class B | 14,506 | 26,289 | ||||||
Class C | 5,098 | 2,385 | ||||||
Class C2 | 1,870 | 4,158 | ||||||
Class M | 1,875 | 2,540 | ||||||
190,169 | 238,299 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (11,329 | ) | (23,992 | ) | ||||
Class B | (16,677 | ) | (38,674 | ) | ||||
Class C | (615 | ) | (122 | ) | ||||
Class C2 | (6,761 | ) | (15,143 | ) | ||||
Class M | (4,764 | ) | (12,598 | ) | ||||
(40,146 | ) | (90,529 | ) | |||||
150,023 | 147,770 | |||||||
Net increase (decrease) in net assets | 177,609 | 242,886 | ||||||
Net Assets: | ||||||||
Beginning of period | 503,842 | 260,956 | ||||||
End of period | $ | 681,451 | $ | 503,842 | ||||
Accumulated Net Investment Income (Loss) | $ | (1,497 | ) | $ | (6 | ) | ||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 11,250 | 16,039 | ||||
Class B | 1,008 | 2,195 | ||||
Class C | 354 | 198 | ||||
Class C2 | 130 | 367 | ||||
Class M | 129 | 212 | ||||
12,871 | 19,011 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (762 | ) | (2,110 | ) | ||
Class B | (1,158 | ) | (3,473 | ) | ||
Class C | (42 | ) | (10 | ) | ||
Class C2 | (467 | ) | (1,383 | ) | ||
Class M | (328 | ) | (1,147 | ) | ||
(2,757 | ) | (8,123 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | 10,488 | 13,929 | ||||
Class B | (150 | ) | (1,278 | ) | ||
Class C | 312 | 188 | ||||
Class C2 | (337 | ) | (1,016 | ) | ||
Class M | (199 | ) | (935 | ) | ||
10,114 | 10,888 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 5
TA IDEX Salomon All Cap
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 13.95 | $ | (0.02 | ) | $ | 0.82 | $ | 0.80 | $ | – | $ | – | $ | – | $ | 14.75 | |||||||||||||
10/31/2003 | 10.34 | (0.04 | ) | 3.65 | 3.61 | – | – | – | 13.95 | ||||||||||||||||||||||
10/31/2002 | 13.63 | – | (3.15 | ) | (3.15 | ) | – | (0.14 | ) | (0.14 | ) | 10.34 | |||||||||||||||||||
10/31/2001 | 15.51 | 0.12 | (1.58 | ) | (1.46 | ) | – | (0.42 | ) | (0.42 | ) | 13.63 | |||||||||||||||||||
10/31/2000 | 11.70 | 0.08 | 3.92 | 4.00 | – | (0.19 | ) | (0.19 | ) | 15.51 | |||||||||||||||||||||
10/31/1999 | 10.00 | 0.02 | 1.68 | 1.70 | – | – | – | 11.70 | |||||||||||||||||||||||
Class B | 04/30/2004 | 13.53 | (0.06 | ) | 0.80 | 0.74 | – | – | – | 14.27 | |||||||||||||||||||||
10/31/2003 | 10.08 | (0.12 | ) | 3.57 | 3.45 | – | – | – | 13.53 | ||||||||||||||||||||||
10/31/2002 | 13.41 | (0.10 | ) | (3.09 | ) | (3.19 | ) | – | (0.14 | ) | (0.14 | ) | 10.08 | ||||||||||||||||||
10/31/2001 | 15.36 | 0.02 | (1.55 | ) | (1.53 | ) | – | (0.42 | ) | (0.42 | ) | 13.41 | |||||||||||||||||||
10/31/2000 | 11.66 | (0.03 | ) | 3.92 | 3.89 | – | (0.19 | ) | (0.19 | ) | 15.36 | ||||||||||||||||||||
10/31/1999 | 10.00 | (0.02 | ) | 1.68 | 1.66 | – | – | – | 11.66 | ||||||||||||||||||||||
Class C | 04/30/2004 | 13.53 | (0.07 | ) | 0.81 | 0.74 | – | – | – | 14.27 | |||||||||||||||||||||
10/31/2003 | 10.26 | (0.12 | ) | 3.39 | 3.27 | – | – | – | 13.53 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 13.53 | (0.06 | ) | 0.80 | 0.74 | – | – | – | 14.27 | |||||||||||||||||||||
10/31/2003 | 10.08 | (0.12 | ) | 3.57 | 3.45 | – | – | – | 13.53 | ||||||||||||||||||||||
10/31/2002 | 13.42 | (0.10 | ) | (3.10 | ) | (3.20 | ) | – | (0.14 | ) | (0.14 | ) | 10.08 | ||||||||||||||||||
10/31/2001 | 15.36 | 0.02 | (1.54 | ) | (1.52 | ) | – | (0.42 | ) | (0.42 | ) | 13.42 | |||||||||||||||||||
10/31/2000 | 11.66 | (0.03 | ) | 3.92 | 3.89 | – | (0.19 | ) | (0.19 | ) | 15.36 | ||||||||||||||||||||
Class M | 04/30/2004 | 13.60 | (0.06 | ) | 0.80 | 0.74 | – | – | – | 14.34 | |||||||||||||||||||||
10/31/2003 | 10.12 | (0.10 | ) | 3.58 | 3.48 | – | – | – | 13.60 | ||||||||||||||||||||||
10/31/2002 | 13.44 | (0.08 | ) | (3.10 | ) | (3.18 | ) | – | (0.14 | ) | (0.14 | ) | 10.12 | ||||||||||||||||||
10/31/2001 | 15.38 | 0.04 | (1.56 | ) | (1.52 | ) | – | (0.42 | ) | (0.42 | ) | 13.44 | |||||||||||||||||||
10/31/2000 | 11.67 | (0.02 | ) | 3.92 | 3.90 | – | (0.19 | ) | (0.19 | ) | 15.38 | ||||||||||||||||||||
10/31/1999 | 10.00 | (0.01 | ) | 1.68 | 1.67 | – | – | – | 11.67 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 5.73 | % | $ | 442,342 | 1.38 | % | 1.38 | % | (0.23 | )% | 12 | % | |||||||
10/31/2003 | 34.91 | 271,958 | 1.55 | 1.64 | (0.36 | ) | 30 | |||||||||||||
10/31/2002 | (23.44 | ) | 57,528 | 1.55 | 1.65 | (0.03 | ) | 162 | ||||||||||||
10/31/2001 | (9.49 | ) | 77,791 | 1.58 | 1.68 | 0.75 | 82 | |||||||||||||
10/31/2000 | 34.50 | 25,575 | 1.55 | 2.41 | 0.45 | 91 | ||||||||||||||
10/31/1999 | 17.03 | 1,880 | 1.55 | 8.85 | 0.35 | 83 | ||||||||||||||
Class B | 04/30/2004 | 5.47 | 164,577 | 2.03 | 2.03 | (0.88 | ) | 12 | ||||||||||||
10/31/2003 | 34.23 | 158,147 | 2.20 | 2.29 | (1.01 | ) | 30 | |||||||||||||
10/31/2002 | �� | (24.11 | ) | 130,709 | 2.20 | 2.30 | (0.68 | ) | 162 | |||||||||||
10/31/2001 | (10.09 | ) | 167,214 | 2.23 | 2.33 | 0.10 | 82 | |||||||||||||
10/31/2000 | 33.72 | 38,203 | 2.20 | 3.06 | (0.20 | ) | 91 | |||||||||||||
10/31/1999 | 16.60 | 1,571 | 2.20 | 9.50 | (0.30 | ) | 83 | |||||||||||||
Class C | 04/30/2004 | 5.47 | 7,127 | 2.03 | 2.03 | (0.88 | ) | 12 | ||||||||||||
10/31/2003 | 31.87 | 2,547 | 2.20 | 2.29 | (1.01 | ) | 30 | |||||||||||||
Class C2 | 04/30/2004 | 5.47 | 30,581 | 2.03 | 2.03 | (0.88 | ) | 12 | ||||||||||||
10/31/2003 | 34.23 | 33,572 | 2.20 | 2.29 | (1.01 | ) | 30 | |||||||||||||
10/31/2002 | (24.11 | ) | 35,248 | 2.20 | 2.30 | (0.68 | ) | 162 | ||||||||||||
10/31/2001 | (10.09 | ) | 46,369 | 2.23 | 2.33 | 0.10 | 82 | |||||||||||||
10/31/2000 | 33.72 | 10,675 | 2.20 | 3.06 | (0.20 | ) | 91 | |||||||||||||
Class M | 04/30/2004 | 5.44 | 36,824 | 1.93 | 1.93 | (0.78 | ) | 12 | ||||||||||||
10/31/2003 | 34.39 | 37,618 | 2.10 | 2.19 | (0.91 | ) | 30 | |||||||||||||
10/31/2002 | (24.00 | ) | 37,471 | 2.10 | 2.20 | (0.58 | ) | 162 | ||||||||||||
10/31/2001 | (10.00 | ) | 52,684 | 2.13 | 2.23 | 0.20 | 82 | |||||||||||||
10/31/2000 | 33.84 | 10,785 | 2.10 | 2.96 | (0.10 | ) | 91 | |||||||||||||
10/31/1999 | 16.67 | 728 | 2.10 | 9.40 | (0.20 | ) | 83 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 6
TA IDEX Salomon All Cap
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Salomon All Cap (“the Fund”) commenced operations on March 1, 1999. The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 7
TA IDEX Salomon All Cap
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Salomon All Cap (“the Fund”), part of Transamerica IDEX Mutual Funds , began operations on March 1, 1999.
On March 1, 2004, the Fund changed its name from IDEX Salomon All Cap to TA IDEX Salomon All Cap.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 8
TA IDEX Salomon All Cap
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $174 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $30 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 30, 2004, are listed in the Schedule of Investments.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 9
TA IDEX Salomon All Cap
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $7. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATSF”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATSF is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 15,547 | 2% | ||
TA IDEX Asset Allocation - Growth Portfolio | 114,208 | 17% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 175,676 | 26% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 64,634 | 9% | |||
Total | $ | 370,065 | 54% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.20% Expense Limit
If total fund expenses fall below the average expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 184 | |
Retained by Underwriter | 25 | ||
Contingent Deferred Sales Charges | 217 |
Administrative services: The Fund has entered into an agreement with ATSF for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $39 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $458 for the period ended April 30, 2004.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 10
TA IDEX Salomon All Cap
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended April 30, 2004, were $13.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $15. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 259,181 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 62,537 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$60,548 | October 31, 2010 | |
14,057 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 655,351 | ||
Unrealized Appreciation | $ | 65,541 | ||
Unrealized (Depreciation) | (13,902 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 51,639 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon All Cap 11
TA IDEX Salomon Investors Value
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
�� | |||||
PREFERRED STOCKS (1.5%) | |||||
Motion Pictures (1.5%) | |||||
News Corporation Limited (The)–ADR | 187,600 | $ | 6,332 | ||
Total Preferred Stocks (cost: $4,906) | 6,332 | ||||
COMMON STOCKS (96.0%) | |||||
Aerospace (3.6%) | |||||
Boeing Company (The) | 116,600 | 4,978 | |||
Lockheed Martin Corporation | 117,500 | 5,605 | |||
United Technologies Corporation | 54,700 | 4,718 | |||
Automotive (1.6%) | |||||
Honeywell International Inc. | 199,700 | 6,907 | |||
Chemicals & Allied Products (0.7%) | |||||
Dow Chemical Company (The) | 78,100 | 3,100 | |||
Commercial Banks (9.4%) | |||||
Bank of America Corporation | 140,200 | 11,284 | |||
Bank of New York Company, Inc. (The) | 174,100 | 5,073 | |||
MBNA Corporation | 202,600 | 4,939 | |||
Morgan Chase & Co. (J.P.) (b) | 125,100 | 4,704 | |||
U.S. Bancorp | 193,500 | 4,961 | |||
Wachovia Corporation (b) | 98,700 | 4,516 | |||
Wells Fargo & Company | 79,200 | 4,472 | |||
Communication (3.6%) | |||||
Comcast Corporation–Class A (a) | 103,700 | 3,121 | |||
Comcast Corporation–Special Class A (a)(b) | 112,700 | 3,267 | |||
Liberty Media Corporation–Class A (a) | 551,200 | 6,030 | |||
Viacom, Inc.–Class B | 74,500 | 2,879 | |||
Communications Equipment (3.3%) | |||||
Comverse Technology, Inc. (a) | 151,500 | 2,479 | |||
Lucent Technologies Inc. (a)(b) | 621,700 | 2,095 | |||
Nokia Corporation–ADR (b) | 296,900 | 4,160 | |||
Nortel Networks Corporation (a) | 1,352,800 | 5,059 | |||
Computer & Data Processing Services (2.2%) | |||||
Microsoft Corporation | 286,400 | 7,438 | |||
Novell, Inc. (a) | 204,100 | 1,968 | |||
Computer & Office Equipment (3.8%) | |||||
3Com Corporation (a) | 238,700 | 1,470 | |||
Hewlett-Packard Company | 356,700 | 7,028 | |||
International Business Machines Corporation | 40,000 | 3,527 | |||
Sun Microsystems, Inc. (a) | 1,038,500 | 4,050 | |||
Department Stores (0.5%) | |||||
Federated Department Stores, Inc. | 43,300 | 2,122 | |||
Electric Services (2.2%) | |||||
FirstEnergy Corp. | 138,100 | 5,400 | |||
Progress Energy, Inc. (b) | 93,900 | 4,016 | |||
Electric, Gas & Sanitary Services (2.3%) | |||||
Ameren Corporation | 69,000 | 3,017 | |||
NiSource Inc. | 250,900 | 5,058 | |||
PG&E Corporation (a) | 56,200 | 1,547 | |||
Electronic Components & Accessories (1.5%) | |||||
Celestica Inc. (U.S.) (a)(b) | 176,600 | 3,105 | |||
Solectron Corporation (a) | 651,600 | 3,193 |
Shares | Value | ||||
Environmental Services (0.8%) | |||||
Waste Management, Inc. | 122,600 | $ | 3,482 | ||
Food & Kindred Products (3.7%) | |||||
Altria Group, Inc. | 193,200 | 10,699 | |||
Kraft Foods, Inc.–Class A | 154,000 | 5,068 | |||
Food Stores (3.0%) | |||||
Kroger Co. (The) (a) | 404,300 | 7,076 | |||
Safeway Inc. (a)(b) | 254,200 | 5,834 | |||
Gas Production & Distribution (0.8%) | |||||
El Paso Corporation (b) | 498,500 | 3,494 | |||
Health Services (1.3%) | |||||
HCA Inc. | 137,200 | 5,574 | |||
Holding & Other Investment Offices (1.8%) | |||||
Equity Office Properties Trust | 180,200 | 4,536 | |||
Equity Residential | 107,700 | 2,957 | |||
Insurance (5.1%) | |||||
American International Group, Inc. | 118,500 | 8,491 | |||
Loews Corporation | 103,400 | 5,998 | |||
St. Paul Companies, Inc. (The) | 90,200 | 3,668 | |||
XL Capital Ltd.–Class A (b) | 42,800 | 3,268 | |||
Insurance Agents, Brokers & Service (0.8%) | |||||
Hartford Financial Services Group, Inc. (The) | 57,700 | 3,524 | |||
Lumber & Other Building Materials (1.0%) | |||||
Home Depot, Inc. (The) | 122,000 | 4,293 | |||
Motion Pictures (1.3%) | |||||
Time Warner Inc. (a) | 337,600 | 5,678 | |||
Oil & Gas Extraction (5.0%) | |||||
ENSCO International Incorporated (b) | 191,100 | 5,230 | |||
GlobalSantaFe Corporation | 110,600 | 2,917 | |||
Nabors Industries Ltd. (a)(b) | 101,200 | 4,489 | |||
Total Fina Elf SA–ADR | 91,400 | 8,420 | |||
Paper & Allied Products (4.1%) | |||||
Avery Dennison Corporation | 72,600 | 4,663 | |||
International Paper Company (b) | 138,300 | 5,576 | |||
Kimberly-Clark Corporation | 112,200 | 7,343 | |||
Personal Credit Institutions (0.7%) | |||||
Capital One Financial Corporation | 45,800 | 3,001 | |||
Petroleum Refining (5.0%) | |||||
BP PLC–ADR | 143,800 | 7,607 | |||
ChevronTexaco Corporation | 88,500 | 8,098 | |||
Royal Dutch Petroleum Company–NY | 112,700 | 5,484 | |||
Pharmaceuticals (8.5%) | |||||
Glaxo Wellcome PLC–ADR (b) | 131,400 | 5,519 | |||
Johnson & Johnson | 96,100 | 5,192 | |||
Merck & Co., Inc. | 122,700 | 5,767 | |||
Pfizer Inc. | 320,300 | 11,453 | |||
Schering-Plough Corporation | 249,400 | 4,172 | |||
Wyeth | 98,800 | 3,761 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 1
TA IDEX Salomon Investors Value
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||
Primary Metal Industries (1.5%) | ||||||
Alcoa Inc. | 202,600 | $ | 6,230 | |||
Restaurants (1.7%) | ||||||
McDonald’s Corporation | 258,400 | 7,037 | ||||
Rubber & Misc. Plastic Products (0.9%) | ||||||
Newell Financial Trust I (b) | 157,800 | 3,730 | ||||
Savings Institutions (0.9%) | ||||||
Washington Mutual, Inc. | 96,500 | 3,801 | ||||
Security & Commodity Brokers (5.7%) | ||||||
American Express Company | 107,500 | 5,262 | ||||
Goldman Sachs Group, Inc. (The) | 50,400 | 4,864 | ||||
Merrill Lynch & Co., Inc. | 110,400 | 5,987 | ||||
Morgan Stanley | 85,900 | 4,414 | ||||
Waddell & Reed Financial, Inc.–Class A | 162,900 | 3,621 | ||||
Telecommunications (5.6%) | ||||||
AT&T Corp. (b) | 195,000 | 3,344 | ||||
AT&T Wireless Services, Inc. (a)(b) | 479,900 | 6,627 | ||||
SBC Communications Inc. | 254,900 | 6,347 | ||||
Verizon Communications, Inc. | 199,300 | 7,522 | ||||
Variety Stores (2.1%) | ||||||
Costco Wholesale Corporation (a) | 75,600 | 2,831 | ||||
Target Corporation | 137,300 | 5,955 | ||||
Total Common Stocks (cost: $382,047) | 407,190 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (9.6%) | ||||||
Debt (5.3%) | ||||||
Bank Notes (0.9%) | ||||||
Canadian Imperial Bank of Commerce | $ | 2,015 | $ | 2,015 | ||
Fleet National Bank | 2,015 | 2,015 | ||||
Euro Dollar Overnight (0.5%) | ||||||
Credit Agricole Indosuez | 1,209 | 1,209 | ||||
Royal Bank of Scotland Group PLC (The) | 725 | 725 |
Principal | Value | ||||
Euro Dollar Terms (1.3%) | |||||
Bank of Montreal | |||||
1.02%, due 05/21/2004 | $ 235 | $ | 235 | ||
BNP Paribas SA | |||||
1.01%, due 05/18/2004 | 1,209 | 1,209 | |||
1.08%, due 07/29/2004 | 1,209 | 1,209 | |||
Den Danske Bank | |||||
1.02%, due 05/20/2004 | 806 | 806 | |||
Royal Bank of Scotland Group PLC (The) | 806 | 806 | |||
Wells Fargo & Company | 1,209 | 1,209 | |||
Promissory Notes (0.7%) | |||||
Goldman Sachs Group, Inc. (The) | 2,821 | 2,821 | |||
Repurchase Agreements (1.9%)(c) | |||||
Merrill Lynch & Co., Inc. | 8,062 | 8,062 | |||
Shares | Value | ||||
Investment Companies (4.3%) | |||||
Money Market Funds (4.3%) | |||||
American AAdvantage Select Fund | 2,418,063 | 2,418 | |||
Barclays Institutional Money Market Fund | 5,642,147 | 5,642 | |||
Merrill Lynch Premier Institutional Fund | 2,183,942 | 2,184 | |||
Merrimac Cash Series Fund– | 8,060,209 | 8,060 | |||
Total Security Lending Collateral | 40,625 | ||||
Total Investment Securities (cost: $427,578) | $ | 454,147 | |||
SUMMARY: | |||||
Investments, at value | 107.1% | $ | 454,147 | ||
Liabilities in excess of other assets | (7.1)% | (29,928) | |||
Net assets | 100.0% | $ | 424,219 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $38,734. |
(c) | Cash collateral for the Repurchase Agreements, valued at $8,221, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 2
TA IDEX Salomon Investors Value
STATEMENT OF ASSETS AND LIABILITIES
Period ended April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | |||
Investment securities, at value (cost: $427,578) (including $38,734 of securities loaned) | $ | 454,147 | |
Cash | 13,431 | ||
Receivables: | |||
Shares of beneficial interest sold | 3 | ||
Interest | 6 | ||
Dividends | 646 | ||
Dividend reclaims receivable | 18 | ||
Other | 27 | ||
468,278 | |||
Liabilities: | |||
Investment securities purchased | 2,854 | ||
Accounts payable and accrued liabilities: | |||
Shares of beneficial interest redeemed | 60 | ||
Management and advisory fees | 278 | ||
Distribution fees | 137 | ||
Transfer agent fees | 49 | ||
Payable for collateral for securities on loan | 40,625 | ||
Other | 56 | ||
44,059 | |||
Net Assets | $ | 424,219 | |
Net Assets Consist of: | |||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 390,423 | |
Undistributed net investment income (loss) | 628 | ||
Undistributed net realized gain (loss) from investment securities | 6,600 | ||
Net unrealized appreciation (depreciation) on: Investment securities | 26,568 | ||
Net Assets | $ | 424,219 | |
Net Assets by Class: | |||
Class A | $ | 396,445 | |
Class B | 21,364 | ||
Class C | 1,551 | ||
Class C2 | 2,712 | ||
Class M | 2,147 | ||
Shares Outstanding: | |||
Class A | 29,775 | ||
Class B | 1,680 | ||
Class C | 122 | ||
Class C2 | 213 | ||
Class M | 168 | ||
Net Asset Value Per Share: | |||
Class A | $ | 13.31 | |
Class B | 12.71 | ||
Class C | 12.71 | ||
Class C2 | 12.71 | ||
Class M | 12.80 | ||
Maximum Offering Price Per Share (a): | |||
Class A | $ | 14.08 | |
Class M | 12.92 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, and C2 shares represents offering price. The redemption price for Classes B, C, and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 30 | ||
Dividends | 3,438 | |||
Income from loaned securities–net | 13 | |||
Less withholding taxes on foreign dividends | (53 | ) | ||
3,428 | ||||
Expenses: | ||||
Management and advisory fees | 1,366 | |||
Transfer agent fees | 70 | |||
Printing and shareholder reports | 31 | |||
Custody fees | 14 | |||
Administration fees | 25 | |||
Legal fees | 4 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 5 | |||
Registration fees | 21 | |||
Other | 7 | |||
Distribution and service fees: | ||||
Class A | 549 | |||
Class B | 107 | |||
Class C | 6 | |||
Class C2 | 14 | |||
Class M | 10 | |||
Total expenses | 2,234 | |||
Net Investment Income (Loss) | 1,194 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net Realized gain (loss) from investment securities | 8,666 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | 5,262 | |||
Net Gain (Loss) on Investment Securities | 13,928 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 15,122 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 3
TA IDEX Salomon Investors Value
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 1,194 | $ | 794 | ||||
Net realized gain (loss) from investment securities | 8,666 | (1,894 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities and deferred compensation | 5,262 | 33,192 | ||||||
15,122 | 32,092 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (1,159 | ) | (100 | ) | ||||
Class B | (91 | ) | (30 | ) | ||||
Class C | (5 | ) | – | |||||
Class C2 | (12 | ) | (4 | ) | ||||
Class M | (10 | ) | (4 | ) | ||||
(1,277 | ) | (138 | ) | |||||
From net realized gains: | ||||||||
Class A | – | (420 | ) | |||||
Class B | – | (127 | ) | |||||
Class C | – | – | ||||||
Class C2 | – | (17 | ) | |||||
Class M | – | (16 | ) | |||||
– | (580 | ) | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 152,726 | 165,506 | ||||||
Class B | 2,379 | 4,507 | ||||||
Class C | 944 | 733 | ||||||
Class C2 | 231 | 779 | ||||||
Class M | 219 | 218 | ||||||
156,499 | 171,743 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 1,157 | 517 | ||||||
Class B | 86 | 148 | ||||||
Class C | 4 | – | ||||||
Class C2 | 11 | 20 | ||||||
Class M | 10 | 19 | ||||||
1,268 | 704 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (3,493 | ) | (6,083 | ) | ||||
Class B | (2,415 | ) | (5,016 | ) | ||||
Class C | (236 | ) | (8 | ) | ||||
Class C2 | (471 | ) | (852 | ) | ||||
Class M | (407 | ) | (752 | ) | ||||
(7,022 | ) | (12,711 | ) | |||||
150,745 | 159,736 | |||||||
Net increase (decrease) in net assets | 164,590 | 191,110 | ||||||
Net Assets: | ||||||||
Beginning of period | 259,629 | 68,519 | ||||||
End of period | $ | 424,219 | $ | 259,629 | ||||
Undistributed Net Investment Income (Loss) | $ | 628 | $ | 711 | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 11,258 | 14,587 | ||||
Class B | 184 | 422 | ||||
Class C | 74 | 67 | ||||
Class C2 | 18 | 75 | ||||
Class M | 17 | 20 | ||||
11,551 | 15,171 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 90 | 50 | ||||
Class B | 7 | 15 | ||||
Class C | – | – | ||||
Class C2 | 1 | 2 | ||||
Class M | 1 | 2 | ||||
99 | 69 | |||||
Shares redeemed: | ||||||
Class A | (258 | ) | (550 | ) | ||
Class B | (188 | ) | (485 | ) | ||
Class C | (18 | ) | (1 | ) | ||
Class C2 | (37 | ) | (78 | ) | ||
Class M | (31 | ) | (72 | ) | ||
(532 | ) | (1,186 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | 11,090 | 14,087 | ||||
Class B | 3 | (48 | ) | |||
Class C | 56 | 66 | ||||
Class C2 | (18 | ) | (1 | ) | ||
Class M | (13 | ) | (50 | ) | ||
11,118 | 14,054 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 4
TA IDEX Salomon Investors Value
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | ||||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | ||||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | |||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 12.51 | $ | 0.05 | $ | 0.80 | $ | 0.85 | $ | (0.05 | ) | $ | – | $ | (0.05 | ) | $ | 13.31 | |||||||||||||
10/31/2003 | 10.21 | 0.08 | 2.31 | 2.39 | (0.02 | ) | (0.07 | ) | (0.09 | ) | 12.51 | |||||||||||||||||||||
10/31/2002 | 12.55 | 0.04 | (2.10 | ) | (2.06 | ) | – | (0.28 | ) | (0.28 | ) | 10.21 | ||||||||||||||||||||
10/31/2001 | 12.91 | 0.07 | (0.42 | ) | (0.35 | ) | – | (0.01 | ) | (0.01 | ) | 12.55 | ||||||||||||||||||||
10/31/2000 | 11.28 | 0.09 | 1.54 | 1.63 | – | – | – | 12.91 | ||||||||||||||||||||||||
10/31/1999 | 11.09 | 0.05 | 0.41 | 0.46 | – | (0.27 | ) | (0.27 | ) | 11.28 | ||||||||||||||||||||||
Class B | 04/30/2004 | 11.99 | 0.01 | 0.76 | 0.77 | (0.05 | ) | – | (0.05 | ) | 12.71 | |||||||||||||||||||||
10/31/2003 | 9.84 | 0.01 | 2.23 | 2.24 | (0.02 | ) | (0.07 | ) | (0.09 | ) | 11.99 | |||||||||||||||||||||
10/31/2002 | 12.19 | (0.01 | ) | (2.06 | ) | (2.07 | ) | – | (0.28 | ) | (0.28 | ) | 9.84 | |||||||||||||||||||
10/31/2001 | 12.61 | (0.02 | ) | (0.39 | ) | (0.41 | ) | – | (0.01 | ) | (0.01 | ) | 12.19 | |||||||||||||||||||
10/31/2000 | 11.09 | (0.02 | ) | 1.54 | 1.52 | – | – | – | 12.61 | |||||||||||||||||||||||
10/31/1999 | 10.98 | (0.03 | ) | 0.41 | 0.38 | – | (0.27 | ) | (0.27 | ) | 11.09 | |||||||||||||||||||||
Class C | 04/30/2004 | 11.99 | 0.01 | 0.76 | 0.77 | (0.05 | ) | – | (0.05 | ) | 12.71 | |||||||||||||||||||||
10/31/2003 | 9.77 | 0.01 | 2.30 | 2.31 | (0.02 | ) | (0.07 | ) | (0.09 | ) | 11.99 | |||||||||||||||||||||
Class C2 | 04/30/2004 | 11.99 | 0.01 | 0.76 | 0.77 | (0.05 | ) | – | (0.05 | ) | 12.71 | |||||||||||||||||||||
10/31/2003 | 9.84 | 0.01 | 2.23 | 2.24 | (0.02 | ) | (0.07 | ) | (0.09 | ) | 11.99 | |||||||||||||||||||||
10/31/2002 | 12.19 | (0.01 | ) | (2.06 | ) | (2.07 | ) | – | (0.28 | ) | (0.28 | ) | 9.84 | |||||||||||||||||||
10/31/2001 | 12.61 | (0.02 | ) | (0.39 | ) | (0.41 | ) | – | (0.01 | ) | (0.01 | ) | 12.19 | |||||||||||||||||||
10/31/2000 | 11.09 | (0.02 | ) | 1.54 | 1.52 | – | – | – | 12.61 | |||||||||||||||||||||||
Class M | 04/30/2004 | 12.07 | 0.01 | 0.77 | 0.78 | (0.05 | ) | – | (0.05 | ) | 12.80 | |||||||||||||||||||||
10/31/2003 | 9.90 | 0.02 | 2.24 | 2.26 | (0.02 | ) | (0.07 | ) | (0.09 | ) | 12.07 | |||||||||||||||||||||
10/31/2002 | 12.25 | – | (2.07 | ) | (2.07 | ) | – | (0.28 | ) | (0.28 | ) | 9.90 | ||||||||||||||||||||
10/31/2001 | 12.66 | (0.01 | ) | (0.39 | ) | (0.40 | ) | – | (0.01 | ) | (0.01 | ) | 12.25 | |||||||||||||||||||
10/31/2000 | 11.12 | – | 1.54 | 1.54 | – | – | – | 12.66 | ||||||||||||||||||||||||
10/31/1999 | 11.00 | (0.02 | ) | 0.41 | 0.39 | – | (0.27 | ) | (0.27 | ) | 11.12 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 6.85 | % | $ | 396,445 | 1.26 | % | 1.26 | % | 0.75 | % | 14 | % | |||||||
10/31/2003 | 23.57 | 233,779 | 1.42 | 1.42 | 0.71 | 32 | ||||||||||||||
10/31/2002 | (16.90 | ) | 46,960 | 1.55 | 1.91 | 0.56 | 101 | |||||||||||||
10/31/2001 | (2.68 | ) | 12,176 | 1.55 | 1.93 | 0.48 | 29 | |||||||||||||
10/31/2000 | 14.38 | 8,431 | 1.55 | 2.20 | 0.40 | 50 | ||||||||||||||
10/31/1999 | 4.34 | 7,972 | 1.64 | 2.28 | 0.21 | 26 | ||||||||||||||
Class B | 04/30/2004 | 6.48 | 21,364 | 1.91 | 1.91 | 0.10 | 14 | |||||||||||||
10/31/2003 | 22.93 | 20,102 | 2.07 | 2.07 | 0.06 | 32 | ||||||||||||||
10/31/2002 | (17.47 | ) | 16,980 | 2.20 | 2.56 | (0.09 | ) | 101 | ||||||||||||
10/31/2001 | (3.31 | ) | 20,034 | 2.20 | 2.58 | (0.17 | ) | 29 | ||||||||||||
10/31/2000 | 13.72 | 10,448 | 2.20 | 2.85 | (0.25 | ) | 50 | |||||||||||||
10/31/1999 | 3.68 | 7,311 | 2.29 | 2.93 | (0.44 | ) | 26 | |||||||||||||
Class C | 04/30/2004 | 6.48 | 1,551 | 1.91 | 1.91 | 0.10 | 14 | |||||||||||||
10/31/2003 | 23.81 | 797 | 2.07 | 2.07 | 0.05 | 32 | ||||||||||||||
Class C2 | 04/30/2004 | 6.48 | 2,712 | 1.91 | 1.91 | 0.10 | 14 | |||||||||||||
10/31/2003 | 22.93 | 2,770 | 2.07 | 2.07 | 0.06 | 32 | ||||||||||||||
10/31/2002 | (17.47 | ) | 2,295 | 2.20 | 2.56 | (0.09 | ) | 101 | ||||||||||||
10/31/2001 | (3.31 | ) | 2,288 | 2.20 | 2.58 | (0.17 | ) | 29 | ||||||||||||
10/31/2000 | 13.72 | 1,094 | 2.20 | 2.85 | (0.25 | ) | 50 | |||||||||||||
Class M | 04/30/2004 | 6.52 | 2,147 | 1.81 | 1.81 | 0.20 | 14 | |||||||||||||
10/31/2003 | 22.99 | 2,181 | 1.97 | 1.97 | 0.16 | 32 | ||||||||||||||
10/31/2002 | (17.35 | ) | 2,284 | 2.10 | 2.46 | 0.01 | 101 | |||||||||||||
10/31/2001 | (3.21 | ) | 3,373 | 2.10 | 2.48 | (0.07 | ) | 29 | ||||||||||||
10/31/2000 | 13.82 | 2,508 | 2.10 | 2.75 | (0.15 | ) | 50 | |||||||||||||
10/31/1999 | 3.79 | 2,204 | 2.19 | 2.83 | (0.34 | ) | 26 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 5
TA IDEX Salomon Investors Value
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 6
TA IDEX Salomon Investors Value
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act��), as an open-end management investment company. TA IDEX Salomon Investors Value (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on February 1, 1997.
On March, 1, 2004, the Fund changed its name from IDEX Salomon Investors Value to TA IDEX Salomon Investors Value.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $5 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds,
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 7
TA IDEX Salomon Investors Value
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities
loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Real Estate Investment Trusts (“REITS”): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Since the Fund invests primarily in real estate related securities, the value of its shares may fluctuate more widely than the value of shares of a fund that invests in broad range of industries.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 26,291 | 6% | ||
TA IDEX Asset Allocation - Growth Portfolio | 105,977 | 25% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 158,675 | 37% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 93,141 | 22% | |||
Total | $ | 384,084 | 90% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 8
TA IDEX Salomon Investors Value
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.20% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 27 | |
Retained by Underwriter | 4 | ||
Contingent Deferred Sales Charges | 29 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $25 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $70 for the period ended April 30, 2004.
Brokerage commissions: Brokerage commissions incurred on security transactions placed with an affiliate of the sub-advisor for the period ended April 30, 2004, were $25.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 210,849 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 45,263 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales and capital loss carryforwards.
The capital loss carryforward is available to offset future realized capital gains through the period listed:
Capital Loss | Available through | |
$222 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 428,895 | ||
Unrealized Appreciation | $ | 32,972 | ||
Unrealized (Depreciation) | (7,720 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 25,252 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Salomon Investors Value 9
TA IDEX Templeton Great Companies Global
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
CONVERTIBLE BONDS (0.0%) | ||||||
France (0.0%) | ||||||
AXA | $ | 1 | $ | 10 | ||
Total Convertible Bonds (cost: $6) | 10 | |||||
Shares | Value | |||||
PREFERRED STOCKS (0.1%) | ||||||
Brazil (0.1%) | ||||||
Companhia Vale do Rio Doce–ADR | 3,400 | $ | 133 | |||
Total Preferred Stocks (cost: $125) | 133 | |||||
COMMON STOCKS (94.8%) | ||||||
Australia (1.6%) | ||||||
Alumina Limited | 75,550 | 277 | ||||
Australia and New Zealand Banking Group Limited | 30,616 | 411 | ||||
BHP Billiton Limited–ADR | 9,900 | 162 | ||||
Commonwealth Bank of Australia | 17,150 | 387 | ||||
Mayne Group Limited | 116,720 | 269 | ||||
Canada (1.0%) | ||||||
Alcan Inc. | 12,940 | 520 | ||||
BCE Inc. | 20,270 | 404 | ||||
Cayman Islands (1.1%) | ||||||
ACE Limited | 10,580 | 464 | ||||
XL Capital Ltd.–Class A (b) | 6,550 | 500 | ||||
Denmark (1.1%) | ||||||
ISS A/S | 9,870 | 493 | ||||
Vestas Wind Systems A/S (a) | 34,190 | 510 | ||||
Finland (1.0%) | ||||||
Stora Enso Oyj–R Shares | 27,080 | 365 | ||||
UPM-Kymmene Oyj | 29,990 | 553 | ||||
France (3.0%) | ||||||
Accor SA | 9,100 | 383 | ||||
Aventis SA (a) | 5,216 | 398 | ||||
AXA | 22,620 | 476 | ||||
Compagnie Generale des Etablissements Michelin–Class B | 9,180 | 430 | ||||
Suez SA–ADR | 15,580 | 303 | ||||
Total Fina Elf SA | 2,390 | 442 | ||||
Valeo SA | 8,230 | 339 | ||||
Germany (3.1%) | ||||||
BASF AG–ADR | 9,400 | 487 | ||||
Bayer AG–ADR | 17,050 | 454 | ||||
Deutsche Post AG–Registered Shares | 31,170 | 688 | ||||
E.ON AG–ADR | 10,580 | 702 | ||||
SAP AG–ADR | 5,600 | 209 | ||||
Volkswagen AG–ADR (b) | 35,570 | 313 | ||||
Hong Kong (0.7%) | ||||||
Cheung Kong (Holdings) Limited | 51,000 | 391 | ||||
Hutchison Whampoa Limited | 38,000 | 256 |
Shares | Value | ||||
India (0.1%) | |||||
Satyam Computer Services Limited–ADR (b) | 4,090 | $ | 79 | ||
Israel (0.6%) | |||||
Check Point Software Technologies, Ltd. (a) | 23,240 | 545 | |||
Italy (1.3%) | |||||
Eni SpA.–ADR (b) | 8,230 | 839 | |||
Riunione Adriatica di Sicurta SpA | 17,630 | 323 | |||
Japan (4.0%) | |||||
Canon Inc.–ADR | 3,300 | 173 | |||
Denso Corporation | 17,000 | 358 | |||
East Japan Railway Company | 81 | 414 | |||
Hitachi, Ltd. | 29,000 | 204 | |||
NEC Corporation | 23,000 | 181 | |||
Nintendo Co., Ltd. | 6,200 | 586 | |||
Nippon Telegraph and Telephone Corporation | 118 | 619 | |||
Nomura Securities Co., Ltd. (The) | 11,000 | 179 | |||
Sony Corporation–ADR | 14,100 | 541 | |||
Yasuda Fire & Marine Insurance Company, Limited (The) | 50,000 | 451 | |||
Mexico (0.7%) | |||||
Cemex, SA de CV–ADR (b) | 5,650 | 166 | |||
Telefonos de Mexico SA de CV–ADR | 14,410 | 492 | |||
Netherlands (2.6%) | |||||
Akzo Nobel NV–ADR | 12,940 | 471 | |||
Elsevier NV | 50,490 | 709 | |||
IHC Caland N.V. | 3,000 | 141 | |||
ING Groep NV–ADR | 21,450 | 455 | |||
Koninklijke Philips Electronics NV | 20,570 | 561 | |||
New Zealand (0.1%) | |||||
Telecom Corporation of New Zealand Limited | 21,810 | 77 | |||
Norway (0.4%) | |||||
Telenor ASA | 54,800 | 360 | |||
Portugal (0.6%) | |||||
Portugal Telecom, SGPS, SA–Registered Shares | 54,370 | 590 | |||
Singapore (0.4%) | |||||
DBS Group Holdings Ltd–ADR | 11,100 | 373 | |||
South Korea (1.7%) | |||||
Kookmin Bank–ADR (a)(b) | 7,010 | 260 | |||
Korea Electric Power Corporation–ADR (b) | 26,650 | 250 | |||
KT Corp.–ADR (b) | 23,280 | 430 | |||
Samsung Electronics Co., Ltd.–GDR–144A (USD) (b) | 1,250 | 294 | |||
SK Telecom Co., Ltd.–ADR (b) | 17,630 | 356 | |||
Spain (2.1%) | |||||
Endesa SA | 17,050 | 313 | |||
Iberdrola SA | 26,170 | 516 | |||
Repsol-YPF, SA | 31,580 | 665 | |||
Telefonica SA | 28,820 | 429 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 1
TA IDEX Templeton Great Companies Global
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Sweden (2.7%) | |||||
Atlas Copco AB–A Shares | 13,540 | $ | 475 | ||
Electolux AB–Rights (a) | 7,650 | 2 | |||
Electrolux AB–Series B | 7,650 | 151 | |||
Nordea AB–FDR | 79,090 | 534 | |||
Securitas AB–Class B | 32,930 | 475 | |||
Svenska Cellulosa AB–B Shares | 11,980 | 470 | |||
Volvo AB–B Shares (a) | 9,720 | 333 | |||
Switzerland (2.4%) | |||||
Lonza Group Ltd.–Registered Shares | 960 | 46 | |||
Nestle SA–ADR (b) | 9,400 | 593 | |||
Novartis AG–ADR | 13,000 | 582 | |||
Swiss Reinsurance Company–Registered Shares | 8,230 | 542 | |||
UBS AG–Registered Shares (b) | 6,170 | 437 | |||
Taiwan (0.5%) | |||||
Chughwa Telecom Co., Ltd.–ADR | 25,290 | 422 | |||
United Kingdom (8.6%) | |||||
Abbey National PLC | 40,280 | 323 | |||
Alliance UniChem PLC | 44,780 | 474 | |||
BAE Systems PLC | 119,340 | 444 | |||
BP PLC–ADR | 12,360 | 654 | |||
Brambles Industries PLC | 51,200 | 191 | |||
British Airways PLC (a) | 34,340 | 172 | |||
Cadbury Schweppes PLC | 84,670 | 673 | |||
GlaxoSmithKline PLC | 26,830 | 556 | |||
HSBC Holdings PLC–ADR | 3,260 | 235 | |||
Marks and Spencer Group PLC | 91,430 | 448 | |||
National Grid Group PLC (The) | 60,250 | 457 | |||
Pearson PLC | 34,980 | 408 | |||
Rentokil Initial PLC | 108,670 | 363 | |||
Rolls-Royce Group PLC | 92,620 | 381 | |||
Shell Transport & Trading Company PLC | 96,330 | 665 | |||
Smiths Group PLC | 40,260 | 499 | |||
Standard Chartered PLC | 25,840 | 396 | |||
Unilever PLC | 54,990 | 519 | |||
United States (53.4%) | |||||
3M Company | 19,300 | 1,670 | |||
Abbott Laboratories | 49,500 | 2,179 | |||
Advanced Neuromodulation Systems, Inc. (a) | 22,300 | 608 | |||
American International Group, Inc. | 30,500 | 2,185 | |||
Anheuser-Busch Companies, Inc. | 47,000 | 2,408 | |||
Berkshire Hathaway Inc.–Class B (a) | 700 | 2,183 | |||
Cintas Corporation | 37,800 | 1,700 | |||
Clear Channel Communications, Inc. | 52,500 | 2,178 | |||
Colgate-Palmolive Company | 43,400 | 2,512 | |||
Dell Inc. (a) | 45,800 | 1,591 | |||
eBay Inc. (a) | 24,500 | 1,956 | |||
Electronic Arts Inc. (a) | 29,200 | 1,479 | |||
First Data Corporation | 37,900 | 1,721 | |||
General Electric Company | 50,800 | 1,522 | |||
Genzyme Corporation–General Division (a) | 33,100 | 1,443 | |||
IMS Health Incorporated | 67,500 | 1,705 | |||
International Business Machines Corporation | 15,100 | 1,332 | |||
Mattel, Inc. | 120,200 | 2,039 | |||
Medtronic, Inc. | 33,000 | 1,666 | |||
Merrill Lynch & Co., Inc. | 36,000 | 1,953 |
Shares | Value | |||||
United States (continued) | ||||||
Microsoft Corporation | 53,000 | $ | 1,377 | |||
Moody’s Corporation | 33,600 | 2,168 | ||||
Omnicom Group, Inc. (b) | 29,500 | 2,346 | ||||
Pfizer Inc. | 43,200 | 1,546 | ||||
Procter & Gamble Company (The) | 14,800 | 1,566 | ||||
United Technologies Corporation | 34,200 | 2,949 | ||||
Yahoo! Inc. (a) | 21,910 | 1,107 | ||||
Total Common Stocks (cost: $84,416) | 86,995 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (6.1%) | ||||||
Debt (3.3%) | ||||||
Bank Notes (0.6%) | ||||||
Canadian Imperial Bank of Commerce | $ | 279 | $ | 279 | ||
Fleet National Bank | 279 | 279 | ||||
Euro Dollar Overnight (0.3%) | ||||||
Credit Agricole Indosuez | 168 | 168 | ||||
Royal Bank of Scotland Group PLC (The) | 100 | 100 | ||||
Euro Dollar Terms (0.8%) | ||||||
Bank of Montreal | 33 | 33 | ||||
BNP Paribas SA | 168 | 168 | ||||
1.08%, due 07/29/2004 | 168 | 168 | ||||
Den Danske Bank | 111 | 111 | ||||
Royal Bank of Scotland Group PLC (The) | 111 | 111 | ||||
Wells Fargo & Company | 162 | 167 | ||||
Promissory Notes (0.4%) | ||||||
Goldman Sachs Group, Inc. (The) | 391 | 391 | ||||
Repurchase Agreements (1.2%) (c) | ||||||
Merrill Lynch & Co., Inc. | 1,119 | 1,119 | ||||
Shares | Value | |||||
Investment Companies (2.8%) | ||||||
Money Market Funds (2.8%) | ||||||
American AAdvantage Select Fund | 336,123 | 336 | ||||
Barclays Institutional Money Market Fund | 784,287 | 784 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 2
TA IDEX Templeton Great Companies Global
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Money Market Funds (continued) | |||||
Merrill Lynch Premier Institutional Fund | 303,579 | $ | 304 | ||
Merrimac Cash Series Fund–Premium Class | 1,120,411 | 1,120 | |||
Total Security Lending Collateral (cost: $5,638) | 5,638 | ||||
Total Investment Securities (cost: $90,185) | $ | 92,776 | |||
SUMMARY: | |||||
Investments, at value | 101.0% | $ | 92,776 | ||
Liabilities in excess of other assets | (1.0)% | (916) | |||
Net assets | 100.0% | $ | 91,860 | ||
FORWARD FOREIGN CURRENCY CONTRACTS: | |||||||||||
Currency | Bought (Sold) | Settlement Date | Amount in U.S. Dollars Bought (Sold) | Net Unrealized Appreciation (Depreciation) | |||||||
Swiss Franc | 23 | 05/03/2004 | $ | 18 | $ | – | |||||
New Zealand Dollar | (8 | ) | 05/03/2004 | (5) | – | ||||||
$ | 13 | $ | – | ||||||||
Percentage of Net Assets | Value | ||||
INVESTMENTS BY INDUSTRY: | |||||
Business Services | 12.3 % | $ | 11,337 | ||
Insurance | 7.4 % | 6,791 | |||
Pharmaceuticals | 7.4 % | 6,779 | |||
Computer & Data Processing Services | 7.1 % | 6,497 | |||
Chemicals & Allied Products | 6.5 % | 5,934 | |||
Telecommunications | 4.6 % | 4,181 | |||
Aerospace | 4.1 % | 3,775 | |||
Electronic & Other Electric Equipment | 4.0 % | 3,656 | |||
Computer & Office Equipment | 3.8 % | 3,479 | |||
Commercial Banks | 3.7 % | 3,356 | |||
Beverages | 3.4 % | 3,083 | |||
Paper & Allied Products | 3.3 % | 3,057 | |||
Medical Instruments & Supplies | 2.5 % | 2,273 | |||
Electric Services | 2.4 % | 2,239 |
Percentage of Net Assets | Value | ||||
INVESTMENTS BY INDUSTRY: (continued) | |||||
Apparel Products | 2.3 % | $ | 2,147 | ||
Security & Commodity Brokers | 2.3 % | 2,131 | |||
Manufacturing Industries | 2.2 % | 2,039 | |||
Oil & Gas Extraction | 2.1 % | 1,946 | |||
Automotive | 1.5 % | 1,343 | |||
Petroleum Refining | 1.4 % | 1,319 | |||
Printing & Publishing | 1.2 % | 1,118 | |||
Food & Kindred Products | 1.2 % | 1,113 | |||
Industrial Machinery & Equipment | 1.1 % | 986 | |||
Trucking & Warehousing | 1.0 % | 957 | |||
Life Insurance | 1.0 % | 942 | |||
Primary Metal Industries | 0.9 % | 797 | |||
Transportation & Public Utilities | 0.7 % | 605 | |||
Electronic Components & Accessories | 0.5 % | 499 | |||
Rubber & Misc. Plastic Products | 0.5 % | 430 | |||
Real Estate | 0.4 % | 391 | |||
Hotels & Other Lodging Places | 0.4 % | 383 | |||
Personal Services | 0.4 % | 363 | |||
Electric, Gas & Sanitary Services | 0.3 % | 303 | |||
Metal Mining | 0.3 % | 295 | |||
Holding & Other Investment Offices | 0.3 % | 256 | |||
Air Transportation | 0.2 % | 172 | |||
Stone, Clay & Glass Products | 0.2 % | 166 | |||
Investments, at market value | 94.9 % | 87,138 | |||
Short-term investments | 6.1 % | 5,638 | |||
Liabilities in excess of other assets | (1.0)% | (916) | |||
Net assets | 100.0 % | $ | 91,860 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $5,473. |
(c) | Cash collateral for the Repurchase Agreements, valued at $1,142, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
FDR Finnnish Depositary Receipt
GDR Global Depositary Receipt
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $294 or 0.3% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 3
TA IDEX Templeton Great Companies Global
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $90,185) | $ | 92,776 | ||
Cash | 4,665 | |||
Foreign cash (cost: $13) | 13 | |||
Receivables: | ||||
Investment securities sold | 5 | |||
Shares of beneficial interest sold | 20 | |||
Interest | 1 | |||
Dividends | 271 | |||
Dividend reclaims receivable | 21 | |||
Other | 7 | |||
97,779 | ||||
Liabilities: | ||||
Investment securities purchased | 29 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 86 | |||
Management and advisory fees | 76 | |||
Distribution fees | 31 | |||
Transfer agent fees | 20 | |||
Payable for collateral for securities on loan | 5,638 | |||
Other | 39 | |||
5,919 | ||||
Net Assets | $ | 91,860 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 90,436 | ||
Undistributed net investment income (loss) | 175 | |||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (1,235 | ) | ||
Foreign currency transactions | (105 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 2,591 | |||
Translation of assets and liabilities denominated in foreign currencies | (2 | ) | ||
Net Assets | $ | 91,860 | ||
Net Assets by Class: | ||||
Class A | $ | 84,591 | ||
Class B | 4,807 | |||
Class C | 400 | |||
Class C2 | 1,230 | |||
Class M | 832 | |||
Shares Outstanding: | ||||
Class A | 11,498 | |||
Class B | 670 | |||
Class C | 56 | |||
Class C2 | 171 | |||
Class M | 116 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 7.36 | ||
Class B | 7.17 | |||
Class C | 7.17 | |||
Class C2 | 7.18 | |||
Class M | 7.19 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 7.79 | ||
Class M | 7.26 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 7 | ||
Dividends | 746 | |||
Income from loaned securities–net | 7 | |||
Less withholding taxes on foreign dividends | (63 | ) | ||
697 | ||||
Expenses: | ||||
Management and advisory fees | 279 | |||
Transfer agent fees | 25 | |||
Printing and shareholder reports | 15 | |||
Custody fees | 9 | |||
Administration fees | 11 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 1 | |||
Registration fees | 29 | |||
Other | 2 | |||
Distribution and service fees: | ||||
Class A | 110 | |||
Class B | 23 | |||
Class C | 1 | |||
Class C2 | 7 | |||
Class M | 4 | |||
Total expenses | 522 | |||
Net Investment Income (Loss) | 175 | |||
Net Realized Gain (Loss) from: | ||||
Investment securities | 611 | |||
Foreign currency transactions | 6 | |||
617 | ||||
Net Increase (Decrease) in Unrealized Appreciation on: | ||||
Investment Securities | 822 | |||
Translation of assets and liabilities denominated in foreign currencies | (2 | ) | ||
820 | ||||
Net Gain (Loss) on Investments and Foreign Currency Transactions | 1,437 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,612 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 4
TA IDEX Templeton Great Companies Global
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 175 | $ | (31 | ) | |||
Net realized gain (loss) from investment securities and foreign currency transaction | 617 | 959 | ||||||
Net unrealized appreciation (depreciation) on investment securities and foreign currency translation | 820 | 3,785 | ||||||
1,612 | 4,713 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 57,927 | 12,562 | ||||||
Class B | 1,356 | 1,292 | ||||||
Class C | 267 | 133 | ||||||
Class C2 | 176 | 429 | ||||||
Class M | 122 | 105 | ||||||
59,848 | 14,521 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (731 | ) | (2,287 | ) | ||||
Class B | (680 | ) | (1,158 | ) | ||||
Class C | (12 | ) | (4 | ) | ||||
Class C2 | (324 | ) | (294 | ) | ||||
Class M | (59 | ) | (256 | ) | ||||
(1,806 | ) | (3,999 | ) | |||||
58,042 | 10,522 | |||||||
Net increase (decrease) in net assets | 59,654 | 15,235 | ||||||
Net Assets: | ||||||||
Beginning of period | 32,206 | 16,971 | ||||||
End of period | $ | 91,860 | $ | 32,206 | ||||
Undistributed Net Investment Income (Loss) | $ | 175 | $ | – | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 7,804 | 2,112 | ||||
Class B | 190 | 203 | ||||
Class C | 37 | 21 | ||||
Class C2 | 25 | 69 | ||||
Class M | 17 | 16 | ||||
8,073 | 2,421 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (99 | ) | (361 | ) | ||
Class B | (94 | ) | (192 | ) | ||
Class C | (2 | ) | (1 | ) | ||
Class C2 | (45 | ) | (49 | ) | ||
Class M | (8 | ) | (42 | ) | ||
(248 | ) | (645 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | 7,705 | 1,751 | ||||
Class B | 96 | 11 | ||||
Class C | 35 | 20 | ||||
Class C2 | (20 | ) | 20 | |||
Class M | 9 | (26 | ) | |||
7,825 | 1,776 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 5
TA IDEX Templeton Great Companies Global
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 6.90 | $ | 0.02 | $ | 0.44 | $ | 0.46 | $ | – | $ | – | $ | – | $ | 7.36 | ||||||||||||||
10/31/2003 | 5.86 | – | 1.04 | 1.04 | – | – | – | 6.90 | |||||||||||||||||||||||
10/31/2002 | 6.65 | (0.01 | ) | (0.78 | ) | (0.79 | ) | – | – | – | 5.86 | ||||||||||||||||||||
10/31/2001 | 9.81 | (0.03 | ) | (3.10 | ) | (3.13 | ) | – | (0.03 | ) | (0.03 | ) | 6.65 | ||||||||||||||||||
10/31/2000 | 10.00 | – | (0.19 | ) | (0.19 | ) | – | – | – | 9.81 | |||||||||||||||||||||
Class B | 04/30/2004 | 6.74 | – | 0.43 | 0.43 | – | – | – | 7.17 | ||||||||||||||||||||||
10/31/2003 | 5.76 | (0.04 | ) | 1.02 | 0.98 | – | – | – | 6.74 | ||||||||||||||||||||||
10/31/2002 | 6.59 | (0.07 | ) | (0.76 | ) | (0.83 | ) | – | – | – | 5.76 | ||||||||||||||||||||
10/31/2001 | 9.80 | (0.08 | ) | (3.10 | ) | (3.18 | ) | – | (0.03 | ) | (0.03 | ) | 6.59 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.01 | ) | (0.19 | ) | (0.20 | ) | – | – | – | 9.80 | ||||||||||||||||||||
Class C | 04/30/2004 | 6.74 | – | 0.43 | 0.43 | – | – | – | 7.17 | ||||||||||||||||||||||
10/31/2003 | 5.73 | (0.04 | ) | 1.05 | 1.01 | – | – | – | 6.74 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 6.74 | – | 0.44 | 0.44 | – | – | – | 7.18 | ||||||||||||||||||||||
10/31/2003 | 5.76 | (0.04 | ) | 1.02 | 0.98 | – | – | – | 6.74 | ||||||||||||||||||||||
10/31/2002 | 6.59 | (0.06 | ) | (0.77 | ) | (0.83 | ) | – | – | – | 5.76 | ||||||||||||||||||||
10/31/2001 | 9.80 | (0.09 | ) | (3.09 | ) | (3.18 | ) | – | (0.03 | ) | (0.03 | ) | 6.59 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.01 | ) | (0.19 | ) | (0.20 | ) | – | – | – | 9.80 | ||||||||||||||||||||
Class M | 04/30/2004 | 6.77 | – | 0.42 | 0.42 | – | – | – | 7.19 | ||||||||||||||||||||||
10/31/2003 | 5.78 | (0.03 | ) | 1.02 | 0.99 | – | – | – | 6.77 | ||||||||||||||||||||||
10/31/2002 | 6.60 | (0.06 | ) | (0.76 | ) | (0.82 | ) | – | – | – | 5.78 | ||||||||||||||||||||
10/31/2001 | 9.80 | (0.08 | ) | (3.09 | ) | (3.17 | ) | – | (0.03 | ) | (0.03 | ) | 6.60 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.01 | ) | (0.19 | ) | (0.20 | ) | – | – | – | 9.80 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 6.67 | % | $ | 84,591 | 1.45 | % | 1.45 | % | 0.61 | % | 25 | % | |||||||
10/31/2003 | 17.75 | 26,177 | 1.55 | 2.05 | – | 99 | ||||||||||||||
10/31/2002 | (11.90 | ) | 11,964 | 1.55 | 2.39 | (0.26 | ) | 66 | ||||||||||||
10/31/2001 | (31.99 | ) | 5,294 | 1.55 | 3.26 | (0.37 | ) | 80 | ||||||||||||
10/31/2000 | (1.92 | ) | 2,173 | 1.55 | 25.34 | (0.52 | ) | 15 | ||||||||||||
Class B | 04/30/2004 | 6.38 | 4,807 | 2.10 | 2.10 | (0.04 | ) | 25 | ||||||||||||
10/31/2003 | 17.01 | 3,877 | 2.20 | 2.70 | (0.65 | ) | 99 | |||||||||||||
10/31/2002 | (12.58 | ) | 3,251 | 2.20 | 3.04 | (0.91 | ) | 66 | ||||||||||||
10/31/2001 | (32.57 | ) | 3,400 | 2.20 | 3.91 | (1.02 | ) | 80 | ||||||||||||
10/31/2000 | (2.01 | ) | 582 | 2.20 | 25.99 | (1.17 | ) | 15 | ||||||||||||
Class C | 04/30/2004 | 6.38 | 400 | 2.10 | 2.10 | (0.04 | ) | 25 | ||||||||||||
10/31/2003 | 17.63 | 137 | 2.20 | 2.70 | (0.65 | ) | 99 | |||||||||||||
Class C2 | 04/30/2004 | 6.53 | 1,230 | 2.10 | 2.10 | (0.04 | ) | 25 | ||||||||||||
10/31/2003 | 17.01 | 1,292 | 2.20 | 2.70 | (0.65 | ) | 99 | |||||||||||||
10/31/2002 | (12.58 | ) | 988 | 2.20 | 3.04 | (0.91 | ) | 66 | ||||||||||||
10/31/2001 | (32.57 | ) | 1,112 | 2.20 | 3.91 | (1.02 | ) | 80 | ||||||||||||
10/31/2000 | (2.01 | ) | 353 | 2.20 | 25.99 | (1.17 | ) | 15 | ||||||||||||
Class M | 04/30/2004 | 6.20 | 832 | 2.00 | 2.00 | 0.06 | 25 | |||||||||||||
10/31/2003 | 17.13 | 723 | 2.10 | 2.60 | (0.55 | ) | 99 | |||||||||||||
10/31/2002 | (12.40 | ) | 768 | 2.10 | 2.94 | (0.81 | ) | 66 | ||||||||||||
10/31/2001 | (32.48 | ) | 813 | 2.10 | 3.81 | (0.92 | ) | 80 | ||||||||||||
10/31/2000 | (1.99 | ) | 833 | 2.10 | 25.89 | (1.07 | ) | 15 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 6
TA IDEX Templeton Great Companies Global
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003 and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Templeton Great Companies Global (“the Fund”) commenced operations on September 15, 2000. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 7
TA IDEX Templeton Great Companies Global
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Templeton Great Companies Global (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on September 15, 2000.
On March 1, 2004, the Fund changed its name from IDEX Templeton Great Companies Global to TA IDEX Templeton Great Companies Global.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 8
TA IDEX Templeton Great Companies Global
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $3 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 30, 2004, are listed in the Schedule of Investments.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 9
TA IDEX Templeton Great Companies Global
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $16. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Great Companies, LLC is both a co-subadviser to the Fund and an affiliate of the Fund.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
IDEX Asset Allocation - Conservative Portfolio | $ | 5,510 | 6% | ||
IDEX Asset Allocation - | 26,481 | 29% | |||
IDEX Asset Allocation - Moderate Growth Portfolio | 39,059 | 43% | |||
IDEX Asset Allocation - Moderate Portfolio | 5,285 | 6% | |||
Total | $ | 76,335 | 84% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following stated break points:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.20% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Advisory Fee Waived | Available for Recapture Through | ||||
Fiscal Year 2003 | $ | 127 | 10/31/2006 | ||
Fiscal Year 2002 | 115 | 10/31/2005 | |||
Fiscal Year 2001 | 144 | 10/31/2004 |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 21 | |
Retained by Underwriter | 3 | ||
Contingent Deferred Sales Charges | 4 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $11 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $25 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 10
TA IDEX Templeton Great Companies Global
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 71,653 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 16,498 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$1,008 | October 31, 2009 | |
836 | October 31, 2010 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 90,298 | ||
Unrealized Appreciation | $ | 4,730 | ||
Unrealized (Depreciation) | (2,252 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 2,478 | ||
NOTE 5. | SUBSEQUENT EVENTS |
The Fund will merge into TA IDEX Janus Global effective as of the close of business on May 28, 2004.
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Templeton Great Companies Global 11
TA IDEX Transamerica Conservative High-Yield Bond
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
FOREIGN GOVERNMENT OBLIGATIONS (0.3%) | ||||||
Republic of Colombia | $ | 1,000 | $ | 1,085 | ||
Total Foreign Government Obligations (cost: $935) | 1,085 | |||||
CORPORATE DEBT SECURITIES (95.9%) | ||||||
Aerospace (0.6%) | ||||||
K & F Industries, Inc. | 1,000 | 1,120 | ||||
Textron Inc. | 1,000 | 996 | ||||
Air Transportation (0.9%) | ||||||
American Airlines, Inc. | 977 | 953 | ||||
Delta Air Lines, Inc. (f) | 2,307 | 2,320 | ||||
Amusement & Recreation Services (6.0%) | ||||||
American Casino & Entertainment–144A (b) 7.85%, due 02/01/2012 | 2,000 | 2,050 | ||||
International Speedway Corporation–144A | 2,000 | 1,982 | ||||
Isle of Capri Casinos, Inc.–144A | 3,000 | 2,940 | ||||
MGM MIRAGE | 2,000 | 2,115 | ||||
6.00%, due 10/01/2009 | 2,000 | 2,025 | ||||
5.88%, due 02/27/2014 (b) | 2,000 | 1,910 | ||||
Mohegan Tribal Gaming Authority | 1,000 | 1,020 | ||||
Seneca Gaming Corp–144A | 3,000 | 3,035 | ||||
Speedway Motorsports, Inc. | 1,000 | 1,040 | ||||
Station Casinos, Inc.–144A | 1,000 | 993 | ||||
6.50%, due 02/01/2014 | 2,000 | 1,970 | ||||
6.88%, due 03/01/2016 | 2,000 | 1,990 | ||||
Automotive (3.0%) | ||||||
ArvinMeritor, Inc. | 3,000 | 3,059 | ||||
DaimlerChrysler North America Holding Corporation | 1,000 | 982 | ||||
General Motors Corporation (b) | 2,000 | 2,098 | ||||
Navistar International Corporation | 2,000 | 2,190 | ||||
Tenneco Automotive Inc. (b) | 2,500 | 2,881 | ||||
Automotive Dealers & Service Stations (0.3%) | ||||||
The Pantry, Inc–144A | 1,000 | 1,000 |
Principal | Value | |||||
Beverages (0.3%) | ||||||
Cadbury Schweppes PLC–144A | $ | 1,000 | $ | 989 | ||
Business Credit Institutions (1.3%) | ||||||
Ford Motor Credit Company | 500 | 530 | ||||
5.80%, due 01/12/2009 | 3,000 | 3,055 | ||||
HVB Funding Trust III–144A | 1,000 | 1,241 | ||||
Business Services (2.8%) | ||||||
Clear Channel Communications, Inc. | 1,000 | 1,020 | ||||
7.65%, due 09/15/2010 | 1,000 | 1,143 | ||||
R.H. Donnelley Financial Corporation I–144A | 2,000 | 2,380 | ||||
United Rentals (North America), Inc.–144A | 2,000 | 1,930 | ||||
Universal Compression, Inc. | 2,000 | 2,145 | ||||
Universal Hospital Services, Inc.–144A | 2,000 | 2,130 | ||||
Chemicals & Allied Products (4.1%) | ||||||
Airgas, Inc.–144A | 1,500 | 1,504 | ||||
Eastman Chemical Company | 1,000 | 960 | ||||
Equistar Chemicals, LP | 1,000 | 1,108 | ||||
10.63%, due 05/01/2011 | 2,000 | 2,240 | ||||
Huntsman International LLC | 1,000 | 1,113 | ||||
Huntsman LLC | 1,500 | 1,650 | ||||
Lyondell Chemical Company | 1,000 | 1,095 | ||||
Monsanto Company | 2,000 | 1,993 | ||||
Nalco Company–144A (b) | 2,000 | 2,110 | ||||
NOVA Chemicals Corporation | 1,000 | 1,000 | ||||
Scotts Company (The)–144A | 1,000 | 1,030 | ||||
Commercial Banks (1.1%) | ||||||
Mizuho Financial Group, Inc.–144A | 1,000 | 992 | ||||
Popular, Inc | 1,000 | 1,070 | ||||
Wachovia Corporation | 2,000 | 1,961 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 1
TA IDEX Transamerica Conservative High-Yield Bond
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Communication (3.7%) | ||||||
Adelphia Communications Corporation (e) | $ | 1,000 | $ | 1,070 | ||
Charter Communications Holdings LLC | 2,000 | 1,660 | ||||
9.92%, due 04/01/2011 (j) | 1,000 | 835 | ||||
Comcast Cable Communications, Inc. | 2,000 | 2,192 | ||||
CSC Holdings, Inc. | 1,000 | 1,065 | ||||
CSC Holdings, Inc.–144A | 2,000 | 1,985 | ||||
Liberty Media Corporation | | 4,000 1,000 | | 4,070 1,137 | ||
Communications Equipment (1.1%) | ||||||
L-3 Communications Corporation | 1,000 | 1,078 | ||||
6.13%, due 07/15/2013 | 2,000 | 1,990 | ||||
L-3 Communications Corporation–144A | 1,000 | 995 | ||||
Computer & Data Processing Services (0.5%) | ||||||
Unisys Corporation | 2,000 | 2,050 | ||||
Computer & Office Equipment (0.3%) | ||||||
Seagate Technology HDD Holdings | 1,000 | 1,080 | ||||
Construction (2.9%) | ||||||
Beazer Homes USA, Inc.–144A (b) | 2,000 | 1,960 | ||||
Centex Corporation | 750 | 784 | ||||
D.R. Horton, Inc. | 1,000 | 1,045 | ||||
5.88%, due 07/01/2013 (b) | 3,000 | 2,947 | ||||
Great Lakes Dredge & Dock Corporation–144A | 1,500 | 1,478 | ||||
KB Home–144A | 1,000 | 943 | ||||
Standard Pacific Corp. | 2,000 | 1,870 | ||||
Department Stores (0.0%) | ||||||
Saks Incorporated–144A | 56 | 57 | ||||
Saks Incorporated | (d) | (d) | ||||
Drug Stores & Proprietary Stores (0.6%) | ||||||
Medco Health Solutions, Inc. (b) | 1,000 | 1,079 |
Principal | Value | |||||
Drug Stores & Proprietary Stores (continued) | ||||||
Rite Aid Corporation | $ | 1,000 | $ | 1,123 | ||
Electric Services (7.0%) | ||||||
AES Corporation (The)–144A | 2,000 | 2,175 | ||||
Calpine Generating Company–144A (b)(f) | 2,000 | 1,805 | ||||
CenterPoint Energy Resources, Corp. | 2,000 | 2,255 | ||||
Cleveland Electric Illuminating Company (The)–144A | 1,000 | 987 | ||||
Dynegy Holdings Inc. | 2,000 | 1,800 | ||||
Dynegy Holdings Inc.–144A | 3,000 | 3,285 | ||||
Elwood Energy LLC | 1,831 | 1,904 | ||||
Illinova Corporation | 1,000 | 1,185 | ||||
Nevada Power Company | 4,000 | 4,380 | ||||
NRG Energy, Inc.–144A | 3,000 | 3,022 | ||||
Texas-New Mexico Power Company | 3,000 | 3,058 | ||||
Virginia Electric and Power Company | 1,000 | 987 | ||||
Electric, Gas & Sanitary Services (1.9%) | ||||||
NiSource Finance Corporation | 1,000 | 1,164 | ||||
Pacific Gas and Electric Company | 2,000 | 1,940 | ||||
PG&E Corporation (f) | 4,000 | 4,002 | ||||
Electronic & Other Electric Equipment (0.6%) | ||||||
Rayovac Corporation | 2,000 | 2,140 | ||||
Electronic Components & Accessories (3.2%) | ||||||
Amkor Technology, Inc. (b) | 2,000 | 1,970 | ||||
Communications & Power Industries, | 750 | 765 | ||||
Flextronics International Ltd. (b) | 1,000 | 1,013 | ||||
Tyco International Group SA | 2,000 | 2,039 | ||||
6.38%, due 02/15/2006 | 2,000 | 2,107 | ||||
Tyco International Group SA–144A | 4,000 | 4,055 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 2
TA IDEX Transamerica Conservative High-Yield Bond
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Environmental Services (0.5%) | ||||||
Allied Waste North America, Inc. | $ | 1,000 | $ | 1,075 | ||
Allied Waste North America, Inc.–144A | 1,000 | 1,000 | ||||
Food & Kindred Products (2.3%) | ||||||
Altria Group, Inc | 2,256 | 2,433 | ||||
Bunge Limited Finance Corp.–144A | 2,000 | 1,993 | ||||
Del Monte Foods Company (f) | 3,000 | 3,315 | ||||
Kraft Foods, Inc. | 1,000 | 996 | ||||
Food Stores (2.3%) | ||||||
Ingles Markets, Incorporated | 1,000 | 1,038 | ||||
Pathmark Stores, Inc. (b) | 4,000 | 4,200 | ||||
Stater Bros. Holdings Inc. | 3,500 | 3,666 | ||||
Gas Production & Distribution (1.7%) | ||||||
El Paso CGP Company | 1,000 | 865 | ||||
Northern Border Partners, L.P. | 1,000 | 1,175 | ||||
Northwest Pipeline Corporation | 2,000 | 2,170 | ||||
Williams Companies, Inc. (The) | 2,000 | 2,200 | ||||
Health Services (2.8%) | ||||||
Curative Health Services, Inc.–144A | 2,000 | 2,008 | ||||
Extendicare Health Services Inc.–144A (b) | 3,000 | 2,918 | ||||
Manor Care, Inc. | 2,000 | 2,058 | ||||
Mariner Health Care, Inc.–144A | 2,000 | 2,020 | ||||
NeighborCare, Inc.–144A | 1,500 | 1,530 | ||||
Triad Hospitals, Inc. | 71 | 79 | ||||
Holding & Other Investment Offices (2.5%) | ||||||
Developers Diversified Realty Corporation | 3,000 | 2,910 | ||||
FelCor Lodging LP (f) | 1,000 | 1,068 | ||||
iStar Financial Inc.–144A | 1,000 | 974 | ||||
5.70%, due 03/01/2014 | 1,500 | 1,423 |
Principal | Value | |||||
Holding & Other Investment Offices (continued) | ||||||
Matis Reef Ltd.–144A | $ | 2,000 | $ | 1,990 | ||
Simon Property Group, Inc.–144A | 1,000 | 969 | ||||
Hotels & Other Lodging Places (2.9%) | ||||||
Hilton Hotels Corporation | 2,000 | 2,235 | ||||
HMH Properties, Inc. | 535 | 552 | ||||
John Q. Hammons Hotels, Inc.–Series B | 1,500 | 1,650 | ||||
Las Vegas Sands, Inc. (Venetian Casino Resort LLC) | 1,000 | 1,170 | ||||
Park Place Entertainment Corporation | 2,000 | 2,180 | ||||
7.00%, due 04/15/2013 (b) | 3,000 | 3,149 | ||||
Industrial Machinery & Equipment (1.0%) | ||||||
Grant Prideco, Inc. | 500 | 558 | ||||
SPX Corporation | 2,000 | 2,115 | ||||
Terex Corporation-Series 144A (b) | 1,000 | 1,043 | ||||
Lumber & Wood Products (1.5%) | ||||||
Ainsworth Lumber Co. Ltd.–144A | 2,500 | 2,475 | ||||
Georgia-Pacific Corporation | 1,000 | 1,155 | ||||
Scotia Pacific Company LLC | 2,000 | 1,912 | ||||
Management Services (0.3%) | ||||||
Corrections Corporation of America–144A | 1,000 | 1,048 | ||||
Medical Instruments & Supplies (0.4%) | ||||||
Bard, (C.R.) Inc. | 1,500 | 1,630 | ||||
Metal Cans & Shipping Containers (0.9%) | ||||||
Ball Corporation | 2,000 | 2,110 | ||||
Crown European Holdings SA | 1,000 | 1,165 | ||||
Metal Mining (0.3%) | ||||||
Rio Tinto Finance (USA) Limited | 1,000 | 948 | ||||
Mining (2.1%) | ||||||
Massey Energy Company | 3,000 | 3,014 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 3
TA IDEX Transamerica Conservative High-Yield Bond
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Mining (continued) | ||||||
Peabody Energy Corporation | $ | 3,000 | $ | 3,119 | ||
5.88%, due 04/15/2016 | 2,000 | 1,860 | ||||
Motion Pictures (1.1%) | ||||||
Time Warner Entertainment Company, LP | 1,000 | 1,294 | ||||
Time Warner Inc. | 1,000 | 1,056 | ||||
7.48%, due 01/15/2008 | 1,500 | 1,651 | ||||
Motor Vehicles, Parts & Supplies (0.4%) | ||||||
TRW Automotive Inc. | 1,300 | 1,547 | ||||
Oil & Gas Extraction (4.1%) | ||||||
Chesapeake Energy Corporation | 1,000 | 1,096 | ||||
8.13%, due 04/01/2011 | 71 | 78 | ||||
7.50%, due 09/15/2013 | 1,000 | 1,080 | ||||
Evergreen Resources, Inc.–144A | 1,500 | 1,485 | ||||
Forest Oil Corporation | 500 | 553 | ||||
7.75%, due 05/01/2014 | 1,000 | 1,070 | ||||
Key Energy Services, Inc. | 1,000 | 985 | ||||
Louisana Land and Exploration Company (The) | 2,000 | 2,320 | ||||
PDVSA Finance Ltd.–Series 1998-1B | 1,500 | 1,500 | ||||
Petroleum Geo-Services ASA | 2,500 | 2,725 | ||||
Stone Energy Corporation | 1,000 | 1,080 | ||||
XTO Energy, Inc. | 2,000 | 2,131 | ||||
Paper & Allied Products (1.4%) | ||||||
Cascades, Inc. | 2,000 | 2,085 | ||||
Graphic Packaging Corporation | 2,000 | 2,210 | ||||
Smurfit-Stone Container Corporation | 1,000 | 1,070 | ||||
Paper & Paper Products (0.6%) | ||||||
MDP Acquisitions PLC | 2,000 | 2,250 | ||||
Paperboard Containers & Boxes (0.5%) | ||||||
Jefferson Smurfit Corporation (U.S.) | 2,000 | 2,070 | ||||
Personal Credit Institutions (1.4%) | ||||||
Capital One Financial Corporation | 3,000 | 3,067 |
Principal | Value | |||||
Personal Credit Institutions (continued) | ||||||
ERAC USA Finance Company–144A | $ | 1,000 | $ | 1,162 | ||
General Motors Acceptance Corporation (b) | 1,000 | 1,016 | ||||
Personal Services (0.6%) | ||||||
Service Corporation International | 2,000 | 2,135 | ||||
Petroleum Refining (1.8%) | ||||||
Giant Industries, Inc. | 1,500 | 1,500 | ||||
Premcor Refining Group Inc. (The) | 3,000 | 3,104 | ||||
Tesoro Petroleum Corporation | 2,000 | 2,155 | ||||
Primary Metal Industries (2.4%) | ||||||
General Cable Corporation–144A | 2,000 | 2,190 | ||||
International Steel Group Inc.–144A | 3,000 | 2,880 | ||||
Oregon Steel Mills, Inc. | 1,000 | 1,035 | ||||
United States Steel Corporation | 1,682 | 1,905 | ||||
Valmont Industries Inc.–144A | 1,000 | 1,000 | ||||
Printing & Publishing (4.2%) | ||||||
American Color Graphics, Inc. | 2,000 | 1,720 | ||||
American Media Operations, Inc. | 2,855 | 2,997 | ||||
Dex Media East LLC (Dex Media Finance Co.) | 1,000 | 1,121 | ||||
Dex Media West LLC (Dex Media Finance Co.)–144A | 2,000 | 2,170 | ||||
Dex Media, Inc.–144A | 1,000 | 970 | ||||
Houghton Mifflin Company | 2,000 | 1,975 | ||||
News America Incorporated (b) | 1,000 | 1,091 | ||||
Primedia Inc. | 2,000 | 2,035 | ||||
Quebecor World Capital Corporation | 2,000 | 1,971 | ||||
Radio & Television Broadcasting (2.7%) | ||||||
British Sky Broadcasting Group PLC | 1,000 | 1,106 | ||||
CanWest Media, Inc. | 1,000 | 1,133 | ||||
7.63%, due 04/15/2013 | 1,000 | 1,065 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 4
TA IDEX Transamerica Conservative High-Yield Bond
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Radio & Television Broadcasting (continued) | ||||||
Susquehanna Media Co. | $ | 2,000 | $ | 2,113 | ||
Videotron Ltee | 1,500 | 1,515 | ||||
Young Broadcasting Inc.–144A | 3,000 | 3,218 | ||||
Research & Testing Services (0.3%) | ||||||
Quintiles Transnational Corp.–144A | 1,000 | 1,035 | ||||
Restaurants (0.3%) | ||||||
YUM! Brands, Inc. | 1,000 | 1,156 | ||||
Rubber & Misc. Plastic Products (0.5%) | ||||||
Sealed Air Corporation–144A | 2,000 | 2,082 | ||||
Savings Institutions (0.5%) | ||||||
Washington Mutual, Inc. | 2,000 | 1,971 | ||||
Stone, Clay & Glass Products (0.9%) | ||||||
Anchor Glass Container Corporation | 1,000 | 1,155 | ||||
Owens-Brockway Glass Container Inc. | 1,000 | 1,048 | ||||
8.75%, due 11/15/2012 | 1,000 | 1,093 | ||||
Telecommunications (5.2%) | ||||||
American Cellular Corporation | 1,000 | 965 | ||||
AT&T Corp. (g) | 1,000 | 1,097 | ||||
BT Group PLC (h) | 1,000 | 1,190 | ||||
France Telecom (i) | 1,000 | 1,182 | ||||
Nextel Communications, Inc. | 3,000 | 3,244 | ||||
5.95%, due 03/15/2014 | 2,000 | 1,880 | ||||
Primus Telecommunications Group, Incorporated–144A (b) | 2,000 | 1,840 | ||||
Qwest Capital Funding, Inc. | 2,000 | 1,675 | ||||
7.90%, due 08/15/2010 (b) | 2,000 | 1,710 | ||||
Rogers Wireless Inc.–144A | 2,500 | 2,350 | ||||
Rural Cellular Corporation–144A | 1,000 | 1,033 | ||||
Triton PCS, Inc. (b) | 2,000 | 1,845 | ||||
Textile Mill Products (0.7%) | ||||||
INVISTA, Inc.–144A | 2,500 | 2,500 |
Principal | Value | |||||
Transportation Equipment (1.2%) | ||||||
Trinity Industries, Inc.–144A | $ | 2,500 | $ | 2,431 | ||
Westinghouse Air Brake Technologies Corporation | 2,000 | 2,075 | ||||
Trucking & Warehousing (0.5%) | ||||||
Iron Mountain Incorporated | 2,000 | 2,050 | ||||
Water Transportation (0.9%) | ||||||
Royal Caribbean Cruises Ltd. (b) | 1,000 | 1,058 | ||||
8.75%, due 02/02/2011 | 2,000 | 2,255 | ||||
Total Corporate Debt Securities (cost: $353,634) | 363,355 | |||||
Shares | Value | |||||
PREFERRED STOCKS (0.6%) | ||||||
Holding & Other Investment Offices (0.6%) | ||||||
Duke Realty Corporation | 40,000 | $ | 2,148 | |||
Total Preferred Stocks (cost: $2,008) | 2,148 | |||||
COMMON STOCKS (0.0%) | ||||||
Printing and Publishing (0.0%) | ||||||
Golden Books Entertainment, Inc. (a) | 63,750 | (d) | ||||
Total Common Stocks (cost: $168) | (d) | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (7.9%) | ||||||
Debt (4.3%) | ||||||
Bank Notes (0.8%) | ||||||
Canadian Imperial Bank of Commerce | $ | 1,487 | $ | 1,487 | ||
Fleet National Bank | 1,487 | 1,487 | ||||
Euro Dollar Overnight (0.4%) | ||||||
Credit Agricole Indosuez | 892 | 892 | ||||
Royal Bank of Scotland Group PLC (The) | 535 | 535 | ||||
Euro Dollar Terms (1.1%) | ||||||
Bank of Montreal | 173 | 173 | ||||
BNP Paribas SA | 892 | 892 | ||||
1.08%, due 07/29/2004 | 892 | 892 | ||||
Den Danske Bank | 595 | 595 | ||||
Royal Bank of Scotland Group PLC (The) | 595 | 595 | ||||
Wells Fargo & Company | 892 | 892 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 5
TA IDEX Transamerica Conservative High-Yield Bond
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Promissory Notes (0.5%) | ||||||
Goldman Sachs Group, Inc. (The) | $ | 2,081 | $ | 2,081 | ||
Repurchase Agreements (1.5%) (c) | ||||||
Merrill Lynch & Co., Inc. | ||||||
1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $5,946 on 5/03/2004 | 5,946 | 5,946 |
Shares | Value | ||||
Investment Companies (3.6%) | |||||
Money Market Funds (3.6%) | |||||
American AAdvantage Select Fund | 1,784 | $ | 1,784 | ||
Barclays Institutional Money Market Fund | 4,163 | 4,163 | |||
Merrill Lynch Premier Institutional Fund | 1,611 | 1,611 | |||
Merrimac Cash Series Fund–Premium Class | 5,946 | 5,946 | |||
Total Security Lending Collateral (cost: $29,971) | 29,971 | ||||
Total Investment Securities (cost: $386,716) | $ | 396,559 | |||
SUMMARY: | |||||
Investments, at value | 104.7% | $ | 396,559 | ||
Liabilities in excess of other assets | (4.7)% | (17,631) | |||
Net assets | 100.0% | $ | 378,928 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $29,095. |
(c) | Cash collateral for the Repurchase Agreements, valued at $6,065, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
(d) | Value is less than $1. |
(e) | Securities are currently in default on interest payments. |
(f) | Floating or variable rate note. Rate is listed as of April 30, 2004. |
(g) | Securities are stepbonds. Coupon steps up by 25 BP for each rating downgrade by Standard and Poor’s or Moody’s for each notch below BBB+/A3. Coupon steps down by 25 BP for each rating upgrade. |
(h) | Securities are stepbonds. Coupon increases by 25 BP for each rating downgrade by Standard and Poor’s or Moody’s for each notch below A-/A3. Coupon steps down by 25 BP for each rating upgrade. |
(i) | Securities are stepbonds. France Telecom has a coupon rate of 8.75% until 09/01/2004, thereafter a coupon rate of 8.50%. |
(j) | Securities are stepbonds. Charter Communications Holdings LLC has a zero coupon rate until 04/30/2004, thereafter a coupon rate 9.92%. |
DEFINITIONS:
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004 these securities aggregated $103,515 or 27.3% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 6
TA IDEX Transamerica Conservative High-Yield Bond
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $386,716) (including securities loaned of $29,095) | $ | 396,559 | ||
Cash | 9,782 | |||
Receivables: | ||||
Investment securities sold | 1,080 | |||
Shares of beneficial interest sold | 275 | |||
Interest | 7,191 | |||
Other | 44 | |||
414,931 | ||||
Liabilities: | ||||
Investment securities purchased | 5,475 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 66 | |||
Management and advisory fees | 190 | |||
Distribution fees | 154 | |||
Transfer agent fees | 69 | |||
Dividends to shareholders | 2 | |||
Payable for collateral for securities on loan | 29,971 | |||
Other | 76 | |||
36,003 | ||||
Net Assets | $ | 378,928 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 379,592 | ||
Undistributed net investment income (loss) | 1,086 | |||
Accumulated net realized gain (loss) from | ||||
investment securities | (11,589 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 9,839 | |||
Net Assets | $ | 378,928 | ||
Net Assets by Class: | ||||
Class A | $ | 298,886 | ||
Class B | 50,712 | |||
Class C | 9,138 | |||
Class C2 | 15,333 | |||
Class M | 4,859 | |||
Shares Outstanding: | ||||
Class A | 32,633 | |||
Class B | 5,540 | |||
Class C | 999 | |||
Class C2 | 1,676 | |||
Class M | 531 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 9.16 | ||
Class B | 9.15 | |||
Class C | 9.15 | |||
Class C2 | 9.15 | |||
Class M | 9.15 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 9.62 | ||
Class M | 9.24 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 11,401 | ||
Dividends | 80 | |||
Income from loaned securities–net | 41 | |||
11,522 | ||||
Expenses: | ||||
Management and advisory fees | 1,023 | |||
Transfer agent fees | 98 | |||
Printing and shareholder reports | 45 | |||
Custody fees | 11 | |||
Administration fees | 26 | |||
Legal fees | 5 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 6 | |||
Registration fees | 26 | |||
Other | 21 | |||
Distribution and service fees: | ||||
Class A | 454 | |||
Class B | 258 | |||
Class C | 48 | |||
Class C2 | 77 | |||
Class M | 24 | |||
Total expenses | 2,129 | |||
Net Investment Income (Loss) | 9,393 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 2,666 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | (1,938 | ) | ||
Net Gain (Loss) on Investment Securities | 728 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 10,121 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 7
TA IDEX Transamerica Conservative High-Yield Bond
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net Investment Income (loss) | $ | 9,393 | $ | 11,430 | ||||
Net realized gain (loss) from investment securities | 2,666 | (4,706 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities | (1,938 | ) | 27,479 | |||||
10,121 | 34,203 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (6,981 | ) | (7,408 | ) | ||||
Class B | (1,229 | ) | (2,630 | ) | ||||
Class C | (228 | ) | (198 | ) | ||||
Class C2 | (366 | ) | (796 | ) | ||||
Class M | (128 | ) | (368 | ) | ||||
(8,932 | ) | (11,400 | ) | |||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 117,471 | 182,483 | ||||||
Class B | 6,673 | 28,567 | ||||||
Class C | 3,071 | 9,354 | ||||||
Class C2 | 3,417 | 14,942 | ||||||
Class M | 629 | 1,902 | ||||||
131,261 | 237,248 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 6,696 | 6,615 | ||||||
Class B | 681 | 1,509 | ||||||
Class C | 104 | 101 | ||||||
Class C2 | 106 | 305 | ||||||
Class M | 92 | 256 | ||||||
7,679 | 8,786 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (19,435 | ) | (70,217 | ) | ||||
Class B | (8,602 | ) | (15,455 | ) | ||||
Class C | (2,528 | ) | (1,404 | ) | ||||
Class C2 | (5,803 | ) | (5,727 | ) | ||||
Class M | (1,702 | ) | (3,107 | ) | ||||
(38,070 | ) | (95,910 | ) | |||||
100,870 | 150,124 | |||||||
Net increase (decrease) in net assets | 102,059 | 172,927 | ||||||
Net Assets: | ||||||||
Beginning of period | 276,869 | 103,942 | ||||||
End of period | $ | 378,928 | $ | 276,869 | ||||
Undistributed Net Investment Income (Loss) | $ | 1,086 | $ | 625 | ||||
April 30, (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 12,690 | 21,036 | ||||
Class B | 721 | 3,332 | ||||
Class C | 334 | 1,074 | ||||
Class C2 | 369 | 1,749 | ||||
Class M | 68 | 219 | ||||
14,182 | 27,410 | |||||
Shares issued-reinvested from distributions: |
| |||||
Class A | 725 | 767 | ||||
Class B | 74 | 176 | ||||
Class C | 11 | 12 | ||||
Class C2 | 12 | 36 | ||||
Class M | 10 | 30 | ||||
832 | 1,021 | |||||
Shares redeemed: | ||||||
Class A | (2,107 | ) | (8,089 | ) | ||
Class B | (930 | ) | (1,788 | ) | ||
Class C | (272 | ) | (160 | ) | ||
Class C2 | (630 | ) | (660 | ) | ||
Class M | (183 | ) | (362 | ) | ||
(4,122 | ) | (11,059 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 11,308 | 13,714 | ||||
Class B | (135 | ) | 1,720 | |||
Class C | 73 | 926 | ||||
Class C2 | (249 | ) | 1,125 | |||
Class M | (105 | ) | (113 | ) | ||
10,892 | 17,372 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 8
TA IDEX Transamerica Conservative High-Yield Bond
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 9.08 | $ | 0.27 | $ | 0.06 | $ | 0.33 | $ | (0.25 | ) | $ | – | $ | (0.25 | ) | $ | 9.16 | ||||||||||||
10/31/2003 | 7.93 | 0.57 | 1.16 | 1.73 | (0.58 | ) | – | (0.58 | ) | 9.08 | |||||||||||||||||||||
10/31/2002 | 9.26 | 0.57 | (1.31 | ) | (0.74 | ) | (0.59 | ) | – | (0.59 | ) | 7.93 | |||||||||||||||||||
10/31/2001 | 9.24 | 0.72 | 0.01 | 0.73 | (0.71 | ) | – | (0.71 | ) | 9.26 | |||||||||||||||||||||
10/31/2000 | 9.67 | 0.69 | (0.37 | ) | 0.32 | (0.69 | ) | (0.06 | ) | (0.75 | ) | 9.24 | |||||||||||||||||||
10/31/1999 | 10.43 | 0.65 | (0.54 | ) | 0.11 | (0.67 | ) | (0.20 | ) | (0.87 | ) | 9.67 | |||||||||||||||||||
Class B | 04/30/2004 | 9.08 | 0.23 | 0.06 | 0.29 | (0.22 | ) | – | (0.22 | ) | 9.15 | ||||||||||||||||||||
10/31/2003 | 7.93 | 0.51 | 1.17 | 1.68 | (0.53 | ) | – | (0.53 | ) | 9.08 | |||||||||||||||||||||
10/31/2002 | 9.26 | 0.52 | (1.32 | ) | (0.80 | ) | (0.53 | ) | – | (0.53 | ) | 7.93 | |||||||||||||||||||
10/31/2001 | 9.24 | 0.57 | 0.10 | 0.67 | (0.65 | ) | – | (0.65 | ) | 9.26 | |||||||||||||||||||||
10/31/2000 | 9.67 | 0.63 | (0.37 | ) | 0.26 | (0.63 | ) | (0.06 | ) | (0.69 | ) | 9.24 | |||||||||||||||||||
10/31/1999 | 10.42 | 0.59 | (0.54 | ) | 0.05 | (0.60 | ) | (0.20 | ) | (0.80 | ) | 9.67 | |||||||||||||||||||
Class C | 04/30/2004 | 9.08 | 0.23 | 0.06 | 0.29 | (0.22 | ) | – | (0.22 | ) | 9.15 | ||||||||||||||||||||
10/31/2003 | 8.08 | 0.51 | 1.02 | 1.53 | (0.53 | ) | – | (0.53 | ) | 9.08 | |||||||||||||||||||||
Class C2 | 04/30/2004 | 9.08 | 0.23 | 0.06 | 0.29 | (0.22 | ) | – | (0.22 | ) | 9.15 | ||||||||||||||||||||
10/31/2003 | 7.92 | 0.51 | 1.18 | 1.69 | (0.53 | ) | – | (0.53 | ) | 9.08 | |||||||||||||||||||||
10/31/2002 | 9.26 | 0.51 | (1.32 | ) | (0.81 | ) | (0.53 | ) | – | (0.53 | ) | 7.92 | |||||||||||||||||||
10/31/2001 | 9.24 | 0.52 | 0.15 | 0.67 | (0.65 | ) | – | (0.65 | ) | 9.26 | |||||||||||||||||||||
10/31/2000 | 9.67 | 0.63 | (0.37 | ) | 0.26 | (0.63 | ) | (0.06 | ) | (0.69 | ) | 9.24 | |||||||||||||||||||
Class M | 04/30/2004 | 9.08 | 0.23 | 0.06 | 0.29 | (0.22 | ) | – | (0.22 | ) | 9.15 | ||||||||||||||||||||
10/31/2003 | 7.93 | 0.52 | 1.17 | 1.69 | (0.54 | ) | – | (0.54 | ) | 9.08 | |||||||||||||||||||||
10/31/2002 | 9.26 | 0.53 | (1.32 | ) | (0.79 | ) | (0.54 | ) | – | (0.54 | ) | 7.93 | |||||||||||||||||||
10/31/2001 | 9.24 | 0.63 | 0.05 | 0.68 | (0.66 | ) | – | (0.66 | ) | 9.26 | |||||||||||||||||||||
10/31/2000 | 9.67 | 0.64 | (0.37 | ) | 0.27 | (0.64 | ) | (0.06 | ) | (0.70 | ) | 9.24 | |||||||||||||||||||
10/31/1999 | 10.42 | 0.60 | (0.54 | ) | 0.06 | (0.61 | ) | (0.20 | ) | (0.81 | ) | 9.67 |
For the Period Ended (g) | Total Return (c) | Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 3.64 | % | $ | 298,886 | 1.09 | % | 1.09 | % | 5.67 | % | 24 | % | |||||||
10/31/2003 | 22.74 | 193,708 | 1.22 | 1.22 | 6.57 | 46 | ||||||||||||||
10/31/2002 | (8.48 | ) | 60,332 | 1.35 | 1.35 | 6.61 | 64 | |||||||||||||
10/31/2001 | 8.12 | 50,755 | 1.41 | 1.41 | 7.35 | 16 | ||||||||||||||
10/31/2000 | 3.37 | 49,259 | 1.36 | 1.36 | 7.34 | 11 | ||||||||||||||
10/31/1999 | 1.09 | 59,082 | 1.38 | 1.38 | 6.41 | 27 | ||||||||||||||
Class B | 04/30/2004 | 3.19 | 50,712 | 1.74 | 1.74 | 5.02 | 24 | |||||||||||||
10/31/2003 | 21.94 | 51,511 | 1.87 | 1.87 | 5.92 | 46 | ||||||||||||||
10/31/2002 | (9.03 | ) | 31,336 | 2.00 | 2.00 | 5.96 | 64 | |||||||||||||
10/31/2001 | 7.45 | 35,471 | 2.06 | 2.06 | 6.70 | 16 | ||||||||||||||
10/31/2000 | 2.74 | 13,808 | 2.01 | 2.01 | 6.69 | 11 | ||||||||||||||
10/31/1999 | 0.38 | 12,930 | 2.03 | 2.03 | 5.76 | 27 | ||||||||||||||
Class C | 04/30/2004 | 3.19 | 9,138 | 1.74 | 1.74 | 5.02 | 24 | |||||||||||||
10/31/2003 | 19.52 | 8,403 | 1.87 | 1.87 | 5.92 | 46 | ||||||||||||||
Class C2 | 04/30/2004 | 3.19 | 15,333 | 1.74 | 1.74 | 5.02 | 24 | |||||||||||||
10/31/2003 | 21.94 | 17,473 | 1.87 | 1.87 | 5.92 | 46 | ||||||||||||||
10/31/2002 | (9.03 | ) | 6,340 | 2.00 | 2.00 | 5.96 | 64 | |||||||||||||
10/31/2001 | 7.45 | 8,267 | 2.06 | 2.06 | 6.70 | 16 | ||||||||||||||
10/31/2000 | 2.74 | 1,025 | 2.01 | 2.01 | 6.69 | 11 | ||||||||||||||
Class M | 04/30/2004 | 3.25 | 4,859 | 1.64 | 1.64 | 5.12 | 24 | |||||||||||||
10/31/2003 | 22.06 | 5,774 | 1.77 | 1.77 | 6.02 | 46 | ||||||||||||||
10/31/2002 | (8.95 | ) | 5,934 | 1.90 | 1.90 | 6.06 | 64 | |||||||||||||
10/31/2001 | 7.56 | 8,005 | 1.96 | 1.96 | 6.80 | 16 | ||||||||||||||
10/31/2000 | 2.84 | 4,319 | 1.91 | 1.91 | 6.79 | 11 | ||||||||||||||
10/31/1999 | 0.54 | 5,515 | 1.93 | 1.93 | 5.86 | 27 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 9
TA IDEX Transamerica Conservative High-Yield Bond
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 10
TA IDEX Transamerica Conservative High-Yield Bond
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Conservative High-Yield Bond (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on June 14, 1985.
On March 1, 2004, the Fund changed its name from IDEX Transamerica Conservative High-Yield Bond to TA IDEX Transamerica Conservative High-Yield Bond.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Investment company securities are valued at net asset value of the underlying portfolios.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $18 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 11
TA IDEX Transamerica Conservative High-Yield Bond
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $2. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
AEGON USA Investment Management, Inc. is both a sub-adviser to the Fund and an affiliate of the Fund.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | |||||
IDEX Asset Allocation - Conservative Portfolio | $ | 62,246 | 16 | % | ||
IDEX Asset Allocation - Moderate Growth Portfolio | 73,532 | 19 | % | |||
IDEX Asset Allocation - Moderate Portfolio | 122,565 | 32 | % | |||
Total | $ | 258,343 | 67 | % | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.60% of ANA
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.25% Expense Limit
If total fund expenses fall below the annual expense limitation agreed to by the adviser within the succeeding three years, the fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 12
TA IDEX Transamerica Conservative High-Yield Bond
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 53 | |
Retained by Underwriter | 8 | ||
Contingent Deferred Sales Charges | 158 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $26 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $98 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $15. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 176,050 | |
U.S. Government | 7,968 | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 68,779 | ||
U.S. Government | 7,924 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$1,984 | October 31, 2008 | |
1,519 | October 31, 2009 | |
5,464 | October 31, 2010 | |
5,283 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, were as follows:
Federal Tax Cost Basis | $ | 386,721 | ||
Unrealized Appreciation | $ | 13,560 | ||
Unrealized (Depreciation) | (3,722 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 9,838 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Conservative High-Yield Bond 13
TA IDEX Transamerica Convertible Securities
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
CORPORATE DEBT SECURITIES (1.9%) | ||||||
Amusement & Recreation Services (1.9%) | ||||||
Mandalay Resort Group (a)(c) | $ | 2,750 | $ | 3,860 | ||
Total Corporate Debt Securities (cost: $3,148) | 3,860 | |||||
CONVERTIBLE BONDS (82.2%) | ||||||
Air Transportation (3.6%) | ||||||
American Airlines, Inc–144A | 4,250 | 4,022 | ||||
JetBlue Airways Corporation–144A | 3,050 | 3,172 | ||||
Automotive (1.4%) | ||||||
American Axle & Manufacturing, Inc.– 144A (a)(d) | 2,750 | 2,791 | ||||
Business Credit Institutions (3.8%) | ||||||
Financial Federal Corporation–144A (a) | 5,000 | 4,887 | ||||
Structured Investment Corporation–144A | 3,000 | 2,685 | ||||
Commercial Banks (4.4%) | ||||||
Bank of America Corporation | 4,000 | 3,940 | ||||
Wells Fargo & Company | 5,000 | 4,725 | ||||
Communication (1.4%) | ||||||
Crown Castle International Corp. | 1,800 | 2,819 | ||||
Communications Equipment (1.7%) | ||||||
Comtech Telecommunications Corp.–144A (e) | 4,400 | 3,416 | ||||
Computer & Data Processing Services (7.4%) | ||||||
GTECH Holdings Corporation (a) | 2,000 | 4,468 | ||||
Openwave Systems, Inc.–144A | 6,000 | 5,520 | ||||
RealNetworks, Inc. | 5,100 | 4,622 | ||||
Department Stores (1.8%) | ||||||
Saks Incorporated–144A (a) | 3,500 | 3,513 | ||||
Electrical Goods (1.7%) | ||||||
Avnet, Inc (a) | 3,250 | 3,278 | ||||
Electronic Components & Accessories (1.9%) | ||||||
Micron Technology, Inc.–144A (a) | 2,250 | 2,942 | ||||
Micron Technology, Inc. (a) | 600 | 785 | ||||
Health Services (1.8%) | ||||||
Matria Healthcare, Inc.–144A | 3,500 | 3,500 | ||||
Hotels & Other Lodging Places (2.5%) | ||||||
Host Marriott, L.P.–144A | 5,000 | 4,881 |
Principal | Value | |||||
Instruments & Related Products (1.8%) | ||||||
Roper Industries, Inc. (a)(g) | $ | 8,500 | $ | 3,655 | ||
Insurance (0.5%) | ||||||
Leucadia National Corporation–144A (a) | 1,000 | 1,011 | ||||
Manufacturing Industries (7.7%) | ||||||
International Game Technology (a) | 4,900 | 4,116 | ||||
K2 Corporation–144A | 4,500 | 6,204 | ||||
Shuffle Master, Inc.–144A (a) | 4,850 | 4,977 | ||||
Mining (0.6%) | ||||||
Massey Energy Company–144A (a) | 1,200 | 1,227 | ||||
Motion Pictures (2.8%) | ||||||
Lions Gate Entertainment Corp.–144A | 4,000 | 5,480 | ||||
Pharmaceuticals (10.0%) | ||||||
Allergan, Inc. | 3,500 | 3,658 | ||||
Indevus Pharmaceuticals, Inc. | 1,500 | 2,023 | ||||
Indevus Pharmaceuticals, Inc.–144A | 1,900 | 2,563 | ||||
Medarex, Inc.–144A | 4,000 | 3,930 | ||||
Teva Pharmaceutical Finance BV | 2,400 | 2,448 | ||||
Teva Pharmaceutical Finance BV–144A (a) | 2,000 | 2,938 | ||||
Watson Pharmaceuticals, Inc.–144A | 1,950 | 2,140 | ||||
Primary Metal Industries (1.5%) | ||||||
Inco Limited (a) | 3,500 | 2,923 | ||||
Printing & Publishing (2.2%) | ||||||
Bowne & Co. Inc (a) | 3,725 | 4,372 | ||||
Radio, Television & Computer Stores (3.0%) | ||||||
Guitar Center, Inc. | 4,250 | 5,854 | ||||
Research & Testing Services (1.5%) | ||||||
deCODE genetics, Inc.–144A | 3,250 | 3,063 | ||||
Retail Trade (1.5%) | ||||||
Dick’s Sporting Goods, Inc.–144A (f) | 4,400 | 3,014 | ||||
Security & Commodity Brokers (2.6%) | ||||||
Morgan Stanley | 5,000 | 5,063 | ||||
Telecommunications (9.1%) | ||||||
Millicom International Cellular–144A | 4,000 | 7,040 | ||||
Nextel Partners, Inc.–144A | 4,900 | 6,260 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 1
TA IDEX Transamerica Convertible Securities
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Principal | Value | |||||
Telecommunications (continued) | ||||||
NII Holdings, Inc.–144A (a) | $ | 4,500 | $ | 4,635 | ||
Water Transportation (4.0%) | ||||||
CP Ships Limited–144A | 3,300 | 3,242 | ||||
Royal Caribbean Cruises Ltd. | 4,000 | 2,085 | ||||
Zero coupon, due 05/18/2021 | 4,000 | 2,670 | ||||
Total Convertible Bonds (cost: $154,426) | 162,557 | |||||
Shares | Value | |||||
CONVERTIBLE PREFERRED STOCKS (17.0%) | ||||||
Automotive (2.9%) | ||||||
Ford Motor Company Capital Trust II | 100,000 | $ | 5,643 | |||
Commercial Banks (2.0%) | ||||||
State Street Corporation | 17,000 | 3,948 | ||||
Communications Equipment (3.3%) | ||||||
Motorola, Inc.–Units (a) | 85,000 | 4,262 | ||||
Nortel Networks Corporation | 33 | 2,255 | ||||
Insurance (1.8%) | ||||||
Anthem, Inc. | 34,550 | 3,570 | ||||
Life Insurance (1.6%) | ||||||
Prudential Financial, Inc.–Units | 46,600 | 3,147 | ||||
Metal Mining (2.4%) | ||||||
Freeport-McMoRan Cooper & Gold Inc.–144A (a) | 5,500 | 4,833 | ||||
Security & Commodity Brokers (3.0%) | ||||||
Morgan Stanley | 99,475 | 6,012 | ||||
Total Convertible Preferred Stocks (cost: $33,869) | 33,670 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (22.3%) | ||||||
Debt (12.2%) | ||||||
Bank Notes (2.2%) | ||||||
Canadian Imperial Bank of Commerce | $ | 2,191 | $ | 2,191 | ||
Fleet National Bank | 2,191 | 2,191 |
Principal | Value | |||||
Euro Dollar Overnight (1.1%) | ||||||
Credit Agricole Indosuez | $ | 1,315 | $ | 1,315 | ||
Royal Bank of Scotland Group PLC (The) | 789 | 789 | ||||
Euro Dollar Terms (3.0%) | ||||||
Bank of Montreal | 256 | 256 | ||||
BNP Paribas SA 1.08%, due 07/29/2004 | | 1,315 1,315 | | 1,315 1,315 | ||
Den Danske Bank | 876 | 876 | ||||
Royal Bank of Scotland Group PLC (The) | 876 | 876 | ||||
Wells Fargo & Company | 1,315 | 1,315 | ||||
Promissory Notes (1.5%) | ||||||
Goldman Sachs Group, Inc. (The) | 3,067 | 3,067 | ||||
Repurchase Agreements (4.4%) (b) | ||||||
Merrill Lynch & Co., Inc. | 8,763 | 8,763 | ||||
Shares | Value | |||||
Investment Companies (10.1%) | ||||||
Money Market Funds (10.1%) | ||||||
American AAdvantage Select Fund | 2,629,030 | $ | 2,629 | |||
Barclays Institutional Money Market Fund | 6,134,404 | 6,134 | ||||
Merrill Lynch Premier Institutional Fund | 2,374,483 | 2,374 | ||||
Merrimac Cash Series Fund– | 8,763,434 | 8,763 | ||||
Total Security Lending Collateral (cost: $44,169) | 44,169 | |||||
Total Investment Securities (cost: $235,612) | $ | 244,256 | ||||
SUMMARY: | ||||||
Investments, at value | 123.4% | $ | 244,256 | |||
Liabilities in excess of other assets | (23.4)% | (46,256) | ||||
Net assets | 100.0% | $ | 198,000 | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 2
TA IDEX Transamerica Convertible Securities
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $42,868. |
(b) | Cash collateral for the Repurchase Agreements, valued at $8,939, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
(c) | Floating or variable rate note. Rate is listed as of April 30, 2004. |
(d) | Securities are stepbonds. American Axle & Manufacturing, Inc.–144A has a coupon rate of 2.00% until 02/15/2011, thereafter the coupon rate will be 0.00%. |
(e) | Securities are stepbonds. Comtech Telecommunications Corp.–144A has a coupon rate of 2.00% until 02/01/2011, thereafter the coupon rate will be 0.00%. |
(f) | Securities are stepbonds. Dick’s Sporting Goods, Inc.–144A has a coupon rate of 1.61% until 02/18/2009, thereafter the coupon rate will be 0.00%. |
(g) | Securities are stepbonds. Roper Industries, Inc. has a coupon rate of 1.48% until 01/15/2009, thereafter the coupon rate will be 0.00%. |
DEFINITIONS:
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $103,886 or 52.5% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 3
TA IDEX Transamerica Convertible Securities
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | |||
Investment securities, at value (cost: $235,612) | $ | 244,256 | |
Receivables: | |||
Investment securities sold | 7,351 | ||
Shares of beneficial interest sold | 23 | ||
Interest | 822 | ||
Other | 36 | ||
252,488 | |||
Liabilities: | |||
Investment securities purchased | 7,500 | ||
Accounts payable and accrued liabilities: | |||
Shares of beneficial interest redeemed | 26 | ||
Management and advisory fees | 127 | ||
Distribution fees | 67 | ||
Due to custodian | 2,529 | ||
Transfer agent fees | 10 | ||
Payable for collateral for securities on loan | 44,169 | ||
Other | 60 | ||
54,488 | |||
Net Assets | $ | 198,000 | |
Net Assets Consist of: | |||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 178,593 | |
Undistributed net investment income (loss) | 308 | ||
Undistributed net realized gain (loss) from investment securities | 10,455 | ||
Net unrealized appreciation (depreciation) on investment securities | 8,644 | ||
Net Assets | $ | 198,000 | |
Net Assets by Class: | |||
Class A | $ | 184,089 | |
Class B | 6,756 | ||
Class C | 5,515 | ||
Class C2 | 1,172 | ||
Class M | 468 | ||
Shares Outstanding: | |||
Class A | 15,932 | ||
Class B | 586 | ||
Class C | 478 | ||
Class C2 | 102 | ||
Class M | 41 | ||
Net Asset Value Per Share: | |||
Class A | $ | 11.55 | |
Class B | 11.54 | ||
Class C | 11.54 | ||
Class C2 | 11.54 | ||
Class M | 11.54 | ||
Maximum Offering Price Per Share (a): | |||
Class A | $ | 12.13 | |
Class M | 11.66 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 2,168 | ||
Dividends | 816 | |||
Income from loaned securities–net | 33 | |||
3,017 | ||||
Expenses: | ||||
Management and advisory fees | 741 | |||
Transfer agent fees | 10 | |||
Printing and shareholder reports | 5 | |||
Custody fees | 9 | |||
Administration fees | 17 | |||
Legal fees | 2 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 3 | |||
Registration fees | 24 | |||
Other | 5 | |||
Distribution and service fees: | ||||
Class A | 321 | |||
Class B | 33 | |||
Class C | 27 | |||
Class C2 | 6 | |||
Class M | 2 | |||
Total expenses | 1,210 | |||
Net Investment Income (Loss) | 1,807 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 10,455 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | (3,295 | ) | ||
Net Gain (Loss) on Investment Securities | 7,160 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 8,967 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 4
TA IDEX Transamerica Convertible Securities
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 1,807 | $ | 1,785 | ||||
Net realized gain (loss) from investment securities | 10,455 | 3,558 | ||||||
Net unrealized appreciation (depreciation) on investment securities | (3,295 | ) | 12,078 | |||||
8,967 | 17,421 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (1,664 | ) | (1,469 | ) | ||||
Class B | (42 | ) | (51 | ) | ||||
Class C | (34 | ) | (21 | ) | ||||
Class C2 | (8 | ) | (17 | ) | ||||
Class M | (3 | ) | (7 | ) | ||||
(1,751 | ) | (1,565 | ) | |||||
From net realized gains: | ||||||||
Class A | (2,962 | ) | – | |||||
Class B | (104 | ) | – | |||||
Class C | (87 | ) | – | |||||
Class C2 | (20 | ) | – | |||||
Class M | (8 | ) | – | |||||
(3,181 | ) | – | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 974 | 150,345 | ||||||
Class B | 1,261 | 5,369 | ||||||
Class C | 501 | 4,921 | ||||||
Class C2 | 483 | 761 | ||||||
Class M | 149 | 234 | ||||||
3,368 | 161,630 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 4,619 | 1,466 | ||||||
Class B | 99 | 31 | ||||||
Class C | 89 | 15 | ||||||
Class C2 | 20 | 11 | ||||||
Class M | 12 | 7 | ||||||
4,839 | 1,530 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (459 | ) | (1,341 | ) | ||||
Class B | (1,234 | ) | (763 | ) | ||||
Class C | (224 | ) | (219 | ) | ||||
Class C2 | (565 | ) | (701 | ) | ||||
Class M | (183 | ) | (154 | ) | ||||
(2,665 | ) | (3,178 | ) | |||||
5,542 | 159,982 | |||||||
Net increase (decrease) in net assets | 9,577 | 175,838 | ||||||
Net Assets: | ||||||||
Beginning of period | 188,423 | 12,585 | ||||||
End of period | $ | 198,000 | $ | 188,423 | ||||
Undistributed Net Investment Income (Loss) | $ | 308 | $ | 252 | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 84 | 14,376 | ||||
Class B | 108 | 525 | ||||
Class C | 43 | 465 | ||||
Class C2 | 41 | 73 | ||||
Class M | 13 | 24 | ||||
289 | 15,463 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | 414 | 137 | ||||
Class B | 9 | 3 | ||||
Class C | 8 | 1 | ||||
Class C2 | 2 | 1 | ||||
Class M | 1 | 1 | ||||
434 | 143 | |||||
Shares redeemed: | ||||||
Class A | (39 | ) | (127 | ) | ||
Class B | (106 | ) | (74 | ) | ||
Class C | (19 | ) | (20 | ) | ||
Class C2 | (48 | ) | (67 | ) | ||
Class M | (15 | ) | (16 | ) | ||
(227 | ) | (304 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 459 | 14,386 | ||||
Class B | 11 | 454 | ||||
Class C | 32 | 446 | ||||
Class C2 | (5 | ) | 7 | |||
Class M | (1 | ) | 9 | |||
496 | 15,302 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 5
TA IDEX Transamerica Convertible Securities
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 11.32 | $ | 0.11 | $ | 0.42 | $ | 0.53 | $ | (0.11 | ) | $ | (0.19 | ) | $ | (0.30 | ) | $ | 11.55 | |||||||||||
10/31/2003 | 9.39 | 0.24 | 1.92 | 2.16 | (0.23 | ) | – | (0.23 | ) | 11.32 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.14 | (0.67 | ) | (0.53 | ) | (0.08 | ) | – | (0.08 | ) | 9.39 | |||||||||||||||||||
Class B | 04/30/2004 | 11.31 | 0.07 | 0.42 | 0.49 | (0.07 | ) | (0.19 | ) | (0.26 | ) | 11.54 | |||||||||||||||||||
10/31/2003 | 9.38 | 0.17 | 1.93 | 2.10 | (0.17 | ) | – | (0.17 | ) | 11.31 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.11 | (0.68 | ) | (0.57 | ) | (0.05 | ) | – | (0.05 | ) | 9.38 | |||||||||||||||||||
Class C | 04/30/2004 | 11.31 | 0.07 | 0.42 | 0.49 | (0.07 | ) | (0.19 | ) | (0.26 | ) | 11.54 | |||||||||||||||||||
10/31/2003 | 9.36 | 0.17 | 1.95 | 2.12 | (0.17 | ) | – | (0.17 | ) | 11.31 | |||||||||||||||||||||
Class C2 | 04/30/2004 | 11.31 | 0.07 | 0.42 | 0.49 | (0.07 | ) | (0.19 | ) | (0.26 | ) | 11.54 | |||||||||||||||||||
10/31/2003 | 9.38 | 0.17 | 1.93 | 2.10 | (0.17 | ) | – | (0.17 | ) | 11.31 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.11 | (0.68 | ) | (0.57 | ) | (0.05 | ) | – | (0.05 | ) | 9.38 | |||||||||||||||||||
Class M | 04/30/2004 | 11.31 | 0.08 | 0.42 | 0.50 | (0.08 | ) | �� | (0.19 | ) | (0.27 | ) | 11.54 | ||||||||||||||||||
10/31/2003 | 9.38 | 0.18 | 1.93 | 2.11 | (0.18 | ) | – | (0.18 | ) | 11.31 | |||||||||||||||||||||
10/31/2002 | 10.00 | 0.12 | (0.68 | ) | (0.56 | ) | (0.06 | ) | – | (0.06 | ) | 9.38 |
For the Period Ended (g) | Total Return (c) | Ratios/Supplemental Data | ||||||||||||||||||
Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 4.76 | % | $ | 184,089 | 1.18 | % | 1.18 | % | 1.88 | % | 97 | % | |||||||
10/31/2003 | 23.49 | 175,175 | 1.33 | 1.33 | 2.27 | 119 | ||||||||||||||
10/31/2002 | (5.42 | ) | 10,205 | 1.73 | 3.85 | 2.59 | 170 | |||||||||||||
Class B | 04/30/2004 | 4.48 | 6,756 | 1.83 | 1.83 | 1.23 | 97 | |||||||||||||
10/31/2003 | 22.58 | 6,508 | 1.98 | 1.98 | 1.62 | 119 | ||||||||||||||
10/31/2002 | (5.68 | ) | 1,138 | 2.38 | 4.50 | 1.94 | 170 | |||||||||||||
Class C | 04/30/2004 | 4.48 | 5,515 | 1.83 | 1.83 | 1.23 | 97 | |||||||||||||
10/31/2003 | 22.84 | 5,048 | 1.98 | 1.98 | 1.62 | 119 | ||||||||||||||
Class C2 | 04/30/2004 | 4.48 | 1,172 | 1.83 | 1.83 | 1.23 | 97 | |||||||||||||
10/31/2003 | 22.58 | 1,212 | 1.98 | 1.98 | 1.62 | 119 | ||||||||||||||
10/31/2002 | (5.68 | ) | 934 | 2.38 | 4.50 | 1.94 | 170 | |||||||||||||
Class M | 04/30/2004 | 4.53 | 468 | 1.73 | 1.73 | 1.33 | 97 | |||||||||||||
10/31/2003 | 22.70 | 480 | 1.88 | 1.88 | 1.72 | 119 | ||||||||||||||
10/31/2002 | (5.64 | ) | 308 | 2.28 | 4.40 | 2.04 | 170 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Transamerica Convertible Securities (“the Fund”) commenced operations on March 1, 2002. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 6
TA IDEX Transamerica Convertible Securities
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Convertible Securities (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.
On March 1, 2004, the Fund changed its name from IDEX Transamerica Convertible Securities to TA IDEX Transamerica Convertible Securities.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $14 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds,
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 7
TA IDEX Transamerica Convertible Securities
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Transamerica Investment Management, LLC is both a co-subadviser to the Fund and an affiliate of the Fund.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | |||
IDEX Asset Allocation - | $43,788 | 22% | ||
IDEX Asset Allocation - | 56,036 | 28% | ||
IDEX Asset Allocation - | 78,701 | 40% | ||
Total | $ 178,525 | 90% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.75% of ANA
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.35% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 8
TA IDEX Transamerica Convertible Securities
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 11 | |
Retained by Underwriter | 2 | ||
Contingent Deferred Sales Charges | 15 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $17 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $10 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $3. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 198,037 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 189,395 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales and capital loss carryforwards.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, were as follows:
Federal Tax Cost Basis | $ | 235,612 | ||
Unrealized Appreciation | 15,392 | |||
Unrealized (Depreciation) | (6,748 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 8,644 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Convertible Securities 9
TA IDEX Transamerica Equity
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
COMMON STOCKS (97.8%) | |||||
Apparel & Accessory Stores (2.4%) | |||||
TJX Companies, Inc. (The) | 75,000 | $ | 1,843 | ||
Business Services (8.6%) | |||||
First Data Corporation | 85,000 | 3,858 | |||
Moody’s Corporation | 45,000 | 2,902 | |||
Chemicals & Allied Products (3.5%) | |||||
Praxair, Inc. | 75,000 | 2,741 | |||
Commercial Banks (5.0%) | |||||
Northern Trust Corporation | 55,000 | 2,325 | |||
State Street Corporation | 32,000 | 1,562 | |||
Communication (14.1%) | |||||
Cox Communications, Inc.–Class A (a)(b) | 95,000 | 3,106 | |||
Echostar Communications Corporation – | 90,000 | 2,987 | |||
Liberty Media Corporation–Class A (a) | 235,000 | 2,571 | |||
XM Satellite Radio Holdings Inc.– | 100,000 | 2,396 | |||
Communications Equipment (5.2%) | |||||
QUALCOMM Incorporated | 65,000 | 4,060 | |||
Computer & Data Processing Services (4.2%) | |||||
Microsoft Corporation | 125,000 | 3,246 | |||
Computer & Office Equipment (2.2%) | |||||
SanDisk Corporation (a) | 73,000 | 1,687 | |||
Drug Stores & Proprietary Stores (3.1%) | |||||
Walgreen Co. | 70,000 | 2,414 | |||
Electronic Components & Accessories (1.5%) | |||||
Intel Corporation | 45,000 | 1,158 | |||
Fabricated Metal Products (3.7%) | |||||
Gillette Company (The) | 70,000 | 2,864 | |||
Hotels & Other Lodging Places (2.7%) | |||||
Marriott International, Inc.–Class A (b) | 45,000 | 2,122 | |||
Insurance (4.9%) | |||||
WellPoint Health Networks Inc. (a) | 35,000 | 3,909 | |||
Management Services (3.6%) | |||||
Paychex, Inc. | 75,000 | 2,796 | |||
Medical Instruments & Supplies (3.6%) | |||||
Zimmer Holdings, Inc. (a) | 35,000 | 2,795 | |||
Personal Services (3.2%) | |||||
Weight Watchers International, Inc. (a)(b) | 65,000 | 2,535 | |||
Pharmaceuticals (10.8%) | |||||
Allergan, Inc. | 35,000 | 3,082 | |||
Genentech, Inc. (a) | 26,500 | 3,254 | |||
Pfizer Inc. | 60,000 | 2,146 |
Shares | Value | |||||
Retail Trade (3.8%) | ||||||
Staples, Inc. | 115,000 | $ | 2,962 | |||
Transportation & Public Utilities (3.6%) | ||||||
Expeditors International of Washington, Inc. | 70,000 | 2,813 | ||||
Trucking & Warehousing (4.5%) | ||||||
United Parcel Service, Inc.–Class B | 50,000 | 3,508 | ||||
Variety Stores (3.6%) | ||||||
Wal-Mart Stores, Inc. | 50,000 | 2,850 | ||||
Total Common Stocks (cost: $61,033) | 76,492 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (11.7%) | ||||||
Debt (6.5%) | ||||||
Bank Notes (1.2%) | ||||||
Canadian Imperial Bank of Commerce | $ | 452 | $ | 452 | ||
Fleet National Bank | 452 | 452 | ||||
Euro Dollar Overnight (0.6%) | ||||||
Credit Agricole Indosuez | 271 | 271 | ||||
Royal Bank of Scotland Group PLC (The) | 163 | 163 | ||||
Euro Dollar Terms (1.6%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 53 | 53 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 271 | 271 | ||||
1.08%, due 07/29/2004 | 271 | 271 | ||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | 181 | 181 | ||||
Royal Bank of Scotland Group PLC (The) | 181 | 181 | ||||
Wells Fargo & Company | 271 | 271 | ||||
Promissory Notes (0.8%) | ||||||
Goldman Sachs Group, Inc. (The) | 632 | 632 | ||||
Repurchase Agreements (2.3%) (c) | ||||||
Merrill Lynch & Co., Inc. | 1,805 | 1,805 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 1
TA IDEX Transamerica Equity
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
Investment Companies (5.2%) | |||||
Money Market Funds (5.2%) | |||||
American AAdvantage Select Fund | 541,866 | $ | 542 | ||
Barclays Institutional Money Market Fund | 1,264,354 | 1,264 | |||
Merrill Lynch Premier Institutional Fund | 489,401 | 489 | |||
Merrimac Cash Series Fund– | 1,806,219 | 1,806 | |||
Total Security Lending Collateral (cost: $9,104) | 9,104 | ||||
Total Investment Securities (cost: $70,137) | $ | 85,596 | |||
SUMMARY: | |||||
Investments, at value | 109.5% | $ | 85,596 | ||
Liabilities in excess of other assets | (9.5)% | (7,456) | |||
Net assets | 100.0% | $ | 78,140 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $8,758. |
(c) | Cash collateral for the Repurchase Agreements, valued at $1,842, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 2
TA IDEX Transamerica Equity
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $70,137) | $ | 85,596 | ||
Cash | 1,432 | |||
Receivables: | ||||
Shares of beneficial interest sold | 477 | |||
Interest | 1 | |||
Dividends | 43 | |||
Other | 172 | |||
87,721 | ||||
Liabilities: | ||||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 180 | |||
Management and advisory fees | 215 | |||
Distribution fees | 28 | |||
Transfer agent fees | 17 | |||
Payable for collateral for securities on loan | 9,104 | |||
Other | 37 | |||
9,581 | ||||
Net Assets | $ | 78,140 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 66,848 | ||
Accumulated net investment income (loss) | (322 | ) | ||
Accumulated net realized gain (loss) from | (3,845 | ) | ||
Net unrealized appreciation (depreciation) on investment securities | 15,459 | |||
Net Assets | $ | 78,140 | ||
Net Assets by Class: | ||||
Class A | $ | 68,074 | ||
Class B | 5,308 | |||
Class C | 3,348 | |||
Class C2 | 853 | |||
Class M | 557 | |||
Shares Outstanding: | ||||
Class A | 9,300 | |||
Class B | 747 | |||
Class C | 471 | |||
Class C2 | 120 | |||
Class M | 78 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 7.32 | ||
Class B | 7.10 | |||
Class C | 7.10 | |||
Class C2 | 7.10 | |||
Class M | 7.14 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 7.75 | ||
Class M | 7.21 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 2 | ||
Dividends | 206 | |||
Income from loaned securities–net | 5 | |||
213 | ||||
Expenses: | ||||
Management and advisory fees | 282 | |||
Transfer agent fees | 23 | |||
Printing and shareholder reports | 29 | |||
Custody fees | 4 | |||
Administration fees | 10 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 2 | |||
Registration fees | 24 | |||
Other | 3 | |||
Distribution and service fees: | ||||
Class A | 108 | |||
Class B | 25 | |||
Class C | 12 | |||
Class C2 | 4 | |||
Class M | 3 | |||
Total expenses | 535 | |||
Net Investment Income (Loss) | (322 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 1,120 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | 3,607 | |||
Net Gain (Loss) on Investment Securities | 4,727 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,405 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 3
TA IDEX Transamerica Equity
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (322 | ) | $ | (491 | ) | ||
Net realized gain (loss) from investment securities | 1,120 | (1,072 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities | 3,607 | 14,389 | ||||||
4,405 | 12,826 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 8,968 | 37,805 | ||||||
Class B | 1,171 | 2,327 | ||||||
Class C | 2,083 | 1,359 | ||||||
Class C2 | 184 | 370 | ||||||
Class M | 44 | 133 | ||||||
12,450 | 41,994 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (1,410 | ) | (17,982 | ) | ||||
Class B | (778 | ) | (1,240 | ) | ||||
Class C | (289 | ) | (4 | ) | ||||
Class C2 | (104 | ) | (706 | ) | ||||
Class M | (151 | ) | (379 | ) | ||||
(2,732 | ) | (20,311 | ) | |||||
9,718 | 21,683 | |||||||
Net increase (decrease) in net assets | 14,123 | 34,509 | ||||||
Net Assets: | ||||||||
Beginning of period | 64,017 | 29,508 | ||||||
End of period | $ | 78,140 | $ | 64,017 | ||||
Accumulated Net Investment Income (Loss) | $ | (322 | ) | $ | – | |||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 1,239 | 6,674 | ||||
Class B | 168 | 394 | ||||
Class C | 299 | 216 | ||||
Class C2 | 26 | 65 | ||||
Class M | 6 | 23 | ||||
1,738 | 7,372 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (195 | ) | (2,972 | ) | ||
Class B | (112 | ) | (209 | ) | ||
Class C | (42 | ) | (1 | ) | ||
Class C2 | (15 | ) | (126 | ) | ||
Class M | (22 | ) | (66 | ) | ||
(386 | ) | (3,374 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 1,044 | 3,702 | ||||
Class B | 56 | 185 | ||||
Class C | 257 | 215 | ||||
Class C2 | 11 | (61 | ) | |||
Class M | (16 | ) | (43 | ) | ||
1,352 | 3,998 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 4
TA IDEX Transamerica Equity
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 6.86 | $ | (0.03 | ) | $ | 0.49 | $ | 0.46 | $ | – | $ | – | $ | – | $ | 7.32 | |||||||||||
10/31/2003 | 5.52 | (0.05 | ) | 1.39 | 1.34 | – | – | – | 6.86 | ||||||||||||||||||||
10/31/2002 | 6.38 | (0.07 | ) | (0.79 | ) | (0.86 | ) | – | – | – | 5.52 | ||||||||||||||||||
10/31/2001 | 10.16 | (0.10 | ) | (3.68 | ) | (3.78 | ) | – | – | – | 6.38 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.02 | ) | 0.18 | 0.16 | – | – | – | 10.16 | ||||||||||||||||||||
Class B | 04/30/2004 | 6.68 | (0.05 | ) | 0.47 | 0.42 | – | – | – | 7.10 | |||||||||||||||||||
10/31/2003 | 5.40 | (0.09 | ) | 1.37 | 1.28 | – | – | – | 6.68 | ||||||||||||||||||||
10/31/2002 | 6.29 | (0.12 | ) | (0.77 | ) | (0.89 | ) | – | – | – | 5.40 | ||||||||||||||||||
10/31/2001 | 10.12 | (0.16 | ) | (3.67 | ) | (3.83 | ) | – | – | – | 6.29 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.06 | ) | 0.18 | 0.12 | – | – | – | 10.12 | ||||||||||||||||||||
Class C | 04/30/2004 | 6.68 | (0.05 | ) | 0.47 | 0.42 | – | – | – | 7.10 | |||||||||||||||||||
10/31/2003 | 5.30 | (0.09 | ) | 1.47 | 1.38 | – | – | – | 6.68 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 6.68 | (0.05 | ) | 0.47 | 0.42 | – | – | – | 7.10 | |||||||||||||||||||
10/31/2003 | 5.40 | (0.09 | ) | 1.37 | 1.28 | – | – | – | 6.68 | ||||||||||||||||||||
10/31/2002 | 6.29 | (0.12 | ) | (0.77 | ) | (0.89 | ) | – | – | – | 5.40 | ||||||||||||||||||
10/31/2001 | 10.12 | (0.16 | ) | (3.67 | ) | (3.83 | ) | – | – | – | 6.29 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.06 | ) | 0.18 | 0.12 | – | – | – | 10.12 | ||||||||||||||||||||
Class M | 04/30/2004 | 6.70 | (0.05 | ) | 0.49 | 0.44 | – | – | – | 7.14 | |||||||||||||||||||
10/31/2003 | 5.42 | (0.08 | ) | 1.36 | 1.28 | – | – | – | 6.70 | ||||||||||||||||||||
10/31/2002 | 6.31 | (0.11 | ) | (0.78 | ) | (0.89 | ) | – | – | – | 5.42 | ||||||||||||||||||
10/31/2001 | 10.12 | (0.14 | ) | (3.67 | ) | (3.81 | ) | – | – | – | 6.31 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.06 | ) | 0.18 | 0.12 | – | – | – | 10.12 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 6.71 | % | $ | 68,074 | 1.44 | % | 1.44 | % | (0.84 | )% | 4 | % | |||||||
10/31/2003 | 24.28 | 56,618 | 1.56 | 1.56 | (0.87 | ) | 55 | |||||||||||||
10/31/2002 | (13.50 | ) | 25,127 | 1.74 | 2.32 | (1.19 | ) | 19 | ||||||||||||
10/31/2001 | (37.20 | ) | 2,750 | 1.55 | 2.75 | (1.15 | ) | 42 | ||||||||||||
10/31/2000 | 1.60 | 3,053 | 1.55 | 6.10 | (1.18 | ) | 13 | |||||||||||||
Class B | 04/30/2004 | 6.29 | 5,308 | 2.09 | 2.09 | (1.49 | ) | 4 | ||||||||||||
10/31/2003 | 23.70 | 4,613 | 2.21 | 2.21 | (1.52 | ) | 55 | |||||||||||||
10/31/2002 | (14.22 | ) | 2,732 | 2.39 | 2.98 | (1.84 | ) | 19 | ||||||||||||
10/31/2001 | (37.78 | ) | 3,070 | 2.20 | 3.40 | (1.80 | ) | 42 | ||||||||||||
10/31/2000 | 1.17 | 2,840 | 2.20 | 6.75 | (1.83 | ) | 13 | |||||||||||||
Class C | 04/30/2004 | 6.29 | 3,348 | 2.09 | 2.09 | (1.49 | ) | 4 | ||||||||||||
10/31/2003 | 26.04 | 1,435 | 2.21 | 2.21 | (1.52 | ) | 55 | |||||||||||||
Class C2 | 04/30/2004 | 6.29 | 853 | 2.09 | 2.09 | (1.49 | ) | 4 | ||||||||||||
10/31/2003 | 23.70 | 725 | 2.21 | 2.21 | (1.52 | ) | 55 | |||||||||||||
10/31/2002 | (14.22 | ) | 914 | 2.39 | 2.98 | (1.84 | ) | 19 | ||||||||||||
10/31/2001 | (37.78 | ) | 1,318 | 2.20 | 3.40 | (1.80 | ) | 42 | ||||||||||||
10/31/2000 | 1.17 | 1,118 | 2.20 | 6.75 | (1.83 | ) | 13 | |||||||||||||
Class M | 04/30/2004 | 6.57 | 557 | 1.99 | 1.99 | (1.39 | ) | 4 | ||||||||||||
10/31/2003 | 23.62 | 626 | 2.11 | 2.11 | (1.42 | ) | 55 | |||||||||||||
10/31/2002 | (14.08 | ) | 735 | 2.29 | 2.88 | (1.74 | ) | 19 | ||||||||||||
10/31/2001 | (37.69 | ) | 794 | 2.10 | 3.30 | (1.70 | ) | 42 | ||||||||||||
10/31/2000 | 1.24 | 969 | 2.10 | 6.65 | (1.73 | ) | 13 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 5
TA IDEX Transamerica Equity
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003 and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Transamerica Equity commenced operations on March 1, 2000. The inception date for the Fund’s offering of share class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 6
TA IDEX Transamerica Equity
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Equity (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2000.
On March 1, 2004, the Fund changed its name from IDEX Transamerica Equity to TA IDEX Transamerica Equity.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $6 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to
qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $2 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 7
TA IDEX Transamerica Equity
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 2,915 | 4% | ||
TA IDEX Asset Allocation -Growth Portfolio | 16,611 | 21% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 22,533 | 29% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 19,675 | 25% | |||
Total | $ | 61,734 | 79% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 8
TA IDEX Transamerica Equity
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 21 | |
Retained by Underwriter | 3 | ||
Contingent Deferred Sales Charges | 4 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $10 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $23 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 11,437 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 2,889 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$ 71 | October 31, 2008 | |
2,496 | October 31, 2009 | |
1,197 | October 31, 2010 | |
92 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 71,245 | ||
Unrealized Appreciation | $ | 14,838 | ||
Unrealized (Depreciation) | (487 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 14,351 | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 9
TA IDEX Transamerica Equity
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 5. | SUBSEQUENT EVENTS |
On May 28, 2004, the Fund acquired all the net assets of TA IDEX Alger Aggressive Growth pursuant to a plan of reorganization. The acquisition was accomplished by a tax-free exchange of 17,122 shares of the Fund for the 6,508 shares of TA IDEX Alger Aggressive Growth outstanding on May 27, 2004. TA IDEX Alger Aggressive Growth’s net assets at that date, $125,279, including $17,570 unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 8,474 | $ | 62,968 | ||
Class B | 6,356 | 45,759 | |||
Class C | 125 | 899 | |||
Class C2 | 929 | 6,690 | |||
Class M | 1,238 | 8,963 | |||
Total | 17,122 | $ | 125,279 | ||
On June 15, 2004, Class C2 shares will merge into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Equity 10
TA IDEX Transamerica Flexible Income
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
U.S. GOVERNMENT OBLIGATIONS (6.0%) | ||||||
U.S. Treasury Note | $ | 212 | $ | 224 | ||
1.88%, due 01/31/2006 | 695 | 691 | ||||
U.S. Treasury Note (a) | 435 | 433 | ||||
2.63%, due 11/15/2006 | 990 | 989 | ||||
4.38%, due 05/15/2007 | 2,920 | 3,045 | ||||
3.00%, due 02/15/2009 | 1,705 | 1,662 | ||||
5.75%, due 08/15/2010 | 935 | 1,028 | ||||
5.00%, due 02/15/2011 | 1,520 | 1,603 | ||||
Total U.S. Government Obligations (cost: $9,705) | 9,675 | |||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (0.6%) | ||||||
Fannie Mae | 895 | 928 | ||||
Total U.S. Government Agency Obligations (cost: $928) | 928 | |||||
CORPORATE DEBT SECURITIES (77.5%) | ||||||
Air Transportation (1.9%) | ||||||
JetBlue Airways Corporation–Series 2004-1 Class C (c) | 3,000 | 3,068 | ||||
Amusement & Recreation Services (7.3%) | ||||||
Boyd Gaming Corporation–144A | 2,500 | 2,463 | ||||
Isle of Capri Casinos, Inc.–144A | 2,000 | 1,960 | ||||
Mandalay Resort Group | 3,000 | 3,225 | ||||
MGM MIRAGE–144A | 2,250 | 2,149 | ||||
Station Casinos, Inc.–144A | 2,000 | 1,990 | ||||
Beverages (1.9%) | ||||||
PepsiAmericas, Inc. | 3,000 | 3,040 | ||||
Business Credit Institutions (2.2%) | ||||||
ChevronTexaco Capital Corporation | 1,035 | 1,044 | ||||
Ford Motor Credit Company | 2,500 | 2,571 | ||||
Business Services (2.3%) | ||||||
Clear Channel Communications, Inc. | 3,275 | 3,748 | ||||
Chemicals & Allied Products (1.1%) | ||||||
Dial Corporation (The) | 890 | 966 | ||||
6.50%, due 09/15/2008 | 600 | 653 | ||||
Nalco Company–144A | 225 | 237 | ||||
Commercial Banks (4.4%) | ||||||
Citizens Banking Corporation | 75 | 74 |
Principal | Value | |||||
Commercial Banks (continued) | ||||||
Hudson United Bancorp | $ | 300 | $ | 331 | ||
7.00%, due 05/15/2012 | 310 | 340 | ||||
Royal Bank of Scotland Group PLC (The) (c) | 3,000 | 3,467 | ||||
US Bank NA | 3,000 | 2,963 | ||||
Communication (3.2%) | ||||||
American Tower Corporation–144A | 125 | 121 | ||||
Echostar DBS Corporation–144A | 2,000 | 2,023 | ||||
Liberty Media Corporation | 3,000 | 3,000 | ||||
Construction (0.2%) | ||||||
Toll Brothers, Inc. | 250 | 270 | ||||
Electric Services (6.0%) | ||||||
AES Gener SA–144A (a) | 3,000 | 2,865 | ||||
Dominion Resources, Inc. | 650 | 666 | ||||
Duke Energy Corporation | 3,000 | 2,972 | ||||
PSEG Power LLC | 375 | 363 | ||||
Southwestern Public Service Company | 500 | 523 | ||||
TXU Corp. | 1,625 | 1,727 | ||||
6.38%, due 01/01/2008 | 750 | 802 | ||||
Electric, Gas & Sanitary Services (0.5%) | ||||||
Public Service Company of Colorado–Series A | 100 | 111 | ||||
Xcel Energy Inc. | 675 | 756 | ||||
Food & Kindred Products (5.7%) | ||||||
Burns, Philp & Company Limited | 2,000 | 2,110 | ||||
ConAgra Foods, Inc. | 1,900 | 2,542 | ||||
Dean Foods Company | 2,200 | 2,244 | ||||
Tyson Foods, Inc. | 2,000 | 2,327 | ||||
Furniture & Fixtures (2.6%) | ||||||
Lear Corporation | 4,067 | 4,281 | ||||
Holding & Other Investment Offices (1.8%) | ||||||
EOP Operating Limited Partnership | 2,150 | 2,361 | ||||
Hutchison Whampoa Limited–144A | 475 | 468 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 1
TA IDEX Transamerica Flexible Income
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Hotels & Other Lodging Places (2.1%) | ||||||
Host Marriott, L.P. | $ | 2,000 | $ | 2,030 | ||
Starwood Hotels & Resorts Worldwide, Inc. | 1,335 | 1,402 | ||||
Instruments & Related Products (1.8%) | ||||||
RC Trust I | 5,500 | 2,975 | ||||
Insurance (3.9%) | ||||||
ACE Capital Trust II | 2,530 | 3,367 | ||||
Farmers Insurance Exchange–144A | 200 | 202 | ||||
First American Capital Trust I | 125 | 142 | ||||
Kingsway America Inc.–144A | 275 | 271 | ||||
Liberty Mutual Insurance Company–144A | 150 | 171 | ||||
UnitedHealth Group Incorporated | 360 | 387 | ||||
4.88%, due 04/01/2013 | 525 | 517 | ||||
WellPoint Health Networks Inc. | 1,185 | 1,272 | ||||
Iron & Steel Foundries (0.4%) | ||||||
Precision Castparts Corp.–144A | 575 | 567 | ||||
Life Insurance (0.3%) | ||||||
Nationwide Mutual Life Insurance | 415 | 429 | ||||
Lumber & Wood Products (2.0%) | ||||||
Weyerhaeuser Company | 3,000 | 3,287 | ||||
Metal Mining (1.4%) | ||||||
Barrick Gold Finance, Inc. | 2,000 | 2,252 | ||||
Motion Pictures (5.3%) | ||||||
News Corporation Limited (The) | 3,700 | 4,254 | ||||
Time Warner Inc. | 950 | 1,039 | ||||
7.63%, due 04/15/2031 | 3,000 | 3,283 | ||||
Oil & Gas Extraction (4.4%) | ||||||
Chesapeake Energy Corporation | 2,000 | 2,030 | ||||
Evergreen Resources, Inc.–144A | 2,900 | 2,871 | ||||
Occidental Petroleum Corporation | 350 | 345 | ||||
Petrobras International Finance | 2,000 | 1,880 |
Principal | Value | |||||
Paper & Allied Products (1.8%) | ||||||
Domtar Inc. | $ | 3,000 | $ | 2,911 | ||
Petroleum Refining (0.6%) | ||||||
Premcor Refining Group Inc. (The) | 1,000 | 995 | ||||
Primary Metal Industries (3.4%) | ||||||
Noranda Inc. | 3,000 | 3,029 | ||||
Phelps Dodge Corporation | 2,000 | 2,412 | ||||
Printing & Publishing (0.5%) | ||||||
News America Incorporated (a) | 810 | 884 | ||||
Radio & Television Broadcasting (0.4%) | ||||||
USA Interactive | 575 | 626 | ||||
Restaurants (0.1%) | ||||||
YUM! Brands, Inc. | 85 | 98 | ||||
Security & Commodity Brokers (2.4%) | ||||||
Goldman Sachs Group, Inc. (The) | 3,975 | 3,799 | ||||
Telecommunications (2.9%) | ||||||
America Movil, SA de CV–144A | 3,000 | 2,807 | ||||
Cincinnati Bell Inc. | 2,000 | 1,890 | ||||
Transportation & Public Utilities (0.1%) | ||||||
Plains All American Pipeline, L.P.–144A | 100 | 99 | ||||
Transportation Equipment (1.2%) | ||||||
Bombardier Recreational Products–144A (a) | 2,000 | 1,980 | ||||
Wholesale Trade Nondurable Goods (1.4%) | ||||||
Domino’s, Inc. | 2,150 | 2,322 | ||||
Total Corporate Debt Securities (cost: $129,013) | 125,646 | |||||
Shares | Value | |||||
CONVERTIBLE PREFERRED STOCKS (0.3%) | ||||||
Business Credit Institutions (0.3%) | ||||||
Sovereign Capital Trust IV | 9,500 | $ | 444 | |||
Total Convertible Preferred Stocks (cost: $475) | 444 | |||||
PREFERRED STOCKS (2.7%) | ||||||
Holding & Other Investment Offices (0.0%) | ||||||
Saul Centers, Inc. | 1,850 | 48 | ||||
Real Estate (0.2%) | ||||||
Chevy Chase Preferred Capital Corporation | 4,700 | 274 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 2
TA IDEX Transamerica Flexible Income
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||||
Savings Institutions (0.3%) | |||||||
Chevy Chase Bank, F.S.B. | 15,650 | $ | 430 | ||||
Telecommunications (2.2%) | |||||||
Centaur Funding Corp.–144A | 2,750 | 3,484 | |||||
Total Preferred Stocks (cost: $4,270) | 4,236 | ||||||
COMMON STOCKS (0.00%) | |||||||
Telecommunications (0.0%) | |||||||
VersaTel Telecom International–Warrants, Expires 05/15/2008 (d) | 75 | (e) | |||||
Total Common Stocks | (e) | ||||||
Principal | Value | ||||||
SECURITY LENDING COLLATERAL (9.7%) | |||||||
Debt (5.4%) | |||||||
Bank Notes (1.0%) | |||||||
Canadian Imperial Bank of Commerce | $ | 774 | $ | 774 | |||
Fleet National Bank | 774 | 774 | |||||
Euro Dollar Overnight (0.5%) | |||||||
Credit Agricole Indosuez | 464 | 464 | |||||
Royal Bank of Scotland Group PLC (The) | 279 | 279 | |||||
Euro Dollar Terms (1.3%) | |||||||
Bank of Montreal | 90 | 90 | |||||
BNP Paribas SA | 464 | 464 | |||||
1.08%, due 07/29/2004 | 464 | 464 | |||||
Den Danske Bank | 309 | 309 | |||||
Royal Bank of Scotland Group PLC (The) | 309 | 309 | |||||
Wells Fargo & Company | 464 | 464 |
Principal | Value | |||||
Promissory Notes (0.7%) | ||||||
Goldman Sachs Group, Inc. (The) | $ | 1,083 | $ | 1,083 | ||
Repurchase Agreements (1.9%) (b) | ||||||
Merrill Lynch & Co., Inc. | 3,096 | 3,096 | ||||
Shares | Value | |||||
Investment Companies (4.3%) | ||||||
Money Market Funds (4.3%) | ||||||
American AAdvantage Select Fund | 928,412 | $ | 928 | |||
Barclays Institutional Money Market Fund | 2,166,295 | 2,166 | ||||
Merrill Lynch Premier Institutional Fund | 838,522 | 839 | ||||
Merrimac Cash Series Fund–Premium Class | 3,094,708 | 3,095 | ||||
Total Security Lending Collateral (cost: $15,598) | 15,598 | |||||
Total Investment Securities (cost: $159,989) | $ | 156,527 | ||||
SUMMARY: | ||||||
Investments, at value | 96.8% | $ | 156,527 | |||
Other assets in excess of liabilities | 3.2% | 5,104 | ||||
Net assets | 100.0% | $ | 161,631 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $15,216. |
(b) | Cash collateral for the Repurchase Agreements, valued at $3,157, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
(c) | Floating or variable rate note. Rate is listed as of April 30, 2004. |
(d) | No dividends were paid during the preceding twelve months. |
(e) | Value is less than $1. |
DEFINITIONS:
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $27,157 or 16.8% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 3
TA IDEX Transamerica Flexible Income
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $159,989) (including securities loaned of $15,216) | $ | 156,527 | ||
Cash | 19,278 | |||
Receivables: | ||||
Shares of beneficial interest sold | 27 | |||
Interest | 2,202 | |||
Dividends | 8 | |||
Other | 29 | |||
178,071 | ||||
Liabilities: | ||||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 461 | |||
Management and advisory fees | 108 | |||
Distribution fees | 91 | |||
Transfer agent fees | 113 | |||
Dividends to shareholders | 1 | |||
Payable for collateral for securities on loan | 15,598 | |||
Other | 68 | |||
16,440 | ||||
Net Assets | $ | 161,631 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 156,301 | ||
Accumulated net investment income (loss) | 311 | |||
Accumulated net realized gain (loss) from: | ||||
Investment securities | 9,506 | |||
Future contracts | (1,010 | ) | ||
Foreign currency transaction | (12 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | (3,465 | ) | ||
Net Assets | $ | 161,631 | ||
Net Assets by Class: | ||||
Class A | $ | 82,773 | ||
Class B | 54,519 | |||
Class C | 5,597 | |||
Class C2 | 8,402 | |||
Class M | 10,340 | |||
Share Outstanding: | ||||
Class A | 8,328 | |||
Class B | 5,489 | |||
Class C | 564 | |||
Class C2 | 846 | |||
Class M | 1,041 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 9.94 | ||
Class B | 9.93 | |||
Class C | 9.93 | |||
Class C2 | 9.93 | |||
Class M | 9.93 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 10.44 | ||
Class M | 10.03 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 4,527 | ||
Dividends | 30 | |||
Income from loaned securities–net | 26 | |||
4,583 | ||||
Expenses: | ||||
Management and advisory fees | 730 | |||
Transfer agent fees | 135 | |||
Printing and shareholder reports | 63 | |||
Custody fees | 17 | |||
Administration fees | 15 | |||
Legal fees | 5 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 6 | |||
Registration fees | 30 | |||
Other | 15 | |||
Distribution and service fees: | ||||
Class A | 154 | |||
Class B | 305 | |||
Class C | 37 | |||
Class C2 | 56 | |||
Class M | 52 | |||
Total expenses | 1,625 | |||
Net Investment Income (Loss) | 2,958 | |||
Net Realized Gain (Loss) from: | ||||
Investment securities | 9,218 | |||
Futures contracts | (1,010 | ) | ||
Foreign currency transactions | (12 | ) | ||
8,196 | ||||
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | (10,304 | ) | ||
Futures contracts | 346 | |||
Translation of assets and liabilities denominated in foreign currencies | 103 | |||
(9,855 | ) | |||
Net Gain (Loss) on Investments, Futures Contracts, and Foreign Currency Transactions | (1,659 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,299 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 4
TA IDEX Transamerica Flexible Income
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 2,958 | $ | 6,384 | ||||
Net realized gain (loss) from investment securities, futures contracts and foreign currency transactions | 8,196 | 3,731 | ||||||
Net unrealized appreciation (depreciation) on investment securities, futures contracts, and foreign currency translations | (9,855 | ) | 1,116 | |||||
1,299 | 11,231 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (1,604 | ) | (3,126 | ) | ||||
Class B | (914 | ) | (2,115 | ) | ||||
Class C | (111 | ) | (130 | ) | ||||
Class C2 | (169 | ) | (470 | ) | ||||
Class M | (179 | ) | (449 | ) | ||||
(2,977 | ) | (6,290 | ) | |||||
From net realized gains: | ||||||||
Class A | (1,358 | ) | – | |||||
Class B | (970 | ) | – | |||||
Class C | (123 | ) | – | |||||
Class C2 | (193 | ) | – | |||||
Class M | (181 | ) | – | |||||
(2,825 | ) | – | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 4,962 | 81,059 | ||||||
Class B | 2,489 | 28,769 | ||||||
Class C | 339 | 10,260 | ||||||
Class C2 | 511 | 9,606 | ||||||
Class M | 172 | 2,737 | ||||||
8,473 | 132,431 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 2,832 | 2,920 | ||||||
Class B | 1,507 | 1,678 | ||||||
Class C | 166 | 101 | ||||||
Class C2 | 286 | 366 | ||||||
Class M | 327 | 403 | ||||||
5,118 | 5,468 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (10,622 | ) | (60,370 | ) | ||||
Class B | (17,463 | ) | (29,848 | ) | ||||
Class C | (2,923 | ) | (2,214 | ) | ||||
Class C2 | (6,352 | ) | (13,557 | ) | ||||
Class M | (2,440 | ) | (6,886 | ) | ||||
(39,800 | ) | (112,875 | ) | |||||
(26,209 | ) | 25,024 | ||||||
Net increase (decrease) in net assets | (30,712 | ) | 29,965 | |||||
Net Assets: | ||||||||
Beginning of period | 192,343 | 162,378 | ||||||
End of period | $ | 161,631 | $ | 192,343 | ||||
Undistributed Net Investment Income (Loss) | $ | 311 | $ | 330 | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 487 | 8,049 | ||||
Class B | 244 | 2,820 | ||||
Class C | 33 | 1,008 | ||||
Class C2 | 50 | 940 | ||||
Class M | 17 | 266 | ||||
831 | 13,083 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | 279 | 287 | ||||
Class B | 149 | 165 | ||||
Class C | 16 | 10 | ||||
Class C2 | 28 | 36 | ||||
Class M | 32 | 40 | ||||
504 | 538 | |||||
Shares redeemed: | ||||||
Class A | (1,046 | ) | (5,946 | ) | ||
Class B | (1,715 | ) | (2,936 | ) | ||
Class C | (288 | ) | (216 | ) | ||
Class C2 | (623 | ) | (1,335 | ) | ||
Class M | (240 | ) | (679 | ) | ||
(3,912 | ) | (11,112 | ) | |||
Net increase (decrease) in shares outstanding |
| |||||
Class A | (280 | ) | 2,390 | |||
Class B | (1,322 | ) | 49 | |||
Class C | (239 | ) | 802 | |||
Class C2 | (545 | ) | (359 | ) | ||
Class M | (191 | ) | (373 | ) | ||
(2,577 | ) | 2,509 | ||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 5
TA IDEX Transamerica Flexible Income
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | ||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | ||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | |||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 10.21 | $ | 0.18 | $ | (0.10 | ) | $ | 0.08 | $ | (0.19 | ) | $ | (0.16 | ) | $ | (0.35 | ) | $ | 9.94 | |||||||||
10/31/2003 | 9.94 | 0.36 | 0.27 | 0.63 | (0.36 | ) | – | (0.36 | ) | 10.21 | ||||||||||||||||||||
10/31/2002 | 9.99 | 0.40 | 0.02 | 0.42 | (0.41 | ) | (0.06 | ) | (0.47 | ) | 9.94 | |||||||||||||||||||
10/31/2001 | 9.26 | 0.47 | 0.71 | 1.18 | (0.45 | ) | – | (0.45 | ) | 9.99 | ||||||||||||||||||||
10/31/2000 | 9.46 | 0.57 | (0.19 | ) | 0.38 | (0.58 | ) | – | (0.58 | ) | 9.26 | |||||||||||||||||||
10/31/1999 | 9.84 | 0.54 | (0.38 | ) | 0.16 | (0.54 | ) | – | (0.54 | ) | 9.46 | |||||||||||||||||||
Class B | 04/30/2004 | 10.20 | 0.15 | (0.11 | ) | 0.04 | (0.15 | ) | (0.16 | ) | (0.31 | ) | 9.93 | |||||||||||||||||
10/31/2003 | 9.94 | 0.30 | 0.25 | 0.55 | (0.29 | ) | – | (0.29 | ) | 10.20 | ||||||||||||||||||||
10/31/2002 | 9.99 | 0.34 | 0.02 | 0.36 | (0.35 | ) | (0.06 | ) | (0.41 | ) | 9.94 | |||||||||||||||||||
10/31/2001 | 9.26 | 0.37 | 0.74 | 1.11 | (0.38 | ) | – | (0.38 | ) | 9.99 | ||||||||||||||||||||
10/31/2000 | 9.46 | 0.51 | (0.19 | ) | 0.32 | (0.52 | ) | – | (0.52 | ) | 9.26 | |||||||||||||||||||
10/31/1999 | 9.83 | 0.49 | (0.38 | ) | 0.11 | (0.48 | ) | – | (0.48 | ) | 9.46 | |||||||||||||||||||
Class C | 04/30/2004 | 10.20 | 0.15 | (0.11 | ) | 0.04 | (0.15 | ) | (0.16 | ) | (0.31 | ) | 9.93 | |||||||||||||||||
10/31/2003 | 9.98 | 0.29 | 0.22 | 0.51 | (0.29 | ) | – | (0.29 | ) | 10.20 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 10.20 | 0.14 | (0.10 | ) | 0.04 | (0.15 | ) | (0.16 | ) | (0.31 | ) | 9.93 | |||||||||||||||||
10/31/2003 | 9.94 | 0.30 | 0.25 | 0.55 | (0.29 | ) | – | (0.29 | ) | 10.20 | ||||||||||||||||||||
10/31/2002 | 9.99 | 0.35 | 0.01 | 0.36 | (0.35 | ) | (0.06 | ) | (0.41 | ) | 9.94 | |||||||||||||||||||
10/31/2001 | 9.26 | 0.41 | 0.70 | 1.11 | (0.38 | ) | – | (0.38 | ) | 9.99 | ||||||||||||||||||||
10/31/2000 | 9.46 | 0.51 | (0.19 | ) | 0.32 | (0.52 | ) | – | (0.52 | ) | 9.26 | |||||||||||||||||||
Class M | 04/30/2004 | 10.20 | 0.15 | (0.10 | ) | 0.05 | (0.16 | ) | (0.16 | ) | (0.32 | ) | 9.93 | |||||||||||||||||
10/31/2003 | 9.94 | 0.31 | 0.25 | 0.56 | (0.30 | ) | – | (0.30 | ) | 10.20 | ||||||||||||||||||||
10/31/2002 | 9.99 | 0.36 | 0.01 | 0.37 | (0.36 | ) | (0.06 | ) | (0.42 | ) | 9.94 | |||||||||||||||||||
10/31/2001 | 9.26 | 0.42 | 0.70 | 1.12 | (0.39 | ) | – | (0.39 | ) | 9.99 | ||||||||||||||||||||
10/31/2000 | 9.46 | 0.52 | (0.19 | ) | 0.33 | (0.53 | ) | – | (0.53 | ) | 9.26 | |||||||||||||||||||
10/31/1999 | 9.84 | 0.49 | (0.38 | ) | 0.11 | (0.49 | ) | – | (0.49 | ) | 9.46 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 0.66 | % | $ | 82,773 | 1.49 | % | 1.49 | % | 3.64 | % | 118 | % | |||||||
10/31/2003 | 6.39 | 87,898 | 1.49 | 1.50 | 3.56 | 164 | ||||||||||||||
10/31/2002 | 4.45 | 61,815 | 1.62 | 1.65 | 4.23 | 245 | ||||||||||||||
10/31/2001 | 13.14 | 29,600 | 1.68 | 1.70 | 4.84 | 315 | ||||||||||||||
10/31/2000 | 4.10 | 16,530 | 1.84 | 1.87 | 6.17 | 166 | ||||||||||||||
10/31/1999 | 1.70 | 14,963 | 1.85 | 2.00 | 5.72 | 100 | ||||||||||||||
Class B | 04/30/2004 | 0.33 | 54,519 | 2.14 | 2.14 | 2.99 | 118 | |||||||||||||
10/31/2003 | 5.59 | 69,502 | 2.14 | 2.15 | 2.91 | 164 | ||||||||||||||
10/31/2002 | 3.83 | 67,220 | 2.27 | 2.30 | 3.58 | 245 | ||||||||||||||
10/31/2001 | 12.28 | 40,435 | 2.33 | 2.35 | 4.19 | 315 | ||||||||||||||
10/31/2000 | 3.46 | 14,008 | 2.49 | 2.51 | 5.52 | 166 | ||||||||||||||
10/31/1999 | 1.01 | 9,006 | 2.50 | 2.65 | 5.07 | 100 | ||||||||||||||
Class C | 04/30/2004 | 0.33 | 5,597 | 2.14 | 2.14 | 2.99 | 118 | |||||||||||||
10/31/2003 | 5.16 | 8,178 | 2.14 | 2.15 | 2.91 | 164 | ||||||||||||||
Class C2 | 04/30/2004 | 0.33 | 8,402 | 2.14 | 2.14 | 2.99 | 118 | |||||||||||||
10/31/2003 | 5.59 | 14,192 | 2.14 | 2.15 | 2.91 | 164 | ||||||||||||||
10/31/2002 | 3.83 | 17,391 | 2.27 | 2.30 | 3.58 | 245 | ||||||||||||||
10/31/2001 | 12.28 | 11,246 | 2.33 | 2.35 | 4.19 | 315 | ||||||||||||||
10/31/2000 | 3.46 | 8,169 | 2.49 | 2.51 | 5.52 | 166 | ||||||||||||||
Class M | 04/30/2004 | 0.38 | 10,340 | 2.04 | 2.04 | 3.09 | 118 | |||||||||||||
10/31/2003 | 5.69 | 12,573 | 2.04 | 2.05 | 3.01 | 164 | ||||||||||||||
10/31/2002 | 3.93 | 15,952 | 2.17 | 2.20 | 3.68 | 245 | ||||||||||||||
10/31/2001 | 12.40 | 14,745 | 2.23 | 2.25 | 4.29 | 315 | ||||||||||||||
10/31/2000 | 3.56 | 6,220 | 2.39 | 2.41 | 5.62 | 166 | ||||||||||||||
�� | 10/31/1999 | 1.11 | 3,778 | 2.40 | 2.55 | 5.17 | 100 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 6
TA IDEX Transamerica Flexible Income
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003 and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 7
TA IDEX Transamerica Flexible Income
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Flexible Income (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on June 29,1987.
On March 1, 2004, the Fund changed its name from IDEX Janus Flexible Income to TA IDEX Transamerica Flexible Income and changed its sub-adviser from Janus Capital Management, LLC to Transamerica Investment Management, LLC.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Foreign securities generally are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using closing exchange rates. Many foreign securities markets are open for trading at times when the U.S. markets are closed for trading, and many foreign securities markets close for trading before the close of the NYSE. The value of foreign securities may be affected significantly on a day that the NYSE is closed and an investor is unable to purchase or redeem shares. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Fund’s net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” If market quotations are not readily available, and the impact of such a significant market event materially affects the net asset value per share of the Fund, an affected portfolio security will be valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee. Factors that may be considered to value foreign securities at fair market value may include, among others: the value of other securities traded on other markets, foreign currency exchange activity and the trading of financial products tied to foreign securities.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
The Fund values its investment securities at fair value based upon procedures approved by the Board of Trustees on day when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of investments.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 8
TA IDEX Transamerica Flexible Income
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $11 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund. Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Forward foreign currency contracts: The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are closed a realized gain or loss is incurred. Risks may arise from changes in value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Open forward currency contracts at April 30, 2004, are listed in the Schedule of Investments.
Foreign currency denominated investments: The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions, including unanticipated movements in exchange currency rates, the degree of government supervision and regulation of security markets, and the possibility of political or economic instability.
Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterpart to meet the contract terms.
The underlying face amounts of open futures contracts at April 30, 2004, are listed in the Schedule of Investments. The variation margin payable is included in the accompanying Statements of Assets and
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 9
TA IDEX Transamerica Flexible Income
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Liabilities. Variation margin payable represents the additional payments due in order to maintain the equity account at the required margin level.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 13,878 | 9% | ||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 13,563 | 8% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 22,936 | 14% | |||
Total | $ | 50,377 | 31% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
From November 1, 2003 to February 28, 2004:
0.875% of the first $100 million of ANA
0.775% of the next $150 million of ANA
0.675% of ANA over $250 million
From March 1, 2003 on:
0.80% of the first $100 million of ANA
0.775% of the next $150 million of ANA
0.675% of ANA over $250 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.50% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
The sub-adviser, Janus Capital Management, LLC, has agreed to a pricing discount based on the aggregate assets that they manage in the AEGON/Transamerica Series Fund, Inc. and Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at April 30, 2004 was $1.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 10
TA IDEX Transamerica Flexible Income
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 49 | |
Retained by Underwriter | 6 | ||
Contingent Deferred Sales Charges | 176 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $15 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $135 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amount was $8. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 145,361 | |
U.S. Government | 57,709 | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 145,622 | ||
U.S. Government | 103,836 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions and capital loss carryforwards.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 160,003 | ||
Unrealized Appreciation | $ | 962 | ||
Unrealized (Depreciation) | (4,438 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | (3,476 | ) | |
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Flexible Income 11
TA IDEX Transamerica Flexible Income
SUPPLEMENTAL INFORMATION
RESULTS OF SHAREHOLDER PROXY (unaudited)
TA IDEX Transamerica Flexible Income
At a special meeting of shareholders held on February 25, 2004, the results of the Proposal were as follows:
Proposal 1: Approval of a new sub-advisory agreement between AEGON/Transamerica Fund Advisers, Inc. and Transamerica Investment Management, LLC on behalf of the Fund.
For | Against | Abstentions/Broker Non-Votes | ||
92.09% | 1.80% | 6.11% |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Annual Report 2004 |
TA IDEX Transamerica Flexible Income 12
TA IDEX Transamerica Growth Opportunities
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
COMMON STOCKS (90.5%) | |||||
Automotive (4.4%) | |||||
Gentex Corporation (b) | 310,000 | $ | 12,192 | ||
Business Credit Institutions (4.0%) | |||||
Financial Federal Corporation (a)(b) | 350,000 | 10,955 | |||
Business Services (3.0%) | |||||
Moody’s Corporation | 130,000 | 8,386 | |||
Communication (4.7%) | |||||
Global Payments Inc. | 175,000 | 8,397 | |||
XM Satellite Radio Holdings Inc.–Class A (a)(b) | 190,000 | 4,552 | |||
Computer & Data Processing Services (14.6%) | |||||
GTECH Holdings Corporation | 240,000 | 14,621 | |||
RealNetworks, Inc. (a) | 1,700,000 | 9,775 | |||
SkillSoft PLC–ADR (a) | 1,275,000 | 15,938 | |||
Educational Services (4.6%) | |||||
DeVRY Inc. (a)(b) | 440,000 | 12,672 | |||
Electronic & Other Electric Equipment (3.3%) | |||||
Gemstar-TV Guide International, Inc. (a) | 1,600,000 | 8,944 | |||
Industrial Machinery & Equipment (2.0%) | |||||
Graco Inc. | 195,000 | 5,499 | |||
Management Services (5.3%) | |||||
ServiceMaster Company (The) | 1,200,000 | 14,556 | |||
Oil & Gas Extraction (4.8%) | |||||
EOG Resources, Inc. | 270,000 | 13,298 | |||
Paper & Allied Products (2.1%) | |||||
Pactiv Corporation (a) | 250,000 | 5,738 | |||
Paperboard Containers & Boxes (4.4%) | |||||
Packaging Corporation of America | 545,000 | 11,979 | |||
Personal Services (5.0%) | |||||
Weight Watchers International, Inc. (a)(b) | 350,000 | 13,650 | |||
Pharmaceuticals (4.6%) | |||||
Techne Corporation (a) | 325,000 | 12,662 | |||
Radio, Television & Computer Stores (4.2%) | |||||
RadioShack Corporation | 380,000 | 11,689 | |||
Restaurants (4.8%) | |||||
IHOP Corp. | 357,600 | 13,285 | |||
Security & Commodity Brokers (4.5%) | |||||
BlackRock, Inc. | 199,500 | 12,408 | |||
Transportation & Public Utilities (10.2%) | |||||
C.H. Robinson Worldwide, Inc. | 335,000 | 13,748 | |||
Expeditors International of Washington, Inc. | 355,000 | 14,267 | |||
Total Common Stocks (cost: $191,614) | 249,211 | ||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (13.7%) | ||||||
Debt (7.6%) | ||||||
Bank Notes (1.4%) | ||||||
Canadian Imperial Bank of Commerce | ||||||
1.10%, due 11/04/2004 | $ | 1,868 | $ | 1,868 | ||
Fleet National Bank | ||||||
1.00%, due 07/21/2004 | 1,868 | 1,868 | ||||
Euro Dollar Overnight (0.7%) | ||||||
Credit Agricole Indosuez | ||||||
1.00%, due 05/07/2004 | 1,121 | 1,121 | ||||
Royal Bank of Scotland Group PLC (The) | ||||||
1.00%, due 05/07/2004 | 672 | 672 | ||||
Euro Dollar Terms (1.8%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 218 | 218 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 1,121 | 1,121 | ||||
1.08%, due 07/29/2004 | 1,121 | 1,121 | ||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | 747 | 747 | ||||
Royal Bank of Scotland Group PLC (The) | ||||||
1.05%, due 07/15/2004 | 747 | 747 | ||||
Wells Fargo & Company | ||||||
1.02%, due 05/14/2004 | 1,121 | 1,121 | ||||
Promissory Notes (1.0%) | ||||||
Goldman Sachs Group, Inc. (The) | ||||||
1.13%, due 07/29/2004 | 2,615 | 2,615 | ||||
Repurchase Agreements (2.7%) (c) | ||||||
Merrill Lynch & Co., Inc. | 7,471 | 7,471 | ||||
Shares | Value | |||||
Investment Companies (6.1%) | ||||||
Money Market Funds (6.1%) | ||||||
American AAdvantage Select Fund | ||||||
1-day yield of 0.98% | 2,241,551 | $ | 2,242 | |||
Barclays Institutional Money Market Fund | ||||||
1-day yield of 1.02% | 5,230,286 | 5,230 | ||||
Merrill Lynch Premier Institutional Fund | ||||||
1-day yield of 0.97% | 2,024,521 | 2,025 | ||||
Merrimac Cash Series Fund– | ||||||
1-day yield of 0.99% | 7,471,837 | 7,472 | ||||
Total Security Lending Collateral (cost: $37,659) | 37,659 | |||||
Total Investment Securities (cost: $229,273) | $ | 286,870 | ||||
SUMMARY: | ||||||
Investments, at value | 104.2% | $ | 286,870 | |||
Liabilities in excess of other assets | (4.2)% | (11,716) | ||||
Net assets | 100.0% | $ | 275,154 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $36,205. |
(c) | Cash collateral for the Repurchase Agreements, valued at $7,621, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 1
TA IDEX Transamerica Growth Opportunities
STATEMENT OF ASSETS AND LIABILITIES
Period ended April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $229,273) (including securities loaned of $36,205) | $ | 286,870 | ||
Cash | 26,801 | |||
Receivables: | ||||
Shares of beneficial interest sold | 338 | |||
Interest | 7 | |||
Dividends | 288 | |||
Other | 29 | |||
314,333 | ||||
Liabilities: | ||||
Investment securities purchased | 442 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 281 | |||
Management and advisory fees | 218 | |||
Distribution fees | 121 | |||
Transfer agent fees | 374 | |||
Payable for collateral for securities on loan | 37,659 | |||
Other | 84 | |||
39,179 | ||||
Net Assets | $ | 275,154 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 541,133 | ||
Accumulated net investment income (loss) | (919 | ) | ||
Accumulated net realized gain (loss) from | ||||
investment securities | (322,656 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 57,596 | |||
Net Assets | $ | 275,154 | ||
Net Assets by Class: | ||||
Class A | $ | 201,728 | ||
Class B | 54,070 | |||
Class C | 672 | |||
Class C2 | 9,310 | |||
Class M | 9,374 | |||
Shares Outstanding: | ||||
Class A | 30,576 | |||
Class B | 8,458 | |||
Class C | 105 | |||
Class C2 | 1,456 | |||
Class M | 1,460 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 6.60 | ||
Class B | 6.39 | |||
Class C | 6.39 | |||
Class C2 | 6.39 | |||
Class M | 6.42 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 6.98 | ||
Class M | 6.48 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 41 | ||
Dividends | 1,461 | |||
Income from loaned securities–net | 13 | |||
1,515 | ||||
Expenses: | ||||
Management and advisory fees | 1,001 | |||
Transfer agent fees | 464 | |||
Printing and shareholder reports | 216 | |||
Custody fees | 10 | |||
Administration fees | 19 | |||
Legal fees | 3 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 4 | |||
Registration fees | 22 | |||
Other | 5 | |||
Distribution and service fees: | ||||
Class A | 309 | |||
Class B | 269 | |||
Class C | 3 | |||
Class C2 | 48 | |||
Class M | 43 | |||
Total expenses | 2,421 | |||
Net Investment Income (Loss) | (906 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 6,558 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | 18,949 | |||
Net Gain (Loss) on Investment Securities | 25,507 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 24,601 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 2
TA IDEX Transamerica Growth Opportunities
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (906 | ) | $ | (1,618 | ) | ||
Net realized gain (loss) from investment securities | 6,558 | (7,453 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities | 18,949 | 50,490 | ||||||
24,601 | 41,419 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 48,753 | 19,246 | ||||||
Class B | 2,366 | 36,877 | ||||||
Class C | 252 | – | ||||||
Class C2 | 626 | 17,492 | ||||||
Class M | 252 | 16,502 | ||||||
52,249 | 90,117 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | 33,925 | ||||||
Class B | – | 38,948 | ||||||
Class C | – | 280 | ||||||
Class C2 | – | 7,034 | ||||||
Class M | – | 8,373 | ||||||
– | 88,560 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (11,645 | ) | (7,951 | ) | ||||
Class B | (6,122 | ) | (7,834 | ) | ||||
Class C | (118 | ) | (1,116 | ) | ||||
Class C2 | (1,871 | ) | (2,186 | ) | ||||
Class M | (1,443 | ) | (2,568 | ) | ||||
(21,199 | ) | (21,655 | ) | |||||
31,050 | 157,022 | |||||||
Net increase (decrease) in net assets | 55,651 | 198,441 | ||||||
Net Assets: | ||||||||
Beginning of period | 219,503 | 21,062 | ||||||
End of period | $ | 275,154 | $ | 219,503 | ||||
Accumulated Net Investment Income (Loss) | $ | (919 | ) | $ | (13 | ) | ||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 7,643 | 16,179 | ||||
Class B | 377 | 581 | ||||
Class C | 41 | 125 | ||||
Class C2 | 101 | 172 | ||||
Class M | 41 | 79 | ||||
8,203 | 17,136 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | 7,472 | ||||
Class B | – | 8,792 | ||||
Class C | – | 63 | ||||
Class C2 | – | 1,588 | ||||
Class M | – | 1,886 | ||||
– | 19,801 | |||||
Shares redeemed: | ||||||
Class A | (1,821 | ) | (1,537 | ) | ||
Class B | (988 | ) | (1,559 | ) | ||
Class C | (19 | ) | (105 | ) | ||
Class C2 | (303 | ) | (436 | ) | ||
Class M | (231 | ) | (508 | ) | ||
(3,362 | ) | (4,145 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | 5,822 | 22,114 | ||||
Class B | (611 | ) | 7,814 | |||
Class C | 22 | 83 | ||||
Class C2 | (202 | ) | 1,324 | |||
Class M | (190 | ) | 1,457 | |||
4,841 | 32,792 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 3
TA IDEX Transamerica Growth Opportunities
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 5.95 | $ | (0.02 | ) | $ | 0.67 | $ | 0.65 | $ | – | $ | – | $ | – | $ | 6.60 | |||||||||||
10/31/2003 | 4.81 | (0.06 | ) | 1.20 | 1.14 | – | – | – | 5.95 | ||||||||||||||||||||
10/31/2002 | 4.81 | (0.06 | ) | 0.06 | – | – | – | – | 4.81 | ||||||||||||||||||||
10/31/2001 | 8.70 | (0.07 | ) | (3.82 | ) | (3.89 | ) | – | – | – | 4.81 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.02 | ) | (1.28 | ) | (1.30 | ) | – | – | – | 8.70 | ||||||||||||||||||
Class B | 04/30/2004 | 5.79 | (0.04 | ) | 0.64 | 0.60 | – | – | – | 6.39 | |||||||||||||||||||
10/31/2003 | 4.70 | (0.09 | ) | 1.18 | 1.09 | – | – | – | 5.79 | ||||||||||||||||||||
10/31/2002 | 4.73 | (0.11 | ) | 0.08 | (0.03 | ) | – | – | – | 4.70 | |||||||||||||||||||
10/31/2001 | 8.66 | (0.10 | ) | (3.83 | ) | (3.93 | ) | – | – | – | 4.73 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.06 | ) | (1.28 | ) | (1.34 | ) | – | – | – | 8.66 | ||||||||||||||||||
Class C | 04/30/2004 | 5.79 | (0.04 | ) | 0.64 | 0.60 | – | – | – | 6.39 | |||||||||||||||||||
10/31/2003 | 4.62 | (0.09 | ) | 1.26 | 1.17 | – | – | – | 5.79 | ||||||||||||||||||||
Class C2 | 04/30/2004 | 5.79 | (0.04 | ) | 0.64 | 0.60 | – | – | – | 6.39 | |||||||||||||||||||
10/31/2003 | 4.70 | (0.09 | ) | 1.18 | 1.09 | – | – | – | 5.79 | ||||||||||||||||||||
10/31/2002 | 4.74 | (0.10 | ) | 0.06 | (0.04 | ) | – | – | – | 4.70 | |||||||||||||||||||
10/31/2001 | 8.66 | (0.11 | ) | (3.81 | ) | (3.92 | ) | – | – | – | 4.74 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.06 | ) | (1.28 | ) | (1.34 | ) | – | – | – | 8.66 | ||||||||||||||||||
Class M | 04/30/2004 | 5.81 | (0.03 | ) | 0.64 | 0.61 | – | – | – | 6.42 | |||||||||||||||||||
10/31/2003 | 4.72 | (0.09 | ) | 1.18 | 1.09 | – | – | – | 5.81 | ||||||||||||||||||||
10/31/2002 | 4.75 | (0.10 | ) | 0.07 | (0.03 | ) | – | – | – | 4.72 | |||||||||||||||||||
10/31/2001 | 8.67 | (0.10 | ) | (3.82 | ) | (3.92 | ) | – | – | – | 4.75 | ||||||||||||||||||
10/31/2000 | 10.00 | (0.05 | ) | (1.28 | ) | (1.33 | ) | – | – | – | 8.67 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 10.92 | % | $ | 201,728 | 1.75 | % | 1.75 | % | (0.51 | )% | 7 | % | |||||||
10/31/2003 | 23.70 | 147,340 | 1.75 | 2.21 | (1.11 | ) | 97 | |||||||||||||
10/31/2002 | 0.05 | 12,687 | 1.74 | 2.53 | (1.35 | ) | 32 | |||||||||||||
10/31/2001 | (44.76 | ) | 3,807 | 1.55 | 2.83 | (1.11 | ) | 59 | ||||||||||||
10/31/2000 | (12.96 | ) | 3,726 | 1.55 | 4.54 | (1.23 | ) | 19 | ||||||||||||
Class B | 04/30/2004 | 10.36 | 54,070 | 2.40 | 2.40 | (1.16 | ) | 7 | ||||||||||||
10/31/2003 | 23.19 | 52,492 | 2.41 | 2.87 | (1.76 | ) | 97 | |||||||||||||
10/31/2002 | (0.70 | ) | 5,897 | 2.39 | 3.18 | (2.00 | ) | 32 | ||||||||||||
10/31/2001 | (45.35 | ) | 4,513 | 2.20 | 3.48 | (1.76 | ) | 59 | ||||||||||||
10/31/2000 | (13.39 | ) | 4,366 | 2.20 | 5.19 | (1.88 | ) | 19 | ||||||||||||
Class C | 04/30/2004 | 10.36 | 672 | 2.40 | 2.40 | (1.16 | ) | 7 | ||||||||||||
10/31/2003 | 25.32 | 483 | 2.42 | 2.89 | (1.78 | ) | 97 | |||||||||||||
Class C2 | 04/30/2004 | 10.36 | 9,310 | 2.40 | 2.40 | (1.16 | ) | 7 | ||||||||||||
10/31/2003 | 23.19 | 9,598 | 2.41 | 2.87 | (1.76 | ) | 97 | |||||||||||||
10/31/2002 | (0.70 | ) | 1,569 | 2.39 | 3.18 | (2.00 | ) | 32 | ||||||||||||
10/31/2001 | (45.35 | ) | 1,530 | 2.20 | 3.48 | (1.76 | ) | 59 | ||||||||||||
10/31/2000 | (13.39 | ) | 1,704 | 2.20 | 5.19 | (1.88 | ) | 19 | ||||||||||||
Class M | 04/30/2004 | 10.50 | 9,374 | 2.30 | 2.30 | (1.06 | ) | 7 | ||||||||||||
10/31/2003 | 23.09 | 9,590 | 2.31 | 2.77 | (1.66 | ) | 97 | |||||||||||||
10/31/2002 | (0.52 | ) | 909 | 2.29 | 3.08 | (1.90 | ) | 32 | ||||||||||||
10/31/2001 | (45.26 | ) | 1,174 | 2.10 | 3.38 | (1.66 | ) | 59 | ||||||||||||
10/31/2000 | (13.33 | ) | 2,090 | 2.10 | 5.09 | (1.78 | ) | 19 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 4
TA IDEX Transamerica Growth Opportunities
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Transamerica Growth Opportunities (“the Fund”) commenced operations on March 1, 2000. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 5
TA IDEX Transamerica Growth Opportunities
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Growth Opportunities (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2000.
On March 1, 2004, the Fund changed its name from IDEX Transamerica Growth Opportunities to TA IDEX Transamerica Growth Opportunities.
On March 1, 2003, the Fund acquired all the net assets of IDEX Janus Capital Appreciation pursuant to a plan of reorganization approved by shareholders of IDEX Janus Capital Appreciation on February 12, 2003. The acquisition was accomplished by a tax-free exchange of 19,801 shares of the Fund for the 8,814 shares of IDEX Janus Capital Appreciation outstanding on February 28, 2003. IDEX Janus Capital Appreciation’s net assets at that date $88,560, including $11,239 unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 7,472 | $ | 33,925 | ||
Class B | 8,792 | 38,948 | |||
Class C | 63 | 280 | |||
Class C2 | 1,588 | 7,034 | |||
Class M | 1,886 | 8,373 | |||
$ | 88,560 | ||||
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 6
TA IDEX Transamerica Growth Opportunities
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $11 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $6 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Transamerica Investment Management, LLC is both an affiliate to the Fund and sub-adviser to the Fund.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 7
TA IDEX Transamerica Growth Opportunities
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - | $ | 7,558 | 3% | ||
TA IDEX Asset Allocation - | 40,687 | 15% | |||
TA IDEX Asset Allocation - | 71,710 | 26% | |||
TA IDEX Asset Allocation - | 34,298 | 12% | |||
Total | $ | 154,253 | 56% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $66 | |
Retained by Underwriter | 9 | |
Contingent Deferred Sales Charges | 69 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $19 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $464 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 44,748 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 16,388 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 8
TA IDEX Transamerica Growth Opportunities
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 4–(continued) |
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$ 26,385 | October 31, 2007 | |
201,049 | October 31, 2008 | |
89,665 | October 31, 2009 | |
4,618 | October 31, 2010 | |
7,437 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 229,273 | ||
Unrealized Appreciation | $ | 59,181 | ||
Unrealized (Depreciation) | (1,584 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 57,597 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On May 28, 2004, the Fund will acquire all the net assets of TA IDEX PBHG Mid Cap Growth pursuant to a plan of reorganization. The acquisition will be accomplished by a tax-free exchange of 8,966 shares of the Fund for the 6,421 shares of TA IDEX PBHG Mid Cap Growth outstanding on May 27, 2004. TA IDEX PBHG Mid Cap Growth’s net assets at that date, $56,896, including $10,809 unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 2,818 | $ | 18,269 | ||
Class B | 4,571 | 28,710 | |||
Class C | 891 | 5,594 | |||
Class C2 | 561 | 3,540 | |||
Class M | 125 | 783 | |||
$ | 56,896 | ||||
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Growth Opportunities 9
TA IDEX Transamerica Money Market
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
Principal | Value | |||||
COMMERCIAL PAPER (92.7%) | ||||||
Asset-Backed (13.1%) | ||||||
CAFCO LLC–144A | ||||||
1.02%, due 05/05/2004 | $ | 3,650 | $ | 3,650 | ||
1.04%, due 05/10/2004 | 1,800 | 1,800 | ||||
1.03%, due 05/13/2004 | 2,200 | 2,199 | ||||
1.04%, due 06/01/2004 | 350 | 350 | ||||
1.03%, due 06/04/2004 | 300 | 300 | ||||
1.03%, due 06/24/2004 | 400 | 399 | ||||
Ciesco LLC | ||||||
1.04%, due 05/11/2004 | 330 | 330 | ||||
Delaware Funding Corporation–144A | ||||||
1.03%, due 05/12/2004 | 1,000 | 1,000 | ||||
1.03%, due 05/13/2004 | 1,000 | 1,000 | ||||
1.03%, due 06/02/2004 | 1,300 | 1,299 | ||||
1.04%, due 06/07/2004 | 2,300 | 2,298 | ||||
1.04%, due 06/08/2004 | 3,600 | 3,596 | ||||
Receivables Capital Corporation–144A | ||||||
1.03%, due 05/26/2004 | 2,500 | 2,498 | ||||
1.18%, due 06/01/2004 | 1,950 | 1,948 | ||||
1.06%, due 07/13/2004 | 1,700 | 1,696 | ||||
Beverages (3.4%) | ||||||
The Coca-Cola Company | ||||||
1.01%, due 05/05/2004 | 900 | 900 | ||||
1.00%, due 06/09/2004 | 2,500 | 2,497 | ||||
1.00%, due 06/21/2004 | 1,900 | 1,897 | ||||
1.01%, due 06/21/2004 | 1,000 | 999 | ||||
Business Credit Institutions (6.6%) | ||||||
Caterpillar Financial Services Corporation | ||||||
1.01%, due 05/05/2004 | 900 | 900 | ||||
1.03%, due 05/10/2004 | 2,185 | 2,185 | ||||
Old Line Funding LLC–144A | ||||||
1.04%, due 06/01/2004 | 400 | 400 | ||||
1.03%, due 06/09/2004 | 2,000 | 1,998 | ||||
1.04%, due 06/10/2004 | 6,850 | 6,841 | ||||
Chemicals & Allied Products (2.3%) | ||||||
du Pont (E.I.) de Nemours and Company | ||||||
1.00%, due 05/12/2004 | 900 | 900 | ||||
1.00%, due 05/13/2004 | 1,300 | 1,300 | ||||
1.01%, due 06/02/2004 | 400 | 400 | ||||
1.01%, due 06/17/2004 | 1,700 | 1,698 | ||||
Commercial Banks (16.3%) | ||||||
Abbey National North America LLC | ||||||
1.04%, due 05/07/2004 | 1,900 | 1,900 | ||||
1.16%, due 05/14/2004 | 1,300 | 1,299 | ||||
1.03%, due 05/25/2004 | 3,600 | 3,598 | ||||
1.03%, due 06/02/2004 | 1,100 | 1,099 | ||||
Bank of America Corporation | ||||||
1.02%, due 05/07/2004 | 1,000 | 1,000 |
Principal | Value | |||||
Commercial Banks (continued) | ||||||
Canadian Imperial Bank of Commerce | ||||||
1.03%, due 05/13/2004 | $ | 900 | $ | 900 | ||
1.05%, due 06/29/2004 | 2,370 | 2,366 | ||||
The Toronto-Dominion Bank | ||||||
1.04%, due 05/06/2004 | 1,400 | 1,400 | ||||
1.04%, due 05/27/2004 | 2,700 | 2,698 | ||||
1.01%, due 06/14/2004 | 900 | 899 | ||||
1.03%, due 06/15/2004 | 1,700 | 1,698 | ||||
1.10%, due 06/30/2004 | 750 | 749 | ||||
UBS Finance (Delaware) LLC | ||||||
1.06%, due 05/04/2004 | 2,100 | 2,100 | ||||
1.07%, due 05/04/2004 | 900 | 900 | ||||
1.03%, due 06/07/2004 | 300 | 300 | ||||
1.03%, due 06/23/2004 | 850 | 849 | ||||
1.05%, due 07/01/2004 | 1,274 | 1,272 | ||||
1.05%, due 07/12/2004 | 3,800 | 3,792 | ||||
Wells Fargo & Company | ||||||
6.63%, due 07/15/2004 | 1,750 | 1,770 | ||||
Food & Kindred Products (4.9%) | ||||||
Nestle SA–ADR | ||||||
1.05%, due 06/03/2004 | 6,400 | 6,394 | ||||
1.07%, due 06/03/2004 | 1,600 | 1,598 | ||||
1.03%, due 07/15/2004 | 500 | 499 | ||||
1.10%, due 09/10/2004 | 600 | 598 | ||||
Insurance Agents, Brokers & Service (3.5%) | ||||||
MetLife, Inc. | ||||||
1.04%, due 07/14/2004 | 4,100 | 4,090 | ||||
1.06%, due 07/14/2004 | 950 | 948 | ||||
1.08%, due 07/14/2004 | 1,538 | 1,535 | ||||
Life Insurance (4.6%) | ||||||
AIG Funding, Inc. | ||||||
1.02%, due 06/18/2004 | 2,900 | 2,896 | ||||
1.04%, due 07/06/2004 | 1,600 | 1,597 | ||||
1.04%, due 07/07/2004 | 950 | 948 | ||||
1.04%, due 07/08/2004 | 550 | 549 | ||||
1.04%, due 07/09/2004 | 2,500 | 2,495 | ||||
Medical Instruments & Supplies (0.7%) | ||||||
Medtronic, Inc.–144A | ||||||
1.01%, due 06/01/2004 | 1,300 | 1,299 | ||||
Personal Credit Institutions (14.1%) | ||||||
American Honda Finance Corporation | 1,500 | 1,500 | ||||
1.02%, due 05/11/2004 | 1,300 | 1,300 | ||||
1.02%, due 05/12/2004 | 2,200 | 2,199 | ||||
1.01%, due 05/19/2004 | 2,100 | 2,099 | ||||
1.04%, due 06/07/2004 | 490 | 489 | ||||
1.03%, due 06/08/2004 | 500 | 499 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Money Market 1
TA IDEX Transamerica Money Market
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
Principal | Value | |||||
Personal Credit Institutions (continued) | ||||||
General Electric Capital Corporation | $ | 500 | $ | 500 | ||
1.04%, due 05/21/2004 | 1,200 | 1,199 | ||||
1.03%, due 06/08/2004 | 1,100 | 1,099 | ||||
1.03%, due 06/22/2004 | 1,200 | 1,198 | ||||
1.05%, due 07/07/2004 | 800 | 798 | ||||
1.21%, due 10/04/2004 | 4,300 | 4,276 | ||||
Toyota Motor Credit Corporation | 2,250 | 2,249 | ||||
1.04%, due 05/20/2004 | 620 | 620 | ||||
1.02%, due 06/02/2004 | 400 | 400 | ||||
1.04%, due 06/04/2004 | 1,590 | 1,588 | ||||
1.04%, due 06/07/2004 | 1,350 | 1,349 | ||||
1.03%, due 06/16/2004 | 300 | 300 | ||||
1.04%, due 06/23/2004 | 450 | 449 | ||||
1.05%, due 07/12/2004 | 1,300 | 1,297 | ||||
1.05%, due 07/13/2004 | 800 | 798 | ||||
Pharmaceuticals (4.8%) | ||||||
Pfizer Inc. | ||||||
1.01%, due 05/11/2004 | 1,900 | 1,899 | ||||
1.01%, due 06/10/2004 | 2,270 | 2,267 | ||||
1.01%, due 06/11/2004 | 700 | 699 | ||||
1.01%, due 06/15/2004 | 2,300 | 2,297 | ||||
1.20%, due 10/13/2004 | 1,800 | 1,790 | ||||
Public Administration (6.6%) | ||||||
Canadian Wheat Board | ||||||
1.00%, due 06/11/2004 | 3,350 | 3,346 | ||||
Province of Quebec | ||||||
1.07%, due 08/26/2004 | 5,200 | 5,181 | ||||
1.15%, due 10/15/2004 | 3,750 | 3,730 | ||||
Security & Commodity Brokers (9.2%) | ||||||
Goldman Sachs Group, Inc. (The)–144A | ||||||
1.15%, due 05/17/2004 | 3,600 | 3,598 | ||||
1.15%, due 05/18/2004 | 2,000 | 1,999 | ||||
1.14%, due 05/24/2004 | 3,400 | 3,398 |
Principal | Value | |||||
Security & Commodity Brokers (continued) | ||||||
Merrill Lynch & Co, Inc | ||||||
1.00%, due 05/03/2004 | $ | 2,300 | $ | 2,300 | ||
1.00%, due 05/06/2004 | 4,900 | 4,898 | ||||
6.55%, due 08/01/2004 | 1,000 | 1,014 | ||||
Variety Stores (2.6%) | ||||||
Wal-Mart Stores, Inc.–144A | ||||||
1.10%, due 08/17/2004 | 800 | 797 | ||||
1.10%, due 08/24/2004 | 4,050 | 4,036 | ||||
Total Commercial Paper (cost: $172,768) | 172,768 | |||||
CERTIFICATES OF DEPOSITS (7.2%) | ||||||
Canadian Imperial Bank of Commerce | ||||||
1.03%, due 05/28/2004 | 1,500 | 1,500 | ||||
1.04%, due 06/04/2004 | 1,500 | 1,500 | ||||
1.02%, due 06/21/2004 | 400 | 400 | ||||
1.02%, due 06/28/2004 | 900 | 900 | ||||
1.05%, due 07/15/2004 | 1,700 | 1,700 | ||||
Wells Fargo & Company | ||||||
1.02%, due 05/14/2004 | 1,300 | 1,300 | ||||
1.02%, due 05/20/2004 | 2,900 | 2,900 | ||||
1.02%, due 05/26/2004 | 1,800 | 1,800 | ||||
1.04%, due 06/01/2004 | 1,500 | 1,500 | ||||
Total Certificates of Deposits (cost: $13,500) | 13,500 | |||||
Total Investment Securities (cost: $186,268) | $ | 186,268 | ||||
SUMMARY: | ||||||
Investments, at value | 99.9% | $ | 186,268 | |||
Other assets in excess of liabilities | 0.1% | 171 | ||||
Net assets | 100.0% | $ | 186,439 | |||
DEFINITIONS:
ADR American Depositary Receipt
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $48,399 or 25.96% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Money Market 2
TA IDEX Transamerica Money Market
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | |||
Investment securities, at value (cost: $186,268) | $ | 186,268 | |
Cash | 133 | ||
Receivables: | |||
Shares of beneficial interest sold | 859 | ||
Interest | 63 | ||
Other | 1,269 | ||
188,592 | |||
Liabilities: | |||
Accounts payable and accrued liabilities: | |||
Shares of beneficial interest redeemed | 529 | ||
Management and advisory fees | 1,256 | ||
Distribution fees | 57 | ||
Transfer agent fees | 221 | ||
Dividends to shareholders | 25 | ||
Other | 65 | ||
2,153 | |||
Net Assets | $ | 186,439 | |
Net Assets Consist of: | |||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 186,352 | |
Undistributed net investment income (loss) | 87 | ||
Net Assets | $ | 186,439 | |
Net Assets by Class: | |||
Class A | $ | 128,937 | |
Class B | 40,311 | ||
Class C | 4,402 | ||
Class C2 | 9,584 | ||
Class M | 3,205 | ||
Shares Outstanding: | |||
Class A | 128,937 | ||
Class B | 40,311 | ||
Class C | 4,402 | ||
Class C2 | 9,585 | ||
Class M | 3,201 | ||
Net Asset Value Per Share: | |||
Class A | $ | 1.00 | |
Class B | 1.00 | ||
Class C | 1.00 | ||
Class C2 | 1.00 | ||
Class M | 1.00 | ||
Maximum Offering Price Per Share (a): | |||
Class M | $ | 1.01 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes A, B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 911 | ||
Expenses: | ||||
Management and advisory fees | 340 | |||
Transfer agent fees | 232 | |||
Printing and shareholder reports | 139 | |||
Custody fees | 12 | |||
Administration fees | 15 | |||
Legal fees | 6 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 7 | |||
Registration fees | 46 | |||
Other | 7 | |||
Distribution and service fees: | ||||
Class A | 185 | |||
Class B | 110 | |||
Class C | 8 | |||
Class C2 | 27 | |||
Class M | 9 | |||
Total expenses | 1,148 | |||
Less: | ||||
Advisory fee waiver and expense reimbursement | (421 | ) | ||
Net expenses | 727 | |||
Net Investment Income (Loss) | 184 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 184 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Money Market 3
TA IDEX Transamerica Money Market
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 184 | $ | 595 | ||||
184 | 595 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (142 | ) | (478 | ) | ||||
Class B | (31 | ) | (85 | ) | ||||
Class C | (2 | ) | (2 | ) | ||||
Class C2 | (7 | ) | (21 | ) | ||||
Class M | (3 | ) | (9 | ) | ||||
(185 | ) | (595 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 77,408 | 212,939 | ||||||
Class B | 9,730 | 44,548 | ||||||
Class C | 9,126 | 11,745 | ||||||
Class C2 | 6,084 | 16,782 | ||||||
Class M | 1,062 | 8,209 | ||||||
103,410 | 294,223 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 135 | 485 | ||||||
Class B | 29 | 86 | ||||||
Class C | 2 | 2 | ||||||
Class C2 | 7 | 22 | ||||||
Class M | 2 | 12 | ||||||
175 | 607 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (58,400 | ) | (235,579 | ) | ||||
Class B | (23,772 | ) | (71,993 | ) | ||||
Class C | (8,267 | ) | (8,205 | ) | ||||
Class C2 | (9,180 | ) | (24,270 | ) | ||||
Class M | (2,722 | ) | (13,220 | ) | ||||
(102,341 | ) | (353,267 | ) | |||||
1,244 | (58,437 | ) | ||||||
Net increase (decrease) in net assets | 1,243 | (58,437 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 185,196 | 243,633 | ||||||
End of period | $ | 186,439 | $ | 185,196 | ||||
Undistributed Net Investment Income (Loss) | $ | 87 | $ | 88 | ||||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 77,407 | 212,938 | ||||
Class B | 9,730 | 44,548 | ||||
Class C | 9,126 | 11,745 | ||||
Class C2 | 6,084 | 16,782 | ||||
Class M | 1,062 | 8,208 | ||||
103,409 | 294,221 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 135 | 485 | ||||
Class B | 29 | 86 | ||||
Class C | 2 | 22 | ||||
Class C2 | 7 | 2 | ||||
Class M | 3 | 12 | ||||
176 | 607 | |||||
Shares redeemed: | ||||||
Class A | (58,400 | ) | (235,579 | ) | ||
Class B | (23,772 | ) | (71,993 | ) | ||
Class C | (8,267 | ) | (8,205 | ) | ||
Class C2 | (9,180 | ) | (24,270 | ) | ||
Class M | (2,721 | ) | (13,220 | ) | ||
(102,340 | ) | (353,267 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | 19,142 | (22,156 | ) | |||
Class B | (14,013 | ) | (27,359 | ) | ||
Class C | 861 | 3,562 | ||||
Class C2 | (3,089 | ) | (7,486 | ) | ||
Class M | (1,656 | ) | (5,000 | ) | ||
1,245 | (58,439 | ) | ||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Money Market 4
TA IDEX Transamerica Money Market
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||
For the | Net Asset of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 1.00 | $ | 0.001 | $ | – | $ | 0.001 | $ | (0.001 | ) | $ | – | $ | (0.001 | ) | $ | 1.00 | ||||||||||
10/31/2003 | 1.00 | 0.004 | – | 0.004 | (0.004 | ) | – | (0.004 | ) | 1.00 | |||||||||||||||||||
10/31/2002 | 1.00 | 0.008 | – | 0.008 | (0.008 | ) | – | (0.008 | ) | 1.00 | |||||||||||||||||||
Class B | 04/30/2004 | 1.00 | 0.001 | (0.001 | ) | – | – | – | – | 1.00 | |||||||||||||||||||
10/31/2003 | 1.00 | 0.001 | – | 0.001 | (0.001 | ) | – | (0.001 | ) | 1.00 | |||||||||||||||||||
10/31/2002 | 1.00 | – | – | – | – | – | – | 1.00 | |||||||||||||||||||||
Class C | 04/30/2004 | 1.00 | 0.001 | (0.001 | ) | – | – | – | – | 1.00 | |||||||||||||||||||
10/31/2003 | 1.00 | 0.002 | – | 0.002 | (0.002 | ) | – | (0.002 | ) | 1.00 | |||||||||||||||||||
Class C2 | 04/30/2004 | 1.00 | 0.001 | (0.001 | ) | – | – | – | – | 1.00 | |||||||||||||||||||
10/31/2003 | 1.00 | 0.001 | – | 0.001 | (0.001 | ) | – | (0.001 | ) | 1.00 | |||||||||||||||||||
10/31/2002 | 1.00 | – | – | – | – | – | – | 1.00 | |||||||||||||||||||||
Class M | 04/30/2004 | 1.00 | 0.001 | (0.001 | ) | – | – | – | – | 1.00 | |||||||||||||||||||
10/31/2003 | 1.00 | 0.001 | – | 0.001 | (0.001 | ) | – | (0.001 | ) | 1.00 | |||||||||||||||||||
10/31/2002 | 1.00 | – | – | – | – | – | – | 1.00 |
Ratios/Supplemental Data | |||||||||||||||||
For the Period Ended (f) | Total Return (b) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | |||||||||||||
Net (d) | Total (e) | ||||||||||||||||
Class A | 04/30/2004 | 0.13 | % | $ | 128,937 | 0.83 | % | 1.30 | % | 0.27 | % | ||||||
10/31/2003 | 0.39 | 109,794 | 0.83 | 1.22 | 0.42 | ||||||||||||
10/31/2002 | 0.56 | 131,949 | 0.83 | 1.36 | 0.93 | ||||||||||||
Class B | 04/30/2004 | 0.07 | 40,311 | 0.94 | 1.43 | 0.14 | |||||||||||
10/31/2003 | 0.12 | 54,324 | 1.16 | 1.55 | 0.08 | ||||||||||||
10/31/2002 | 0.28 | 81,683 | 1.48 | 2.01 | 0.28 | ||||||||||||
Class C | 04/30/2004 | 0.07 | 4,402 | 0.94 | 1.43 | 0.14 | |||||||||||
10/31/2003 | 0.12 | 3,542 | 1.04 | 1.43 | 0.21 | ||||||||||||
Class C2 | 04/30/2004 | 0.07 | 9,585 | 0.94 | 1.43 | 0.14 | |||||||||||
10/31/2003 | 0.12 | 12,673 | 1.17 | 1.56 | 0.08 | ||||||||||||
10/31/2002 | 0.28 | 20,139 | 1.48 | 2.01 | 0.28 | ||||||||||||
Class M | 04/30/2004 | 0.07 | 3,201 | 0.94 | 1.43 | 0.14 | |||||||||||
10/31/2003 | 0.12 | 4,863 | 1.15 | 1.55 | 0.09 | ||||||||||||
10/31/2002 | 0.30 | 9,862 | 1.38 | 1.91 | 0.38 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(c) | Per share information is calculated based on average number of shares outstanding. |
(d) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(e) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(f) | TA IDEX Transamerica Money Market (“the Fund”) commenced operations on March 1, 2002. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Money Market 5
TA IDEX Transamerica Money Market
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Money Market (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.
On March 1, 2004, the Fund changed its name form IDEX Transamerica Money Market to TA IDEX Transamerica Money Market.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: As permitted under Rule 2a-7 of the 1940 Act, the securities held by the Fund are valued on the basis of amortized cost, which approximates market value. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Money Market 6
TA IDEX Transamerica Money Market
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Transamerica Investment Management, LLC is both an affiliate of the Fund and a sub-adviser to the Fund.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation Conservative Portfolio | $ | 16,970 | 9% | ||
TA IDEX Asset Allocation Moderate Growth Portfolio | 4,491 | 2% | |||
TA IDEX Asset Allocation Moderate Portfolio | 24,954 | 13% | |||
Total | $ | 46,415 | 24% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following rate:
0.40% of ANA
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
0.48% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Advisory Fee Waived | Available for Recapture Through | ||||
Fiscal Year 2003 | $ | 869 | 10/31/2006 | ||
Fiscal Year 2002 | 543 | 10/31/2005 |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
In order to maintain a positive yield to shareholders, the Fund has waived a portion of the 12b-1 fees for all classes except Class A. The amount waived for the period ended April 30, 2004, was $165. These waivers are not subject to the expense recapture agreement. The waivers reduced the ratio of net expenses to average net assets by 0.19% for Classes B, C, C2 and M.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 5 | |
Retained by Underwriter | – | ||
Contingent Deferred Sales Charges | 215 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $15 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $232 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amounts was $7. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 | |
TA IDEX Transamerica Money Market 7
TA IDEX Transamerica Money Market
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 3. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, excise taxes, distribution and service fee expenses.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 186,268 | |
Unrealized Appreciation | $ | – | |
Unrealized (Depreciation) | – | ||
Net Unrealized Appreciation (Depreciation) | $ | – | |
NOTE 4. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Money Market 8
TA IDEX Transamerica Small/Mid Cap Value
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | ||||
COMMON STOCKS (95.6%) | |||||
Aerospace (0.4%) | |||||
EnPro Industries, Inc. (a) | 75,400 | $ | 1,493 | ||
Agriculture (0.4%) | |||||
Chiquita Brands International, Inc. (a)(b) | 77,500 | 1,396 | |||
Apparel Products (1.0%) | |||||
Gymboree Corporation (The) (a) | 200,000 | 3,530 | |||
Automotive (2.4%) | |||||
GenCorp Inc. | 355,900 | 3,776 | |||
National R.V. Holdings, Inc. (a) | 302,500 | 4,069 | |||
Transpro, Inc. (a)(b) | 105,000 | 549 | |||
Business Services (5.8%) | |||||
Equifax Inc. (b) | 180,000 | 4,412 | |||
Fair Issac Corporation | 175,000 | 5,901 | |||
Kroll Inc. (a) | 200,000 | 5,928 | |||
Rewards Network Inc. (a)(b) | 362,400 | 3,555 | |||
Chemicals & Allied Products (9.1%) | |||||
Acuity Brands, Inc. | 250,000 | 6,118 | |||
American Vanguard Corporation | 33,375 | 1,103 | |||
Crompton Corporation | 918,300 | 5,712 | |||
Olin Corporation | 229,900 | 3,970 | |||
PolyOne Corporation (a) | 1,265,500 | 8,656 | |||
SurModics, Inc. (a) | 150,000 | 3,357 | |||
Terra Nitrogen Company, L.P. (b) | 280,900 | 2,567 | |||
Commercial Banks (4.7%) | |||||
Chittenden Corporation | 86,200 | 2,622 | |||
First Community Bancorp | 11,300 | 386 | |||
Gold Banc Corporation, Inc. | 57,800 | 946 | |||
Hibernia Corporation–Class A | 270,000 | 5,883 | |||
North Fork Bancorporation, Inc. | 100,000 | 3,712 | |||
Provident Bankshares Corporation | 95,500 | 2,690 | |||
Communications Equipment (0.7%) | |||||
Sycamore Networks, Inc. (a) | 657,800 | 2,434 | |||
Computer & Data Processing Services (1.7%) | |||||
ActivCard Corp. (a) | 290,100 | 1,831 | |||
InterCept, Inc. (a)(b) | 273,700 | 4,059 | |||
SoftBrands, Inc. | 2,576 | 3 | |||
Computer & Office Equipment (2.3%) | |||||
Drexler Technology Corporation (a)(b) | 200,000 | 3,032 | |||
Hypercom Corporation (a) | 729,700 | 4,889 | |||
Construction (0.7%) | |||||
Quanta Services, Inc. (a)(b) | 437,100 | 2,391 | |||
Drug Stores & Proprietary Stores (2.0%) | |||||
Omnicare, Inc. (b) | 170,000 | 7,052 | |||
Electric Services (1.3%) | |||||
Duquesne Light Holdings, Inc. | 229,500 | 4,308 | |||
Electric, Gas & Sanitary Services (1.5%) | |||||
ALLETE | 150,000 | 5,183 | |||
Electronic & Other Electric Equipment (1.0%) | |||||
Genlyte Group Incorporated (The) (a) | 60,000 | 3,439 | |||
Electronic Components & Accessories (0.4%) | |||||
Woodhead Industries, Inc. | 101,400 | 1,496 |
Shares | Value | ||||
Fabricated Metal Products (0.4%) | |||||
Shaw Group Inc. (The) (a)(b) | 111,300 | $ | 1,336 | ||
Food & Kindred Products (1.0%) | |||||
Dean Foods Company (a) | 100,000 | 3,358 | |||
Gas Production & Distribution (1.1%) | |||||
KeySpan Corporation | 100,000 | 3,615 | |||
Health Services (1.1%) | |||||
Beverly Enterprises, Inc. (a)(b) | 200,000 | 1,190 | |||
Hanger Orthopedic Group, Inc. (a) | 167,400 | 2,740 | |||
Holding & Other Investment Offices (6.0%) | |||||
4Kids Entertainment, Inc. (a) | 75,500 | 1,650 | |||
Annaly Mortgage Management, Inc. (b) | 350,000 | 6,055 | |||
Host Marriott Corporation (a)(b) | 500,000 | 5,950 | |||
Omega Healthcare Investors, Inc. | 750,000 | 6,938 | |||
Industrial Machinery & Equipment (1.9%) | |||||
DT Industries, Inc. (a) | 1,586,446 | 238 | |||
NACCO Industries, Inc.–Class A | 47,800 | 4,067 | |||
Newpark Resources, Inc. (a)(b) | 404,300 | 2,317 | |||
Instruments & Related Products (1.2%) | |||||
Analogic Corporation (b) | 83,900 | 3,973 | |||
Insurance (4.4%) | |||||
Ambac Financial Group, Inc. | 120,000 | 8,280 | |||
American Medical Security Group, Inc (a) | 180,000 | 4,608 | |||
Triad Guaranty Inc. (a) | 40,000 | 2,188 | |||
Leather & Leather Products (0.4%) | |||||
Steven Madden, Ltd. (a) | 76,800 | 1,467 | |||
Management Services (1.4%) | |||||
First Consulting Group, Inc. (a) | 253,600 | 1,407 | |||
FTI Consulting, Inc. (a) | 200,000 | 3,290 | |||
Medical Instruments & Supplies (2.8%) | |||||
Celsion Corporation (a) | 615,600 | 646 | |||
Orthofix International NV (a) | 200,000 | 9,000 | |||
Metal Mining (0.4%) | |||||
Western Silver Corporation (a) | 238,100 | 1,257 | |||
Miscellaneous Repair Services (0.8%) | |||||
Roto-Rooter, Inc | 55,000 | 2,662 | |||
Mortgage Bankers & Brokers (1.1%) | |||||
GreenPoint Financial Corp. | 100,000 | 3,900 | |||
Oil & Gas Extraction (13.6%) | |||||
Chesapeake Energy Corporation (b) | 600,000 | 8,250 | |||
Denbury Resources Inc. (a) | 386,600 | 7,059 | |||
EOG Resources, Inc. | 140,000 | 6,894 | |||
Harvest Natural Resources, Inc. (a) | 241,200 | 3,965 | |||
Magnum Hunter Resources, Inc. (a) | 253,100 | 2,599 | |||
Pioneer Natural Resources Company | 200,000 | 6,541 | |||
Superior Energy Services, Inc. (a) | 600,000 | 6,234 | |||
Willbros Group, Inc. (a)(b) | 374,400 | 5,421 | |||
Paper & Allied Products ( 2.0% ) | |||||
Graphic Packaging Corporation (a) | 581,700 | 3,188 | |||
Wausau-Mosinee Paper Corporation | 267,700 | 3,756 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 1
TA IDEX Transamerica Small/Mid Cap Value
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands) (unaudited)
Shares | Value | |||||
Petroleum Refining (0.5%) | ||||||
Tesoro Petroleum Corporation (a) | 84,600 | $ | 1,718 | |||
Pharmaceuticals (8.2%) | ||||||
ARIAD Pharmaceuticals, Inc. (a) | 975,500 | 11,082 | ||||
Avigen, Inc. (a)(b) | 69,000 | 326 | ||||
Bradley Pharmaceuticals, Inc. (a)(b) | 208,000 | 5,454 | ||||
Chattem, Inc. (a)(b) | 123,000 | 3,330 | ||||
EPIX Medical, Inc. (a) | 99,500 | 2,440 | ||||
NeoPharm, Inc. (a)(b) | 134,300 | 2,746 | ||||
Neose Technologies, Inc. (a)(b) | 170,300 | 1,565 | ||||
Theragenics Corporation® (a) | 244,600 | 1,282 | ||||
Primary Metal Industries (1.3%) | ||||||
Commonwealth Industries, Inc. | 545,800 | 4,312 | ||||
Printing & Publishing (1.0%) | ||||||
Paxar Corporation (a) | 218,900 | 3,607 | ||||
Radio, Television & Computer Stores (1.4%) | ||||||
InterTAN, Inc. (a) | 352,000 | 4,882 | ||||
Retail Trade (2.0%) | ||||||
Sports Authority, Inc. (The) (a)(b) | 180,000 | 6,900 | ||||
Savings Institutions (0.7%) | ||||||
Brookline Bancorp, Inc. | 160,000 | 2,266 | ||||
Telecommunications (2.3%) | ||||||
Citizens Communications Company (a) | 400,000 | 5,216 | ||||
D&E Communications, Inc. | 85,940 | 1,172 | ||||
Lightbridge, Inc. (a) | 241,300 | 1,535 | ||||
Textile Mill Products (1.0%) | ||||||
Russell Corporation | 203,000 | 3,376 | ||||
Water Transportation (1.0%) | ||||||
Tidewater Inc. | 125,000 | 3,526 | ||||
Wholesale Trade Durable Goods (1.2%) | ||||||
A.M. Castle & Co (a)(b) | 219,900 | 2,056 | ||||
Danka Business Systems PLC–ADR (a)(b) | 487,700 | 1,985 | ||||
Total Common Stocks (cost: $306,474) | 329,263 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (12.3%) | ||||||
Debt (6.8%) | ||||||
Bank Notes (1.2%) | ||||||
Canadian Imperial Bank of Commerce | ||||||
1.10%, due 11/04/2004 | $ | 2,100 | $ | 2,100 | ||
Fleet National Bank | ||||||
1.00%, due 07/21/2004 | 2,100 | 2,100 |
Principal | Value | |||||
Euro Dollar Overnight (0.6%) | ||||||
Credit Agricole Indosuez | ||||||
1.00%, due 05/07/2004 | $ | 1,260 | $ | 1,260 | ||
Royal Bank of Scotland Group PLC (The) | ||||||
1.00%, due 05/07/2004 | 756 | 756 | ||||
Euro Dollar Terms (1.7%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 245 | 245 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 1,260 | 1,260 | ||||
1.08%, due 07/29/2004 | 1,260 | 1,260 | ||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | 840 | 840 | ||||
Royal Bank of Scotland Group PLC (The) | ||||||
1.05%, due 07/15/2004 | 840 | 840 | ||||
Wells Fargo & Company | ||||||
1.02%, due 05/14/2004 | 1,260 | 1,260 | ||||
Promissory Notes (0.9%) | ||||||
Goldman Sachs Group, Inc. (The) | ||||||
1.13%, due 07/29/2004 | 2,940 | 2,940 | ||||
Repurchase Agreements (2.4%) (c) | ||||||
Merrill Lynch & Co., Inc. | ||||||
1.04% Repurchase Agreement dated 04/30/2004 to be repurchased at $8,402 on 05/03/2004 | 8,402 | 8,402 | ||||
Shares | Value | |||||
Investment Companies (5.5%) | ||||||
Money Market Funds (5.5%) | ||||||
American AAdvantage Select Fund | ||||||
1-day yield of 0.98% | 2,520,271 | $ | 2,520 | |||
Barclays Institutional Money Market Fund | ||||||
1-day yield of 1.02% | 5,880,633 | �� | 5,881 | |||
Merrill Lynch Premier Institutional Fund | ||||||
1-day yield of 0.97% | 2,276,255 | 2,276 | ||||
Merrimac Cash Series Fund– | ||||||
1-day yield of 0.99% | 8,400,905 | 8,401 | ||||
Total Security Lending Collateral (cost: $42,341) | 42,341 | |||||
Total Investment Securities (cost: $348,815) | $ | 371,604 | ||||
SUMMARY: | ||||||
Investments, at value | 107.9% | $ | 371,604 | |||
Liabilities in excess of other assets | (7.9)% | (27,359) | ||||
Net assets | 100.0% | $ | 344,245 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $39,658. |
(c) | Cash collateral for the Repurchase Agreements, valued at $8,569, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 2
TA IDEX Transamerica Small/Mid Cap Value
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $348,815) (including securities loaned of $39,658) | $ | 371,604 | ||
Cash | 14,771 | |||
Receivables: | ||||
Investment securities sold | 246 | |||
Shares of beneficial interest sold | 883 | |||
Interest | 5 | |||
Dividends | 394 | |||
Other | 37 | |||
387,940 | ||||
Liabilities: | ||||
Investment securities purchased | 569 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest, redeemed | 290 | |||
Investment advisory fees | 225 | |||
Distribution fees | 132 | |||
Transfer agent fees | 76 | |||
Payable for collateral for securities on loan | 42,341 | |||
Other | 62 | |||
43,695 | ||||
Net Assets | $ | 344,245 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 295,000 | ||
Accumulated net investment income (loss) | (837 | ) | ||
Undistributed net realized gain (loss) from | 27,294 | |||
Net unrealized appreciation (depreciation) on: Investment securities | 22,788 | |||
Net Assets | $ | 344,245 | ||
Net Assets by Class: | ||||
Class A | $ | 283,119 | ||
Class B | 39,962 | |||
Class C | 4,346 | |||
Class C2 | 11,025 | |||
Class M | 5,793 | |||
Shares Outstanding: | ||||
Class A | 19,320 | |||
Class B | 2,782 | |||
Class C | 302 | |||
Class C2 | 767 | |||
Class M | 402 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 14.65 | ||
Class B | 14.36 | |||
Class C | 14.37 | |||
Class C2 | 14.37 | |||
Class M | 14.41 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 15.50 | ||
Class M | 14.56 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 53 | ||
Dividends | 1,176 | |||
Income from loaned securities–net | 76 | |||
1,305 | ||||
Expenses: | ||||
Management and advisory fees | 1,192 | |||
Transfer agent fees | 137 | |||
Printing and shareholder reports | 46 | |||
Custody fees | 16 | |||
Administration fees | 21 | |||
Auditing and accounting fees | 3 | |||
Trustees fees | 5 | |||
Registration fees | 4 | |||
Legal fees | 26 | |||
Other | 6 | |||
Distribution and service fees: | ||||
Class A | 381 | |||
Class B | 192 | |||
Class C | 18 | |||
Class C2 | 68 | |||
Class M | 26 | |||
Total expenses | 2,141 | |||
Net Investment Income (Loss) | (836 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 29,603 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | 1,576 | |||
Net Gain (Loss) on Investment Securities | 31,179 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 30,343 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 3
TA IDEX Transamerica Small/Mid Cap Value
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (836 | ) | $ | (1,435 | ) | ||
Net realized gain (loss) from investment securities | 29,603 | 1,765 | ||||||
Net unrealized appreciation (depreciation) on investment securities | 1,576 | 39,433 | ||||||
30,343 | 39,763 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | (605 | ) | – | |||||
Class B | (123 | ) | – | |||||
Class C | (11 | ) | – | |||||
Class C2 | (50 | ) | – | |||||
Class M | (19 | ) | – | |||||
(808 | ) | – | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 118,555 | 106,174 | ||||||
Class B | 6,354 | 7,499 | ||||||
Class C | 4,035 | 1,782 | ||||||
Class C2 | 774 | 1,858 | ||||||
Class M | 1,109 | 1,585 | ||||||
130,827 | 118,898 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 596 | – | ||||||
Class B | 112 | – | ||||||
Class C | 9 | – | ||||||
Class C2 | 45 | – | ||||||
Class M | 19 | – | ||||||
781 | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (7,788 | ) | (26,571 | ) | ||||
Class B | (4,103 | ) | (7,874 | ) | ||||
Class C | (2,058 | ) | (53 | ) | ||||
Class C2 | (6,049 | ) | (3,907 | ) | ||||
Class M | (1,468 | ) | (1,799 | ) | ||||
(21,466 | ) | (40,204 | ) | |||||
110,142 | 78,694 | |||||||
Net increase (decrease) in net assets | 139,677 | 118,457 | ||||||
Net Assets: | ||||||||
Beginning of period | 204,568 | 86,111 | ||||||
End of period | $ | 344,245 | $ | 204,568 | ||||
Accumulated Net Investment Income (Loss) | $ | (837 | ) | $ | (1 | ) | ||
April 30, (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 8,264 | 9,359 | ||||
Class B | 458 | 706 | ||||
Class C | 292 | 162 | ||||
Class C2 | 56 | 193 | ||||
Class M | 81 | 139 | ||||
9,151 | 10,559 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 44 | – | ||||
Class B | 8 | – | ||||
Class C | 1 | – | ||||
Class C2 | 3 | – | ||||
Class M | 1 | – | ||||
57 | – | |||||
Shares redeemed: | ||||||
Class A | (543 | ) | (2,811 | ) | ||
Class B | (292 | ) | (813 | ) | ||
Class C | (148 | ) | (5 | ) | ||
Class C2 | (423 | ) | (402 | ) | ||
Class M | (105 | ) | (179 | ) | ||
(1,511 | ) | (4,210 | ) | |||
Net increase (decrease) in shares outstanding: | ||||||
Class A | 7,765 | 6,548 | ||||
Class B | 174 | (107 | ) | |||
Class C | 145 | 157 | ||||
Class C2 | (364 | ) | (209 | ) | ||
Class M | (23 | ) | (40 | ) | ||
7,697 | 6,349 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 4
TA IDEX Transamerica Small/Mid Cap Value
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 12.94 | $ | (0.03 | ) | $ | 1.79 | $ | 1.76 | $ | – | $ | (0.05 | ) | $ | (0.05 | ) | $ | 14.65 | |||||||||||
10/31/2003 | 9.09 | (0.11 | ) | 3.96 | 3.85 | – | – | – | 12.94 | ||||||||||||||||||||||
10/31/2002 | 10.12 | (0.07 | ) | (0.96 | ) | (1.03 | ) | – | – | – | 9.09 | ||||||||||||||||||||
10/31/2001 | 10.00 | (0.02 | ) | 0.14 | 0.12 | – | – | – | 10.12 | ||||||||||||||||||||||
Class B | 04/30/2004 | 12.73 | (0.08 | ) | 1.76 | 1.68 | – | (0.05 | ) | (0.05 | ) | 14.36 | |||||||||||||||||||
10/31/2003 | 8.98 | (0.17 | ) | 3.92 | 3.75 | – | – | – | 12.73 | ||||||||||||||||||||||
10/31/2002 | 10.08 | (0.19 | ) | (0.91 | ) | (1.10 | ) | – | – | – | 8.98 | ||||||||||||||||||||
10/31/2001 | 10.00 | (0.05 | ) | 0.13 | 0.08 | – | – | – | 10.08 | ||||||||||||||||||||||
Class C | 04/30/2004 | 12.73 | (0.08 | ) | 1.77 | 1.69 | – | (0.05 | ) | (0.05 | ) | 14.37 | |||||||||||||||||||
10/31/2003 | 9.01 | (0.18 | ) | 3.90 | 3.72 | – | – | – | 12.73 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 12.73 | (0.07 | ) | 1.76 | 1.69 | – | (0.05 | ) | (0.05 | ) | 14.37 | |||||||||||||||||||
10/31/2003 | 8.98 | (0.17 | ) | 3.92 | 3.75 | – | – | – | 12.73 | ||||||||||||||||||||||
10/31/2002 | 10.08 | (0.19 | ) | (0.91 | ) | (1.10 | ) | – | – | – | 8.98 | ||||||||||||||||||||
10/31/2001 | 10.00 | (0.05 | ) | 0.13 | 0.08 | – | – | – | 10.08 | ||||||||||||||||||||||
Class M | 04/30/2004 | 12.76 | (0.07 | ) | 1.77 | 1.70 | – | (0.05 | ) | (0.05 | ) | 14.41 | |||||||||||||||||||
10/31/2003 | 9.00 | (0.16 | ) | 3.92 | 3.76 | – | – | – | 12.76 | ||||||||||||||||||||||
10/31/2002 | 10.09 | (0.19 | ) | (0.90 | ) | (1.09 | ) | – | – | – | 9.00 | ||||||||||||||||||||
10/31/2001 | 10.00 | (0.06 | ) | 0.15 | 0.09 | – | – | – | 10.09 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the | Total | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 13.60 | % | $ | 283,119 | 1.40 | % | 1.40 | % | (0.46 | )% | 57 | % | |||||||
10/31/2003 | �� | 42.35 | 149,557 | 1.73 | 1.73 | (1.04 | ) | 55 | ||||||||||||
10/31/2002 | (10.18 | ) | 45,500 | 1.85 | 1.98 | (0.88 | ) | 22 | ||||||||||||
10/31/2001 | 1.20 | 6,536 | 1.85 | 3.56 | (0.32 | ) | 8 | |||||||||||||
Class B | 04/30/2004 | 13.19 | 39,962 | 2.05 | 2.05 | (1.12 | ) | 57 | ||||||||||||
10/31/2003 | 41.76 | 33,196 | 2.38 | 2.38 | (1.69 | ) | 55 | |||||||||||||
10/31/2002 | (10.91 | ) | 24,391 | 2.50 | 2.63 | (1.53 | ) | 22 | ||||||||||||
10/31/2001 | 0.80 | 7,604 | 2.50 | 4.21 | (0.97 | ) | 8 | |||||||||||||
Class C | 04/30/2004 | 13.27 | 4,346 | 2.05 | 2.05 | (1.12 | ) | 57 | ||||||||||||
10/31/2003 | 41.29 | 1,995 | 2.38 | 2.38 | (1.69 | ) | 55 | |||||||||||||
Class C2 | 04/30/2004 | 13.27 | 11,025 | 2.05 | 2.05 | (1.12 | ) | 57 | ||||||||||||
10/31/2003 | 41.76 | 14,392 | 2.38 | 2.38 | (1.69 | ) | 55 | |||||||||||||
10/31/2002 | (10.91 | ) | 12,034 | 2.50 | 2.63 | (1.53 | ) | 22 | ||||||||||||
10/31/2001 | 0.80 | 3,545 | 2.50 | 4.21 | (0.97 | ) | 8 | |||||||||||||
Class M | 04/30/2004 | 13.32 | 5,793 | 1.95 | 1.95 | (1.02 | ) | 57 | ||||||||||||
10/31/2003 | 41.78 | 5,428 | 2.28 | 2.28 | (1.59 | ) | 55 | |||||||||||||
10/31/2002 | (10.80 | ) | 4,186 | 2.40 | 2.53 | (1.43 | ) | 22 | ||||||||||||
10/31/2001 | 0.90 | 1,460 | 2.40 | 4.11 | (0.87 | ) | 8 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX Transamerica Small/Mid Cap Value (“the Fund”) commenced operations on April 2, 2001. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 5
TA IDEX Transamerica Small/Mid Cap Value
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Small/Mid Cap Value (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on April 2, 2001.
On March 1, 2004, the Fund changed its name from IDEX Isabelle Small Cap Value to TA IDEX Transamerica Small/Mid Cap Value and changed its sub-adviser from Ironwood Capital Management, LLC to Transamerica Investment Management, LLC.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $182 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $33 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 6
TA IDEX Transamerica Small/Mid Cap Value
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled less than $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Transamerica Investment Management, LLC is an affiliate of the Fund and a sub-adviser to the Fund.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e.: through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 12,298 | 4% | ||
TA IDEX Asset Allocation - Growth Portfolio | 83,206 | 24% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 98,256 | 29% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 57,736 | 17% | |||
Total | $ | 251,496 | 74% | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 7
TA IDEX Transamerica Small/Mid Cap Value
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
From November 1, 2003 to February 28, 2004:
0.90% of the first $200 million of ANA
0.85% of ANA over $200 million
From March 1, 2004 on:
0.80% of the first $500 million of ANA
0.75% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 113 | |
Retained by Underwriter | 16 | ||
Contingent Deferred Sales Charges | 50 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $21 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $137 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amounts was $5. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 260,201 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 139,748 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 350,360 | ||
Unrealized Appreciation | $ | 36,737 | ||
Unrealized (Depreciation) | (15,493 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 21,244 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 8
TA IDEX Transamerica Small/Mid Cap Value
TRANSAMERICA IDEX MUTUAL FUNDS
RESULTS OF SHAREHOLDER PROXY (unaudited)
TA IDEX Transamerica Small/Mid Cap Value
At a special meeting of shareholders held on February 25, 2004, the results of the Proposal were as follows:
Proposal 1: Approval of a new sub-advisory agreement between AEGON/Transamerica Fund Advisers, Inc. and Transamerica Investment Management, LLC on behalf of the Fund.
For | Against | Abstentions/Broker Non-Votes | ||
97.59% | 0.76% | 1.65 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Annual Report 2004 |
TA IDEX Transamerica Small/Mid Cap Value 9
TA IDEX Transamerica Value Balanced
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
U.S. GOVERNMENT OBLIGATIONS (3.1%) | ||||||
U.S. Treasury Bond (b)(d) | $ | 595 | $ | 603 | ||
U.S. Treasury Note (b)(d) | 155 | 146 | ||||
4.25%, due 08/15/2013 | 400 | 393 | ||||
Total U.S. Government Obligations (cost: $1,178) | 1,142 | |||||
U.S. GOVERNMENT AGENCY (9.8%) OBLIGATIONS | ||||||
Fannie Mae–Conventional Pool | 202 | 203 | ||||
5.00%, due 04/01/2019 | 198 | 200 | ||||
6.00%, due 10/01/2033 | 326 | 333 | ||||
6.00%, due 01/01/2034 | 649 | 664 | ||||
6.00%, due 04/01/2034 | 445 | 455 | ||||
Fannie Mae–Gold Pool | 360 | 363 | ||||
Freddie Mac–Gold Pool | 175 | 185 | ||||
6.50%, due 04/01/2029 | 177 | 184 | ||||
6.00%, due 09/01/2033 | 210 | 215 | ||||
6.00%, due 01/01/2034 | 553 | 566 | ||||
Ginnie Mae–FHA/VA Pool | 195 | 205 | ||||
Total U.S. Government Agency Obligations (cost: $3,614) | 3,573 | |||||
CORPORATE DEBT SECURITIES (14.8%) | ||||||
Amusement & Recreation Services (0.7%) | ||||||
Disney (Walt) Company (The) | 250 | 251 | ||||
Beverages (0.8%) | ||||||
Cia Brasileira de Bebidas–144A | 25 | 26 | ||||
PepsiAmericas, Inc. | 250 | 253 | ||||
Business Credit Institutions (1.6%) | ||||||
Deere (John) Capital Corporation | 250 | 251 | ||||
eircom Funding | 50 | 54 | ||||
Ford Motor Credit Company | 250 | 253 | ||||
Chemicals & Allied Products (1.2%) | ||||||
Dow Chemical Company (The) | 250 | 250 | ||||
ICI Wilmington Inc. | 135 | 135 | ||||
Nalco Company–144A | 50 | 53 | ||||
Commercial Banks (1.1%) | ||||||
Abbey National PLC (i) | 250 | 271 | ||||
CS First Boston–144A (h) | 125 | 139 |
Principal | Value | |||||
Communication (0.8%) | ||||||
Echostar DBS Corporation–144A | $ | 75 | $ | 75 | ||
Liberty Media Corporation | 200 | 200 | ||||
Computer & Office Equipment (0.7%) | ||||||
Hewlett-Packard Company | 250 | 266 | ||||
Electric, Gas & Sanitary Services (0.1%) | ||||||
PG&E Corporation–144A | 50 | 53 | ||||
Food & Kindred Products (0.4%) | ||||||
ConAgra Foods, Inc. | 100 | 134 | ||||
Health Services (0.3%) | ||||||
HCA Inc. | 100 | 106 | ||||
Holding & Other Investment Offices (1.6%) | ||||||
EOP Operating Limited Partnership | 250 | 275 | ||||
Hutchison Whampoa Limited–144A | 275 | 270 | ||||
Hotels & Other Lodging Places (0.2%) | ||||||
Park Place Entertainment Corporation | 75 | 79 | ||||
Insurance Agents, Brokers & Service (0.3%) | ||||||
Hartford Financial Services Group, Inc. | 125 | 120 | ||||
Metal Mining (0.7%) | ||||||
Barrick Gold Finance, Inc. | 212 | 239 | ||||
Motion Pictures (1.0%) | ||||||
News Corporation Limited (The) | 175 | 201 | ||||
Time Warner Inc. | 125 | 154 | ||||
Personal Credit Institutions (0.7%) | ||||||
Capital One Bank | 125 | 133 | ||||
General Motors Acceptance Corporation | 125 | 132 | ||||
Primary Metal Industries (0.7%) | ||||||
Phelps Dodge Corporation | 225 | 271 | ||||
Radio & Television Broadcasting (0.1%) | ||||||
USA Interactive | 50 | 54 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 1
TA IDEX Transamerica Value Balanced
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | |||||
Security & Commodity Brokers (1.1%) | ||||||
BNP U.S. Funding L.L.C.–144A (g) | $ | 250 | $ | 283 | ||
Goldman Sachs Group, Inc. (The) | 125 | 123 | ||||
Telecommunications (0.6%) | ||||||
Cincinnati Bell Inc. | 50 | 47 | ||||
Millicom International Cellular–144A | 25 | 26 | ||||
Sprint Capital Corporation–144A | 125 | 149 | ||||
Transportation Equipment (0.1%) | ||||||
Bombardier Recreational Products–144A (b) | 50 | 50 | ||||
Total Corporate Debt Securities (cost: $5,303) | 5,376 | |||||
Shares | Value | |||||
COMMON STOCKS (56.5%) | ||||||
Air Transportation (0.2%) | ||||||
FedEx Corporation | 1,000 | $ | 72 | |||
Amusement & Recreation Services (3.3%) | ||||||
Disney (Walt) Company (The) | 52,200 | 1,202 | ||||
Chemicals & Allied Products (2.5%) | ||||||
du Pont (E.I.) de Nemours and Company | 15,000 | 644 | ||||
Praxair, Inc. | 7,000 | 256 | ||||
Commercial Banks (10.5%) | ||||||
Bank of America Corporation (d) | 39,278 | 3,160 | ||||
SouthTrust Corporation | 8,500 | 264 | ||||
Wachovia Corporation (b) | 8,000 | 366 | ||||
Communication (2.0%) | ||||||
Cox Communications, Inc.–Class A (a)(b) | 22,300 | 729 | ||||
Computer & Data Processing Services (2.7%) | ||||||
Microsoft Corporation | 38,300 | 995 | ||||
Drug Stores & Proprietary Stores (0.2%) | ||||||
Medco Health Solutions, Inc. (a) | 2,170 | 77 | ||||
Electronic & Other Electric Equipment (1.6%) | ||||||
Cooper Industries, Inc.–Class A | 6,000 | 329 | ||||
Hubbell Incorporated–Class B | 5,700 | 256 | ||||
Electronic Components & Accessories (1.6%) | ||||||
Intel Corporation (d) | 23,000 | 592 | ||||
Food & Kindred Products (3.8%) | ||||||
Altria Group, Inc. (d) | 12,000 | 665 | ||||
Del Monte Foods Company (a) | 5,280 | 58 | ||||
Heinz (H.J.) Company | 12,000 | 458 | ||||
Sara Lee Corporation (b) | 8,300 | 192 | ||||
Insurance (0.7%) | ||||||
St. Paul Companies, Inc. (The) | 6,000 | 244 | ||||
Life Insurance (0.7%) | ||||||
Manulife Financial Corporation (b)(d) | 7,112 | 262 |
Shares | Value | |||||
Lumber & Wood Products (1.8%) | ||||||
Louisiana-Pacific Corporation (b)(d) | 27,000 | $ | 637 | |||
Motion Pictures (0.4%) | ||||||
Time Warner Inc. (a) | 9,000 | 151 | ||||
Oil & Gas Extraction (0.5%) | ||||||
Schlumberger Limited | 3,000 | 176 | ||||
Petroleum Refining (1.0%) | ||||||
ChevronTexaco Corporation | 2,000 | 183 | ||||
Exxon Mobil Corporation | 4,200 | 179 | ||||
Pharmaceuticals (6.8%) | ||||||
Bristol-Myers Squibb Co. | 34,450 | 865 | ||||
Merck & Co., Inc. | 18,500 | 870 | ||||
Schering-Plough Corporation | 43,580 | 729 | ||||
Railroads (1.1%) | ||||||
Union Pacific Corporation | 6,500 | 383 | ||||
Savings Institutions (2.5%) | ||||||
Washington Mutual, Inc. | 22,900 | 902 | ||||
Security & Commodity Brokers (2.5%) | ||||||
Jefferies Group, Inc. | 5,000 | 171 | ||||
Raymond James Financial, Inc. (d) | 13,500 | 339 | ||||
T. Rowe Price Group, Inc. | 8,000 | 410 | ||||
Telecommunications (7.0%) | ||||||
ALLTEL Corporation | 8,000 | 403 | ||||
Sprint Corporation (FON Group) | 91,100 | 1,630 | ||||
Verizon Communications, Inc. | 14,000 | 528 | ||||
U.S. Government Agencies (3.1%) | ||||||
Fannie Mae | 16,500 | 1,134 | ||||
Total Common Stocks (cost: $19,384) | 20,511 | |||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (7.2%) | ||||||
Debt (3.9%) | ||||||
Bank Notes (0.7%) | ||||||
Canadian Imperial Bank of Commerce | $ | 130 | $ | 130 | ||
Fleet National Bank | 130 | 130 | ||||
Euro Dollar Overnight (0.3%) | ||||||
Credit Agricole Indosuez | 78 | 78 | ||||
Royal Bank of Scotland Group PLC (The) | 47 | 47 | ||||
Euro Dollar Terms (1.0%) | ||||||
Bank of Montreal | 15 | 15 | ||||
BNP Paribas SA | 78 | 78 | ||||
1.08%, due 07/29/2004 | 78 | 78 | ||||
Den Danske Bank | 52 | 52 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 2
TA IDEX Transamerica Value Balanced
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Principal | Value | ||||||
Euro Dollar Terms (continued) | |||||||
Royal Bank of Scotland Group PLC (The) | $ | 52 | $ | 52 | |||
Wells Fargo & Company | 78 | 78 | |||||
Promissory Notes (0.5%) | |||||||
Goldman Sachs Group, Inc. (The) | 183 | 183 | |||||
Repurchase Agreements (1.4%) (c) | |||||||
Merrill Lynch & Co., Inc. | 521 | 521 | |||||
Shares | Value | ||||||
Investment Companies (3.3%) | |||||||
Money Market Funds (3.3%) | |||||||
American AAdvantage Select Fund | 156,107 | $ | 156 | ||||
Barclays Institutional Money Market Fund | 364,250 | 364 | |||||
Merrill Lynch Premier Institutional Fund | 140,993 | 141 | |||||
Merrimac Cash Series Fund–Premium Class | 520,357 | 520 | |||||
Total Security Lending Collateral (cost: $2,623) | 2,623 | ||||||
Total Investment Securities (cost: $32,102) | $ | 33,225 | |||||
Contracts (f) | Value | ||||||
WRITTEN OPTIONS (-1.9%) | |||||||
Covered Call Options (-0.5%) | |||||||
Altria Group, Inc. | 20 | $ | (2 | ) | |||
Bank of America Corporation | 610 | (137 | ) | ||||
Intel Corporation | 50 | (e | ) | ||||
Intel Corporation | 40 | (e | ) | ||||
John Hancock Financial Services | 30 | (12 | ) | ||||
Louisiana Pacific Corporation | 100 | (37 | ) | ||||
Louisiana Pacific Corporation | 25 | (4 | ) |
Contracts (f) | Value | |||||
Covered Call Options (continued) | ||||||
Louisiana Pacific Corporation | 25 | $ | (1 | ) | ||
Raymond James Financial, Inc. | 10 | (e | ) | |||
Put Options (-1.4%) | ||||||
Altria Group, Inc. | 100 | (3 | ) | |||
Bank of America Corporation | 20 | (3 | ) | |||
Bank of America Corporation | 130 | (e | ) | |||
Bristol-Myers Squibb Co. | 50 | (12 | ) | |||
Bristol-Myers Squibb Co. | 60 | (8 | ) | |||
ChevronTexaco Corporation | 20 | (1 | ) | |||
ChevronTexaco Corporation | 40 | (e | ) | |||
Dominion Resources, Inc. | 135 | (4 | ) | |||
Dominion Resources, Inc. | 85 | (18 | ) | |||
du Pont (E.I.) de Nemours and Company | 20 | (2 | ) | |||
Duke Energy Corporation | 20 | (2 | ) | |||
Duke Energy Corporation | 300 | (41 | ) | |||
Duke Energy Corporation | 250 | (13 | ) | |||
Exxon Mobil Corporation | 45 | (5 | ) | |||
Exxon Mobile Corporation | 40 | (3 | ) | |||
Fannie Mae | 35 | (11 | ) |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 3
TA IDEX Transamerica Value Balanced
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Contracts (f) | Value | |||||
Put Options (continued) | ||||||
Heinz (H.J.) Company | 70 | $ | (3 | ) | ||
Kimberly-Clark Corporation | 90 | (2 | ) | |||
Merck & Co, Inc. | 45 | (6 | ) | |||
Merck & Co, Inc. | 50 | (3 | ) | |||
Microsoft Corporation | 100 | (1 | ) | |||
Microsoft Corporation | 40 | (2 | ) | |||
Microsoft Corporation | 120 | (16 | ) | |||
Microsoft Corporation | 40 | (8 | ) | |||
Plum Creek Timber Company, Inc. | 200 | (1 | ) | |||
Rayonier, Inc. | 127 | (36 | ) | |||
Sara Lee Corporation | 140 | (1 | ) | |||
Sara Lee Corporation | 30 | (2 | ) | |||
Sara Lee Corporation | 60 | (e | ) | |||
Schlumberger Limited | 100 | (8 | ) |
Contracts (f) | Value | |||||
Put Options (continued) | ||||||
SouthTrust Corporation | 170 | $ | (44 | ) | ||
Sun Microsystems, Inc. | 500 | (67 | ) | |||
Sun Microsystems, Inc. | 600 | (68 | ) | |||
Time Warner, Inc. | 100 | (3 | ) | |||
Time Warner, Inc. | 270 | (19 | ) | |||
Time Warner, Inc. | 180 | (26 | ) | |||
Union Pacific Corporation | 85 | (26 | ) | |||
Walt Disney Company (The) | 60 | (5 | ) | |||
Wilmington Trust Corporation | 180 | (11 | ) | |||
Wilmington Trust Corporation | 30 | (1 | ) | |||
Total Written Options (premium: $716) | (678 | ) | ||||
SUMMARY: | ||||||
Investments, at value | 91.4% | $ | 33,225 | |||
Written options | (1.9)% | (678 | ) | |||
Other assets in excess of liabilities | 10.5% | 3,817 | ||||
Net assets | 100.0% | $ | 36,364 | |||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $ 2,495. |
(c) | Cash collateral for the Repurchase Agreements, valued at $ 531, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
(d) | At April 30, 2004, all or a portion of this security is segregated with the custodian to cover margin requirements for open option contracts. The value of all securities segregated at April 30, 2004, is $ 4,670. |
(e) | Value is less than $ 1. |
(f) | Contract amounts are not in thousands. |
(g) | Floating or variable rate note. Rate is listed as of April 30, 2004. |
(h) | Securities are stepbonds. CS First Boston-144A has a coupon rate of 7.90% until 05/01/2007, thereafter the coupon rate will reset every 5 years at the 5-year current month treasury rate + 200BP if not called. |
(i) | Securities are stepbonds. Abbey National PLC has a coupon rate of 7.35% until 10/25/2006, thereafter, the coupon rate will reset every 5 years at the 5-year current month treasury rate + 178BP, if not called. |
DEFINITIONS:
144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2004, these securities aggregated $1,244 or 3.42% of the net assets of the Fund.
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 4
TA IDEX Transamerica Value Balanced
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $32,102) | $ | 33,225 | ||
Cash | 7,273 | |||
Receivables: | ||||
Investment securities sold | 52 | |||
Shares of beneficial interest sold | 25 | |||
Interest | 135 | |||
Dividends | 36 | |||
Other | 8 | |||
40,754 | ||||
Liabilities: | ||||
Investment securities purchased | 903 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 69 | |||
Management and advisory fees | 14 | |||
Distribution fees | 23 | |||
Transfer agent fees | 43 | |||
Payable for collateral for securities on loan | 2,623 | |||
Written options (premium: $716) | 678 | |||
Other | 37 | |||
4,390 | ||||
Net Assets | $ | 36,364 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, | $ | 39,028 | ||
Undistributed net investment income (loss) | 9 | |||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (4,707 | ) | ||
Written option contracts | 873 | |||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 1,123 | |||
Written option contracts | 38 | |||
Net Assets | $ | 36,364 | ||
Net Assets by Class: | ||||
Class A | $ | 13,040 | ||
Class B | 14,800 | |||
Class C | 1,618 | |||
Class C2 | 3,556 | |||
Class M | 3,350 | |||
Shares Outstanding: | ||||
Class A | 1,108 | |||
Class B | 1,260 | |||
Class C | 138 | |||
Class C2 | 303 | |||
Class M | 284 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 11.77 | ||
Class B | 11.74 | |||
Class C | 11.74 | |||
Class C2 | 11.74 | |||
Class M | 11.79 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 12.46 | ||
Class M | 11.91 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 281 | ||
Dividends | 256 | |||
Income from loaned securities–net | 2 | |||
539 | ||||
Expenses: | ||||
Management and advisory fees | 134 | |||
Transfer agent fees | 59 | |||
Printing and shareholder reports | 30 | |||
Custody fees | 5 | |||
Administration fees | 9 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 1 | |||
Registration fees | 26 | |||
Other | 5 | |||
Distribution and service fees: | ||||
Class A | 22 | |||
Class B | 75 | |||
Class C | 6 | |||
Class C2 | 19 | |||
Class M | 15 | |||
Total expenses | 414 | |||
Less: | ||||
Advisory fee waiver | (64 | ) | ||
Net expenses | 350 | |||
Net Investment Income (Loss) | 189 | |||
Net Realized Gain (Loss) from: | ||||
Investment securities | 637 | |||
Written option contracts | 398 | |||
1,035 | ||||
Net Increase (Decrease) Unrealized Appreciation | ||||
Investment securities | 19 | |||
Written option contracts | (214 | ) | ||
(195 | ) | |||
Net Gain (Loss) on Investment Securities and Written Option Contracts | 840 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,029 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 5
TA IDEX Transamerica Value Balanced
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 189 | $ | 402 | ||||
Net realized gain (loss) from investment securities and written option contracts | 1,035 | 180 | ||||||
Net unrealized appreciation (depreciation) on investment securities and written option contracts | (195 | ) | 4,968 | |||||
1,029 | 5,550 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | (93 | ) | (220 | ) | ||||
Class B | (66 | ) | (167 | ) | ||||
Class C | (3 | ) | (1 | ) | ||||
Class C2 | (17 | ) | (52 | ) | ||||
Class M | (17 | ) | (46 | ) | ||||
(196 | ) | (486 | ) | |||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 2,757 | 3,070 | ||||||
Class B | 2,286 | 3,185 | ||||||
Class C | 1,111 | 500 | ||||||
Class C2 | 412 | 582 | ||||||
Class M | 277 | 679 | ||||||
6,843 | 8,016 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 90 | 210 | ||||||
Class B | 64 | 161 | ||||||
Class C | 3 | 1 | ||||||
Class C2 | 16 | 51 | ||||||
Class M | 16 | 46 | ||||||
189 | 469 | |||||||
Cost of shares redeemed: | ||||||||
Class A | (1,933 | ) | (4,327 | ) | ||||
Class B | (1,655 | ) | (3,669 | ) | ||||
Class C | (22 | ) | (15 | ) | ||||
Class C2 | (616 | ) | (1,592 | ) | ||||
Class M | (293 | ) | (1,035 | ) | ||||
(4,519 | ) | (10,638 | ) | |||||
2,513 | (2,153 | ) | ||||||
Net increase (decrease) in net assets | 3,346 | 2,911 | ||||||
Net Assets: | ||||||||
Beginning of period | 33,018 | 30,107 | ||||||
End of period | $ | 36,364 | $ | 33,018 | ||||
Undistributed Net Investment Income (Loss) | $ | 9 | $ | 16 | ||||
April 30, 2004 | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 234 | 289 | ||||
Class B | 196 | 298 | ||||
Class C | 93 | 48 | ||||
Class C2 | 35 | 56 | ||||
Class M | 22 | 65 | ||||
580 | 756 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 8 | 21 | ||||
Class B | 5 | 16 | ||||
Class C | – | – | ||||
Class C2 | 1 | 5 | ||||
Class M | 1 | 5 | ||||
15 | 47 | |||||
Shares redeemed: | ||||||
Class A | (162 | ) | (417 | ) | ||
Class B | (139 | ) | (358 | ) | ||
Class C | (2 | ) | (2 | ) | ||
Class C2 | (52 | ) | (156 | ) | ||
Class M | (25 | ) | (100 | ) | ||
(380 | ) | (1,033 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 80 | (107 | ) | |||
Class B | 62 | (44 | ) | |||
Class C | 91 | 46 | ||||
Class C2 | (16 | ) | (95 | ) | ||
Class M | (2 | ) | (30 | ) | ||
215 | (230 | ) | ||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 6
TA IDEX Transamerica Value Balanced
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 11.49 | $ | 0.09 | $ | 0.28 | $ | 0.37 | $ | (0.09 | ) | $ | – | $ | (0.09 | ) | $ | 11.77 | ||||||||||||
10/31/2003 | 9.69 | 0.18 | 1.83 | 2.01 | (0.21 | ) | – | (0.21 | ) | 11.49 | |||||||||||||||||||||
10/31/2002 | 11.67 | 0.18 | (1.65 | ) | (1.47 | ) | (0.16 | ) | (0.35 | ) | (0.51 | ) | 9.69 | ||||||||||||||||||
10/31/2001 | 12.75 | 0.26 | (0.51 | ) | (0.25 | ) | (0.26 | ) | (0.57 | ) | (0.83 | ) | 11.67 | ||||||||||||||||||
10/31/2000 | 11.79 | 0.30 | 1.01 | 1.31 | (0.35 | ) | – | (0.35 | ) | 12.75 | |||||||||||||||||||||
10/31/1999 | 13.14 | 0.27 | (0.73 | ) | (0.46 | ) | (0.24 | ) | (0.65 | ) | (0.89 | ) | 11.79 | ||||||||||||||||||
Class B | 04/30/2004 | 11.46 | 0.05 | 0.28 | 0.33 | (0.05 | ) | – | (0.05 | ) | 11.74 | ||||||||||||||||||||
10/31/2003 | 9.69 | 0.11 | 1.80 | 1.91 | (0.14 | ) | – | (0.14 | ) | 11.46 | |||||||||||||||||||||
10/31/2002 | 11.66 | 0.11 | (1.65 | ) | (1.54 | ) | (0.08 | ) | (0.35 | ) | (0.43 | ) | 9.69 | ||||||||||||||||||
10/31/2001 | 12.74 | 0.18 | (0.50 | ) | (0.32 | ) | (0.19 | ) | (0.57 | ) | (0.76 | ) | 11.66 | ||||||||||||||||||
10/31/2000 | 11.78 | 0.23 | 1.01 | 1.24 | (0.28 | ) | – | (0.28 | ) | 12.74 | |||||||||||||||||||||
10/31/1999 | 13.13 | 0.19 | (0.73 | ) | (0.54 | ) | (0.16 | ) | (0.65 | ) | (0.81 | ) | 11.78 | ||||||||||||||||||
Class C | 04/30/2004 | 11.46 | 0.05 | 0.28 | 0.33 | (0.05 | ) | – | (0.05 | ) | 11.74 | ||||||||||||||||||||
10/31/2003 | 9.71 | 0.12 | 1.77 | 1.89 | (0.14 | ) | – | (0.14 | ) | 11.46 | |||||||||||||||||||||
Class C2 | 04/30/2004 | 11.46 | 0.05 | 0.28 | 0.33 | (0.05 | ) | – | (0.05 | ) | 11.74 | ||||||||||||||||||||
10/31/2003 | 9.69 | 0.11 | 1.80 | 1.91 | (0.14 | ) | – | (0.14 | ) | 11.46 | |||||||||||||||||||||
10/31/2002 | 11.66 | 0.12 | (1.66 | ) | (1.54 | ) | (0.08 | ) | (0.35 | ) | (0.43 | ) | 9.69 | ||||||||||||||||||
10/31/2001 | 12.74 | 0.17 | (0.49 | ) | (0.32 | ) | (0.19 | ) | (0.57 | ) | (0.76 | ) | 11.66 | ||||||||||||||||||
10/31/2000 | 11.78 | 0.23 | 1.01 | 1.24 | (0.28 | ) | – | (0.28 | ) | 12.74 | |||||||||||||||||||||
Class M | 04/30/2004 | 11.47 | 0.05 | 0.33 | 0.38 | (0.06 | ) | – | (0.06 | ) | 11.79 | ||||||||||||||||||||
10/31/2003 | 9.69 | 0.12 | 1.81 | 1.93 | (0.15 | ) | – | (0.15 | ) | 11.47 | |||||||||||||||||||||
10/31/2002 | 11.66 | 0.11 | (1.63 | ) | (1.52 | ) | (0.10 | ) | (0.35 | ) | (0.45 | ) | 9.69 | ||||||||||||||||||
10/31/2001 | 12.74 | 0.19 | (0.50 | ) | (0.31 | ) | (0.20 | ) | (0.57 | ) | (0.77 | ) | 11.66 | ||||||||||||||||||
10/31/2000 | 11.78 | 0.24 | 1.01 | 1.25 | (0.29 | ) | – | (0.29 | ) | 12.74 | |||||||||||||||||||||
10/31/1999 | 13.13 | 0.20 | (0.73 | ) | (0.53 | ) | (0.17 | ) | (0.65 | ) | (0.82 | ) | 11.78 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 3.21 | % | $ | 13,040 | 1.55 | % | 1.89 | % | 1.47 | % | 27 | % | |||||||
10/31/2003 | 21.04 | 11,832 | 1.55 | 2.20 | 1.75 | 50 | ||||||||||||||
10/31/2002 | (13.20 | ) | 11,020 | 1.55 | 1.89 | 1.56 | 82 | |||||||||||||
10/31/2001 | (2.13 | ) | 13,880 | 1.55 | 1.95 | 2.04 | 50 | |||||||||||||
10/31/2000 | 11.43 | 9,850 | 1.55 | 2.02 | 2.50 | 28 | ||||||||||||||
10/31/1999 | (3.74 | ) | 12,377 | 1.66 | 1.85 | 2.12 | 82 | |||||||||||||
Class B | 04/30/2004 | 2.90 | 14,800 | 2.20 | 2.54 | 0.82 | 27 | |||||||||||||
10/31/2003 | 19.98 | 13,744 | 2.20 | 2.85 | 1.10 | 50 | ||||||||||||||
10/31/2002 | (13.72 | ) | 12,038 | 2.20 | 2.54 | 0.91 | 82 | |||||||||||||
10/31/2001 | (2.74 | ) | 16,180 | 2.20 | 2.60 | 1.39 | 50 | |||||||||||||
10/31/2000 | 10.76 | 9,193 | 2.20 | 2.67 | 1.85 | 28 | ||||||||||||||
10/31/1999 | (4.36 | ) | 12,171 | 2.31 | 2.50 | 1.47 | 82 | |||||||||||||
Class C | 04/30/2004 | 2.99 | 1,618 | 2.20 | 2.54 | 0.82 | 27 | |||||||||||||
10/31/2003 | 19.73 | 530 | 2.20 | 2.86 | 1.10 | 50 | ||||||||||||||
Class C2 | 04/30/2004 | 2.90 | 3,556 | 2.20 | 2.54 | 0.82 | 27 | |||||||||||||
10/31/2003 | 19.98 | 3,645 | 2.20 | 2.85 | 1.10 | 50 | ||||||||||||||
10/31/2002 | (13.72 | ) | 3,999 | 2.20 | 2.54 | 0.91 | 82 | |||||||||||||
10/31/2001 | (2.74 | ) | 3,619 | 2.20 | 2.60 | 1.39 | 50 | |||||||||||||
10/31/2000 | 10.76 | 565 | 2.20 | 2.67 | 1.85 | 28 | ||||||||||||||
Class M | 04/30/2004 | 3.30 | 3,350 | 2.10 | 2.44 | 0.92 | 27 | |||||||||||||
10/31/2003 | 20.20 | 3,267 | 2.10 | 2.75 | 1.20 | 50 | ||||||||||||||
10/31/2002 | (13.64 | ) | 3,050 | 2.10 | 2.44 | 1.01 | 82 | |||||||||||||
10/31/2001 | (2.65 | ) | 4,866 | 2.10 | 2.50 | 1.49 | 50 | |||||||||||||
10/31/2000 | 10.86 | 2,868 | 2.10 | 2.57 | 1.95 | 28 | ||||||||||||||
10/31/1999 | (4.26 | ) | 4,689 | 2.21 | 2.40 | 1.57 | 82 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 7
TA IDEX Transamerica Value Balanced
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003, and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 8
TA IDEX Transamerica Value Balanced
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX Transamerica Value Balanced (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on October 1, 1995.
On March 1, 2004, the Fund changed its name from IDEX Transamerica Value Balanced to TA IDEX Transamerica Value Balanced.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $1 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to
qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 9
TA IDEX Transamerica Value Balanced
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Option contracts: The Fund may enter into options contracts to manage exposure to market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount is subsequently marked-to-market to reflect the current value of the option written.
The underlying face amounts of open option contracts at April 30, 2004, are listed in the Schedule of Investments.
Transactions in written call and put options were as follows:
Premium | Contracts* | ||||||
Beginning Balance 10/31/2003 | $ | 886 | 4,896 | ||||
Sales | 395 | 3,822 | |||||
Closing Buys | (3 | ) | (38 | ) | |||
Expirations | (397 | ) | (2,418 | ) | |||
Exercised | (165 | ) | (615 | ) | |||
Balance at 04/30/2004 | $ | 716 | 5,647 | ||||
* | Contracts not in thousands. |
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $8. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 10
TA IDEX Transamerica Value Balanced
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Transamerica Investment Management, LLC is both an affiliate to the Fund and sub-adviser to the Fund.
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.75% of the first $500 million of ANA
0.65% of the next $500 million of ANA
0.60% of ANA over $1 billion
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.20% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 29 | |
Retained by Underwriter | 4 | ||
Contingent Deferred Sales Charges | 14 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $9 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $59 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $4. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 5,990 | |
U.S. Government | 3,491 | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 4,490 | ||
U.S. Government | 3,697 |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales and capital loss carryforwards.
The capital loss carryforward is available to offset future realized capital gains through the period listed:
Capital Loss | Available through | |
$4,869 | October 31, 2010 |
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 11
TA IDEX Transamerica Value Balanced
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 4–(continued) |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 32,102 | ||
Unrealized Appreciation | $ | 2,909 | ||
Unrealized (Depreciation) | (1,786 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 1,123 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On May 28, 2004, the Fund acquired all the net assets of TA IDEX LKCM Strategic Total Return pursuant to a plan of reorganization. The acquisition was accomplished by a tax-free exchange of 4,268 shares of the Fund for the 2,942 shares of TA IDEX LKCM Strategic Total Return outstanding on May 27, 2004. TA IDEX LKCM Strategic Total Return’s net assets at that date, $50,386, including $6,071 unrealized depreciation, were combined with those of the Fund. Proceeds in connection with the acquisition were as follows:
Shares | Amount | ||||
Proceeds in connection with the acquisition | |||||
Class A | 2,371 | $ | 28,033 | ||
Class B | 1,372 | 16,163 | |||
Class C | 33 | 384 | |||
Class C2 | 221 | 2,604 | |||
Class M | 271 | 3,202 | |||
Total | 4,268 | $ | 50,386 | ||
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX Transamerica Value Balanced 12
TA IDEX T. Rowe Price Health Sciences
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
CONVERTIBLE PREFERRED STOCKS (0.0%) | |||||
Pharmaceuticals (0.0%) | |||||
NeoRx Corporation | 3 | $ | 13 | ||
Total Convertible Preferred Stocks (cost: $30) | 13 | ||||
COMMON STOCKS (93.3%) | |||||
Computer & Data Processing Services (0.2%) | |||||
WebMD Corporation (a) | 28,600 | 251 | |||
Drug Stores & Proprietary Stores (2.0%) | |||||
drugstore.com, inc. (a) | 24,000 | 111 | |||
Omnicare, Inc. | 60,440 | 2,506 | |||
Electronic & Other Electric Equipment (0.6%) | |||||
Wilson Greatbatch Technologies, Inc. (a) | 20,900 | 721 | |||
Furniture & Fixtures (0.6%) | |||||
Kinetic Concepts, Inc. (a) | 16,700 | 808 | |||
Health Services (5.9%) | |||||
Caremark Rx, Inc. (a) | 56,389 | 1,909 | |||
Community Health Systems, Inc. (a)(b) | 16,900 | 436 | |||
CryoLife, Inc (a) | 27,900 | 160 | |||
HCA Inc. (b) | 29,100 | 1,182 | |||
LabOne, Inc. (a) | 13,500 | 399 | |||
Laboratory Corporation of America Holdings (a) | 14,700 | 584 | |||
Mariner Health Care, Inc. (a) | 47,800 | 863 | |||
NeighborCare, Inc. (a) | 10,100 | 234 | |||
Quest Diagnostics Incorporated | 9,700 | 818 | |||
Sunrise Assisted Living, Inc. (a) | 16,800 | 531 | |||
Triad Hospitals, Inc. (a)(b) | 6,600 | 224 | |||
Universal Health Services, Inc.–Class B (b) | 5,300 | 233 | |||
Holding & Other Investment Offices (0.5%) | |||||
Ventas, Inc. | 26,700 | 590 | |||
Instruments & Related Products (0.9%) | |||||
Alcon, Inc. | 2,700 | 200 | |||
Molecular Devices Corporation (a) | 11,200 | 220 | |||
STAAR Surgical Company (a) | 33,800 | 287 | |||
Waters Corporation (a) | 11,200 | 483 | |||
Insurance (10.1%) | |||||
Anthem, Inc. (a)(b) | 70,600 | 6,254 | |||
UnitedHealth Group Incorporated (b) | 97,900 | 6,019 | |||
WellPoint Health Networks Inc. (a) | 7,350 | 821 | |||
Medical Instruments & Supplies (8.4%) | |||||
Aspect Medical Sytems, Inc. (a) | 11,100 | 187 | |||
Bard, (C.R.) Inc. | 12,400 | 1,318 | |||
Boston Scientific Corporation (a)(b) | 63,600 | 2,619 | |||
Encore Medical Corporation (a) | 22,400 | 176 | |||
Endologix, Inc. (a) | 26,700 | 135 | |||
Fischer Imaging Corporation (a) | 36,280 | 134 | |||
Guidant Corporation (b) | 6,400 | 403 | |||
Haemonetics Corporation (a) | 15,400 | 435 | |||
Kyphon Inc. (a) | 2,200 | 55 | |||
Medtronic, Inc. (b) | 23,900 | 1,206 |
Shares | Value | ||||
Medical Instruments & Supplies (continued) | |||||
Regeneration Technologies, Inc. (a) | 21,700 | $ | 206 | ||
Smith & Nephew PLC | 77,100 | 783 | |||
St. Jude Medical, Inc. (a) | 16,300 | 1,243 | |||
Stryker Corporation | 10,200 | 1,009 | |||
Synthes-Stratec, Inc. | 300 | 326 | |||
Ventana Medical Systems, Inc. (a) | 3,200 | 158 | |||
Zimmer Holdings, Inc. (a) | 6,700 | 535 | |||
Pharmaceuticals (60.1%) | |||||
Abbott Laboratories | 3,750 | 165 | |||
Abgenix, Inc. (a) | 64,400 | 1,048 | |||
Able Laboratories, Inc. (a) | 35,400 | 681 | |||
Alexion Pharmaceuticals, Inc. (a)(b) | 20,480 | 461 | |||
Alkermes, Inc. (a) | 108,260 | 1,660 | |||
Allergan, Inc. | 5,700 | 502 | |||
AmerisourceBergen Corporation | 15,800 | 915 | |||
Amgen Inc. (a)(b) | 73,420 | 4,131 | |||
Amylin Pharmaceuticals, Inc. (a)(b) | 18,080 | 405 | |||
Andrx Corporation–Andrx Group (a) | 4,100 | 94 | |||
Angiotech Pharmaceuticals, Inc. (a) | 27,000 | 563 | |||
AtheroGenics, Inc. (a) | 1,700 | 40 | |||
Barr Laboratories, Inc. (a) | 4,150 | 172 | |||
BioCryst Pharmaceuticals, Inc. (a) | 38,800 | 338 | |||
Biogen, Inc. (a) | 46,800 | 2,761 | |||
BioSphere Medical, Inc. (a) | 45,800 | 185 | |||
Cardinal Health, Inc. (b) | 10,500 | 769 | |||
Celgene Corporation (a) | 9,800 | 507 | |||
Celltech Group PLC (a) | 61,100 | 456 | |||
Cephalon, Inc. (a)(b) | 72,140 | 4,105 | |||
Cubist Pharmaceuticals, Inc. (a) | 87,000 | 865 | |||
CV Therapeutics, Inc. (a)(b) | 18,000 | 259 | |||
Cytogen Corporation (a) | 24,000 | 348 | |||
Cytokinetics, Incorporated (a) | 4,500 | 73 | |||
Dade Behring Holdings, Inc. (a)(b) | 18,100 | 833 | |||
Discovery Laboratories, Inc. (a) | 6,700 | 78 | |||
Elan Corporation PLC–ADR (a) | 37,500 | 810 | |||
Encysive Pharmaceuticals Inc. (a) | 35,400 | 356 | |||
EPIX Medical, Inc. (a) | 15,300 | 375 | |||
Eyetech Pharmaceuticals, Inc. (a) | 3,800 | 136 | |||
Forest Laboratories, Inc. (a)(b) | 29,000 | 1,870 | |||
Genentech, Inc. (a) | 22,470 | 2,759 | |||
Gilead Sciences, Inc. (a)(b) | 85,970 | 5,230 | |||
Human Genome Sciences, Inc. (a)(b) | 34,200 | 417 | |||
ICOS Corporation (a) | 7,200 | 230 | |||
ImClone Systems Incorporated (a)(b) | 77,890 | 5,209 | |||
Indevus Pharmaceuticals, Inc. (a) | 25,000 | 182 | |||
Inspire Pharmaceuticals, Inc. (a) | 23,700 | 390 | |||
Integra LifeSciences Holdings Corporation (a) | 7,200 | 230 | |||
Invitrogen Corporation (a) | 32,200 | 2,325 | |||
IVAX Corporation (a) | 42,700 | 910 | |||
Johnson & Johnson (b) | 22,300 | 1,205 | |||
Keryx Biopharmaceuticals, Inc. (a) | 27,100 | 409 | |||
Ligand Pharmaceuticals Incorporated (a) | 6,200 | 133 | |||
Lilly (Eli) and Company (b) | 22,500 | 1,661 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 1
TA IDEX T. Rowe Price Health Sciences
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | |||||
Pharmaceuticals (continued) | ||||||
Martek Biosciences Corp. (a)(b) | 7,800 | $ | 495 | |||
Medicines Company (The) (a) | 65,050 | 2,128 | ||||
Medicis Pharmaceutical Corporation–Class A | 4,100 | 176 | ||||
Medimmune, Inc. (a)(b) | 43,820 | 1,062 | ||||
Merck & Co., Inc. | 5,800 | 273 | ||||
MGI PHARMA, INC. (a) | 33,800 | 2,090 | ||||
Millennium Pharmaceuticals, Inc. (a) | 21,600 | 324 | ||||
Myogen, Inc. (a) | 3,400 | 39 | ||||
Myriad Genetics, Inc. (a) | 14,600 | 252 | ||||
Nabi Biopharmaceuticals (a) | 600 | 10 | ||||
Nektar Therapeutics (a) | 18,900 | 383 | ||||
NeoRx Corporation–warrants, Expires 12/08/2008 (a) | 1,200 | (c | ) | |||
NeoRx Corporation (a) | 4,600 | 11 | ||||
Neurocrine Biosciences, Inc. (a)(b) | 34,260 | 2,248 | ||||
Novartis AG–ADR | 2,000 | 90 | ||||
Noven Pharmaceuticals, Inc. (a) | 8,750 | 172 | ||||
Novo Nordisk A/S–Class B | 1,500 | 71 | ||||
NPS Pharmaceuticals, Inc. (a)(b) | 44,000 | 1,102 | ||||
Onyx Pharmaceuticals, Inc. (a) | 36,300 | 1,790 | ||||
OSI Pharmaceuticals, Inc. (a) | 10,830 | 799 | ||||
Penwest Pharmaceuticals Co. (a) | 7,000 | 111 | ||||
Pfizer Inc. (b) | 117,980 | 4,219 | ||||
Protein Design Labs, Inc. (a)(b) | 47,400 | 1,160 | ||||
Regeneron Pharmaceuticals, Inc. (a) | 12,100 | 152 | ||||
Rigel Pharmaceuticals, Inc (a) | 14,700 | 312 | ||||
Roche Holding AG–Genusschein | 1,520 | 160 | ||||
Salix Pharmaceuticals, Ltd. (a) | 11,300 | 350 | ||||
Sanofi-Synthelabo | 9,800 | 623 | ||||
Schering-Plough Corporation | 26,780 | 448 | ||||
Sepracor Inc. (a) | 16,600 | 794 | ||||
Serologicals Corporation (a) | 6,100 | 113 | ||||
Shire Pharmaceuticals Group PLC–ADR (a) | 5,900 | 164 | ||||
Taro Pharmaceutical Industries Ltd. (a) | 5,000 | 216 | ||||
Teva Pharmaceutical Industries Ltd.–ADR | 26,340 | 1,621 | ||||
Transkaryotic Therapies, Inc. (a) | 15,400 | 224 | ||||
Trimeris, Inc. (a)(b) | 50,520 | 743 | ||||
United Therapeutics Corporation (a) | 6,800 | 167 | ||||
Valeant Pharmaceuticals International | 29,300 | 677 | ||||
Vertex Pharmaceuticals Incorporated (a) | 43,600 | 377 | ||||
Vion Pharmaceuticals, Inc. (a) | 99,400 | 528 | ||||
ViroLogic, Inc. (a) | 7,300 | 21 | ||||
ViroPharma Incorporated (a) | 8,133 | 18 | ||||
Watson Pharmaceuticals, Inc. (a) | 18,200 | 648 | ||||
Wyeth | 69,300 | 2,638 | ||||
XOMA Ltd. (a) | 36,100 | 155 | ||||
Yamanouchi Pharmaceutical Co., Ltd. | 18,500 | 617 | ||||
Research & Testing Services (1.6%) | ||||||
deCODE genetics, Inc. (a) | 42,300 | 366 | ||||
Diversa Corporation (a) | 29,400 | 280 | ||||
Edwards Lifesciences Corporation (a) | 9,400 | 324 | ||||
Exelixis, Inc. (a) | 76,580 | 696 | ||||
Gen-Probe Incorporated (a) | 11,800 | 393 |
Shares | Value | ||||||
Wholesale Trade Durable Goods (2.4%) | |||||||
Symyx Technologies, Inc. (a) | 42,600 | $ | 1,091 | ||||
Fisher Scientific International Inc. (a) | 30,000 | 1,758 | |||||
Patterson Dental Company (a) | 3,500 | 258 | |||||
Total Common Stocks (cost: $106,379) | 120,960 | ||||||
Principal | Value | ||||||
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (7.5%) | |||||||
U. S. Treasury Bill (b) | $ | 1,700 | $ | 1,700 | |||
0.95%, due 06/17/2004 | 1,400 | 1,398 | |||||
0.93%, due 06/17/2004 | 1,750 | 1,748 | |||||
0.92%, due 06/17/2004 | 1,400 | 1,399 | |||||
0.91%, due 06/17/2004 | 400 | 400 | |||||
1.00%, due 08/26/2004 | 2,750 | 2,741 | |||||
0.96%, due 08/26/2004 | 200 | 199 | |||||
1.02%, due 08/26/2004 | 200 | 199 | |||||
Total Short-Term U.S. Government Obligations (cost: $9,784) | 9,784 | ||||||
Total Investment Securities (cost: $116,193) | $ | 130,757 | |||||
Contracts (d) | Value | ||||||
WRITTEN OPTIONS (-1.3%) | |||||||
Covered Call Options (-0.5%) | |||||||
Alexion Pharmaceuticals, Inc. | |||||||
Call Strike $22.50 | |||||||
Expires 05/22/2004 | 39 | $ | (4 | ) | |||
Alexion Pharmaceuticals, Inc. | |||||||
Call Strike $25.00 | |||||||
Expires 11/20/2004 | 128 | (31 | ) | ||||
Amgen, Inc. | |||||||
Call Strike $60.00 | |||||||
Expires 07/17/2004 | 47 | (6 | ) | ||||
Amgen, Inc. | |||||||
Call Strike $65.00 | |||||||
Expires 07/17/2004 | 278 | (12 | ) | ||||
Amgen, Inc. | |||||||
Call Strike $65.00 | |||||||
Expires 10/16/2004 | 141 | (16 | ) | ||||
Amgen, Inc. | |||||||
Call Strike $70.00 | |||||||
Expires 10/16/2004 | 48 | (2 | ) | ||||
Amylin Pharmaceuticals, Inc. | |||||||
Call Strike $30.00 | |||||||
Expires 07/17/2004 | 31 | (1 | ) | ||||
Anthem, Inc. | |||||||
Call Strike $100.00 | |||||||
Expires 09/18/2004 | 97 | (15 | ) | ||||
Boston Scientific Corporation | |||||||
Call Strike $37.50 | |||||||
Expires 05/22/2004 | 107 | (42 | ) |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 2
TA IDEX T. Rowe Price Health Sciences
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Contracts (d) | Value | |||||
Covered Call Options (continued) | ||||||
Cardinal Health, Inc. | ||||||
Call Strike $65.00 | ||||||
Expires 06/19/2004 | 18 | $ | (16 | ) | ||
Cardinal Health, Inc. | ||||||
Call Strike $70.00 | ||||||
Expires 09/18/2004 | 65 | (40 | ) | |||
Cephalon, Inc. | ||||||
Call Strike $60.00 | ||||||
Expires 05/22/2004 | 46 | (3 | ) | |||
Cephalon, Inc. | ||||||
Call Strike $70.00 | ||||||
Expires 01/22/2005 | 95 | (18 | ) | |||
Cephalon, Inc. | ||||||
Call Strike $70.00 | ||||||
Expires 11/20/2004 | 143 | (17 | ) | |||
Community Health Services, Inc. | ||||||
Call Strike $30.00 | ||||||
Expires 09/18/2004 | 96 | (6 | ) | |||
CV Therapeutics, Inc. | ||||||
Call Strike $17.50 | ||||||
Expires 07/17/2004 | 56 | (3 | ) | |||
Dade Behring Holdings, Inc. | ||||||
Call Strike $50.00 | ||||||
Expires 05/22/2004 | 1 | (c | ) | |||
Eli Lilly and Company | ||||||
Call Strike $60.00 | ||||||
Expires 10/16/2004 | 13 | (1 | ) | |||
Eli Lilly and Company | ||||||
Call Strike $75.00 | ||||||
Expires 07/17/2004 | 62 | (15 | ) | |||
Eli Lilly and Company | ||||||
Call Strike $80.00 | ||||||
Expires 10/16/2004 | 86 | (19 | ) | |||
Forest Laboratories, Inc. | ||||||
Call Strike $70.00 | ||||||
Expires 05/22/2004 | 36 | (1 | ) | |||
Gilead Sciences, Inc. | ||||||
Call Strike $70.00 | ||||||
Expires 08/21/2004 | 71 | (10 | ) | |||
Gilead Sciences, Inc. | ||||||
Call Strike $70.00 | ||||||
Expires 11/20/2004 | 98 | (32 | ) | |||
Guidant Corporation | ||||||
Call Strike $75.00 | ||||||
Expires 07/17/2004 | 46 | (2 | ) | |||
HCA, Inc. | ||||||
Call Strike $42.50 | ||||||
Expires 08/21/2004 | 97 | (14 | ) | |||
Human Genome Sciences, Inc. | ||||||
Call Strike $15.00 | ||||||
Expires 10/16/2004 | 91 | (8 | ) |
Contracts (d) | Value | |||||
Covered Call Options (continued) | ||||||
ImClone Systems Incorporated | ||||||
Call Strike $45.00 | ||||||
Expires 05/22/2004 | 23 | $ | (50 | ) | ||
ImClone Systems Incorporated | ||||||
Call Strike $45.00 | ||||||
Expires 08/21/2004 | 41 | (95 | ) | |||
ImClone Systems Incorporated | ||||||
Call Strike $75.00 | ||||||
Expires 05/22/2004 | 73 | (7 | ) | |||
ImClone Systems Incorporated | ||||||
Call Strike $75.00 | ||||||
Expires 11/20/2004 | 93 | (68 | ) | |||
ImClone Systems Incorporated | ||||||
Call Strike $85.00 | ||||||
Expires 06/19/2004 | 98 | (13 | ) | |||
ImClone Systems Incorporated | ||||||
Call Strike $90.00 | ||||||
Expires 06/19/2004 | 99 | (8 | ) | |||
Johnson & Johnson | ||||||
Call Strike $55.00 | ||||||
Expires 07/17/2004 | 93 | (10 | ) | |||
Martek Biosciences Corporation | ||||||
Call Strike $65.00 | ||||||
Expires 06/19/2004 | 20 | (7 | ) | |||
Medimmune, Inc. | ||||||
Call Strike $27.50 | ||||||
Expires 06/19/2004 | 82 | (4 | ) | |||
Medtronic, Inc. | ||||||
Call Strike $55.00 | ||||||
Expires 08/21/2004 | 88 | (7 | ) | |||
Neurocrine Biosciences, Inc. | ||||||
Call Strike $60.00 | ||||||
Expires 05/22/2004 | 46 | (31 | ) | |||
Nps Pharmaceuticals, Inc. | ||||||
Call Strike $30.00 | ||||||
Expires 05/22/2004 | 142 | (2 | ) | |||
Nps Pharmaceuticals, Inc. | ||||||
Call Strike $35.00 | ||||||
Expires 11/20/2004 | 95 | (9 | ) | |||
Pfizer, Inc. | ||||||
Call Strike $37.50 | ||||||
Expires 01/22/2005 | 131 | (24 | ) | |||
Pfizer, Inc. | ||||||
Call Strike $37.50 | ||||||
Expires 06/19/2004 | 99 | (4 | ) | |||
Protein Design Labs, Inc. | ||||||
Call Strike $22.50 | ||||||
Expires 08/21/2004 | 41 | (15 | ) | |||
Triad Hospitals, Inc. | ||||||
Call Strike $35.00 | ||||||
Expires 05/22/2004 | 54 | (3 | ) |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 3
TA IDEX T. Rowe Price Health Sciences
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Contracts (d) | Value | |||||
Covered Call Options (continued) | ||||||
Trimeris, Inc. | ||||||
Call Strike $15.00 | ||||||
Expires 07/17/2004 | 73 | $ | (9 | ) | ||
UnitedHealth Group Incorporated | ||||||
Call Strike $70.00 | ||||||
Expires 09/18/2004 | 96 | (9 | ) | |||
Universal Health Services, Inc.–Class B | ||||||
Call Strike $50.00 | ||||||
Expires 07/17/2004 | 20 | (1 | ) | |||
Put Options (–0.8%) | ||||||
Amgen, Inc. | ||||||
Put Strike $60.00 | ||||||
Expires 07/17/2004 | 24 | (12 | ) | |||
Amylin Pharmaceuticals, Inc. | ||||||
Put Strike $22.50 | ||||||
Expires 01/22/2005 | 36 | (14 | ) | |||
Andrx Corporation | ||||||
Put Strike $30.00 | ||||||
Expires 01/22/2005 | 47 | (38 | ) | |||
Angiotech Pharmaceuticals, Inc. | ||||||
Put Strike $25.00 | ||||||
Expires 09/18/2004 | 39 | (20 | ) | |||
Anthem, Inc. | ||||||
Put Strike $80.00 | ||||||
Expires 01/22/2005 | 37 | (16 | ) | |||
Anthem, Inc. | ||||||
Put Strike $90.00 | ||||||
Expires 01/22/2005 | 39 | (32 | ) | |||
Anthem, Inc. | ||||||
Put Strike $90.00 | ||||||
Expires 09/18/2004 | 49 | (31 | ) | |||
Becton Dickinson and Company | ||||||
Put Strike $55.00 | ||||||
Expires 09/18/2004 | 67 | (36 | ) | |||
Biogen Idec, Inc. | ||||||
Put Strike $60.00 | ||||||
Expires 10/16/2004 | 45 | (30 | ) | |||
Boston Scientific Corporation | ||||||
Put Strike $40.00 | ||||||
Expires 05/22/2004 | 49 | (4 | ) | |||
Boston Scientific Corporation | ||||||
Put Strike $42.50 | ||||||
Expires 01/22/2005 | 20 | (11 | ) | |||
Caremark Rx, Inc. | ||||||
Put Strike $40.00 | ||||||
Expires 01/22/2005 | 46 | (32 | ) | |||
Celgene Corporation | ||||||
Put Strike $45.00 | ||||||
Expires 01/22/2005 | 73 | (35 | ) | |||
Celgene Corporation | ||||||
Put Strike $50.00 | ||||||
Expires 01/22/2005 | 28 | (20 | ) |
Contracts (d) | Value | |||||
Put Options (continued) | ||||||
Elan Corporation, plc ADR | ||||||
Put Strike $25.00 | ||||||
Expires 01/21/2006 | 33 | $ | (27 | ) | ||
Elan Corporation, plc ADR | ||||||
Put Strike $25.00 | ||||||
Expires 01/22/2005 | 38 | (26 | ) | |||
Fisher Scientific International, Inc. | ||||||
Put Strike $55.00 | ||||||
Expires 09/18/2004 | 43 | (11 | ) | |||
Forest Laboratories, Inc. | ||||||
Put Strike $75.00 | ||||||
Expires 05/22/2004 | 19 | (20 | ) | |||
Genentech, Inc. | ||||||
Put Strike $115.00 | ||||||
Expires 01/22/2005 | 56 | (56 | ) | |||
Genentech, Inc. | ||||||
Put Strike $125.00 | ||||||
Expires 01/22/2005 | 5 | (8 | ) | |||
HCA, Inc. | ||||||
Put Strike $40.00 | ||||||
Expires 01/22/2005 | 24 | (8 | ) | |||
ImClone Systems Incorporated | ||||||
Put Strike $40.00 | ||||||
Expires 08/21/2004 | 18 | (1 | ) | |||
ImClone Systems Incorporated | ||||||
Put Strike $50.00 | ||||||
Expires 05/22/2004 | 18 | (c | ) | |||
ImClone Systems Incorporated | ||||||
Put Strike $50.00 | ||||||
Expires 08/21/2004 | 28 | (6 | ) | |||
ImClone Systems Incorporated | ||||||
Put Strike $55.00 | ||||||
Expires 01/22/2005 | 28 | (15 | ) | |||
ImClone Systems Incorporated | ||||||
Put Strike $60.00 | ||||||
Expires 01/22/2005 | 37 | (27 | ) | |||
ImClone Systems Incorporated | ||||||
Put Strike $65.00 | ||||||
Expires 11/20/2004 | 24 | (22 | ) | |||
Invitrogen Corporation | ||||||
Put Strike $65.00 | ||||||
Expires 05/22/2004 | 17 | (1 | ) | |||
Invitrogen Corporation | ||||||
Put Strike $70.00 | ||||||
Expires 01/22/2005 | 38 | (26 | ) | |||
Invitrogen Corporation | ||||||
Put Strike $70.00 | ||||||
Expires 05/22/2004 | 22 | (3 | ) | |||
Invitrogen Corporation | ||||||
Put Strike $70.00 | ||||||
Expires 08/21/2004 | 29 | (13 | ) |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 4
TA IDEX T. Rowe Price Health Sciences
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Contracts (d) | Value | |||||
Put Options (continued) | ||||||
IVAX Corporation | ||||||
Put Strike $25.00 | ||||||
Expires 01/22/2005 | 27 | $ | (13 | ) | ||
IVAX Corporation | ||||||
Put Strike $25.00 | ||||||
Expires 06/19/2004 | 34 | (13 | ) | |||
King Pharmaceuticals, Inc. | ||||||
Put Strike $25.00 | ||||||
Expires 01/22/2005 | 25 | (20 | ) | |||
Medicines Company (The) | ||||||
Put Strike $30.00 | ||||||
Expires 07/17/2004 | 34 | (6 | ) | |||
Medicines Company (The) | ||||||
Put Strike $35.00 | ||||||
Expires 10/16/2004 | 37 | (20 | ) | |||
Medtronic, Inc. | ||||||
Put Strike $45.00 | ||||||
Expires 08/21/2004 | 12 | (1 | ) | |||
Medtronic, Inc. | ||||||
Put Strike $50.00 | ||||||
Expires 01/22/2005 | 22 | (8 | ) | |||
Mgi Pharma, Inc. | ||||||
Put Strike $50.00 | ||||||
Expires 07/17/2004 | 21 | (3 | ) | |||
Mgi Pharma, Inc. | ||||||
Put Strike $55.00 | ||||||
Expires 07/17/2004 | 57 | (14 | ) | |||
Mgi Pharma, Inc. | ||||||
Put Strike $60.00 | ||||||
Expires 01/22/2005 | 17 | (14 | ) | |||
Mgi Pharma, Inc. | ||||||
Put Strike $65.00 | ||||||
Expires 01/22/2005 | 34 | (37 | ) | |||
Nektar Therapeutics | ||||||
Put Strike $22.50 | ||||||
Expires 08/21/2004 | 24 | (10 | ) | |||
Nektar Therapeutics | ||||||
Put Strike $25.00 | ||||||
Expires 08/21/2004 | 24 | (14 | ) | |||
Nektar Therapeutics | ||||||
Put Strike $25.00 | ||||||
Expires 11/20/2004 | 24 | (16 | ) |
Contracts (d) | Value | ||||
Put Options (continued) | |||||
Pfizer, Inc. | |||||
Put Strike $37.50 | |||||
Expires 06/19/2004 | 14 | $ | (3) | ||
Protein Design Labs, Inc. | |||||
Put Strike $22.50 | |||||
Expires 08/21/2004 | 16 | (3) | |||
Quest Diagnostics, Inc. | |||||
Put Strike $90.00 | |||||
Expires 08/21/2004 | 18 | (14) | |||
Sepracor, Inc. | |||||
Put Strike $50.00 | |||||
Expires 01/22/2005 | 39 | (32) | |||
Sepracor, Inc. | |||||
Put Strike $55.00 | |||||
Expires 01/22/2005 | 34 | (39) | |||
St. Jude Medical, Inc. | |||||
Put Strike $70.00 | |||||
Expires 10/16/2004 | 24 | (7) | |||
Stryker Corporation | |||||
Put Strike $90.00 | |||||
Expires 09/18/2004 | 8 | (2) | |||
UnitedHealth Group Incorporated | |||||
Put Strike $65.00 | |||||
Expires 09/18/2004 | 24 | (13) | |||
Waters Corporation | |||||
Put Strike $40.00 | |||||
Expires 11/20/2004 | 23 | (4) | |||
Wilson Greatbatch Technologies, Inc. | |||||
Put Strike $45.00 | |||||
Expires 05/22/2004 | 10 | (11) | |||
Wyeth | |||||
Put Strike $35.00 | |||||
Expires 01/22/2005 | 17 | (4) | |||
Total Written Options (premium: $1,753) | (1,632) | ||||
SUMMARY: | |||||
Investments, at value | 100.8% | $ | 130,757 | ||
Written options | (1.3)% | (1,632) | |||
Liabilities in excess of other assets | 0.5% | 641 | |||
Net assets | 100.0% | $ | 129,766 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is segregated with the custodian to cover margin requirements for open option contracts. The value of all securities segregated at April 30, 2004, is $26,300. |
(c) | Value is less than $1. |
(d) | Contract amounts are not in thousands. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 5
TA IDEX T. Rowe Price Health Sciences
STATEMENT OF ASSETS AND LIABILITIES
Period ended April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $116,193) | $ | 130,757 | ||
Cash | 1,328 | |||
Foreign cash (cost: $53) | 54 | |||
Receivables: | ||||
Investment securities sold | 569 | |||
Shares of beneficial interest sold | 626 | |||
Dividends | 17 | |||
Dividend reclaims receivable | 1 | |||
133,352 | ||||
Liabilities: | ||||
Investment securities purchased | 1,586 | |||
Accounts payable and accrued liabilities: | ||||
Management and advisory fees | 105 | |||
Due to Advisor | 182 | |||
Distribution fees | 40 | |||
Transfer agent fees | 9 | |||
Written options (premium: $1,753) | 1,632 | |||
Other | 32 | |||
3,586 | ||||
Net Assets | $ | 129,766 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 113,339 | ||
Accumulated net investment income (loss) | (756 | ) | ||
Undistributed net realized gain (loss) from: | ||||
Investment securities | 1,623 | |||
Written options contracts | 875 | |||
Net unrealized appreciation (depreciation) on: | ||||
Investment securities | 14,564 | |||
Written options contracts | 121 | |||
Net Assets | $ | 129,766 | ||
Net Assets by Class: | ||||
Class A | $ | 122,743 | ||
Class B | 4,761 | |||
Class C | 791 | |||
Class C2 | 964 | |||
Class M | 507 | |||
Shares Outstanding: | ||||
Class A | 10,398 | |||
Class B | 409 | |||
Class C | 67 | |||
Class C2 | 83 | |||
Class M | 44 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 11.82 | ||
Class B | 11.66 | |||
Class C | 11.67 | |||
Class C2 | 11.65 | |||
Class M | 11.66 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 12.51 | ||
Class M | 11.78 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 33 | ||
Dividends | 133 | |||
Less withholding taxes on foreign dividends | (2 | ) | ||
164 | ||||
Expenses: | ||||
Management and advisory fees | 462 | |||
Transfer agent fees | 11 | |||
Printing and shareholder reports | 7 | |||
Custody fees | 26 | |||
Administration fees | 11 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 1 | |||
Registration fees | 24 | |||
Other | 9 | |||
Distribution and service fees: | ||||
Class A | 152 | |||
Class B | 19 | |||
Class C | 5 | |||
Class C2 | 2 | |||
Class M | 2 | |||
Total expenses before recovery of waived expenses | 737 | |||
Recovered expenses | 182 | |||
Total expenses | 919 | |||
Net Investment Income (Loss) | (755 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 2,245 | |||
Written option contracts | 667 | |||
2,912 | ||||
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | 11,220 | |||
Written option contracts | (46 | ) | ||
11,174 | ||||
Net Gain (Loss) on Investment Securities and Option Contracts | 14,086 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 13,331 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 6
TA IDEX T. Rowe Price Health Sciences
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (755 | ) | $ | (417 | ) | ||
Net realized gain (loss) from investment securities and option contracts | 2,912 | 657 | ||||||
Net unrealized appreciation (depreciation) on investment securities and option contracts | 11,174 | 3,723 | ||||||
13,331 | 3,963 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | (452 | ) | – | |||||
Class B | (21 | ) | – | |||||
Class C | (2 | ) | – | |||||
Class C2 | (7 | ) | – | |||||
Class M | (3 | ) | – | |||||
(485 | ) | – | ||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 52,506 | 52,189 | ||||||
Class B | 1,550 | 2,260 | ||||||
Class C | 571 | 213 | ||||||
Class C2 | 317 | 768 | ||||||
Class M | 88 | 158 | ||||||
55,032 | 55,588 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | 452 | – | ||||||
Class B | 21 | – | ||||||
Class C | 2 | – | ||||||
Class C2 | 5 | – | ||||||
Class M | 2 | – | ||||||
482 | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (1,390 | ) | (410 | ) | ||||
Class B | (286 | ) | (344 | ) | ||||
Class C | (39 | ) | (19 | ) | ||||
Class C2 | (405 | ) | (278 | ) | ||||
Class M | (3 | ) | (18 | ) | ||||
(2,123 | ) | (1,069 | ) | |||||
53,391 | 54,519 | |||||||
Net increase (decrease) in net assets | 66,237 | 58,482 | ||||||
Net Assets: | ||||||||
Beginning of period | 63,529 | 5,047 | ||||||
End of period | $ | 129,766 | $ | 63,529 | ||||
Accumulated Net Investment Income (Loss) | $ | (756 | ) | $ | (1 | ) | ||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 4,653 | 5,413 | ||||
Class B | 139 | 239 | ||||
Class C | 51 | 22 | ||||
Class C2 | 29 | 82 | ||||
Class M | 8 | 16 | ||||
4,880 | 5,772 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | 43 | – | ||||
Class B | 2 | – | ||||
Class C | – | – | ||||
Class C2 | 1 | – | ||||
Class M | – | – | ||||
46 | – | |||||
Shares redeemed: | ||||||
Class A | (128 | ) | (42 | ) | ||
Class B | (26 | ) | (37 | ) | ||
Class C | (4 | ) | (2 | ) | ||
Class C2 | (37 | ) | (29 | ) | ||
Class M | – | (1 | ) | |||
(195 | ) | (111 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 4,568 | 5,371 | ||||
Class B | 115 | 202 | ||||
Class C | 47 | 20 | ||||
Class C2 | (7 | ) | 53 | |||
Class M | 8 | 15 | ||||
4,731 | 5,661 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 7
TA IDEX T. Rowe Price Health Sciences
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 10.14 | $ | (0.07 | ) | $ | 1.82 | $ | 1.75 | $ | – | $ | (0.07 | ) | $ | (0.07 | ) | $ | 11.82 | |||||||||||
10/31/2003 | 8.28 | �� | (0.16 | ) | 2.02 | 1.86 | – | – | – | 10.14 | |||||||||||||||||||||
10/31/2002 | 10.00 | (0.08 | ) | (1.64 | ) | (1.72 | ) | – | – | – | 8.28 | ||||||||||||||||||||
Class B | 04/30/2004 | 10.03 | (0.11 | ) | 1.81 | 1.70 | – | (0.07 | ) | (0.07 | ) | 11.66 | |||||||||||||||||||
10/31/2003 | 8.24 | (0.21 | ) | 2.00 | 1.79 | – | – | – | 10.03 | ||||||||||||||||||||||
10/31/2002 | 10.00 | (0.11 | ) | (1.65 | ) | (1.76 | ) | – | – | – | 8.24 | ||||||||||||||||||||
Class C | 04/30/2004 | 10.03 | (0.11 | ) | 1.82 | 1.71 | – | (0.07 | ) | (0.07 | ) | 11.67 | |||||||||||||||||||
10/31/2003 | 8.10 | (0.22 | ) | 2.15 | 1.93 | – | – | – | 10.03 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 10.03 | (0.10 | ) | 1.79 | 1.69 | – | (0.07 | ) | (0.07 | ) | 11.65 | |||||||||||||||||||
10/31/2003 | 8.24 | (0.21 | ) | 2.00 | 1.79 | – | – | – | 10.03 | ||||||||||||||||||||||
10/31/2002 | 10.00 | (0.12 | ) | (1.64 | ) | (1.76 | ) | – | – | – | 8.24 | ||||||||||||||||||||
Class M | 04/30/2004 | 10.05 | (0.10 | ) | 1.78 | 1.68 | – | (0.07 | ) | (0.07 | ) | 11.66 | |||||||||||||||||||
10/31/2003 | 8.24 | (0.20 | ) | 2.01 | 1.81 | – | – | – | 10.05 | ||||||||||||||||||||||
10/31/2002 | 10.00 | (0.12 | ) | (1.64 | ) | (1.76 | ) | – | – | – | 8.24 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 17.33 | % | $ | 122,743 | 1.56 | % | 1.95 | % | (1.60 | )% | 15 | % | |||||||
10/31/2003 | 22.46 | 59,115 | 1.95 | 2.19 | (1.61 | ) | 30 | |||||||||||||
10/31/2002 | (17.20 | ) | 3,804 | 1.95 | 8.76 | (1.51 | ) | 43 | ||||||||||||
Class B | 04/30/2004 | 17.02 | 4,761 | 2.21 | 2.60 | (2.25 | ) | 15 | ||||||||||||
10/31/2003 | 21.72 | 2,952 | 2.60 | 2.84 | (2.26 | ) | 30 | |||||||||||||
10/31/2002 | (17.60 | ) | 758 | 2.60 | 9.41 | (2.16 | ) | 43 | ||||||||||||
Class C | 04/30/2004 | 17.12 | 791 | 2.21 | 2.60 | (2.25 | ) | 15 | ||||||||||||
10/31/2003 | 23.83 | 201 | 2.60 | 2.84 | (2.26 | ) | 30 | |||||||||||||
Class C2 | 04/30/2004 | 16.92 | 964 | 2.21 | 2.60 | (2.25 | ) | 15 | ||||||||||||
10/31/2003 | 21.72 | 904 | 2.60 | 2.84 | (2.26 | ) | 30 | |||||||||||||
10/31/2002 | (17.60 | ) | 308 | 2.60 | 9.41 | (2.16 | ) | 43 | ||||||||||||
Class M | 04/30/2004 | 16.79 | 507 | 2.11 | 2.50 | (2.15 | ) | 15 | ||||||||||||
10/31/2003 | 21.97 | 357 | 2.50 | 2.74 | (2.16 | ) | 30 | |||||||||||||
10/31/2002 | (17.60 | ) | 177 | 2.50 | 9.31 | (2.06 | ) | 43 |
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser and excludes the recovery of waived expenses, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX T. Rowe Price Health Sciences (“the Fund”) commenced operations on March 1, 2002. The inception date for the Fund’s offering of share Class C was November 11, 2002. |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 8
TA IDEX T. Rowe Price Health Sciences
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX T. Rowe Price Health Sciences (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 2002.
On March 1, 2004, the Fund changed its name from IDEX T. Rowe Price Health Sciences to TA IDEX T. Rowe Price Health Sciences.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $13 are included in net realized gains in the Statement of Operations.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Option contracts: The Fund may enter into options contracts to manage exposure to market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market and inability of the counterparty to meet the contracts terms. When the Fund writes a covered call or put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount is subsequently marked-to-market to reflect the current value of the option written.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 9
TA IDEX T. Rowe Price Health Sciences
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
The underlying face amounts of open option contracts at April 30, 2004, are listed in the Schedule of Investments.
Transactions in written call and put options were as follows:
Premium | Contracts* | ||||||
Beginning Balance 10/31/2003 | $ | 778 | 2,419 | ||||
Sales | 2,833 | 9,222 | |||||
Closing Buys | (1,689 | ) | (5,574 | ) | |||
Expirations | (110 | ) | (647 | ) | |||
Exercised | (59 | ) | (182 | ) | |||
Balance at 04/30/2004 | $ | 1,753 | 5,238 | ||||
* | Contracts not in thousands. |
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - Conservative Portfolio | $ | 10,988 | 8% | ||
TA IDEX Asset Allocation - Growth Portfolio | 27,594 | 21% | |||
TA IDEX Asset Allocation - Moderate Growth Portfolio | 45,471 | 35% | |||
TA IDEX Asset Allocation - Moderate Portfolio | 35,787 | 28% | |||
Total | $ | 119,840 | 92% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
1.00% of the first $500 million of ANA
0.95% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.60% Expense Limit
The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in the Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at April 30, 2004 was $3.
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
Expenses Recovered by Adviser | Increase in Total Expenses to Average Net Assets | ||||
Recovered in 2004 | $ | 182 | 0.39% |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 20 | |
Retained by Underwriter | 3 | ||
Contingent Deferred Sales Charges | 3 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 10
TA IDEX T. Rowe Price Health Sciences
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $11 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $11 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amounts was $1. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 60,956 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 12,755 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, foreign currency transactions and net operating losses.
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 116,437 | ||
Unrealized Appreciation | $ | 18,220 | ||
Unrealized (Depreciation) | (3,900 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 14,320 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Health Sciences 11
TA IDEX T. Rowe Price Small Cap
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
COMMON STOCKS (97.4%) | |||||
Air Transportation (1.6%) | |||||
AirTran Holdings, Inc. (a) | 37,500 | $ | 458 | ||
Atlantic Coast Airlines Holdings, Inc. (a) | 22,000 | 144 | |||
ExpressJet Holdings, Inc. (a) | 16,100 | 205 | |||
Frontier Airlines, Inc. (a)(b) | 66,600 | 605 | |||
JetBlue Airways Corporation (a)(b) | 5,200 | 144 | |||
SkyWest, Inc. | 47,800 | 870 | |||
Amusement & Recreation Services (1.4%) | |||||
Alliance Gaming Corporation (a) | 22,100 | 552 | |||
International Speedway Corporation–Class A | 3,200 | 135 | |||
Mandalay Resort Group | 6,500 | 373 | |||
Station Casinos, Inc. | 16,800 | 757 | |||
Westwood One, Inc. (a) | 8,500 | 251 | |||
Apparel & Accessory Stores (2.0%) | |||||
AnnTaylor, Inc. (a)(b) | 8,050 | 326 | |||
Christopher & Banks Corporation | 37,900 | 678 | |||
Hot Topic, Inc. (a)(b) | 29,800 | 663 | |||
Pacific Sunwear of California, Inc. (a) | 23,450 | 503 | |||
Ross Stores, Inc. | 22,400 | 683 | |||
Talbots, Inc. (The) (b) | 3,400 | 119 | |||
Apparel Products (0.2%) | |||||
Too, Inc. (a)(b) | 17,300 | 303 | |||
Auto Repair, Services & Parking (0.3%) | |||||
Dollar Thrifty Automotive Group, Inc. (a) | 19,100 | 503 | |||
Automotive (1.0%) | |||||
Gentex Corporation | 16,800 | 661 | |||
Oshkosh Truck Corporation | 15,500 | 794 | |||
Automotive Dealers & Service Stations (1.0%) | |||||
Group 1 Automotive, Inc. (a) | 12,600 | 435 | |||
O’Reilly Automotive, Inc. (a) | 20,000 | 898 | |||
Sonic Automotive, Inc. | 5,100 | 127 | |||
Beverages (0.1%) | |||||
Boston Beer Company, Inc. (The)–Class A (a) | 11,100 | 212 | |||
Business Services (3.0%) | |||||
Catalina Marketing Corporation (a)(b) | 7,300 | 121 | |||
ChoicePoint Inc. (a) | 22,100 | 971 | |||
Digital Insight Corporation (a)(b) | 39,300 | 758 | |||
Fair Issac Corporation (b) | 25,605 | 863 | |||
Getty Images, Inc. (a) | 10,200 | 557 | |||
Rent-A-Center, Inc. (a) | 20,550 | 601 | |||
Valassis Communications, Inc. (a) | 4,700 | 145 | |||
Websense, Inc. (a) | 13,700 | 404 | |||
Chemicals & Allied Products (0.2%) | |||||
ATMI, Inc. (a)(b) | 13,500 | 298 | |||
Commercial Banks (1.8%) | |||||
Boston Private Financial Holdings, Inc. | 23,900 | 557 | |||
East West Bancorp, Inc. | 9,100 | 513 | |||
Silicon Valley Bancshares (a) | 9,400 | 323 | |||
Southwest Bancorporation of Texas, Inc. | 10,500 | 427 | |||
UCBH Holdings, Inc. (b) | 23,200 | 859 |
Shares | Value | ||||
Communication (0.4%) | |||||
Global Payments Inc. | 11,380 | $ | 546 | ||
Insight Communications Company, Inc. (a)(b) | 12,300 | 112 | |||
Communications Equipment (2.8%) | |||||
ADTRAN, Inc. | 26,100 | 640 | |||
Advanced Fibre Communications, Inc. (a)(b) | 17,800 | 297 | |||
Anaren Microwave, Inc. (a) | 19,500 | 288 | |||
Centillium Communications, Inc. (a) | 114,900 | 437 | |||
Inter-Tel, Incorporated | 32,500 | 778 | |||
Plantronics, Inc. (a) | 30,200 | 1,146 | |||
Powerwave Technologies, Inc. (a)(b) | 72,600 | 492 | |||
Computer & Data Processing Services (8.4%) | |||||
Activision, Inc. (a) | 39,450 | 594 | |||
Actuate Corporation (a) | 44,800 | 146 | |||
BARRA, Inc. | 15,650 | 639 | |||
Borland Software Corporation (a) | 46,300 | 382 | |||
CACI International Inc.–Class A (a) | 12,600 | 573 | |||
Cognizant Technology Solutions Corporation (a) | 8,500 | 368 | |||
Computer Programs and Systems, Inc. | 55,800 | 1,102 | |||
Concord Communications, Inc. (a)(b) | 10,900 | 134 | |||
EarthLink, Inc. (a) | 31,700 | 292 | |||
EPIQ Systems, Inc. (a)(b) | 8,600 | 123 | |||
F5 Networks, Inc. (a) | 21,100 | 536 | |||
FactSet Research Systems Inc. (b) | 14,900 | 592 | |||
Henry (Jack) & Associates, Inc. | 19,500 | 355 | |||
Hyperion Solutions Corporation (a) | 21,200 | 814 | |||
Informatica Corporation (a) | 32,600 | 236 | |||
Inforte Corp. (a) | 31,900 | 346 | |||
Macromedia, Inc. (a) | 4,200 | 87 | |||
MatrixOne, Inc. (a) | 26,600 | 160 | |||
Mercury Interactive Corporation (a)(b) | 1,500 | 64 | |||
MTC Technologies, Inc. (a) | 21,600 | 566 | |||
National Instruments Corporation | 15,600 | 477 | |||
Netegrity, Inc. (a)(b) | 18,350 | 154 | |||
Network Associates, Inc. (a) | 7,600 | 119 | |||
Open Text Corporation (a) | 13,100 | 356 | |||
Packeteer, Inc. (a)(b) | 29,800 | 359 | |||
Radiant Systems, Inc. (a) | 17,550 | 78 | |||
Red Hat, Inc. (a)(b) | 19,100 | 434 | |||
SERENA Software, Inc. (a)(b) | 36,900 | 656 | |||
SkillSoft PLC–ADR (a) | 19,000 | 238 | |||
SRA International, Inc.–Class A (a) | 19,500 | 732 | |||
Symantec Corporation (a)(b) | 11,400 | 514 | |||
Computer & Office Equipment (1.6%) | |||||
Avocent Corporation (a) | 9,300 | 298 | |||
Black Box Corporation | 6,100 | 311 | |||
Maxtor Corporation (a) | 92,900 | 605 | |||
Polycom, Inc. (a) | 28,706 | 548 | |||
SanDisk Corporation (a)(b) | 25,800 | 596 | |||
Construction (1.3%) | |||||
D.R. Horton, Inc. | 8,890 | 256 | |||
Insituform Technologies, Inc.–Class A (a) | 23,300 | 378 | |||
M.D.C. Holdings, Inc. | 8,734 | 540 | |||
Standard Pacific Corp. | 3,600 | 182 | |||
Toll Brothers, Inc. (a)(b) | 15,000 | 594 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 1
TA IDEX T. Rowe Price Small Cap
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Drug Stores & Proprietary Stores (0.8%) | |||||
drugstore.com, inc. (a) | 19,500 | $ | 90 | ||
Omnicare, Inc. (b) | 25,200 | 1,044 | |||
Educational Services (3.5%) | |||||
Apollo Group, Inc.–University of Phoenix | 14,466 | 1,259 | |||
Career Education Corporation (a) | 11,200 | 717 | |||
Corinthian Colleges, Inc. (a)(b) | 25,000 | 766 | |||
DeVRY Inc. (a)(b) | 26,800 | 772 | |||
Education Management Corporation (a) | 34,600 | 1,227 | |||
ITT Educational Services, Inc. (a) | 10,300 | 415 | |||
Electrical Goods (0.3%) | |||||
Hughes Supply, Inc. | 8,100 | 453 | |||
Electronic & Other Electric Equipment (0.3% ) | |||||
Digital Theater Systems, Inc. (a) | 10,500 | 235 | |||
Harman International Industries, Incorporated | 3,600 | 273 | |||
Electronic Components & Accessories (6.6%) | |||||
Advanced Energy Industries, Inc. (a) | 40,800 | 540 | |||
Aeroflex Incorporated (a) | 81,500 | 1,025 | |||
AMIS Holdings, Inc. (a) | 17,000 | 245 | |||
Exar Corporation (a) | 24,000 | 366 | |||
Integrated Circuit Systems, Inc. (a) | 21,500 | 509 | |||
Integrated Silicon Solution, Inc. (a) | 45,300 | 622 | |||
Intersil Corporation–Class A | 32,796 | 648 | |||
KEMET Corporation (a) | 12,500 | 155 | |||
Kopin Corporation (a) | 17,600 | 88 | |||
Lattice Semiconductor Corporation (a) | 27,100 | 193 | |||
Mercury Computer Systems, Inc. (a) | 33,500 | 750 | |||
Micrel, Incorporated (a) | 6,900 | 84 | |||
Microchip Technology Incorporated | 2,175 | 61 | |||
OmniVision Technologies, Inc. (a)(b) | 31,400 | 700 | |||
Pericom Semiconductor Corporation (a) | 21,400 | 226 | |||
Plexus Corp. (a)(b) | 48,900 | 703 | |||
REMEC, Inc. (a) | 14,600 | 92 | |||
Semtech Corporation (a) | 25,700 | 540 | |||
Silicon Storage Technology, Inc. (a) | 36,600 | 485 | |||
Skyworks Solutions, Inc. (a) | 17,300 | 148 | |||
Tessera Technologies, Inc. (a) | 18,300 | 324 | |||
TriQuint Semiconductor, Inc. (a) | 24,426 | 134 | |||
TTM Technologies, Inc. (a) | 37,300 | 414 | |||
Zoran Corporation (a) | 40,297 | 666 | |||
Environmental Services (0.7%) | |||||
Stericycle, Inc. (a) | 10,800 | 516 | |||
Waste Connections, Inc. (a) | 12,800 | 515 | |||
Fabricated Metal Products (0.2%) | |||||
Simpson Manufacturing Co., Inc. | 6,400 | 334 | |||
Food & Kindred Products (0.1%) | |||||
Peet’s Coffee & Tea, Inc. (a) | 8,600 | 188 | |||
Food Stores (0.3%) | |||||
Whole Foods Market, Inc. (b) | 5,500 | 440 | |||
Furniture & Fixtures (0.2%) | |||||
La-Z-Boy Incorporated | 13,600 | 283 |
Shares | Value | ||||
Furniture & Home Furnishings Stores (1.2%) | |||||
Cost Plus, Inc. (a) | 25,000 | $ | 905 | ||
Pier 1 Imports, Inc. | 23,400 | 483 | |||
Williams-Sonoma, Inc. (a)(b) | 13,100 | 425 | |||
Health Services (4.6%) | |||||
Accredo Health, Incorporated (a)(b) | 29,950 | 1,158 | |||
AMN Healthcare Services, Inc. (a)(b) | 6,347 | 103 | |||
AmSurg Corp. (a) | 14,100 | 341 | |||
Caremark Rx, Inc. (a) | 19,693 | 667 | |||
Community Health Systems, Inc. (a) | 11,700 | 302 | |||
DaVita Inc. (a) | 16,600 | 848 | |||
Gentiva Health Services, Inc. (a) | 12,700 | 186 | |||
LifePoint Hospitals, Inc. (a) | 23,700 | 848 | |||
Manor Care, Inc. | 11,100 | 360 | |||
Odyssey HealthCare, Inc. (a) | 10,200 | 171 | |||
Renal Care Group, Inc. (a) | 7,000 | 346 | |||
Symbion, Inc. (a) | 15,000 | 245 | |||
Triad Hospitals, Inc. (a) | 9,000 | 306 | |||
United Surgical Partners International, Inc. (a)(b) | 25,400 | 920 | |||
Holding & Other Investment Offices (0.3%) | |||||
Redwood Trust, Inc. | 10,300 | 448 | |||
Industrial Machinery & Equipment (3.4%) | |||||
Axcelis Technologies, Inc. (a) | 18,000 | 189 | |||
Cymer, Inc. (a)(b) | 16,900 | 540 | |||
Engineered Support Systems, Inc. | 21,350 | 1,037 | |||
FMC Technologies, Inc. (a) | 8,800 | 240 | |||
National-Oilwell, Inc. (a) | 14,900 | 416 | |||
Oil States International, Inc. (a) | 27,400 | 371 | |||
Varco International Inc. (a)(b) | 17,300 | 358 | |||
Varian Semiconductor Equipment | 18,800 | 612 | |||
Zebra Technologies Corporation–Class A (a) | 17,000 | 1,246 | |||
Instruments & Related Products (4.4%) | |||||
August Technology Corporation (a) | 11,500 | 152 | |||
Avid Technology, Inc. (a) | 19,800 | 950 | |||
Cognex Corporation | 15,900 | 505 | |||
Coherent, Inc. (a) | 11,100 | 271 | |||
Cohu, Inc. | 17,100 | 299 | |||
Cytyc Corporation (a) | 19,500 | 417 | |||
Dionex Corporation (a) | 8,750 | 447 | |||
FLIR Systems, Inc. (a)(b) | 20,200 | 948 | |||
Fossil, Inc. (a) | 16,030 | 393 | |||
Herley Industries, Inc. (a) | 14,200 | 296 | |||
Lexar Media, Inc. (a)(b) | 36,100 | 336 | |||
Newport Corporation (a) | 3,400 | 50 | |||
Pinnacle Systems, Inc. (a)(b) | 46,600 | 367 | |||
Rudolph Technologies, Inc. (a)(b) | 6,900 | 111 | |||
SBS Technologies, Inc. (a) | 13,000 | 194 | |||
STAAR Surgical Company (a)(b) | 33,100 | 281 | |||
Varian, Inc. (a) | 10,900 | 447 | |||
Insurance (3.4%) | |||||
Coventry Health Care, Inc. (a) | 23,000 | 962 | |||
First Health Group Corp. (a)(b) | 31,000 | 518 | |||
Max Re Capital Ltd. | 19,500 | 429 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 2
TA IDEX T. Rowe Price Small Cap
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Insurance (continued) | |||||
PMI Group, Inc. (The) | 6,700 | $ | 288 | ||
RenaissanceRe Holdings Ltd. | 13,000 | 685 | |||
StanCorp Financial Group, Inc. | 7,700 | 476 | |||
Triad Guaranty Inc. (a) | 17,900 | 979 | |||
WellChoice, Inc. (a) | 14,300 | 606 | |||
Insurance Agents, Brokers & Service (0.3%) | |||||
Brown & Brown, Inc. | 11,100 | 433 | |||
Leather & Leather Products (0.2%) | |||||
Timberland Company (The)–Class A (a) | 5,300 | 332 | |||
Management Services (1.7%) | |||||
Advisory Board Company (The) (a) | 18,000 | 623 | |||
Corporate Executive Board Company (The) | 26,500 | 1,369 | |||
Exult, Inc. (a)(b) | 86,000 | 525 | |||
Manufacturing Industries (0.3%) | |||||
Marvel Enterprises, Inc. (a)(b) | 24,750 | 470 | |||
Medical Instruments & Supplies (4.1%) | |||||
Advanced Neuromodulation Systems, Inc. (a)(b) | 6,100 | 166 | |||
Apogent Technologies, Inc. (a)(b) | 11,300 | 366 | |||
Conceptus, Inc. (a)(b) | 9,800 | 113 | |||
Cyberonics, Inc. (a)(b) | 4,300 | 102 | |||
DENTSPLY International Inc. | 12,150 | 589 | |||
ICU Medical, Inc. (a)(b) | 18,600 | 621 | |||
INAMED Corporation (a)(b) | 19,950 | 1,174 | |||
Mentor Corporation | 5,300 | 168 | |||
Respironics, Inc. (a)(b) | 16,900 | 886 | |||
STERIS Corporation (a) | 41,600 | 922 | |||
Thoratec Corporation (a)(b) | 46,700 | 636 | |||
Wright Medical Group, Inc. (a) | 8,000 | 275 | |||
Mortgage Bankers & Brokers (0.3%) | |||||
Doral Financial Corporation | 11,425 | 375 | |||
Motion Pictures (0.6%) | |||||
CNET Networks, Inc. (a)(b) | 20,700 | 176 | |||
Macrovision Corporation (a) | 41,800 | 704 | |||
Oil & Gas Extraction (4.5%) | |||||
Atwood Oceanics, Inc. (a) | 4,600 | 169 | |||
Brown (Tom), Inc. (a) | 18,400 | 881 | |||
Cabot Oil & Gas Corporation–Class A | 11,900 | 425 | |||
Cal Dive International, Inc. (a) | 26,800 | 725 | |||
Core Laboratories NV (a) | 4,200 | 96 | |||
Evergreen Resources, Inc. (a)(b) | 13,700 | 550 | |||
Global Industries, Ltd. (a) | 19,800 | 119 | |||
Grey Wolf, Inc. (a) | 140,400 | 559 | |||
Helmerich & Payne, Inc. | 12,300 | 332 | |||
Key Energy Services, Inc. (a) | 11,300 | 120 | |||
Patterson-UTI Energy, Inc. (a) | 21,400 | 774 | |||
Spinnaker Exploration Company (a) | 14,600 | 521 | |||
Stone Energy Corporation (a) | 15,500 | 763 | |||
Unit Corporation (a) | 20,300 | 573 | |||
Personal Credit Institutions (0.1%) | |||||
First Marblehead Corporation (a) | 5,700 | 169 |
Shares | Value | ||||
Pharmaceuticals (9.1%) | |||||
Abgenix, Inc. (a) | 18,800 | $ | 306 | ||
Albany Molecular Research, Inc. (a) | 17,900 | 290 | |||
Alkermes, Inc. (a)(b) | 13,200 | 202 | |||
Andrx Corporation–Andrx Group (a)(b) | 7,400 | 169 | |||
Bradley Pharmaceuticals, Inc. (a)(b) | 26,300 | 690 | |||
Celgene Corporation (a) | 11,700 | 605 | |||
Cephalon, Inc. (a)(b) | 8,024 | 457 | |||
Charles River Laboratories, Inc. (a)(b) | 16,600 | 764 | |||
Digene Corporation (a) | 23,200 | 824 | |||
Eon Labs, Inc. (a) | 13,000 | 855 | |||
Gilead Sciences, Inc. (a) | 5,300 | 322 | |||
Human Genome Sciences, Inc. (a) | 17,700 | 216 | |||
ICOS Corporation (a)(b) | 10,200 | 326 | |||
IDEXX Laboratories, Inc. (a)(b) | 4,100 | 251 | |||
Invitrogen Corporation (a)(b) | 11,200 | 809 | |||
K-V Pharmaceutical Company–Class A (a)(b) | 22,150 | 532 | |||
Martek Biosciences Corp. (a)(b) | 13,600 | 863 | |||
Medicis Pharmaceutical Corporation–Class A | 25,800 | 1,107 | |||
Neurocrine Biosciences, Inc. (a)(b) | 12,700 | 834 | |||
Noven Pharmaceuticals, Inc. (a) | 34,400 | 676 | |||
Pharmaceutical Resources, Inc. (a) | 4,500 | 181 | |||
Priority Healthcare Corporation–Class B (a) | 11,300 | 227 | |||
Protein Design Labs, Inc. (a) | 23,900 | 585 | |||
Taro Pharmaceutical Industries Ltd. (a) | 11,800 | 510 | |||
Techne Corporation (a) | 14,100 | 549 | |||
Vertex Pharmaceuticals Incorporated (a) | 7,694 | 66 | |||
Primary Metal Industries (0.6%) | |||||
Lone Star Technologies, Inc. (a) | 10,000 | 205 | |||
Maverick Tube Corporation (a) | 27,200 | 616 | |||
Printing & Publishing (0.5%) | |||||
Scholastic Corporation (a) | 26,200 | 743 | |||
Radio & Television Broadcasting (1.7%) | |||||
Cox Radio, Inc.–Class A (a) | 17,100 | 354 | |||
Emmis Communications Corporation–Class A (a) | 26,500 | 620 | |||
Entercom Communications Corp. (a) | 6,500 | 296 | |||
Radio One, Inc.–Class D (a)(b) | 38,500 | 730 | |||
Regent Communications, Inc. (a) | 42,000 | 268 | |||
Spanish Broadcasting System, Inc. (a) | 25,400 | 247 | |||
Radio, Television & Computer Stores (0.3%) | |||||
GameStop Corp. (a) | 17,000 | 299 | |||
Tweeter Home Entertainment Group, Inc. (a) | 27,700 | 199 | |||
Research & Testing Services (1.2%) | |||||
Forrester Research, Inc. (a) | 33,600 | 583 | |||
Pharmaceutical Product Development, Inc. (a) | 17,900 | 529 | |||
Symyx Technologies, Inc. (a) | 25,100 | 643 | |||
Restaurants (2.6%) | |||||
CEC Entertainment Inc. (a) | 25,950 | 887 | |||
Cheesecake Factory Incorporated (The) (a)(b) | 11,600 | 491 | |||
P.F. Chang’s China Bistro, Inc. (a)(b) | 16,400 | 801 | |||
RARE Hospitality International, Inc. (a) | 25,700 | 703 | |||
Ruby Tuesday, Inc. | 16,900 | 506 | |||
Sonic Corp. (a)(b) | 13,850 | 447 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 3
TA IDEX T. Rowe Price Small Cap
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Retail Trade (1.9%) | |||||
A.C. Moore Arts & Crafts, Inc. (a) | 32,100 | $ | 874 | ||
Insight Enterprises, Inc. (a) | 24,800 | 415 | |||
Michaels Stores, Inc. | 9,800 | 490 | |||
PETsMART, Inc. | 30,100 | 834 | |||
Schein (Henry), Inc. (a) | 2,500 | 176 | |||
Rubber & Misc. Plastic Products (0.6%) | |||||
Entegris, Inc. (a) | 39,600 | 402 | |||
VANS, INC. (a) | 22,400 | 455 | |||
Savings Institutions (0.5%) | |||||
IndyMac Bancorp, Inc. | 22,400 | 720 | |||
Security & Commodity Brokers (2.0%) | |||||
Affiliated Managers Group, Inc. (a)(b) | 17,300 | 843 | |||
Eaton Vance Corp. | 11,500 | 420 | |||
Investment Technology Group, Inc. (a)(b) | 10,000 | 143 | |||
Investors Financial Services Corp. | 21,500 | 836 | |||
Legg Mason, Inc. (b) | 3,600 | 331 | |||
Waddell & Reed Financial, Inc.–Class A | 18,350 | 408 | |||
Social Services (0.5%) | |||||
Bright Horizons Family Solutions, Inc. (a) | 16,300 | 723 | |||
Stone, Clay & Glass Products (0.1%) | |||||
Cabot Microelectronics Corporation (a)(b) | 5,373 | 159 | |||
Telecommunications (0.9%) | |||||
Nextel Partners, Inc.–Class A (a)(b) | 83,600 | 1,116 | |||
NII Holdings, Inc. (a)(b) | 6,900 | 242 | |||
Transportation & Public Utilities (1.2%) | |||||
Forward Air Corporation (a) | 24,900 | 829 | |||
UTI Worldwide, Inc. | 20,000 | 916 | |||
Trucking & Warehousing (1.3%) | |||||
Covenant Transport, Inc.–Class A (a) | 8,800 | 155 | |||
Iron Mountain Incorporated (a)(b) | 28,250 | 1,286 | |||
Old Dominion Freight Line, Inc. (a) | 11,200 | 418 | |||
Variety Stores (0.5%) | |||||
Dollar Tree Stores, Inc. (a) | 7,800 | 210 | |||
Family Dollar Stores, Inc. | 4,600 | 148 | |||
Fred’s, Inc. | 23,450 | 435 | |||
Wholesale Trade Durable Goods (1.3%) | |||||
Patterson Dental Company (a)(b) | 11,600 | 855 | |||
SCP Pool Corporation (a) | 25,687 | 1,033 | |||
Wholesale Trade Nondurable Goods (1.1%) | |||||
Performance Food Group Company (a)(b) | 8,400 | 295 | |||
SunOpta Inc. (a)(b) | 60,300 | 566 | |||
United Natural Foods, Inc. (a) | 30,400 | 762 | |||
Total Common Stocks (cost: $125,699) | 143,468 | ||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL (21.4%) | ||||||
Debt (11.7%) | ||||||
Bank Notes (2.1%) | ||||||
Canadian Imperial Bank of Commerce | $ | 1,560 | $ | 1,560 | ||
Fleet National Bank | 1,560 | 1,560 | ||||
Euro Dollar Overnight (1.0%) | ||||||
Credit Agricole Indosuez | 936 | 936 | ||||
Royal Bank of Scotland Group PLC (The) | 562 | 562 | ||||
Euro Dollar Terms (2.9%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 183 | 183 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 936 | 936 | ||||
1.08%, due 07/29/2004 | 936 | 936 | ||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | 624 | 624 | ||||
Royal Bank of Scotland Group PLC (The) 1.05%, due 07/15/2004 | 624 | 624 | ||||
Wells Fargo & Company | 936 | 936 | ||||
Promissory Notes (1.5%) | ||||||
Goldman Sachs Group, Inc. (The) | 2,185 | 2,185 | ||||
Repurchase Agreements (4.2%) (c) | ||||||
Merrill Lynch & Co., Inc. | 6,243 | 6,243 |
Shares | Value | ||||
Investment Companies (9.7%) | |||||
Money Market Funds (9.7%) | |||||
American AAdvantage Select Fund | 1,872,493 | $ | 1,872 | ||
Barclays Institutional Money Market Fund | 4,369,150 | 4,369 | |||
Merrill Lynch Premier Institutional Fund | 1,691,195 | 1,691 | |||
Merrimac Cash Series Fund– | 6,241,642 | 6,242 | |||
Total Security Lending Collateral (cost: $31,459) | 31,459 | ||||
Total Investment Securities (cost: $157,158) | $ | 174,927 | |||
SUMMARY: | |||||
Investments, at value | 118.8% | $ | 174,927 | ||
Liabilities in excess of other assets | (18.8)% | (27,715) | |||
Net assets | 100.0% | $ | 147,212 | ||
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $30,017. |
(c) | Cash collateral for the Repurchase Agreements, valued at $6,366, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 4
TA IDEX T. Rowe Price Small Cap
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands)
(unaudited)
Assets: | ||||
Investment securities, at value (cost: $157,158) (including securities loaned of $30,017) | $ | 174,927 | ||
Cash | 3,676 | |||
Receivables: | ||||
Investment securities sold | 456 | |||
Shares of beneficial interest sold | 809 | |||
Interest | 1 | |||
Dividends | 15 | |||
Other | 29 | |||
179,913 | ||||
Liabilities: | ||||
Investment securities purchased | 896 | |||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 93 | |||
Management and advisory fees | 100 | |||
Distribution fees | 54 | |||
Transfer agent fees | 43 | |||
Payable for collateral for securities on loan | 31,459 | |||
Other | 56 | |||
32,701 | ||||
Net Assets | $ | 147,212 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 135,543 | ||
Accumulated net investment income (loss) | (818 | ) | ||
Accumulated net realized gain (loss) from: | ||||
Investment securities | (5,319 | ) | ||
Futures contracts | 37 | |||
Net unrealized appreciation (depreciation) on investment securities | 17,769 | |||
Net Assets | $ | 147,212 | ||
Net Assets by Class: | ||||
Class A | $ | 128,361 | ||
Class B | 13,183 | |||
Class C | 1,310 | |||
Class C2 | 2,479 | |||
Class M | 1,879 | |||
Shares Outstanding: | ||||
Class A | 11,518 | |||
Class B | 1,225 | |||
Class C | 122 | |||
Class C2 | 230 | |||
Class M | 174 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 11.14 | ||
Class B | 10.76 | |||
Class C | 10.76 | |||
Class C2 | 10.76 | |||
Class M | 10.82 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 11.79 | ||
Class M | 10.93 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Interest | $ | 5 | ||
Dividends | 159 | |||
Income from loaned securities–net | 19 | |||
183 | ||||
Expenses: | ||||
Management and advisory fees | 536 | |||
Transfer agent fees | 70 | |||
Printing and shareholder reports | 30 | |||
Custody fees | 11 | |||
Administration fees | 13 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 5 | |||
Trustees fees | 2 | |||
Registration fees | 24 | |||
Other | 13 | |||
Distribution and service fees: | ||||
Class A | 202 | |||
Class B | 66 | |||
Class C | 5 | |||
Class C2 | 13 | |||
Class M | 10 | |||
Total expenses | 1,001 | |||
Net Investment Income (Loss) | (818 | ) | ||
Net Realized Gain (Loss) from: | ||||
Investment securities | 2,492 | |||
Futures contracts | 37 | |||
2,529 | ||||
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on: | ||||
Investment securities | 3,783 | |||
Futures contracts | (17 | ) | ||
3,766 | ||||
Net Gain (Loss) on Investment Securities and Futures Contracts | 6,295 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 5,477 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 5
TA IDEX T. Rowe Price Small Cap
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (818 | ) | $ | (797 | ) | ||
Net realized gain (loss) from investment securities and future contracts | 2,529 | (1,233 | ) | |||||
Net unrealized appreciation (depreciation) | 3,766 | 18,612 | ||||||
5,477 | 16,582 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 34,581 | 80,987 | ||||||
Class B | 1,905 | 3,085 | ||||||
Class C | 1,319 | 692 | ||||||
Class C2 | 385 | 548 | ||||||
Class M | 104 | 1,395 | ||||||
38,294 | 86,707 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (5,902 | ) | (4,857 | ) | ||||
Class B | (1,523 | ) | (2,700 | ) | ||||
Class C | (655 | ) | (127 | ) | ||||
Class C2 | (445 | ) | (740 | ) | ||||
Class M | (695 | ) | (1,073 | ) | ||||
(9,220 | ) | (9,497 | ) | |||||
29,074 | 77,210 | |||||||
Net increase (decrease) in net assets | 34,551 | 93,792 | ||||||
Net Assets: | ||||||||
Beginning of year | 112,661 | 18,869 | ||||||
End of year | $ | 147,212 | $ | 112,661 | ||||
Accumulated Net Investment Income (Loss) | $ | (818 | ) | $ – | ||||
April 30, 2004 | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 3,087 | 8,673 | ||||
Class B | 176 | 350 | ||||
Class C | 123 | 75 | ||||
Class C2 | 36 | 63 | ||||
Class M | 10 | 155 | ||||
3,432 | 9,316 | |||||
Shares issued–reinvested from distributions: |
| |||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (523 | ) | (547 | ) | ||
Class B | (140 | ) | (322 | ) | ||
Class C | (62 | ) | (14 | ) | ||
Class C2 | (41 | ) | (87 | ) | ||
Class M | (65 | ) | (128 | ) | ||
(831 | ) | (1,098 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | 2,564 | 8,126 | ||||
Class B | 36 | 28 | ||||
Class C | 61 | 61 | ||||
Class C2 | (5 | ) | (24 | ) | ||
Class M | (55 | ) | 27 | |||
2,601 | 8,218 | |||||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 6
TA IDEX T. Rowe Price Small Cap
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 10.61 | $ | (0.06 | ) | $ | 0.59 | $ | 0.53 | $ | – | $ | – | $ | – | $ | 11.14 | |||||||||||||
10/31/2003 | 7.83 | (0.15 | ) | 2.93 | 2.78 | – | – | – | 10.61 | ||||||||||||||||||||||
10/31/2002 | 9.46 | (0.16 | ) | (1.47 | ) | (1.63 | ) | – | – | – | 7.83 | ||||||||||||||||||||
10/31/2001 | 13.17 | (0.14 | ) | (3.56 | ) | (3.70 | ) | – | (0.01 | ) | (0.01 | ) | 9.46 | ||||||||||||||||||
10/31/2000 | 11.01 | (0.07 | ) | 2.51 | 2.44 | – | (0.28 | ) | (0.28 | ) | 13.17 | ||||||||||||||||||||
10/31/1999 | 10.00 | 0.02 | 0.99 | 1.01 | – | – | – | 11.01 | |||||||||||||||||||||||
Class B | 04/30/2004 | 10.28 | (0.10 | ) | 0.58 | 0.48 | – | – | – | 10.76 | |||||||||||||||||||||
10/31/2003 | 7.63 | (0.19 | ) | 2.84 | 2.65 | – | – | – | 10.28 | ||||||||||||||||||||||
10/31/2002 | 9.29 | (0.22 | ) | (1.44 | ) | (1.66 | ) | – | – | – | 7.63 | ||||||||||||||||||||
10/31/2001 | 13.05 | (0.21 | ) | (3.54 | ) | (3.75 | ) | – | (0.01 | ) | (0.01 | ) | 9.29 | ||||||||||||||||||
10/31/2000 | 10.97 | (0.15 | ) | 2.51 | 2.36 | – | (0.28 | ) | (0.28 | ) | 13.05 | ||||||||||||||||||||
10/31/1999 | 10.00 | (0.02 | ) | 0.99 | 0.97 | – | – | – | 10.97 | ||||||||||||||||||||||
Class C | 04/30/2004 | 10.28 | (0.10 | ) | 0.58 | 0.48 | – | – | – | 10.76 | |||||||||||||||||||||
10/31/2003 | 7.52 | (0.20 | ) | 2.96 | 2.76 | – | – | – | 10.28 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 10.28 | (0.10 | ) | 0.58 | 0.48 | – | – | – | 10.76 | |||||||||||||||||||||
10/31/2003 | 7.63 | (0.19 | ) | 2.84 | 2.65 | – | – | – | 10.28 | ||||||||||||||||||||||
10/31/2002 | 9.29 | (0.21 | ) | (1.45 | ) | (1.66 | ) | – | – | – | 7.63 | ||||||||||||||||||||
10/31/2001 | 13.05 | (0.24 | ) | (3.51 | ) | (3.75 | ) | – | (0.01 | ) | (0.01 | ) | 9.29 | ||||||||||||||||||
10/31/2000 | 10.97 | (0.15 | ) | 2.51 | 2.36 | – | (0.28 | ) | (0.28 | ) | 13.05 | ||||||||||||||||||||
Class M | 04/30/2004 | 10.33 | (0.09 | ) | 0.58 | 0.49 | – | – | – | 10.82 | |||||||||||||||||||||
10/31/2003 | 7.66 | (0.18 | ) | 2.85 | 2.67 | – | – | – | 10.33 | ||||||||||||||||||||||
10/31/2002 | 9.31 | (0.19 | ) | (1.46 | ) | (1.65 | ) | – | – | – | 7.66 | ||||||||||||||||||||
10/31/2001 | 13.07 | (0.20 | ) | (3.55 | ) | (3.75 | ) | – | (0.01 | ) | (0.01 | ) | 9.31 | ||||||||||||||||||
10/31/2000 | 10.98 | (0.14 | ) | 2.51 | 2.37 | – | (0.28 | ) | (0.28 | ) | 13.07 | ||||||||||||||||||||
10/31/1999 | 10.00 | (0.01 | ) | 0.99 | 0.98 | – | – | – | 10.98 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 5.00 | % | $ | 128,361 | 1.40 | % | 1.40 | % | (1.13 | )% | 10 | % | |||||||
10/31/2003 | 35.50 | 95,018 | 1.75 | 1.93 | (1.55 | ) | 25 | |||||||||||||
10/31/2002 | (17.22 | ) | 6,487 | 1.74 | 2.67 | (1.52 | ) | 55 | ||||||||||||
10/31/2001 | (28.11 | ) | 7,067 | 1.55 | 2.56 | (1.30 | ) | 49 | ||||||||||||
10/31/2000 | 22.31 | 8,262 | 1.55 | 2.83 | (1.14 | ) | 53 | |||||||||||||
10/31/1999 | 10.13 | 1,272 | 1.55 | 7.93 | (1.15 | ) | 43 | |||||||||||||
Class B | 04/30/2004 | 4.67 | 13,183 | 2.05 | 2.05 | (1.78 | ) | 10 | ||||||||||||
10/31/2003 | 34.73 | 12,227 | 2.40 | 2.58 | (2.20 | ) | 25 | |||||||||||||
10/31/2002 | (17.85 | ) | 8,860 | 2.39 | 3.32 | (2.17 | ) | 55 | ||||||||||||
10/31/2001 | (28.73 | ) | 9,496 | 2.20 | 3.21 | (1.95 | ) | 49 | ||||||||||||
10/31/2000 | 21.63 | 8,119 | 2.20 | 3.48 | (1.79 | ) | 53 | |||||||||||||
10/31/1999 | 9.70 | 1,135 | 2.20 | 8.58 | (1.80 | ) | 43 | |||||||||||||
Class C | 04/30/2004 | 4.67 | 1,310 | 2.05 | 2.05 | (1.78 | ) | 10 | ||||||||||||
10/31/2003 | 36.70 | 628 | 2.40 | 2.58 | (2.20 | ) | 25 | |||||||||||||
Class C2 | 04/30/2004 | 4.67 | 2,479 | 2.05 | 2.05 | (1.78 | ) | 10 | ||||||||||||
10/31/2003 | 34.73 | 2,417 | 2.40 | 2.58 | (2.20 | ) | 25 | |||||||||||||
10/31/2002 | (17.85 | ) | 1,975 | 2.39 | 3.32 | (2.17 | ) | 55 | ||||||||||||
10/31/2001 | (28.73 | ) | 1,943 | 2.20 | 3.21 | (1.95 | ) | 49 | ||||||||||||
10/31/2000 | 21.63 | 1,626 | 2.20 | 3.48 | (1.79 | ) | 53 | |||||||||||||
Class M | 04/30/2004 | 4.74 | 1,879 | 1.95 | 1.95 | (1.68 | ) | 10 | ||||||||||||
10/31/2003 | 34.86 | 2,371 | 2.30 | 2.48 | (2.10 | ) | 25 | |||||||||||||
10/31/2002 | (17.76 | ) | 1,547 | 2.29 | 3.22 | (2.07 | ) | 55 | ||||||||||||
10/31/2001 | (28.64 | ) | 2,161 | 2.10 | 3.11 | (1.85 | ) | 49 | ||||||||||||
10/31/2000 | 21.73 | 2,489 | 2.10 | 3.38 | (1.69 | ) | 53 | |||||||||||||
10/31/1999 | 9.77 | 685 | 2.10 | 8.48 | (1.70 | ) | 43 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 7
TA IDEX T. Rowe Price Small Cap
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003 and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX T. Rowe Price Small Cap (“the Fund”) commenced operations on March 1, 1999. The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 8
TA IDEX T. Rowe Price Small Cap
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX T. Rowe Price Small Cap (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.
On March 1, 2004, the Fund changed its name from IDEX T. Rowe Price Small Cap to TA IDEX T. Rowe Price Small Cap.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received).
Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Directed brokerage: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may place security transactions of the Fund with broker/dealers with which Transamerica IDEX Mutual Funds has established a Directed Brokerage Program. A Directed Brokerage Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions paid by the Fund be used to pay expenses that would otherwise be borne by any other funds within Transamerica IDEX Mutual Funds, or by any other party. Directed commissions during the period ended April 30, 2004, of $3 are included in net realized gains in the Statement of Operations.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned $8 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 9
TA IDEX T. Rowe Price Small Cap
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued) |
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $1), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Futures contracts: The Fund may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterpart to meet the contract terms.
The underlying face amount of open futures contracts at April 30, 2004, are listed in the Schedule of Investments. The variation margin payable, is included in the accompanying Statements of Assets and Liabilities. Variation margin payable represents the additional payments due in order to maintain the equity account at the required margin level.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $2. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 10
TA IDEX T. Rowe Price Small Cap
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
The following schedule reflects the percentage of fund assets owned by affiliated mutual funds (i.e., through the asset allocation funds):
Net Assets | % of Net Assets | ||||
TA IDEX Asset Allocation - | $ | 5,941 | 4% | ||
TA IDEX Asset Allocation - | 34,153 | 23% | |||
TA IDEX Asset Allocation - | 51,713 | 35% | |||
TA IDEX Asset Allocation - | 26,628 | 18% | |||
Total | $ | 118,435 | 80% | ||
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.80% of the first $500 million of ANA
0.70% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.40% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in the Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at April 30, 2004 was $19.
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average
daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 31 | |
Retained by Underwriter | 4 | ||
Contingent Deferred Sales Charges | 14 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $13 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $70 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Fund. At April 30, 2004, the value of invested plan amount was $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 39,523 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 12,740 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 11
TA IDEX T. Rowe Price Small Cap
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 4–(continued) |
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss | Available through | |
$1,832 | October 31, 2009 | |
4,119 | October 31, 2010 | |
1,038 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, were as follows:
Federal Tax Cost Basis | $ | 157,735 | ||
Unrealized Appreciation | $ | 23,902 | ||
Unrealized (Depreciation) | (6,710 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 17,192 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares merged into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Small Cap 12
TA IDEX T. Rowe Price Tax-Efficient Growth
SCHEDULE OF INVESTMENTS
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
COMMON STOCKS (101.4%) | |||||
Aerospace (0.3%) | |||||
Boeing Company (The) | 2,600 | $ | 111 | ||
Amusement & Recreation Services (1.2%) | |||||
Disney (Walt) Company (The) | 16,600 | 382 | |||
Apparel Products (0.5%) | |||||
Cintas Corporation | 3,600 | 162 | |||
Automotive (0.8%) | |||||
Harley-Davidson, Inc. | 4,700 | 265 | |||
Beverages (3.3%) | |||||
Anheuser-Busch Companies, Inc. | 2,900 | 149 | |||
Coca-Cola Company (The) | 11,200 | 566 | |||
PepsiCo, Inc. | 6,670 | 363 | |||
Business Services (9.1%) | |||||
ChoicePoint Inc. (a) | 4,200 | 184 | |||
Clear Channel Communications, Inc. | 15,400 | 640 | |||
eBay Inc. (a) | 6,900 | 551 | |||
Equifax Inc. | 1,700 | 42 | |||
First Data Corporation | 6,800 | 309 | |||
Monster Worldwide, Inc. (a)(b) | 4,300 | 110 | |||
Moody’s Corporation | 3,800 | 245 | |||
Omnicom Group, Inc. | 5,200 | 413 | |||
Robert Half International Inc. (a) | 6,500 | 177 | |||
WPP Group PLC–ADR | 5,400 | 266 | |||
Chemicals & Allied Products (3.2%) | |||||
Avon Products, Inc. | 2,100 | 176 | |||
Colgate-Palmolive Company | 3,500 | 203 | |||
Ecolab Inc. | 3,600 | 107 | |||
Procter & Gamble Company (The) | 4,300 | 455 | |||
Valspar Corporation (The) | 2,000 | 99 | |||
Commercial Banks (7.0%) | |||||
Bank of New York Company, Inc. (The) | 8,600 | 251 | |||
Citigroup Inc. | 17,759 | 854 | |||
Mellon Financial Corporation | 4,000 | 119 | |||
Northern Trust Corporation | 8,000 | 338 | |||
State Street Corporation (b) | 7,200 | 351 | |||
Wells Fargo & Company | 6,400 | 361 | |||
Communication (2.6%) | |||||
Certegy Inc. | 4,800 | 172 | |||
Viacom, Inc.–Class B | 17,400 | 673 | |||
Communications Equipment (0.2%) | |||||
Nokia Corporation–ADR | 5,500 | 77 | |||
Computer & Data Processing Services (6.7%) | |||||
Automatic Data Processing, Inc. | 4,200 | 184 | |||
BMC Software, Inc. (a) | 5,600 | 97 | |||
Computer Associates International, Inc. (b) | 3,900 | 105 | |||
Intuit Inc. (a) | 3,600 | 153 | |||
Microsoft Corporation | 41,500 | 1,078 | |||
Oracle Corporation (a) | 21,000 | 236 | |||
SAP AG–ADR | 1,400 | 52 | |||
Yahoo! Inc. (a) | 4,900 | 247 | |||
Computer & Office Equipment (4.2%) | |||||
Cisco Systems, Inc. (a) | 31,300 | 653 | |||
Dell Inc. (a) | 17,500 | 607 | |||
EMC Corporation (a) | 7,700 | 86 |
Shares | Value | ||||
Drug Stores & Proprietary Stores (1.5%) | |||||
CVS Corporation (b) | 4,200 | $ | 162 | ||
Medco Health Solutions, Inc. (a) | 1,109 | 39 | |||
Walgreen Co. | 8,300 | 286 | |||
Educational Services (1.1%) | |||||
Apollo Group, Inc.–Class A (a) | 2,650 | 241 | |||
DeVRY Inc. (a) | 4,500 | 130 | |||
Electronic & Other Electric Equipment (2.9%) | |||||
General Electric Company | 31,550 | 945 | |||
Electronic Components & Accessories (10.2%) | |||||
Altera Corporation (a)(b) | 14,700 | 294 | |||
Analog Devices, Inc. | 7,400 | 315 | |||
Broadcom Corporation–Class A (a) | 3,500 | 132 | |||
Intel Corporation | 26,800 | 690 | |||
Linear Technology Corporation | 11,600 | 413 | |||
Maxim Integrated Products | 10,800 | 497 | |||
Microchip Technology Incorporated | 6,300 | 177 | |||
Molex Incorporated–Class A | 3,500 | 90 | |||
Texas Instruments Incorporated | 13,700 | 344 | |||
Xilinx, Inc. (a) | 9,400 | 316 | |||
Fabricated Metal Products (0.5%) | |||||
Gillette Company (The) | 4,000 | 164 | |||
Food & Kindred Products (0.8%) | |||||
General Mills, Inc. (b) | 2,800 | 137 | |||
Wrigley (Wm.) Jr. Company | 1,700 | 105 | |||
Furniture & Home Furnishings Stores (0.8%) | |||||
Bed Bath & Beyond Inc. (a) | 3,500 | 130 | |||
Williams-Sonoma, Inc. (a)(b) | 3,600 | 117 | |||
Industrial Machinery & Equipment (0.8%) | |||||
Applied Materials, Inc. (a) | 9,100 | 166 | |||
Illinois Tool Works Inc. | 1,200 | 103 | |||
Insurance (6.6%) | |||||
Ambac Financial Group, Inc. | 2,400 | 166 | |||
American International Group, Inc. | 11,563 | 828 | |||
UnitedHealth Group Incorporated | 9,200 | 566 | |||
WellPoint Health Networks Inc. (a) | 5,000 | 558 | |||
Insurance Agents, Brokers & Service (1.8%) | |||||
Marsh & McLennan Companies, Inc. | 12,800 | 577 | |||
Lumber & Other Building Materials (1.6%) | |||||
Home Depot, Inc. (The) | 14,700 | 517 | |||
Management Services (0.6%) | |||||
Paychex, Inc. | 5,200 | 194 | |||
Manufacturing Industries (0.2%) | |||||
International Game Technology | 1,600 | 60 | |||
Medical Instruments & Supplies (3.5%) | |||||
Baxter International Inc. | 3,200 | 101 | |||
Guidant Corporation | 2,400 | 151 | |||
Medtronic, Inc. | 13,900 | 701 | |||
Stryker Corporation | 1,900 | 188 | |||
Motion Pictures (1.0%) | |||||
Time Warner Inc. (a) | 20,000 | 336 | |||
Paper & Allied Products (0.7%) | |||||
3M Company | 600 | 52 | |||
Kimberly-Clark Corporation | 2,500 | 164 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 1
TA IDEX T. Rowe Price Tax-Efficient Growth
SCHEDULE OF INVESTMENTS (continued)
At April 30, 2004
(all amounts except share amounts in thousands)
(unaudited)
Shares | Value | ||||
Personal Credit Institutions (0.7%) | |||||
SLM Corporation | 5,500 | $ | 211 | ||
Pharmaceuticals (12.8%) | |||||
Abbott Laboratories | 6,100 | 269 | |||
Amgen Inc. (a) | 9,600 | 540 | |||
AstraZeneca PLC–ADR (b) | 2,000 | 96 | |||
Cardinal Health, Inc. | 1,700 | 125 | |||
Glaxo Wellcome PLC–ADR (b) | 6,700 | 281 | |||
Johnson & Johnson | 10,400 | 562 | |||
Lilly (Eli) and Company | 6,500 | 480 | |||
Merck & Co., Inc. | 7,100 | 334 | |||
Pfizer Inc. | 33,385 | 1,194 | |||
Wyeth | 6,100 | 232 | |||
Printing & Publishing (1.1%) | |||||
McGraw-Hill Companies, Inc. (The) | 4,400 | 347 | |||
Radio & Television Broadcasting (0.6%) | |||||
Univision Communications Inc.–Class A (a) | 5,500 | 186 | |||
Restaurants (0.5%) | |||||
Starbucks Corporation (a) | 4,300 | 167 | |||
Retail Trade (0.6%) | |||||
Tiffany & Co. | 4,600 | 179 | |||
Rubber & Misc. Plastic Products (0.3%) | |||||
NIKE, Inc.–Class B | 1,300 | 94 | |||
Security & Commodity Brokers (1.8%) | |||||
American Express Company | 4,400 | 215 | |||
Franklin Resources, Inc. | 4,200 | 230 | |||
Schwab (Charles) Corporation (The) | 14,600 | 150 | |||
Telecommunications (0.7%) | |||||
Vodafone Group PLC–ADR | 9,000 | 221 | |||
Transportation & Public Utilities (0.9%) | |||||
Expeditors International of Washington, Inc. | 2,800 | 113 | |||
InterActiveCorp (a)(b) | 5,600 | 178 | |||
U.S. Government Agencies (3.3%) | |||||
Fannie Mae | 8,000 | 550 | |||
Freddie Mac | 8,600 | 502 | |||
Variety Stores (3.5%) | |||||
Dollar General Corporation | 9,800 | 184 | |||
Family Dollar Stores, Inc. | 3,900 | 125 | |||
Wal-Mart Stores, Inc. | 14,500 | 827 | |||
Wholesale Trade Nondurable Goods (0.9%) | |||||
SYSCO Corporation | 7,300 | 279 | |||
Total Common Stocks (cost: $25,102) | 32,692 | ||||
Principal | Value | |||||
SECURITY LENDING COLLATERAL ( 4.1%) | ||||||
Debt (2.3%) | ||||||
Bank Notes (0.4%) | ||||||
Canadian Imperial Bank of Commerce | $ | 66 | $ | 66 | ||
Fleet National Bank | 66 | 66 | ||||
Euro Dollar Overnight (0.2%) | ||||||
Credit Agricole Indosuez | 40 | 40 | ||||
Royal Bank of Scotland Group PLC (The) | 24 | 24 | ||||
Euro Dollar Terms (0.6%) | ||||||
Bank of Montreal | ||||||
1.02%, due 05/21/2004 | 8 | 8 | ||||
BNP Paribas SA | ||||||
1.01%, due 05/18/2004 | 40 | 40 | ||||
1.08%, due 07/29/2004 | 40 | 40 | ||||
Den Danske Bank | ||||||
1.02%, due 05/20/2004 | 26 | 26 | ||||
Royal Bank of Scotland Group PLC (The) | 26 | 26 | ||||
Wells Fargo & Company | 40 | 40 | ||||
Promissory Notes (0.3%) | ||||||
Goldman Sachs Group, Inc. (The) | 93 | 93 | ||||
Repurchase Agreements (0.8%) (c) | ||||||
Merrill Lynch & Co., Inc. | 265 | 265 | ||||
Shares | Value | |||||
Investment Companies (1.8%) | ||||||
Money Market Funds (1.8%) | ||||||
Americana AAdvantage Select Fund | 79,464 | 79 | ||||
Barclays Institutional Money Market Fund | 185,415 | 185 | ||||
Merrill Lynch Premier Institutional Fund | 71,770 | 72 | ||||
Merrimac Cash Series Fund– | 264,879 | 265 | ||||
Total Security Lending Collateral (cost: $1,335) | 1,335 | |||||
Total Investment Securities (cost: $26,437) | $ | 34,027 | ||||
SUMMARY: | ||||||
Investments, at value | 105.5% | $ | 34,027 | |||
Liabilities in excess of other assets | (5.5)% | (1,763) | ||||
Net assets | 100.0% | $ | 32,264 | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 2
NOTES TO SCHEDULE OF INVESTMENTS:
(a) | No dividends were paid during the preceding twelve months. |
(b) | At April 30, 2004, all or a portion of this security is on loan (see Note 1). The value at April 30, 2004, of all securities on loan is $1,292. |
(c) | Cash collateral for the Repurchase Agreements, valued at $270, that serve as collateral for securities lending are invested in corporate bonds with interest rates ranging from 0.00%–9.75% and maturity dates ranging from 08/15/2004–11/15/2096, including some issues having a perpetual maturity. |
DEFINITIONS:
ADR American Depositary Receipt
TA IDEX T. Rowe Price Tax-Efficient Growth
STATEMENT OF ASSETS AND LIABILITIES
At April 30, 2004
(all amounts except per share amounts in thousands) (unaudited)
Assets: | ||||
Investment securities, at value (cost: $26,437) | $ | 34,027 | ||
Receivables: | ||||
Investment securities sold | 65 | |||
Shares of beneficial interest sold | 13 | |||
Dividends | 28 | |||
Other | 3 | |||
34,136 | ||||
Liabilities: | ||||
Accounts payable and accrued liabilities: | ||||
Shares of beneficial interest redeemed | 377 | |||
Management and advisory fees | 18 | |||
Distribution fees | 20 | |||
Due to custodian | 58 | |||
Transfer agent fees | 32 | |||
Payable for collateral for securities on loan | 1,335 | |||
Other | 32 | |||
1,872 | ||||
Net Assets | $ | 32,264 | ||
Net Assets Consist of: | ||||
Shares of beneficial interest, unlimited shares authorized, no par value | $ | 30,519 | ||
Accumulated net investment income (loss) | (164 | ) | ||
Accumulated net realized gain (loss) from | (5,681 | ) | ||
Net unrealized appreciation (depreciation) on investment securities | 7,590 | |||
Net Assets | $ | 32,264 | ||
Net Assets by Class: | ||||
Class A | $ | 12,548 | ||
Class B | 14,577 | |||
Class C | 529 | |||
Class C2 | 3,111 | |||
Class M | 1,499 | |||
Shares Outstanding: | ||||
Class A | 1,239 | |||
Class B | 1,473 | |||
Class C | 53 | |||
Class C2 | 314 | |||
Class M | 151 | |||
Net Asset Value Per Share: | ||||
Class A | $ | 10.13 | ||
Class B | 9.90 | |||
Class C | 9.90 | |||
Class C2 | 9.90 | |||
Class M | 9.93 | |||
Maximum Offering Price Per Share (a): | ||||
Class A | $ | 10.72 | ||
Class M | 10.03 |
(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, and C2 shares represents offering price. The redemption price for Classes B, C and M shares equals net asset value less any applicable contingent deferred sales charge.
STATEMENT OF OPERATIONS
For the period ended April 30, 2004
(all amounts in thousands)
(unaudited)
Investment Income: | ||||
Dividends | $ | 184 | ||
Income from loaned securities–net | 1 | |||
185 | ||||
Expenses: | ||||
Management and advisory fees | 126 | |||
Transfer agent fees | 50 | |||
Printing and shareholder reports | 22 | |||
Custody fees | 3 | |||
Administration fees | 9 | |||
Legal fees | 1 | |||
Auditing and accounting fees | 7 | |||
Trustees fees | 1 | |||
Registration fees | 25 | |||
Other | 5 | |||
Distribution and service fees: | ||||
Class A | 23 | |||
Class B | 75 | |||
Class C | 3 | |||
Class C2 | 17 | |||
Class M | 7 | |||
Total expenses | 374 | |||
Less: | ||||
Advisory fee waiver | (26 | ) | ||
Net expenses | 348 | |||
Net Investment Income (Loss) | (163 | ) | ||
Net Realized and Unrealized Gain (Loss): | ||||
Realized gain (loss) from investment securities | 368 | |||
Increase (decrease) in unrealized appreciation (depreciation) on investment securities | 690 | |||
Net Gain (Loss) on Investment Securities | 1,058 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 895 | ||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 3
TA IDEX T. Rowe Price Tax-Efficient Growth
STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended
(all amounts in thousands)
April 30, 2004 (unaudited) | October 31, 2003 | |||||||
Increase (Decrease) In Net Assets From: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (163 | ) | $ | (332) | |||
Net realized gain (loss) from investment securities | 368 | (3,318) | ||||||
Net unrealized appreciation (depreciation) on investment securities | 690 | 11,969 | ||||||
895 | 8,319 | |||||||
Distributions to Shareholders: | ||||||||
From net investment income: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
From net realized gains: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 1,229 | 15,466 | ||||||
Class B | 2,077 | 3,312 | ||||||
Class C | 64 | 457 | ||||||
Class C2 | 341 | 775 | ||||||
Class M | 132 | 244 | ||||||
3,843 | 20,254 | |||||||
Dividends and distributions reinvested: | ||||||||
Class A | – | – | ||||||
Class B | – | – | ||||||
Class C | – | – | ||||||
Class C2 | – | – | ||||||
Class M | – | – | ||||||
– | – | |||||||
Cost of shares redeemed: | ||||||||
Class A | (2,133 | ) | (28,901 | ) | ||||
Class B | (2,039 | ) | (3,349 | ) | ||||
Class C | (19 | ) | (16 | ) | ||||
Class C2 | (516 | ) | (1,024 | ) | ||||
Class M | (355 | ) | (983 | ) | ||||
(5,062 | ) | (34,273 | ) | |||||
(1,219 | ) | (14,019 | ) | |||||
Net increase (decrease) in net assets | (324 | ) | (5,700 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 32,588 | 38,288 | ||||||
End of period | $ | 32,264 | $ | 32,588 | ||||
Accumulated Net Investment Income (Loss) | $ | (164 | ) | $ | (1 | ) | ||
April 30, 2004 (unaudited) | October 31, 2003 | |||||
Share Activity: | ||||||
Shares issued: | ||||||
Class A | 120 | 1,908 | ||||
Class B | 206 | 381 | ||||
Class C | 6 | 51 | ||||
Class C2 | 34 | 89 | ||||
Class M | 13 | 29 | ||||
379 | 2,458 | |||||
Shares issued–reinvested from distributions: | ||||||
Class A | – | – | ||||
Class B | – | – | ||||
Class C | – | – | ||||
Class C2 | – | – | ||||
Class M | – | – | ||||
– | – | |||||
Shares redeemed: | ||||||
Class A | (206 | ) | (3,225 | ) | ||
Class B | (201 | ) | (403 | ) | ||
Class C | (2 | ) | (2 | ) | ||
Class C2 | (52 | ) | (123 | ) | ||
Class M | (35 | ) | (116 | ) | ||
(496 | ) | (3,869 | ) | |||
Net increase (decrease) in shares outstanding: |
| |||||
Class A | (86 | ) | (1,317 | ) | ||
Class B | 5 | (22 | ) | |||
Class C | 4 | 49 | ||||
Class C2 | (18 | ) | (34 | ) | ||
Class M | (22 | ) | (87 | ) | ||
(117 | ) | (1,411 | ) | |||
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 4
TA IDEX T. Rowe Price Tax-Efficient Growth
FINANCIAL HIGHLIGHTS
(unaudited for the period ended April 30, 2004)
For a share of beneficial interest outstanding throughout each period | |||||||||||||||||||||||||||||||
For the Period Ended (d)(g) | Net Asset Value, Beginning of Period | Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||||
Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total Operations | From Net Investment Income | From Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||
Class A | 04/30/2004 | $ | 9.85 | $ | (0.03 | ) | $ | 0.31 | $ | 0.28 | $ | – | $ | – | $ | – | $ | 10.13 | |||||||||||||
10/31/2003 | 8.09 | (0.05 | ) | 1.81 | 1.76 | – | – | – | 9.85 | ||||||||||||||||||||||
10/31/2002 | 9.54 | (0.02 | ) | (1.43 | ) | (1.45 | ) | – | – | – | 8.09 | ||||||||||||||||||||
10/31/2001 | 10.64 | 0.05 | (1.13 | ) | (1.08 | ) | (0.02 | ) | – | (0.02 | ) | 9.54 | |||||||||||||||||||
10/31/2000 | 10.20 | 0.08 | 0.44 | 0.52 | (0.08 | ) | – | (0.08 | ) | 10.64 | |||||||||||||||||||||
10/31/1999 | 10.00 | 0.06 | 0.18 | 0.24 | (0.04 | ) | – | (0.04 | ) | 10.20 | |||||||||||||||||||||
Class B | 04/30/2004 | 9.66 | (0.06 | ) | 0.30 | 0.24 | – | – | – | 9.90 | |||||||||||||||||||||
10/31/2003 | 7.99 | (0.10 | ) | 1.77 | 1.67 | – | – | – | 9.66 | ||||||||||||||||||||||
10/31/2002 | 9.49 | (0.09 | ) | (1.41 | ) | (1.50 | ) | – | – | – | 7.99 | ||||||||||||||||||||
10/31/2001 | 10.63 | (0.02 | ) | (1.12 | ) | (1.14 | ) | – | – | – | 9.49 | ||||||||||||||||||||
10/31/2000 | 10.19 | 0.02 | 0.44 | 0.46 | (0.02 | ) | – | (0.02 | ) | 10.63 | |||||||||||||||||||||
10/31/1999 | 10.00 | 0.01 | 0.18 | 0.19 | – | – | – | 10.19 | |||||||||||||||||||||||
Class C | 04/30/2004 | 9.66 | (0.06 | ) | 0.30 | 0.24 | – | – | – | 9.90 | |||||||||||||||||||||
10/31/2003 | 7.91 | (0.11 | ) | 1.86 | 1.75 | – | – | – | 9.66 | ||||||||||||||||||||||
Class C2 | 04/30/2004 | 9.66 | (0.06 | ) | 0.30 | 0.24 | – | – | – | 9.90 | |||||||||||||||||||||
10/31/2003 | 7.99 | (0.10 | ) | 1.77 | 1.67 | – | – | – | 9.66 | ||||||||||||||||||||||
10/31/2002 | 9.49 | (0.09 | ) | (1.41 | ) | (1.50 | ) | – | – | – | 7.99 | ||||||||||||||||||||
10/31/2001 | 10.63 | (0.02 | ) | (1.12 | ) | (1.14 | ) | – | – | – | 9.49 | ||||||||||||||||||||
10/31/2000 | 10.19 | 0.02 | 0.44 | 0.46 | (0.02 | ) | – | (0.02 | ) | 10.63 | |||||||||||||||||||||
Class M | 04/30/2004 | 9.69 | (0.06 | ) | 0.30 | 0.24 | – | – | – | 9.93 | |||||||||||||||||||||
10/31/2003 | 8.00 | (0.09 | ) | 1.78 | 1.69 | – | – | – | 9.69 | ||||||||||||||||||||||
10/31/2002 | 9.49 | (0.08 | ) | (1.41 | ) | (1.49 | ) | – | – | – | 8.00 | ||||||||||||||||||||
10/31/2001 | 10.63 | (0.01 | ) | (1.13 | ) | (1.14 | ) | – | – | – | 9.49 | ||||||||||||||||||||
10/31/2000 | 10.19 | 0.03 | 0.44 | 0.47 | (0.03 | ) | – | (0.03 | ) | 10.63 | |||||||||||||||||||||
10/31/1999 | 10.00 | 0.02 | 0.18 | 0.20 | (0.01 | ) | – | (0.01 | ) | 10.19 |
Ratios/Supplemental Data | ||||||||||||||||||||
For the Period Ended (g) | Total Return (c) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets (a) | Net Investment Income (Loss) to Average Net Assets (a) | Portfolio Turnover Rate (b) | |||||||||||||||
Net (e) | Total (f) | |||||||||||||||||||
Class A | 04/30/2004 | 2.84 | % | $ | 12,548 | 1.70 | % | 1.83 | % | (0.58 | )% | 4 | % | |||||||
10/31/2003 | 21.76 | 13,057 | 1.70 | 1.85 | (0.56 | ) | 50 | |||||||||||||
10/31/2002 | (15.20 | ) | 21,389 | 1.68 | 1.95 | (0.27 | ) | 76 | ||||||||||||
10/31/2001 | (10.14 | ) | 8,552 | 1.55 | 2.07 | 0.47 | 30 | |||||||||||||
10/31/2000 | 5.14 | 5,452 | 1.55 | 2.68 | 0.66 | 58 | ||||||||||||||
10/31/1999 | 2.40 | 1,840 | 1.55 | 7.57 | 1.09 | 20 | ||||||||||||||
Class B | 04/30/2004 | 2.48 | 14,577 | 2.35 | 2.48 | (1.23 | ) | 4 | ||||||||||||
10/31/2003 | 21.05 | 14,181 | 2.35 | 2.50 | (1.21 | ) | 50 | |||||||||||||
10/31/2002 | (15.84 | ) | 11,897 | 2.33 | 2.60 | (0.92 | ) | 76 | ||||||||||||
10/31/2001 | (10.75 | ) | 15,500 | 2.20 | 2.72 | (0.18 | ) | 30 | ||||||||||||
10/31/2000 | 4.49 | 7,597 | 2.20 | 3.33 | 0.01 | 58 | ||||||||||||||
10/31/1999 | 1.96 | 2,134 | 2.20 | 8.22 | 0.44 | 20 | ||||||||||||||
Class C | 04/30/2004 | 2.48 | 529 | 2.35 | 2.48 | (1.23 | ) | 4 | ||||||||||||
10/31/2003 | 22.12 | 473 | 2.35 | 2.50 | (1.21 | ) | 50 | |||||||||||||
Class C2 | 04/30/2004 | 2.48 | 3,111 | 2.35 | 2.48 | (1.23 | ) | 4 | ||||||||||||
10/31/2003 | 21.05 | 3,204 | 2.35 | 2.50 | (1.21 | ) | 50 | |||||||||||||
10/31/2002 | (15.84 | ) | 2,920 | 2.33 | 2.60 | (0.92 | ) | 76 | ||||||||||||
10/31/2001 | (10.75 | ) | 3,419 | 2.20 | 2.72 | (0.18 | ) | 30 | ||||||||||||
10/31/2000 | 4.49 | 1,935 | 2.20 | 3.33 | 0.01 | 58 | ||||||||||||||
Class M | 04/30/2004 | 2.48 | 1,499 | 2.25 | 2.38 | (1.13 | ) | 4 | ||||||||||||
10/31/2003 | 21.13 | 1,673 | 2.25 | 2.40 | (1.11 | ) | 50 | |||||||||||||
10/31/2002 | (15.71 | ) | 2,082 | 2.23 | 2.50 | (0.82 | ) | 76 | ||||||||||||
10/31/2001 | (10.66 | ) | 2,888 | 2.10 | 2.62 | (0.08 | ) | 30 | ||||||||||||
10/31/2000 | 4.59 | 1,916 | 2.10 | 3.23 | 0.11 | 58 | ||||||||||||||
10/31/1999 | 2.03 | 1,058 | 2.10 | 8.12 | 0.54 | 20 |
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 5
TA IDEX T. Rowe Price Tax-Efficient Growth
FINANCIAL HIGHLIGHTS (continued)
NOTES TO FINANCIAL HIGHLIGHTS
(a) | Annualized. |
(b) | Not annualized for periods of less than one year. |
(c) | Total Return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. Periods of less than one year are not annualized. |
(d) | Per share information is calculated based on average number of shares outstanding for the periods ended 10/31/2001, 10/31/2002, 10/31/2003 and 4/30/2004. |
(e) | Ratio of Net Expenses to Average Net Assets is net of fee waivers and reimbursements by the investment adviser, if any (see note 2). |
(f) | Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and reimbursements by the investment adviser. |
(g) | TA IDEX T. Rowe Price Tax-Efficient Growth (“the Fund”) commenced operations on March 1, 1999. The inception date for the Fund’s offering of share classes are as follows: |
Class C – November 11, 2002
Class C2 – November 1, 1999
The notes to the financial statements are an integral part of this report. | ||
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 6
TA IDEX T. Rowe Price Tax-Efficient Growth
NOTES TO FINANCIAL STATEMENTS
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Transamerica IDEX Mutual Funds, formerly IDEX Mutual Funds, is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. TA IDEX T. Rowe Price Tax-Efficient Growth (“the Fund”), part of Transamerica IDEX Mutual Funds, began operations on March 1, 1999.
On March 1, 2004, the Fund changed its name from IDEX T. Rowe Price Tax-Efficient Growth to TA IDEX T. Rowe Price Tax-Efficient Growth.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
See the Prospectus and Statement of Additional Information for a description of the Fund’s investment objective.
In preparing the Fund’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following policies were consistently followed by the Fund, in accordance with GAAP.
Multiple class operations and expenses: The Fund currently offers five classes of shares, each with a public offering price that reflects different sales charges, if any, and expense levels. All shares designated as Class C shares prior to March 1, 2004, were renamed as Class C2 shares on that date. All shares designated as Class L shares prior to March 1, 2004, were renamed as Class C shares with different fees and expenses than the previous Class L shares. Income, non-class specific expenses and realized and unrealized gains and losses, are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.
Pricing of Shares: The Fund prices its shares on the basis of the net asset value of the Fund, which is determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day on which the NYSE is open for trading (other than a day on which there are insufficient changes in the value of the Fund’s portfolio securities to materially affect the Fund’s net asset value or a day on which no shares are tendered for redemption and no order to purchase any shares is received). Security valuations: Fund investments traded on an exchange are valued at the closing price on the day of valuation on the exchange where the security is principally traded. With respect to securities traded on the NASDAQ NMS, such closing price may be the last reported sales price or the NASDAQ Official Closing Price.
Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.
Debt securities are valued by independent pricing services; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.
Investment company securities are valued at net asset value of the underlying portfolio.
Other securities for which quotations are not readily available also are valued at fair market value as determined in good faith using guidelines adopted by the Board of Trustees of the Fund, under the supervision of the Fund’s Valuation Committee.
Cash: The Fund may leave cash overnight in its cash account with the custodian, Investors Bank & Trust Company (“IBT”). IBT has been contracted on behalf of the Fund to invest the excess cash into a savings account, which at April 30, 2004, was paying an interest rate of 0.75%.
Repurchase agreements: The Fund is authorized to enter into repurchase agreements. The Fund, through IBT, receives delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs are incurred.
Securities lending: The Fund may lend securities to enhance fund earnings from investing cash collateral received in making such loans to
qualified borrowers (typically broker/dealers). The Fund has engaged its custodian bank, IBT, as a lending agent to administer its securities lending program. IBT earned less than $1 of program net income for its services. When the Fund makes a security loan, it receives cash collateral as protection against the risk that the borrower will default on the loan, and records an asset for the cash invested collateral and a liability for the return of the collateral.
Securities on loan are included in Investment securities at value in the Statement of Assets and Liabilities and remain on the Schedule of Investments.
Loans of securities are required to be secured by collateral at least equal to 102% of the value of the securities at inception of the loan, and not less than 100% thereafter. The Fund may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 7
TA IDEX T. Rowe Price Tax-Efficient Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 1–(continued)
During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in value. IBT marks to market securities loaned and the collateral each business day. If additional collateral is due (at least $), IBT collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, IBT may experience delays in, or may be prevented from, recovering the collateral on behalf of the Fund. The Fund may recall a loaned security position at any time from the borrower through IBT. In the event the borrower fails to timely return a recalled security, IBT may indemnify the Fund by purchasing replacement securities for the Fund at its own expense and claiming the collateral to fund such a purchase. IBT absorbs the loss if the collateral value is not sufficient to cover the cost of the replacement securities. If replacement securities are not available, IBT will credit the equivalent cash value to the Fund.
Income from securities lending is included in the Statement of Operations. The amount of collateral and value of securities on loan are included in the Statement of Assets and Liabilities as well as in the Schedule of Investments.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Account Maintenance Fees: If the shareholder account balance falls below $1 by either shareholder action or as a result of market action, a $25 (not in thousands) fee is assessed every year until the balance reaches $1. The fee is assessed by redeeming shares in the shareholder’s account.
No fee will be charged under the following conditions:
• | accounts opened within the preceding 24 months |
• | accounts with an active monthly Automatic Investment Plan ($50 (not in thousands) minimum per fund) |
• | accounts owned by an individual which, when combined by social security number, have a balance of $5 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5 or more |
• | UTMA/UGMA accounts |
• | Fiduciary accounts |
• | B-share accounts whose shares have started to convert to A-shares accounts (as long as combined value of both accounts is at least $1) |
For the period ended April 30, 2004, this fee totaled $1. These fees are included in Paid in Capital in the Statement of Assets & Liabilities.
Dividend distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with Federal income tax regulations which may differ from GAAP.
NOTE 2. | RELATED PARTY TRANSACTIONS |
AEGON/Transamerica Fund Advisers, Inc. (“ATFA”) is the Fund’s investment adviser. AEGON/Transamerica Fund Services, Inc. (“ATFS”) is the Fund’s administrator. AFSG Securities Corp. (“AFSG”) is the Fund’s distributor/principal underwriter. AEGON/Transamerica Investor Services, Inc. (“ATIS”) is the Fund’s transfer agent. ATIS and AFSG are 100% owned by AUSA Holding Company (“AUSA”). ATFA is a directly owned subsidiary of Western Reserve Life Assurance Co. of Ohio (78%) (“WRL”) and AUSA (22%). ATFS is a wholly owned subsidiary of WRL. AUSA and WRL are wholly owned indirect subsidiaries of AEGON NV, a Netherlands corporation.
The following schedule reflects the percentage of fund assets owned by affiliated mutual fund (i.e., through the assets allocation funds)
Net Assets | % of Net Assets | |||
TA IDEX Asset Allocation Conservative Portfolio | 4,019 | 12% |
Investment advisory fees: The Fund pays management fees to ATFA based on average daily net assets (“ANA”) at the following breakpoints:
0.75% of the first $500 million of ANA
0.65% of ANA over $500 million
ATFA has contractually agreed to waive its advisory fee and reimburse the Fund to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:
1.35% Expense Limit
If total fund expenses fall below the annual expense limitations agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the waived advisory fees.
There are no amounts subject to recapture at April 30, 2004.
The sub-adviser, T. Rowe Price, has agreed to a pricing discount based on the aggregate assets that they manage in the Transamerica IDEX Mutual Funds. The amount of the discount received by the Fund at April 30, 2004 was $1.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 8
TA IDEX T. Rowe Price Tax-Efficient Growth
NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2004
(all amounts in thousands)
(unaudited)
NOTE 2–(continued) |
Distribution and service fees: The Fund has a 12b-1 distribution plan under the 1940 Act pursuant to which an annual fee, based on average daily net assets, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Fund. The 12b-1 fee for the Fund is comprised of a 0.25% service fee and the remaining amount is an asset-based sales charge/distribution fee. The Fund is authorized under the 12b-1 plan to pay fees on each class up to the following limits:
Class A | 0.35% | |
Class B | 1.00% | |
Class C | 1.00% | |
Class C2 | 1.00% | |
Class M | 0.90% |
In the case the Fund or a class of shares of the Fund is closed to new investors or investments, the Fund is authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.
Underwriter commissions relate to front-end sales charges imposed for Class A and M shares and contingent deferred sales charges from Classes B, C, M and certain A share redemptions. For the period ended April 30, 2004, the underwriter commissions were as follows:
Received by Underwriter | $ | 20 | |
Retained by Underwriter | 3 | ||
Contingent Deferred Sales Charges | 25 |
Administrative services: The Fund has entered into an agreement with ATFS for financial and legal fund administration services, which includes such items as compliance, expenses, financial statements and other reporting, distributions, tax returns, prospectus preparation, board of trustees meeting support, and other legal matters. The Legal fees on the Statement of Operations are for fees paid to external legal counsel. The Fund paid ATFS $9 for the period ended April 30, 2004.
Transfer agent fees: The Fund paid ATIS $50 for the period ended April 30, 2004.
Deferred compensation plan: Each eligible Fund Trustee may elect participation in the Deferred Compensation Plan (“the Plan”). Under the Plan, such Trustees may defer payment of a percentage of their total fees earned as a Fund Trustee. These deferred amounts may be invested in any Transamerica IDEX Mutual Fund. At April 30, 2004, the value of invested plan amounts was $2. Invested plan amounts and the total liability for deferred compensation to the Trustees under the Plan at April 30, 2004, are included in the accompanying Statement of Assets and Liabilities.
NOTE 3. | INVESTMENT TRANSACTIONS |
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2004, were as follows:
Purchases of securities: | |||
Long-Term excluding U.S. Government | $ | 1,202 | |
U.S. Government | – | ||
Proceeds from maturities and sales of securities: | |||
Long-Term excluding U.S. Government | 2,278 | ||
U.S. Government | – |
NOTE 4. | FEDERAL INCOME TAX MATTERS |
The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under the Internal Revenue Code. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, net operating losses and capital loss carryforwards.
The capital loss carryforwards are available to offset future realized capital gains through the periods listed:
Capital Loss Carryforward | Available through | |
$ 32 | October 31, 2007 | |
378 | October 31, 2008 | |
219 | October 31, 2009 | |
1,972 | October 31, 2010 | |
3,180 | October 31, 2011 |
The aggregate cost of investments and composition of unrealized appreciation (depreciation) for federal income tax purposes as of April 30, 2004, are as follows:
Federal Tax Cost Basis | $ | 26,706 | ||
Unrealized Appreciation | $ | 7,357 | ||
Unrealized (Depreciation) | (36 | ) | ||
Net Unrealized Appreciation (Depreciation) | $ | 7,321 | ||
NOTE 5. | SUBSEQUENT EVENTS |
On June 15, 2004, Class C2 shares will merge into Class C.
Transamerica IDEX Mutual Funds | Semi-Annual Report 2004 |
TA IDEX T. Rowe Price Tax-Efficient Growth 9
P.O. Box 9015
Clearwater, FL 33758-9015
P.O. Box 9015 • Clearwater, FL 33758-9015
Distributor: AFSG Securities Corporation, Member NASD
Investor Services 1-888-233-IDEX (4339)
www.idexfunds.com
Item 2: Code of Ethics.
Not applicable for semi-annual reports.
Item 3: Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4: Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5: Audit Committee of Listed Registrants. Not applicable.
Not applicable for semi-annual reports.
Item 6: Schedule of Investments.
The schedule of investments is included in the Semi-Annual report to shareholders filed under Item 1 of this Form N-CSR.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8:
Not applicable
Item 9: Submission of Matters to a Vote of Security Holders
There has been no material change to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees: currently the registrant does not have a policy with regard to the consideration of director candidates recommended by shareholders as it does not currently contemplate adding Board members or otherwise changing the Board’s composition.
10: Controls and Procedures.
(a) | Based on their evaluation of registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940, as of April 30, 2004, registrant’s principal executive officer and principal financial officer found registrant’s disclosure controls and procedures to be appropriately designed |
to ensure that information required to be disclosed by registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
(b) | There have been no significant changes in registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal half year that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting. |
Item 11: Exhibits.
(a) | (1) Not Applicable |
(2) | Separate certifications for registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. |
(b) | A certification for registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Transamerica IDEX Mutual Funds (Registrant) | ||
By: | /s/ Brian C. Scott | |
President and Chief Executive Officer | ||
Date: July 8, 2004 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Brian C. Scott | |
President and Chief Executive Officer | ||
Date: | July 8, 2004 | |
By: | /s/ Kim D. Day | |
Senior Vice President, Treasurer and Principal Financial Officer | ||
Date: | July 8, 2004 |
EXHIBIT INDEX
Exhibit No. | Description of Exhibit | |
11(a)(2) | Section 302 N-CSR Certification of Principal Executive Officer | |
11(a)(2) | Section 302 N-CSR Certification of Principal Financial Officer | |
11(b) | Section 906 N-CSR Certification of Principal Executive Officer, Principal Financial Officer & General Counsel |